Improving Staff Engagement With Payroll Software
Disengagement at the workplace is a major problem that managers have to tackle routinely! A survey by Gallup revealed that teams with high engagement levels report increased customer retention, productivity and profitability. That speaks volumes about why companies need to focus on this vital performance parameter.
It’s definitely time to sit up and take action to improve your staff engagement by implementing revolutionary measures. Organizations can make a remarkable difference to job engagement by leveraging the power of sophisticated technologies that make life easier and more convenient.
If there is one particular tool that can streamline your human resource management strategy, and boost operational efficiency, it is payroll software. This versatile platform can be a huge asset as it automates making routine payments, calculating taxes, and deposits salaries to designated employee bank accounts.
Here’s a surprising fact – 29% of businesses in the United States are using payroll software that is 10 years older or more. This depicts that organizations are still using spreadsheets and other manual methods to calculate salaries of staff members, resulting in wastage of precious human effort and time.
It’s time to adopt payroll systems to foster a culture of engagement and drive team collaboration at the workplace. Payroll software is diverse, packed with impressive features, and can easily be integrated with other systems such as project management software or accounting systems.
Modern payroll software is a dynamic tool that can support employee engagement interventions. Here are some innovative ways in which payroll systems have a positive impact on long-term organizational engagement:
- Timely Payment of Dues: Payment failure can have a deeply demoralizing impact on your workforce. If you are still using traditional methods such as Excel worksheets, there is a high chance of error in calculations that may lead to delays in the disbursement of salaries.
Payroll software is a holistic solution that ensures that employee salary is calculated correctly and paid on time. It also helps employers in managing other benefits such as gratuity, provident fund, and taxes in an efficient manner.
The timely payment of dues makes sure that employees are happy and motivated; hence they are ready to go the extra mile and perform to the best of their ability!
- Deeper Business Intelligence: If you want your employees to enjoy their work, it is vital to provide them with access to real-time business intelligence. Payroll software is a novel platform that stores all important information about employee salaries, funds, and benefits status.
Now, the value of this data becomes manifold when it is integrated with information from other systems such as accounting software, time tracking tools, and performance management applications.
Payroll software can help HR managers adopt a holistic approach, and make meaningful sense of relevant employee data. This would ultimately lead to highly engaged teams and better decision-making.
- Increased Productivity: Productivity is an important factor that contributes to engagement. Organizations need to make sure that their employees are not doing manual administrative work that can lead to boredom and frustration.
One of the best parts about payroll software is that it completely eliminates the laborious part of salary calculation, as that is completely automated. Employees save valuable time that can be used to focus on strategic issues, rather than mundane and time-consuming payroll management.
Payroll systems are capable of full integration with human capital management tools, making them a must-have asset for informed decision making with regard to HR metrics and a prerequisite for job engagement.
- Stringent Regulatory Compliance: When organizations do not comply with Government rules and regulations regarding payroll policies, the result is disastrous. It hampers transparency at the workplace and leads to deep-rooted disengagement.
Payroll software ensures that companies do not default in any manner, and give adequate compensation for work. It includes all latest regulations, hence there is no chance that workers are underpaid for their performance or not given extra payment for overtime.
Payroll solutions keep engagement levels high as employees are aware that all mandatory statutory compliance is being adhered to by their workplace, and top management also remains satisfied as there is no chance of any penalization or lawsuit – a win-win situation!
Organizations that have engaged employees outperform those without by 20% on all performance parameters. It’s high time for companies to take proactive measures to build engagement at the workplace and nurture a satisfied band of teammates.
Since the advent of globalization, companies have expanded their reach beyond borders and this has translated into many challenges with effectively managing payroll. Issues with payroll management not only disrupt the functioning of the HR department but also leads to a dip in productivity in other vital functional areas.
There is no doubt that organizations have to harness the power of automated payroll software to deliver strategic value and boost productivity. Investing in a payroll system is a long-term investment that will provide a high return on interest, and keep employees super-engaged at the workplace!
Author: Kiran Bajpai works as a Marketing Associate at SoftwareSuggest. Her expertise lies in Document Management Software. Reading books is something that she can never get bored of, especially those.
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