BREAKING NEWS!
PayCaptain is officially Best For The World! 🏅🏆
PayCaptain is delighted to announce that we've been recognised as a ‘Best For The World’ B Corp… TWICE! PayCaptain is very proud and honoured to have received not one, but two, prestigious B Corp ‘Best For The World’ awards! This amazing recognition is for being within the top 5% of highest scorers within both the Workers and Governance impact areas AND to be part of the 7% of 5,000 companies worldwide to win multiple awards.
From day one PayCaptain has used the B-Corp framework as the foundation to build the best company we can. PayCaptain is dedicated to creating positive experiences for our own employees as well as those of our clients. Winning awards in both of these areas is such an amazing achievement for us and drives us even more to maintain and improve our business to be a force for good.
Huge congratulations to all of the other winners – together we can make a difference.
4 Reasons Why PayCaptain Is The Perfect Fit For B Corporations
PayCaptain is the world’s first payroll company to be B Corporation certified. But what is a B Corporation and why is PayCaptain the perfect fit for other B Corps?
PayCaptain:
1. Can Improve B Impact Assessment Score
2. Saves Other B Corps Money
3. Saves Companies Time
4. Links Systems
A B Corporation (or ‘B Corp’) is a company that’s verified to meet high standards of social and environmental performance, transparency and accountability. Becoming a B Corp builds trust with consumers and stakeholders.
Achieving B Corp status helps the company’s audience quickly and easily determine that the company is committed to a broader set of values than just profit-making. The audience may be made up of potential investors, potential employees, customers and partners.
B Corps, by the very nature of their accreditation, also demonstrate their commitment to their workforce. This helps attract and retain employees. They also focus on long-term resilience and continuous improvement.
To be certified as a B Corp, companies must meet high standards in several areas. They must demonstrate their social and environmental impact, not just profit-making. They do this by completing what is called a ‘B Impact Assessment,’ which is an online tool used by companies to measure their impact on their stakeholders.
The assessment standards include performance, accountability and transparency on multiple factors from charitable giving to employee and stakeholder benefits. Companies are required to go through a rigorous selection process and only those that exceed a score of 80 in the B Impact Assessment succeed in becoming B Corps.
Why is PayCaptain a good fit for other B Corporations?
1. Can Improve B Impact Assessment Score:
One of the key areas that is measured within the B Impact Assessment relates to the welfare, benefits and career development of employees within the business. The areas that are scrutinised include health, wellness and safety of employees as well as their career development. Job satisfaction and employee engagement are also assessed.
PayCaptain is a solution that's designed to support and positively impact the financial well-being of employees. With a host of innovative features to help employees understand their income, the app gives employees increased control over their finances as well as offering more support in times of financial hardship.
By incorporating financial well-being tools within the app, employees are happier, healthier and more productive. They are given the tools to become better money managers for more stability and long-term financial wellness.
PayCaptain’s aim is to improve the process of paying people for the work they do so that it’s quicker, easier and fit for the way people run their lives. Employees feel more supported and can improve their financial security which drives better engagement and increases employee satisfaction - a key element of the B Impact Assessment.
Another area that's measured and assessed is the impact of the company on the community – looking at areas such as civic engagement and giving, diversity, equity and inclusion.
PayCaptain supports charitable giving which has a positive impact on the wider community.
Payroll Giving is functionality where employees can donate money to their chosen charity direct from their gross salary. Donations are deducted from employees’ salaries after National Insurance contributions have been deducted, but before tax, which means tax relief is applicable on the donation. This means that charitable donations are ‘cheaper’ for the individual.
They’re also beneficial for charities as the tax relief is automatically applied and the charity does not have to apply for Gift Aid. Charities also benefit from Payroll Giving as it often yields larger donations, particularly with higher rate taxpayers. The attrition rate for Payroll Givers is also lower than normal charitable donors in times of economic downturn. Payroll donors, on average, make contributions to charity for an average of 8 years, so charities can rely on more regular income and focus less on fundraising and more on the aims of the charity which has a positive effect on them as a stakeholder.
For employees who feel financially unable to make a regular charitable donation through Payroll Giving, PayCaptain also enables employees to donate Pennies from their Pay. This is where an employee can elect to have their net pay rounded down to the next full pound, with the excess pennies going to charity. Charities benefit if there are multiple employees in a company who make donations this way, particularly in larger companies with a significant number of employees.
PayCaptain also has an extensive suite of reporting metrics built into the solution. This allows employers to assess, analyse and report on Gender Pay Gap statistics. This helps companies to identify any pay gaps and the causes of the gap.
If a gap is identified, employers can develop an action plan to address the imbalance, offering training and support to enable career development for women in their organisation. This shows employees what the company is doing to address any pay gaps and creates transparency around pay, promotions and bonuses. These actions increase employee engagement and satisfaction and promotes more diversity in the workplace which is another key area of the B Impact Assessment.
The focus of PayCaptain is to positively impact the lives of employees by supporting them with financial wellness tools. Good financial wellness leads to happier employees, better engagement, better mental health, reduced absenteeism and better financial stability for the future.
By working with PayCaptain, B Corps can improve their B Impact Assessment, which has to be completed every three years, and a score of 80 or more achieved, for a company to retain their B Corporation status.
