Employees’ experiences with getting paid – not just how much, but how compensation is determined, and how easily they can access what they’ve earned – directly impacts what they think about working for your organization.
At the end of what can be impersonal corporate processes are people, for whom this is all very personal indeed. How do employees feel about everything to do with their pay experience? Ceridian partnered with Hanover research to survey full-time, part-time, and freelance employees in North America to find out.
Below are a few highlights from the report.
Our survey found that employees are quite likely to regularly experience at least some worries related to money issues. When asked “How stressed are you about pay and money issues on a regular basis?” only 20% of respondents said they have no stress about their financial situations.
Many organizations do not conduct pay reviews regularly. One quarter of respondents say they never have pay reviews, while another 24% are unsure and a further 10% said they sit down for pay reviews less often than once a year. Taken together that means 59% of employees do not have clearly defined pay reviews that occur at least annually.
While 64% of respondents said they strongly agree that they receive payment on time, 22% of all employees reported they had received late payment at least once in the last 12 months. The sources of these delays varied. Of those who said they received pay late, 35% cited “disorganization within the company,” while 25% pointed to problems with direct deposit, and a disconcerting 19% said the delays were due to cash flow issues.