Payroll lacks innovation

photo by Josh McConnell

When you look at the payroll market today its easy to see that the last real innovation was direct deposit – more than 20 years ago! Since then a small little thing called the “internet” emerged and we’ve all moved on to better and more streamlined ways to get things done. However, our payroll is stuck in 1990. Why?

How about your payslip? Look at that tired piece of paper – there’s probably only a few things on there that you really care about. Net pay? Vacation left? Yep. What if you wanted to know how much contribution room you had in your retirement plan? Or, the benefits you still have to excercise as part of your company plan? That piece of paper can’t do that.

Where is the innovation? Why can’t I get paid any way that I want? How about simply just doing this all online – no more┬ápaper forms to fill out, easy reporting for my taxes, sharing the data with my accountant … There’s a lot of pent-up frustration with payroll.

Watch this space ­čÖé

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