Payroll Integrations' 2024 State of Employee Financial Wellness Report reveals that HR teams are overwhelmed with administrative tasks, spending up to 20 hours a week on payroll and benefits, which reduces their ability to educate employees on benefits—a key factor in employee participation and engagement. Click here for article.
HR managers spend an average of 12 hours a week on payroll and benefits, with 27% spending 20 or more hours.
Employees who feel educated about their benefits are significantly more likely to participate in them, particularly in HSAs, FSAs, and retirement plans.
Gen Z participates the least in retirement benefits but contributes the most among those who do invest.
Payroll and benefits errors take over a week to correct for 50% of employees, though technology is helping reduce mistakes.
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