Paylocity helps financial service institutions automate HR workflows, reduce risk, and deliver smooth, secure employee experiences.
Why Financial Services use Paylocity
All-in-one platform for Financial Services and Banking
Confidence in compliance
- Automate policy acknowledgements, license verification, and regulatory documentation.
- Tie reporting to training completion, certification tracking, or compliance status.
- Stay audit-ready with centralized records and automated compliance workflows.
Payroll without guesswork
- Configure check types, general ledgers, accruals, and reporting to customize your payroll.
- Reduce manual entry with an automated flow of data from Time & Labor into Payroll.
- Automatically apply accurate tax withholding using geolocation.
Talent that sticks
- Streamline onboarding and attract qualified candidates with customized job listings.
- Create custom trainings, employee certifications, and assign and track employee progress.
- Recruit faster, onboard smoothly, and invest in learning that builds long‑term retention.
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Community at work
- Provide a central communication hub for cross‑team employee collaboration.
- Empower employees to recognize and celebrate each other’s wins.
- Collect anonymous employee feedback to ensure everyone feels valued and heard.
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Loved by employers and employees
What makes Paylocity different?
Supporting Financial Service leaders just like you
Credit union invests in its employee experience
Listerhill Credit Union chose to shift its HR and payroll program to Paylocity to improve its company culture.
Retention is the best kind of ROI
Paylocity's AI tools helped Levo double down on onboarding boosting engagement and improving retention.
Streamlined audits revolutionize operations
A unified Paylocity HCM and spend solution helped Arcadea Group streamline payroll, expenses, and compliance.
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FAQs on financial services industry payroll
What are some challenges with running payroll in the financial services industry?
Running payroll in the financial services industry presents challenges like accuracy, regulatory compliance requirements, and data security concerns. Accuracy challenges stem from manually tracking time and labor or from complex compensation structures with bonuses, overtime pay, or equity awards.
Compliance requirements like tax withholding, benefits administration, and reporting obligations can also be complex and time-consuming. Financial services firms must ensure the security of their payroll data, which contains sensitive personal and financial information, to prevent data breaches and protect the privacy of their employees.
How can HR software help financial institutions with maintaining compliance and certification?
HR software can be a valuable tool for financial institutions looking to maintain compliance and certification requirements. These solutions include features that help track and manage employee certifications, training, and licenses to ensure employees meet the necessary regulatory and compliance standards, reducing the risk of compliance violations and penalties.
HR software automates processes like benefits administration and tax withholding, so financial institutions stay up to date with changing regulations and minimize the risk of errors. HR software improves data security by providing secure storage and management of employee information, reducing the risk of data breaches and unauthorized access to sensitive data.
How can HR help combat high turnover in the banking and financial services industry?
Businesses in the financial services industry can reduce turnover by creating a company culture of engagement. Engaged employees are more loyal, happy, and productive than their disengaged counterparts — meaning higher profitability for your organization. By creating connections between colleagues and investing in your employees, you can build a workplace that will win and keep top talent.