Hi everyone
Does anybody still have any advanced payrolls that have bacs transfers to employee accounts in say the first week of the pay month? We have both an advanced and an arrears payroll, with the advanced one being a legacy arrangement, so no-one joins that payroll now and the participant numbers gets slightly smaller each year. We'd like to transition all employees on to the arrears payroll for a host of obvious reasons (mitigating overpayment risk, efficiency of processing, etc), so I'd be especially interested in hearing the experience from any members who have lifted employees from advance to arrears payroll arrangements.
Many thanks for any insights you can share.
Gerard
Hi Gerard,
We did this around 5 years ago. Like you it was a closed payroll group that was getting smaller and smaller each year, however we couldn't justify the cost of producing a separate payroll and the impact it had on admin behind the scenes. We gave around 6 months notice and consulted on the change. To lessen the impact we offered company loans which a number of employees took up which had a 12 month repayment term. Good communication and transparency was key to success. Hope that helps, Fiona