Did you Know that Employees Can Now Enter Their Bank Details into the Immedis Platform?

One of the business challenges we’ve heard from customers is that it takes an inordinate amount of time to input and maintain employee personal data. This is not only an accuracy issue but critically, it is a security one. After all, this data – employee names, addresses, bank details is highly sensitive, and no one wants this information to be leaked or hacked.

Most organizations take measures to protect this type of data. However, risks abound, and often the people responsible for the data pose the greatest threat. One study found that the weakest link may, in fact, be within the organization. The City of Calgary was sued for $92.9 million for a 2017 privacy breach because an employee sent an email to an employee of another Alberta municipality that had the personal information of 3,716 employees, including information such as medical records, Social Insurance Numbers, addresses, dates of birth, Alberta Health Care numbers and income details. And it’s a problem that the experts believe will increase because of the shift to remote working. According to Forrester’s Cyber Security Prediction report, 33% of all data breach incidents in 2021 are expected to be caused by insiders.

However, it is not just the security aspect that is challenging. There is also the fact that certain jurisdictions, for example, Argentina, Brazil, Belgium, Japan and Malaysia, ask for additional personal information that increases pressure on payroll to ensure their systems are current. The UK also require personal details, such as a baby’s due date for maternity leave benefit. The end result of this is that payroll teams spend a lot of time ensuring that their files are current, time they could spend on other strategic and more high-value projects.

Enter the Immedis Solution

Aware that payroll inherently deals with highly sensitive data, we designed the Immedis Platform to protect and safeguard data. Part of that we realized is enabling employees to enter their information. This means they are not sharing it with anyone, reduces the likelihood of errors, and importantly gives payroll back a ton of time.

The data is stored securely in the cloud, where it is encrypted, and only the authorized users can access it.

We’ve already rolled it out with some customers, and already the feedback is very positive. We’ve heard that employees feel empowered and less anxious about the possibility of their bank details getting into the wrong hands, while payroll is relieved that they have one less box to tick.

This new capability is one of the steps we are taking to reach our end goal of the decentralization of payroll. Empowering employees to update their data will ultimately lead to a greater spread of the responsibility around the data’s accuracy and security.