Employee experience is a critical element which outlines how co-ordinated the employees are with the objectives and principles of an organization. Payroll management is both crucial and a difficult administrative function in an organization. However, payroll is known to directly impact employee experience because when salaries are delivered timely, employee satisfaction is boosted. However, things can go haywire when salaries are deposited with inaccurate calculations, wrong deductions, erroneously calculated taxes, etc. Payroll outsourcing services can help in solving all these problems and enhance employee experience.
Understanding Employee Experience?
The way the employees feel about the organization that they are working in can be termed as employee experience. This experience comprises of several factors, including their job role, their treatment by seniors and the most important – their payroll, because money and benefits offered are why they are associated with you.
Significant of Employee Experience
The engagement of the employees is directly connected to the productivity of a business. They directly contribute to the profits made by any business. This is why companies readily spend to ensure their employees are provided with a satisfactory working environment.
In an attempt to keep their employees happy, businesses design unique workplaces, set up reward schemes, arrange well-being programs and more. However, they forget that the foundation of employee experience is their salaries.
Erroneous calculations in payroll can lead to a mob of angry employees. This directly impacts the business’s productivity.
How Does Payroll Management Impact Employee Experience?
Although providing various facilities in the workplace does have a good impact on the employees, they eagerly wait for their payday throughout the month. But when there is a problem with the salaries then all the added facilities that you provide them, go in vain.
The cost of living is high and every rupee counts! It is their hard-earned money and erroneous calculations that deprive them of their money. Employers may adjust their salaries in the next pay cycle after they raise a concern, but then they will be in a tight spot throughout that month.
An error-free and consistent payroll system helps in establishing a healthy relationship between the employer and the employees. Good employee experience motivates them to work and results in an increase in productivity. An organization can achieve the results it aspires, if its employees are happy with their salaries.
Payroll outsourcing services can bring consistency in payroll management of an organizations. Error-free payroll services doesn’t just ensure smooth working of the organization but also enhances employee experience, resulting in overall growth and progress of company.
How Does Poor Payroll Management Affect Employees?
Employees make the company and they are the biggest assets of any company.
Your company’s productivity, rather, is the sum of your employees’ productivity.
There are several ill-effects of poorly managed payroll system, including causing financial stress to the employees. Money-related issues cause emotional stress and deteriorate mental health. Employees lose motivation to perform well, and in the long run company incurs loss and also earns a poor name in terms of employee satisfaction.
How Will Payroll Outsourcing Improve Employee Experience?
Using payroll outsourcing services can solve several employee-related issues that concern the payroll of a company. Some of these benefits that the employees may experience are listed as below:
1. Customized Approach
Employees of today are looking to stay connected with their employers. They wish to interact smartly. Traditionally, where the employers used an approach of “one-size fits all” is no longer considered as appropriate. The employees these days look forward to personalized and flexible services, which will help them in their personal lives. Although payroll is hardly considered a sector for innovation, it can play a significant role in offering personalized services.
Several employees look forward to being paid weekly, some fortnightly while some monthly. This is essentially because there is a large percentage of employees who need money in shorter periods of time to survive. With in-house payroll management, it is difficult to run the payroll so many times or to pay them at different times. Payroll outsourcing services empower the employers to be able to pay their employees in their desired time period. This enables the employees have a control over their finances and thus motivates them to work with enthusiasm – enhancing employee experience of the organization.
Furthermore, this also makes them more loyal to their employees, thus boosting the profits and productivity of the company.
2. Employee Self-Service
With payroll outsourcing services to take care of the payroll and provide you with the latest software and payroll tools, it gives your employees the freedom to be able to access their personal information.
From being able to check and mark their attendance online to tracking their time-sheet and from being able to download and view their payslips to being able to manage their leaves/holidays, they have more access to their work. Being actually be able to have control over your personal information gives a sense of satisfaction, an important element in achieving employee experience.
The higher management also finds themselves in a lucrative position where they are easily able to schedule the work hours, assign week-offs on different days after considering the availability of the employees; they can also approve attendance and leave requests for them. Many payroll outsourcing services also provide apps that enhance the accessibility of self-service to them. They are able to easily check and monitor themselves on apps.
With all this information easily accessible to the employees, it is easier to function on a daily basis and divert the strength and talent of the employees into achieving the targets of the company. With motivated and happy employees, you can derive more output.
3. Timely Salaries that are Error Free
There is nothing more important for an employee to receive their salaries on time. They need to take care of loans which they may have scheduled according to the days or dates they get paid. When managing in-house payroll, employers usually delay in making payments often.
However, when third-party providers offer payroll outsourcing services, they adhere to the time slots provided to them. They ensure that salaries are dispatched on time. Moreover, they use highly advanced systems and software for payroll management. All the features in their software are in line with the state or central government standards and customized according to the employers. Employees receive their salaries directly in their accounts with no worries of carrying a cheque to the bank or waiting for it to encash. Direct transfers ensure they receive their salary on time while all the calculations are in place.
There is nothing more satisfying for an employee to receive their full-deserved salary on time. They are motivated to work, respect their employer and continue their hard work in the organization.
Outsource Your Payroll Today!
Salaries were once viewed as transactional; however, this is no longer the case. Employees look for more from the internal business services and expect their employer to give them financial security. Meeting the expectations of the employees gives the employers an opportunity to better the interaction with their staff, thereby improving business experiences.
Today’s industry is extremely competitive and it is significant that you prove to your employees that their satisfaction is a priority for the organization. Payroll outsourcing services enables the employers to facilitate retention and ensure that the business upholds their most important tool of success – their employees.
Best Payroll Outsourcing Services
At Paysquare, we dedicatedly provide payroll services to our clients. We take care of their payroll management system professionally and competently. With us handling your payroll, we have you covered for not just the payroll but for reports, taxes, filings and compliances. Our efficient team and advanced software ensure that your employees never have a chance to complain about erroneous salaries. We also offer other services such as accounting services, temporary staffing, and we take care of international payroll too.