If there is a surefire way to lose staff, it is by not paying them what they deserve and what they have earned. Incorrect pay, or the unprofessional handling of this basic and fundamental employee right, will cause your staff to fear for their job security. It could cause severe financial implications for anyone if they are short paid, overtaxed, or get their money later than the agreed time. Many people have direct debits set up to cover rent or mortgage payments along with all of their household bills. Having their paycheck not go into their account when it is due to could cost them considerably if payments bounce and are rejected.
Nobody wants to work for a company that cannot get these simple things right. And, if your business is not paying attention to this basic administration function, then it will cost you considerably. Staff retention should be a massive area of concern. When you hire a new recruit, you will want them to stay with your company for a considerable amount of time. It costs you money to recruit them in the first place, and then by the time you invest time into training and developing them; to lose them over something as simple as getting their pay right is a costly mistake. (more…)