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Paycheck records must be kept on file for at least three years, according to the EEOC. Employees also ask to see their paycheck records frequently for several reasons. Managing paycheck records using HR software can eliminate headaches and make it easy for the interested parties to gain access to those records when needed.
If HR software is used within a company, an employee’s paycheck records begin the first time a paycheck is drawn up for that employee. In most systems, time and attendance tracking functionality automatically pushes information through to the payroll system, so all an employer has to do is review it and approve. When it’s time for paycheck records to be deleted, it can be done with a few clicks.
The reason that the EEOC requires that employers keep payroll records on file for three years after an employee’s termination date is for investigative purposes if there is ever a question about pay fairness. Having paycheck records organized and easily accessible can help an employer to quickly resolve questions of pay fairness before the problem tarnishes the brand’s reputation.
When employee paycheck records are stored in a HRIS, employers can keep other employee information that may be pertinent stored with those records. This can be helpful in proving pay fairness. For example, if an employee claims that hours were cut due to discrimination but the reason was actually a performance issue, it can help to have documentation showing discussions about performance.
Self service is a module that is often offered with HR software. When payroll is also included as a module, employers may have to do very little work to allow employees to access their paycheck records and other information. This can save HR professionals time from having to access these records, potentially eliminating bottlenecks and allowing them to focus on more important tasks.
For employees, having access to self service is convenient and satisfying, as information can be obtained immediately. Employees can view information about every aspect of payroll using self service, including: gross pay, net pay, past paychecks, detailed deductions, contributions, PTO balances, and more. This can allow employees to budget their money and time, which can substantially improve employee contentment with a company.
When analytics functions can be applied to historical paycheck information, it opens up doors to spot patterns and discover better ways to handle things like employee incentives. Employers can use cross-referencing to assess how much impact bonuses had on performance or whether merit raises improved productivity and employee satisfaction scores. Employers can even track the impact of changes as they are made.
Managing paycheck records can be difficult, but using HR software can simplify the process and keep records organized and accessible. Depending on the functionality of the system, storing employee paycheck records in an HR software system can also open up a wide range of possibilities for using those records in productive ways.
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