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SAN ANTONIO (Profitable.com) Sixty-eight percent of employees are OK with being paid electronically instead of by traditional paper paycheck, according to results from the recent “Getting Paid In America” survey, conducted by the American Payroll Association.
The annual “Getting Paid In America” survey asked respondents a series of questions about how they would like to receive their pay. The survey found that only four percent of respondents were paid by paper paycheck. The remaining 96 percent were paid by direct deposit or paycards. Both payment methods allow companies to pay virtually all employees, even those without a bank account, electronically.
“Prepaid payroll cards are an efficient payment tool that streamline the payroll process, increase operational efficiency and reduce payroll costs for employers, while also providing employees with greater security, convenience and control over their paychecks,” said Laura Kelly, Group Executive, Global Prepaid & Debit Product Solutions, MasterCard Worldwide.
In addition, the survey found that most employees are OK with having their pay stub being delivered electronically. The process known as “paperless payroll” sees companies deliver payroll data through a secure online portal.
When asked, “How would you feel if your company no longer gave you a paper pay statement but instead provided breakdown of your paycheck through an online portal?” 30 percent responded either “would like it” or “my company does it and I like it.” An additional 38 percent were open to the payment method responding that it “wouldn’t matter.” Thirty percent would not like such a program.
“Our survey shows that 96 percent of employees prefer the convenience and safety of electronic payment methods,” said Dan Maddux, executive director of the American Payroll Association. “Plus, electronic pay saves employees time spent cashing their checks and can help them increase savings.”
The “Getting Paid In America” survey was held in conjunction with APA’s annual public awareness campaign, National Payroll Week (NPW), held annually the week of Labor Day. More than 31,000 employees responded to the survey, providing insight into how workers are paid in America. For complete results, visit www.nationalpayrollweek.com.