Paying your team properly and on time is critical for maintaining a positive company culture.
The consequences of slip-ups, delays, or mispayments can be very costly for a business, and recurring errors can stretch goodwill to breaking point.
Organisations that don’t pay as they should expect to see their reputation worsen, their employees leave and overall motivation and performance suffer in all areas. They can also face fines and serious legal consequences.
Staff are invariably a company’s most important assets and great company culture sets the foundations for real, tangible growth.
Pay is perhaps the most fundamental part of job satisfaction: When your employees are happier, they will likely be a lot more productive, more conscientious, and more engaged as they will want to help the business.
While business leaders may like to think of their team as being like a family, you should always remember that your employees aren’t giving their work for free, and working for your company is a means to an end.
Prompt and proper payment is therefore their most basic expectation of you as an employer and any shortcoming in this regard is a major failing because it breaks the trust they put in you.
If your company is dealing with recurring payroll errors, such as late payments, or figures not being as expected, it will very quickly become a cause of significant concern for your employees
Paying people properly is just the beginning of payroll’s potential impact on company culture.
Offering an accessible system that gives employees the knowledge and the tools they need to make informed decisions themselves can improve engagement and a sense of confidence and purpose. You can also go above and beyond with perks and benefits that each employee can tailor to their needs and preferences.
In today’s world, everything that can go digital has gone digital. It’s therefore important to provide digital avenues for employees, such as mobile apps or online access to all documentation, so it can be reached within just a few clicks.
Employees value accessibility. By being able to easily access their current and historical payslips all in one place, the process is minimal and effortless. This in turn reduces the need for team members to go to the payroll team with queries and concerns, saving time for both parties.
Ensuring that payroll processes are secure and efficiently managed also means that there is significantly less chance for any errors or security breaches to occur.
Late or incorrect payslips will not only result in a loss of faith but also may cause employees to doubt the financial integrity of their company - as they may begin to question if something larger is happening behind the scenes.
This is often a contributor to low retainment figures, as employees may look elsewhere because they need income they can rely on... And word spreads, so a reputable, trustworthy, and knowledgeable payroll team is vital for building and maintaining a strong employer brand while a confusing, unreliable payroll function may result in negative reviews, press, and word of mouth. It could even result in legal action, fraud, and financial penalties which can hurt your company’s reputation as a whole.
Having a reliable payroll team that consistently pays employees correctly, which enables them to access and understand their payroll data while making informed choices has a huge range of benefits.