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Last Updated on by Noni May
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.
If you are using the best HR payroll software then you will be able to track any hours worked by all of your team members in an intuitive way. You can monitor holidays that have been accrued, taken, and that remain so that nobody misses out on their contractual right to take their allotted time off. You’ll be able to trace back hours worked whilst also forward planning with the facility to create staffing schedules.
Keeping accurate records of anything that your staff are working is essential, and you may want to consider using a clock-in system that records the shifts which your team has worked. That way you will have an accurate representation of what has been worked. Having a clocking in the system will mean that your team will need to arrive on time as they will be paid against the time that they clock-in. This type of system is still open to abuse though, so you will need to create a stringent policy that protects both you and your staff.
If you feel as though you are ill-equipped to manage your human resources, or you would prefer to not have the burden of managing your own payroll department, it is possible to outsource these functions to a specialist company. Having experienced professionals whose primary focus is ensuring that staff are paid can be very beneficial and can remove much of the worry about mistakes being made.
Often, outsourcing areas of your business such as your HR and payroll functions can free up resources and save the business money. For a small to medium-sized company, this can often prove to be very cost-effective.
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