Chx Stub - A Study in Savings
If you would like to significantly reduce the operating costs associated with printing and delivering payroll stubs, then electronic pay stubs are worth considering. Electronic pay stubs virtually eliminate paper, processing, and postage expenses while providing a valuable service for employees.
Studies have found that nearly 80% of employees in medium and large companies participate in either direct deposit or payroll card programs. The electronic delivery of pay stubs further enhances these services and reduces costs.In the majority of states (49 out of 50) electronic pays stubs meet state requirements for providing pay stubs to employees. (Only Delaware still requires a paper pay stub).
Benefits of Paperless Pay Stubs
Realized reductions in costs associated with pay stubs include postage, paper, special forms, toner, costs for high-speed printers, folding and sealing machines, and other costs such as maintenance, depreciation, and employee labor used throughout the process.
Many companies have experienced as much as $20 per employee savings per year for those employees enrolled in direct deposit and electronic pay stub programs.
Additional savings have been noted in the reduction of employee hours devoted to payroll and pay stub processing.
As companies continue to experience and provide cost cutting information on the use of electronic pay stubs, payroll cards and direct deposit, more and more companies will be implementing these solutions.
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