New research by Xero has revealed up to 50% of those employed by small businesses experience issues, and 29% of the 1,000+ Australian workers reporting being paid late.
Late payment caused feelings of stress according to 68% of those respondents, resulting in 45% missing payments for financial commitments such as household bills and mortgage repayments. The other negative impact to these late payments are 43% of these employees feeling less engaged and productive at work with one in three leaving their job as a result.
- 46% of all workers, and 54% of small business employees believe improvements could be made to payment processes.
- The number one improvement sought is to be paid on time (25%).
- The most common payment errors are incorrect salary payments (24%), late salary payments (22%), underpayment of salary (22%), and overpayment of salary (10%).
“The majority of employers try to do the right thing when paying staff. Small businesses can sometimes have issues due to manual payroll processes, where the likelihood of error is much higher,” says Matthew Prouse from Xero Australia.
Xero Payroll Help & Training
If you are having trouble managing your payroll or need some training to use your Xero Payroll system then please contact us – both are perfect jobs for a Number Nurse!