To read more about how to improve your B Impact Assessment score, click here.
2. Saves Other B Corps Money
PayCaptain offers savings to other B Corps on their payroll processing by rewarding them with an exclusive 20% discount on fees. The discount recognises the positive impact that B Corps have on their employees, the wider community, the environment and their stakeholders.
Improving employee financial wellness also has a positive impact, not only on the employee and their future financial stability, but also on the return on investment (‘ROI’) of implementing the PayCaptain solution.
Financial stress leads to increased absenteeism in the workplace. This has an impact on employers financially and reduces productivity. By implementing a solution designed to help vulnerable and low-income employees, or those struggling financially, companies can help their employees overcome their financial distress.
With better financial wellness, companies experience less absenteeism which positively impacts both the employee and employer and leads to a quicker ROI for the implementation of the PayCaptain solution.
3. Saves Companies Time
PayCaptain is designed to support employees and improve their payroll experience and financial wellness. But it’s also designed to improve the experience for employers running payroll.
Payroll, using many of the legacy solutions available on the market, is quite a mundane and a soulless process. It’s a business-critical activity but historically there’s not much interaction between employer and employee, unless there’s a problem with the employee’s pay.
PayCaptain increases engagement between employer and employee. The employer can benefit from exceptional levels of support and expertise with PayCaptain’s Fully Managed Service or can have more involvement with partial service from PayCaptain. The managed service from PayCaptain reduces their payroll processing time and enables the employer to focus more on their employees.
The PayCaptain solution has built-in reports and dashboards for HR and Payroll teams to get the information they need quickly. The report builder allows for new reports and dashboards to be created quickly and easily, without the need for specialist skills. This gives the employer increased visibility of the financial position of their employees, which means they can offer more support in times of financial difficulty.
PayCaptain partners with other Cloud solution service providers to offer fully integrated holistic solutions, which allows HR and Payroll data to transfer in both directions during the payroll process. Robust integrations with third party systems can be set up quickly and efficiently with other cloud solutions that have public APIs.
PayCaptain makes it easy for employees to fully understand their pay because payslips are branded, graphical, multi-language and interactive. Help icons explain tax, NI, student loan and pension calculations directly on the payslip, which reduces the number of enquiries that are made to the employer or payroll processor. It also increases employee satisfaction with the payroll process and gives them more tools to manage their money better.
Most questions can be answered automatically through the PayCaptain app, but if the employee has further questions, they are transferred to a member of the PayCaptain team where they experience exceptional levels of support. When an employee phones PayCaptain’s support team, their last payslip automatically pops up on screen before the call is answered and they’re in the hands of dedicated Payroll experts who can quickly and easily answer their query or resolve their problem.
PayCaptain also saves the employees time and protects them from missing important payments with functionality called Payment splitting. Through the PayCaptain mobile app, employees can send payments direct from their net pay to credit cards, savings, loans or landlords etc, to make sure no important payments are ever missed.
All these features lead to higher employee engagement and higher levels of satisfaction, as well as a reduction in financial stress and absenteeism. All these are vital elements in the support of employees in the workplace.
4. PayCaptain Links Systems
PayCaptain offers a host of innovative features which enable employees to support the wider community and contribute to a better society.
Included in the PayCaptain app is the option to invest in sustainable pensions – known as ‘Green Pensions.’ Sustainable pensions invest in portfolios from businesses that have been evaluated to make sure they meet stringent environmental, educational and social criteria.
Some investment portfolios specifically exclude categories such as tobacco and weaponry. Others focus on investments that have a reduced environmental impact – for example in green energy as opposed to investing in fossil fuels or deforestation.
By offering sustainable pensions, B Corps are able to demonstrate that they are a genuine advocate for the environment and positively trying to reduce the effects of climate change.
Other functionality that’s included in the app allows employees to make charitable contributions through Payroll Giving, also known as ‘Give As You Earn’ or, for smaller but equally important contributions, employers can set up a charitable fund where employees can round down their pay to the nearest pound and donate the Pennies from their pay. The company can elect the charity that Donating Pennies from Pay supports – which can be a local charity, so supporting the local community.
In summary, as a B Corp, PayCaptain demonstrated in the B Impact Assessment that the company is a genuine advocate for stakeholder benefits. Stakeholders include employees, the local community, shareholders and the environment. As a B Corporation, PayCaptain offers companies a solution to support their employees and build towards a more sustainable future and is a perfect fit for other B Corps who want to make a difference.
To learn more about how PayCaptain can help your business and improve the financial well-being of your employees, please contact us for an informal, no-obligation chat. We’ll be happy to demo PayCaptain for you.
PayCaptain Payroll Solutions Limited, www.paycaptain.com is an HR/FinTech company that delivers a fully automated cloud payroll service. The solution contains many unique and innovative features for employees, helping them to take control of their pay and increase their financial well-being. PayCaptain is a payroll solution that helps employers pay their workforce, regardless of income and personal circumstances. The solution also incorporates functionality that's specifically designed to positively impact financial resilience for people struggling with money, or vulnerable and low-income employees.
PayCaptain is the world’s first payroll company to be B-Corporation certified. To read more about B-Corporations, visit www.bcorporation.net
