What connects consumers and manufacturers? It is the advertising industry. It contains an array of companies that deal with marketing, public relations, and media services. Each service is delivered through a team of talented advertising experts.
Keeping this team happy means holding the workflow steady. However, is the payroll and compliance management for the advertising industry looking after the needs of employees?
Let’s find out.
Payroll and Compliance Challenges in the Advertising Industry
Payroll and compliance are two important yet challenging activities. Practically, no industry can survive without payroll and compliance management. However, due to multiple other vital activities, payroll is somewhere shifted to the backseat. For this reason, using payroll and compliance solutions for the advertising industry is one of the best routes to payroll success.
But, before we discuss how to mitigate challenges, let’s see what these challenges are:
1. Payroll Management
Payroll is a significant issue. From manual calculations to poor tax management, everything poses a risk for the organization. Sometimes, the taxes are not right, and at other times, payroll takes too much time.
The advertising industry often operates on project-based contracts and employs a mix of full-time, part-time, and freelance workers. The different types of employees employed make it difficult to track and manage different compensation structures. This industry is also known for its fast-paced nature, which leads to constant change in the roles and responsibilities of the employees, therefore making it difficult to accurately calculate wages. Additionally, advertising agencies frequently work with international clients, which involves dealing with varying tax regulations and currencies, further complicating payroll processes. The advertising industry heavily relies on commissions and bonuses based on performance, which adds an extra layer of complexity to ensure accurate and timely compensation.
2. Benefits Management
Managing employee benefits and bonuses is another issue. Every employee strives to complete quarterly challenges and targets for improved bonuses and benefits. When these benefits are far from reality, employee productivity reduces.
The advertising industry attracts a diverse workforce with varying needs and expectations. Now this makes it quite challenging to design and administer comprehensive benefits packages that meet the requirements of all the employees. This includes considerations such as health insurance, retirement plans, and flexible work arrangements. This industry also relies heavily on freelance and project-based workers.
This complicates benefit eligibility and enrollment processes and requires careful tracking and communication. As discussed in the above point, the employee base is subject to constant change. Continuous evaluation and adjustment of benefits programs are necessary to align with changing employee needs and market trends. All these things make benefits management quite difficult in the advertising industry and require customization, agility, and focus on employee well-being and satisfaction.
3. Compliance Management
Another grave issue is compliance. The other issues can be resolved to some extent, with better functioning. But compliance is most crucial of all. There are so many compliance regulations and rules that HR needs to take care of. These rules evolve consistently, which makes room for errors.
Why You Need Payroll and Compliance Solutions for Advertising Industry?
If you are also facing the above issues, here’s how payroll and compliance services for the advertising industry can help you mitigate risks.
1. Proper Structure
According to your organization, payroll services can help you structure. Your policies, incentive structure, and CTC workflows are included in your package for better, improved working. Through these services, you can even manage your remote teams without any hassle.
2. Payroll Management:
Automated payroll systems can streamline processes such as time tracking, wage calculations, and tax withholding. This ensures the disbursal of accurate and timely payment to employees irrespective of their employment status (full-time, part-time, freelance) or compensation structure. It reduces the risk of errors and discrepancies and enhances employee satisfaction and trust in the organization.
3. Compliance Management:
Compliance solutions help adhere to industry regulations and standards. The solutions provide tools for monitoring and enforcing compliance with consumer protection laws, data privacy regulations, advertising guidelines, and other legal requirements. They can automate compliance checks, track regulation changes, and generate audit reports. This helps in reducing the risk of non-compliance and potential legal consequences. Compliance solutions facilitate communication and collaboration with stakeholders and ensure consistent adherence to compliance standards across advertising campaigns and channels.
4. Flexible Pay Workflow
Many employees wish to decide their structure of the salary. However, when the manual calculation is a routine, this liberty can create risks for the HR team.
With the right payroll and compliance services, every employee can select their salary structure, which can be ensured through technology.
5. Employee Self-Service
Employee self-service is a blessing in disguise. It allows the employees to generate pay-slips, check details, and keep track of their payroll. If not present, it increases the work of the HR team because employees have to reach out to HR for every small and big issue.
Errors are costly. Especially when compliance errors are made, if the HR team makes an error in the basic salary, they can still remedy it by compensating the employee in the next month. But, what if this error is in the TDS submission? It will lead to penalties, which has no remedy. Hence, payroll services offer accuracy with high-end technology.
7. Proper Reports
No matter how many disoriented teams are working for you, you can create productivity reports effectively. This can help you streamline a lot of things at the workplace, such as payroll, TDS submissions, bonuses, etc.
Reports are crucial for tracking campaign performance, assessing the effectiveness of marketing strategies, and monitoring financial metrics. Reporting solutions automate data collection and analysis from a variety of sources like advertising platforms, customer databases, and financial systems. This helps streamline the process of compiling comprehensive and meaningful reports. It saves time and effort of the employees.
Payroll and compliance management for the advertising industry is essential. When executed correctly with the right partner, it can offer high employee satisfaction. Hence, if you also wish to improve your payroll, reach out to Paysquare. We can help you improve your payroll and compliance structure for better retention and improved employee satisfaction.