New poll: Millions of Americans are making difficult decisions due to avoidable payroll errors
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According to a poll conducted by Morning Consult, 82% of Americans say they would have difficulty paying bills if more than
Additionally, the polling of 2,210
“Many Americans find themselves financially stretched, especially around the holidays, and this data underpins the importance of perfect payrolls,” said
Payroll challenges negatively impact Americans’ ability to stay afloat
According to the poll, 1 out of 5 Americans has experienced at least one payroll error in the last year, and 80% were forced to take action, including those who had to:
- skip utility bill payments
- overdraw their checking accounts
- forgo groceries
- miss rent, mortgage, loan and/or credit card payments
Finances of the vast majority of Americans are impacted negatively by errors
The vast majority of Americans (86%) would feel detrimental effects if they lost one check, and:
82% of Americans say they would have difficulty paying bills if more than
$500were missing from their check.
58% would struggle paying bills and making purchases if just
- 40% are vulnerable to poverty if they miss one check, meaning they would experience two high-impact results, such as the inability to pay for groceries, missing bills/rent or overdrawing accounts.
Imperfect payrolls sour employee-employer relationships
With employers looking to improve retention, the polling offered a sobering figure: 7 out of 10 workers said missing a check impacts job satisfaction.
The good news: nearly all workers polled said the ability to check and fix errors before payday would positively affect them personally and/or professionally.
Paycom’s Beti®, the self-service payroll solution, guides employees to find and fix payroll errors before submission.
Methodology page: https://paycom.com/learn-more/morning-consult-0922
As a leader in payroll and HR technology,