Our top-rated, all-in-one platform gives banks and accountants the tools they need for a data-backed, people-first approach to HR and payroll.
HR and Payroll System for Financial Services
Bank on our state-of-the-art HR and payroll software.
Why the Financial Industry Uses Paylocity
All-In-One Platform for Your Financial Workforce
Satisfy Compliance and Regulations
- Automate work authorizations, employee forms, and verification workflows using integrated governance risk and compliance (GRC) software.
- Access visualized reports on Equal Employment Opportunity (EEO) data to make data-driven HR decisions.
- Get peace of mind with access to HR services so you can minimize compliance risk and leverage industry best practices.
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Streamline Payroll for Financial Services
- Configure check types, general ledgers, time-off accruals, and reporting to customize your payroll and reduce admin effort.
- Reduce manual entry with an automated flow of data from Time & Labor into Payroll.
- Simplify payroll compliance with tax geolocation that audits each employee and ensures correct setup.
Recruit and Retain Top Talent
- Reach more potential candidates with customized job listings and automatic postings to job boards.
- Leverage intuitive resources like video tools and two-way email and texting to accelerate talent acquisition.
- Promote inclusivity by empowering applicants to share preferred names, asking optional identity questions, or masking information that may promote hiring bias.
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Train and Upskill Your Workforce
- Assign and track employee progress in on-demand courses to train in new skills, policies, and more.
- Create custom trainings, employee certifications, or choose from a robust library of relevant courses.
- Build career paths to develop employees and improve retention.
Drive Culture and Connection
- Offer opportunities for connection with a social collaboration hub, chat, and secure file sharing.
- Encourage peer recognition to increase morale and highlight a job well done.
- Collect anonymous employee feedback to ensure everyone feels valued and heard.
Loved by Employers and Employees
What Makes Paylocity Different?
Supporting Financial Institutions Just Like Yours
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.
Bank Saves Hundreds of Hours to Invest in Strategic Priorities
By implementing Paylocity, Coulee Bank’s HR team of one saved 200+ hours on various administrative tasks.
Family Bank Invests in Next Generation with Modern Solutions
FNB Bank turned to Paylocity for a partnership that could help modernize their HR and payroll software solutions.
related resources
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FAQs on Financial Services Industry Payroll
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.
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.
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.