New Poll: Millions of Americans Make Tough Decisions Due to Avoidable Payroll Mistakes
OKLAHOMA CITY–(BUSINESS WIRE)–Payroll errors drive nearly one in five American adults to take drastic financial action, according to a survey by Morning Consult for Paycom Software Inc. (NYSE:PAYC)a leading provider of comprehensive cloud-based human capital management software.
Additionally, the survey of 2,210 American adults found that nearly 6 in 10 Americans would have difficulty paying bills and making purchases if their check was just $100 short.
“Many Americans find themselves financially strained, especially during the holidays, and this data underscores the importance of perfect payroll,” said Chad Richison, founder and CEO of Paycom. “Workers shouldn’t have to choose between food and medicine because of an unnecessary payroll error, which is why it’s important they have access to find and fix errors before their payroll is run. .”
Payroll challenges negatively impact Americans’ ability to stay afloat
According to the survey, 1 in 5 Americans have experienced at least one payroll error in the past year, and 80% have been pressured into action, including those who had to:
skipping utility bill payments
overdraw their checking accounts
give up groceries
missing rent, mortgage, loan and/or credit card payments
The finances of the vast majority of Americans are negatively affected by mistakes
The vast majority of Americans (86%) would feel adverse effects if they lost a check, and:
82% of Americans say they would struggle to pay their bills if more than $500 was missing from their check.
58% would struggle to pay bills and make purchases if only $100 was missing.
40% are vulnerable to poverty if they miss a check, which means they would experience two high-impact outcomes, such as inability to pay groceries, missing bills/rent, or overdrawn accounts.
An imperfect payroll harms employer-employee relations
As employers look to improve retention, the survey yielded a sobering number: 7 in 10 workers said missing a check impacts job satisfaction.
The good news: Almost all workers surveyed said the ability to check and correct errors before payday would positively affect them personally and/or professionally.
Paycom’s Beti®the self-service payroll solution, guides employees to find and correct payroll errors before submission.
Methodology page: https://paycom.com/learn-more/morning-consult-0922
As a payroll and HR technology leader, Oklahoma City-based Paycom is redefining the human capital management industry by enabling companies to effectively navigate a rapidly changing business environment. Its cloud-based software solution relies on a central system of record kept in a single database for all human capital management functions, providing the functionality companies need to manage the complete lifecycle of employment, from recruitment to retirement. Paycom has the ability to serve businesses of all sizes and in all industries. As a leading human capital management provider, Paycom serves customers in all 50 states from offices across the country.