Just about everyone would say that payroll is important because it is how people get paid. But few people are aware of all the additional things that are made possible through the actions of the payroll industry. Most notably, through payroll withholding, the industry contributes, collects, reports, and deposits 70% of the U.S. Treasury’s annual revenue—about $2.4 trillion per year. Take the time this National Payroll Week (September 7-11, 2020) to learn a little more about the payroll industry, and see just why it truly is something to celebrate.
What is National Payroll Week & why do we celebrate?
Coinciding yearly during the week of Labor Day, National Payroll Week (NPW) was founded in 1996 by the American Payroll Association (APA). NPW celebrates the partnership between America’s employees, the payroll professionals who pay them, and the critical government programs and agencies that the payroll system funds.
The APA and others in the payroll industry (including Netchex) use this week as a platform to educate people on the payroll withholding system, how paychecks are calculated, and how to get the most out of their pay.
Here’s how to best get involved in National Payroll Week:
The best way to get involved is to thank your payroll professional and acknowledge the crucial role they play in the accurate and timely payment of workers. Payroll is more than just payday for these professionals and there is so much that goes into payroll other than just paying people. Much of the happiness and financial well-being of employees are dependent on the payroll professionals who keep the payroll process operating efficiently behind the scene, especially in recent months as legislation changes and businesses work
For those of you who work in payroll, now is the time to spread awareness. Promote National Payroll week in your company and explain to employees what it is all about. Use the week as a jumping-off point for education and resources on payroll, withholdings, benefits deductions, savings, and getting the most out of their paychecks. The more employees understand the ins-and-outs of their paychecks the better decisions they can make about their personal finances.
Finally, ensure your company is getting the most out of your payroll system. As we mentioned before, a lot goes into payroll—and Netchex covers and connects it all with true single-source integration (including time & attendance, benefits, recruiting & onboarding, performance management). Netchex also enables you to keep pace with a diverse and modern workforce thanks to multiple pay options (direct deposit, paper checks, and paycards). Get employees paid faster. File taxes automatically. Everything accurate and on time. Switch to Netchex and start to love your payroll & tax system.