[Canada] Pay employees on time to keep them happy

[Canada] Pay employees on time to keep them happy
27 May 2021

A new poll has revealed that Canadian workers of all ages value a well-managed payroll above all other benefits, BCBusiness reports.

The survey was conducted in April by the Canadian Payroll Association. It quizzed around 1,500 Canadian workers about what they value most from their employer.

The survey’s definition of payroll was accurate and on-time pay that lets employees budget for expenses and avoid an unexpected tax bill. Nearly four out of five respondents called payroll (as defined) an essential workplace benefit.

The results were reportedly consistent across generations, with 78 per cent of Gen Z respondents, 83 per cent of millennials, 79 per cent of Gen Xers and 74 per cent of baby boomers agreeing that well-managed payroll is essential.

Further down the list: health and dental benefits (deemed essential by 61 per cent of respondents), RRSP programmes and pension plans (43 per cent), flexible working arrangements (38 per cent), training and development opportunities (35 per cent), extra vacation time (30 per cent) and work perks (just 12 per cent).

Free lunches and a more casual dress code are valued but only 36 per cent of respondents said they would trust their employer less or feel less valued if those perks disappeared. By contrast, 87 per cent of respondents reported that they would feel the same way if pay were withdrawn, changed or disrupted.

Strengthening employer-employee relations

Canadian Dragons’ Den judge Manjit Minhas believes that surveys like the CPA poll help to highlight workers’ needs so that employers can improve relations with them. 

Organisations wondering how to “crack the code” when it comes to attracting and retaining younger workers should pay attention to payroll, Ms Minhas argues. In the CPA survey, 74 per cent of millennial respondents said they’d consider finding a new job if their employer didn’t make consistent and accurate pay a priority.

“Payroll is a benefit of employment, and if other benefits are part of an employee’s total compensation, then it’s fair to consider payroll to be part of an overall benefits package,” Ms Minhas said. “I think that it hasn’t been seen like that in the past, and I think it should.”

To ensure that their payroll procedures are strong, she suggests that employers stay up-to-date on current standards and best practices, and well as government regulations.

Payroll during the pandemic

How has COVID-19 affected working Canadians’ attitudes toward payroll? In the CPA survey, roughly three out of five Gen Z respondents said they valued accurate and timely pay now more than prior to the pandemic. 

Tellingly, at 74 per cent versus 87 per cent, survey respondents were less concerned about mismanagement or cancellation of medical and dental benefits than about payroll problems.

At the same time, 80 per cent said that accurate and consistent payroll gives them peace of mind. Asked what would happen if they didn’t get their pay when expected, 52 per cent said they’d feel more stressed and 35 per cent said they’d struggle to meet basic financial commitments.

Source: BCBusiness

A new poll has revealed that Canadian workers of all ages value a well-managed payroll above all other benefits, BCBusiness reports.

The survey was conducted in April by the Canadian Payroll Association. It quizzed around 1,500 Canadian workers about what they value most from their employer.

The survey’s definition of payroll was accurate and on-time pay that lets employees budget for expenses and avoid an unexpected tax bill. Nearly four out of five respondents called payroll (as defined) an essential workplace benefit.

The results were reportedly consistent across generations, with 78 per cent of Gen Z respondents, 83 per cent of millennials, 79 per cent of Gen Xers and 74 per cent of baby boomers agreeing that well-managed payroll is essential.

Further down the list: health and dental benefits (deemed essential by 61 per cent of respondents), RRSP programmes and pension plans (43 per cent), flexible working arrangements (38 per cent), training and development opportunities (35 per cent), extra vacation time (30 per cent) and work perks (just 12 per cent).

Free lunches and a more casual dress code are valued but only 36 per cent of respondents said they would trust their employer less or feel less valued if those perks disappeared. By contrast, 87 per cent of respondents reported that they would feel the same way if pay were withdrawn, changed or disrupted.

Strengthening employer-employee relations

Canadian Dragons’ Den judge Manjit Minhas believes that surveys like the CPA poll help to highlight workers’ needs so that employers can improve relations with them. 

Organisations wondering how to “crack the code” when it comes to attracting and retaining younger workers should pay attention to payroll, Ms Minhas argues. In the CPA survey, 74 per cent of millennial respondents said they’d consider finding a new job if their employer didn’t make consistent and accurate pay a priority.

“Payroll is a benefit of employment, and if other benefits are part of an employee’s total compensation, then it’s fair to consider payroll to be part of an overall benefits package,” Ms Minhas said. “I think that it hasn’t been seen like that in the past, and I think it should.”

To ensure that their payroll procedures are strong, she suggests that employers stay up-to-date on current standards and best practices, and well as government regulations.

Payroll during the pandemic

How has COVID-19 affected working Canadians’ attitudes toward payroll? In the CPA survey, roughly three out of five Gen Z respondents said they valued accurate and timely pay now more than prior to the pandemic. 

Tellingly, at 74 per cent versus 87 per cent, survey respondents were less concerned about mismanagement or cancellation of medical and dental benefits than about payroll problems.

At the same time, 80 per cent said that accurate and consistent payroll gives them peace of mind. Asked what would happen if they didn’t get their pay when expected, 52 per cent said they’d feel more stressed and 35 per cent said they’d struggle to meet basic financial commitments.

Source: BCBusiness