Payworks signs NPI’s Declaration for Payroll

A new study of working Canadians, conducted by the National Payroll Institute (NPI) and hosted on the Angus Reid Forum, shows that 94% of working Canadians would seek new employment if their pay was regularly disrupted and 91% agree that they would look for a new job if their pay was regularly inaccurate. NPI’s study also showed more than half of Canadians review their pay stub, meaning that neither accuracy nor errors go unnoticed.

This study shines a spotlight on the importance of treating payroll with professionalism – especially when considering that the unemployment rate, reported by Statistics Canada, is currently holding at five percent for the fifth consecutive month and hit a record low of 4.9% in June and July 2022. This is occurring alongside an uncertain labour market where many companies are finding themselves in competition for talent while others experience rampant hiring freezes and layoffs. “The global economy is still rocky due to rising interest rates, inflation, and the persistent threat of a recession,” reads Forbes’ article “What to expect from the job market in 2023.”

“Payroll is why employees do the work they do,” says NPI. “Employees come to work to be paid. This is the central covenant of the employer-employee relationship, and no matter what perks and benefits are layered on top, if payroll breaks down, the relationship breaks down.”

A common misconception is that payroll is merely one of the many “costs of doing business.” In fact, it’s one of the single-largest expenses for a business, and when it isn’t handled professionally, it can be severely detrimental to the health of that organization. In NPI’s survey, respondents who’ve experienced payroll mistakes or delays reported feeling unease about their ability to manage expenses, unappreciated, strained in their workplace relationships, negative mental health impacts, and a lack of productivity/disengagement as a result.

“It’s clear that payroll is at the core of business operations and is the foundation on which employee relationships, engagement and productivity are built,” says Peter Tzanetakis, President of NPI.

Consistent and accurate pay for employees is not only the right thing to do as an employer; it also results in employees feeling valued, builds trust, can increase employee referrals for employment opportunities, and can increase employee retention. That’s just one of many reasons why Payworks stands behind and has signed NPI’s Declaration for Payroll.

What’s the Declaration for Payroll?

NPI, which has provided essential expertise to Canadian payroll professionals for more than 40 years, has compiled eight core principles required to conduct payroll professionally. Any business leader can sign the Declaration for Payroll as a demonstration of their business’ commitment to employees, potential employees, and other organizations that they know what matters most.

“The decision to sign was easy,” says Payworks President and CEO, JP Perron. “As an employer and a payroll technology provider, upholding these principles is core to our business and this is one of the ways we can demonstrate our commitment to the Declaration.”

The eight principles of the Declaration for Payroll are:

1. Accuracy
2. Timeliness
3. Transparency
4. Security
5. Equity
6. Compliance
7. Disclosure
8. Professionalism

“Payroll is important for employees, no matter the size of the organization,” says JP. “Workforce management technology can play a significant role in ensuring that Canadian businesses of any size can uphold the principles identified within the Declaration.”

Upholding the Declaration for Payroll

Upholding the principles outlined in the Declaration for Payroll looks different for every business, depending on size, structure, and more. At Payworks, we not only embody these principles to pay more than 450 of our own employees across the country; we work to empower Canadian businesses of any size to be payroll champions for their own staff. Being a payroll-forward organization conveys an appreciation for payroll professionals, and emphasizes to all staff that their role is vital and appreciated.

“People are a business’ most valuable asset,” says JP. “Ensuring proper governance is a key element to ensuring people’s pay is being delivered accurately and on time, every time. The goal of the Declaration encourages employers of all sizes to bring payroll into focus and then put forward the continual effort and investments necessary to uphold all eight principles to the best of their ability. Technology like Payworks’ can help organizations achieve that by keeping the process efficient.”

Indeed, top tech can play a key role – 95% of NPI’s survey participants said having easy, secure access to pay information like pay stubs and tax forms, either online or electronically, is important to them. To ensure your team’s payroll is treated professionally, hiring a designated payroll professional and/or investing in top-tier technology can be great places to start.

For more information about the Declaration for Payroll, or to sign, visit: www.payroll.ca/declaration.