Interesting Facts About Payday

June 4, 2019 by OSYB Staff

Intuit QuickBooks surveyed 1,000 employees over the age of 18, all over the country from different businesses, and asked them questions about their thoughts and feelings on payday. Here are some of their interesting findings:

Friday is the most common payday with a response of over 53% with 44% of respondents reporting being paid every other week.
1 in 4 employees reported a paycheck with errors but an area for concern for employers is that 1 out of 6 respondents would quit over a single inaccurate paycheck.
Employees at larger companies rank pay as their most important employment factor while small company employees rank pay and job satisfaction at equal measure.
To 1 in 5 employees payday means paying off debt, for 1 in 4 it means time to treat yourself, 1 in 5 say that their paycheck is spent they day they get it. A quarter of respondents do say they save a portion of their paycheck.
Of concern is that half could only live on savings for less than a month if they were to lose their job and 4 out of 5 respondents are not saving enough money for retirement.
82% of employees say they could find another job with the same pay and benefits, if they were fired and they feel their income could even increase.
Employees responses on the recent tax reform are 31% said they have more money, while 18% say they have less, 35% said they’ve seen no difference, and 16% reported they’re unsure.

For employers, this signals that employees value payday and as an employer it is your paramount responsibility to ensure that your employee’s payday is accurate and timely.