"We were not surprised that, by far, the majority of respondents are pleased with online, self-service access to their payroll details," said Greg Swick, senior vice president of sales for Ultimate Software. "The self-service Web portal contributes to employee satisfaction, improves efficiencies for the business, and also supports environmentally sound business practices."
Direct deposit and paycards allow employers to electronically deposit pay directly into employee bank accounts or onto a pin-protected payroll card. The payment methods are safer and more convenient than paper paychecks, eliminating the need for employees to stand in line at the bank or check cashing store and cash their entire paycheck.
"The safety and convenience of direct deposit makes electronic payment the right choice for most employees today," said Dan Maddux, executive direct of the American Payroll Association.
Electronic payments also pave the way for companies to offer more environmentally friendly payroll options. The process, known as "paperless payroll," allows companies to virtually eliminate paper by allowing employees access to their paystub and other payroll data through an online portal.
The "Getting Paid In America" survey asked "How do you receive your pay?" Ninety percent indicated either direct deposit or paycard with the remaining 10 percent being paid by paper paycheck.
The survey also asked "How would you feel if your company no longer gave you a paper pay statement but instead provided a breakdown of your paycheck through an online portal?" Sixty-two percent responded either "would like it" or "my company already does it and I like it." An additional 26 percent were open to the change, responding that it "wouldn't matter." Only 11 percent said they would not like such a program.
