Research reveals that only 40 per cent of employees know their exact salary
30 September, 2015
Research published by Noddle – the credit check company – has shown that only four in 10 employees actually know what their salary is.
Some of the potential reasons for an individual lacking this knowledge include a general absence of financial awareness surrounding tax, confusion over their student loan repayments, because they work irregular shifts, or because they are also registered as self-employed and complete freelance assignments in their spare time.
In addition to the finding regarding people’s salaries, only 51 per cent of respondents knew their national insurance (NI) number.
A greater proportion of those in the 45-54 age category could recall the information but only 30 per cent of those aged 18-24 could do the same.
The research highlighted the fact that younger people care more about their additional benefits such as bonuses, car allowance and office culture, as well as opportunities for training and career progression, instead of being greatly concerned with their annual salary.
Following the findings, Jacqueline Dewey, Managing Director of consumer markets for Noddle, emphasised that businesses need to remain aware that salary is only one aspect of an employee’s remuneration package.
She also highlighted the fact that a lack of additional rewards and incentives can have a detrimental impact on workforce productivity.
At Watson Buckle, our accounting and tax expertise enables us to provide an efficient outsourced payroll service, providing a cost-effective alternative to processing payroll in-house, allowing you to have more time to focus on areas such as employee retention. For more information on our payroll services, please contact us.