Are you looking to keep your top employees happy and engaged?
Providing accurate and timely payroll is one of the easiest ways to ensure they’re satisfied. The concept is simple. Pay employees the right amount on time. However, most companies struggle to get this basic need fulfilled.
Here’s why:
Payroll mistakes are far too common. Yet they seriously affect the way your employees view their job and your company as a whole. According to Remote’s 2024 Global Payroll Report, 50% of employees dealt with payroll errors in the past two years.
You read that right.
Half of your employees.
Fortunately, there’s an easy fix that will keep everyone happy. Implementing all-inclusive payroll software can help your company keep your best workers content while saving you time and money.
Let’s jump in!
What you’re going to discover:
- How Much Employees REALLY Care About Payroll Accuracy
- Why Payroll Mistakes Are So Damaging
- How All-Inclusive Payroll Software Fixes The Majority Of These Issues
- Important Features To Look For That Affect Employee Satisfaction
How Much Employees REALLY Care About Payroll Accuracy
Put yourself in your employees’ shoes for a second.
They clock in day after day. They do their job. Whether they like it or not, they help your business grow. Then it’s time to get paid.
But when payroll is messed up, it creates doubt.
Did they do something wrong? Is their job in jeopardy? Will they even get paid at all?
Your payroll process says a lot about your company. Sure, you pay people because you have to. But doing it correctly and on time shows that you respect and care about your employees.
Let’s take a look at some numbers.
Studies show that 49% of employees will leave their company after just two payroll mistakes. If you mess up their payroll twice, nearly HALF of your workforce will quit.
Your employees care way more about their paycheck than you think.
Why Payroll Mistakes Are So Damaging
Sure, your employees will get over a late payment. Or the $5 that was missing from their paycheck.
But what happens if it keeps happening?
Payroll issues cause problems for employees outside of work. Suddenly they can’t pay rent or bills on time. They go overdrawn at the bank. They have to tell their family why “the job” didn’t provide.
These types of problems aren’t fun for your employees to deal with. But they also create tension when your employees come to work.
If your employees are constantly worried about their paycheck, they won’t be as engaged while on the clock. Instead of going the extra mile, they start “quiet quitting” by doing the bare minimum.
In fact, poor employee engagement costs US businesses over $500 billion every year.
And the worst part?
The issues described above are 100% preventable.
How All-Inclusive Payroll Software Fixes The Majority Of These Issues
I’ll say it again. Manual payroll is a disaster.
One wrong entry on a spreadsheet and you’ve messed up everyone’s pay. Imagine updating taxes manually only to realize your math was wrong. Then there’s the headache of dealing with multiple systems that don’t integrate with each other.
All-in-one payroll software eradicates these problems. Everything from tax calculations to time and attendance live inside one platform. There’s no need to switch between different programs to enter data.
Here’s how much of a difference it makes.
Businesses that utilize automated payroll software were found to be 33% more efficient at getting paychecks right. Payroll automation doesn’t just save your team time, it increases employee satisfaction too.
When employees don’t have to worry about their payroll being processed correctly every month… they will feel more assured about their job and your company.
Plus, with an all-inclusive payroll platform, your employees can expect:
- Automated tax calculations and filings
- Direct deposit
- Automated benefits deductions/tracking
- Compliance with labor standards
- Seamless time and attendance integration
- Self-service portals for employees
Everything your business needs in one place.
Important Features To Look For That Affect Employee Satisfaction
Just because software comes bundled together, doesn’t mean it’ll have the features your employees need.
When evaluating payroll software, look for platforms with the following tools to improve your employees’ happiness.
Self-Service
Employees like having access to their personal information at all times. Self-service portals allow workers to view pay stubs, update personal information, and access taxes forms at their convenience. They won’t have to wait for HR to get back to them whenever they have questions.
Not only does this allow employees to easily access their information, but they also know exactly how you arrived at their paycheck amount. There are no surprises with self-service portals.
Access Their Pay Information Anytime
Gone are the days where employees would wait around to find out how much they earned each pay period.
All-inclusive payroll platforms allow your employees to view their earnings on-demand. They can access this information from phones or computers. What’s great is that employees used to have to wait for this… but now they don’t!
Accuracy And On-Time Payments
This is pretty obvious but your employees want their paychecks to be correct… EVERY SINGLE TIME. Otherwise, why would they trust your payroll process?
Automated payroll software eliminates human error. Your taxes will always be calculated correctly because the software updates itself. Deductions will be applied because the software never forgets to do its job. Employees know that their paycheck will be on time each month because… well, the software guarantees it!
Integrated Time Tracking Software
If you time punch manually or are using a spreadsheet, it’s time to upgrade.
When your time and attendance software syncs up with your payroll software, nothing can go wrong. The hours your employees work will automatically calculate into their paycheck. Overtime is tracked accurately. Paid time off deductions are applied.
In other words, when these two systems work together, you eliminate one of the biggest causes for payroll errors.
Employee Satisfaction Isn’t Worth Hurting Your Bank Account Over
As you can see, happy employees equal cost-effective employees.
If your employees are satisfied, they’re less likely to leave. If they stay with your company longer, you don’t have to waste money retraining new staff. Satisfied employees also work harder and encourage their peers to do the same.
Not to mention, happy employees are the best marketers. They spread the word about your delicious workplace everywhere they go. Who knows? They may even bring more qualified employees to your company.
But here’s the thing most employers don’t know…
You can significantly increase employee satisfaction by improving your payroll process. Yes, some companies make it as part of their culture. But simply investing in the right tools can fix your payroll headaches.
When you give your employees a stress-free payroll process with all-inclusive payroll software, they don’t have to worry about making ends meet each month. Not only will your HR team have more time to do important work, but your employees can focus on doing their jobs.
Happy employees = more productivity = happier employers.
Wrapping Up
Payroll accuracy is important. If you don’t get it right, you will slowly lose your employees…
And it’s not because your payroll process is horrible.
Your employees will leave because they no longer trust that you’ll pay them correctly.
How do you fix this problem?
You stop it from happening in the first place with automated payroll software.
