Hiring experts constantly look for ways to build and preserve company culture and ensure that each and every employee feels cherished and respected in their work environment. Sometimes, the potential to enhance employee retention comes from your company benefits and team-building efforts. The perks you offer to each employee, and access to vacation days will contribute to making them feel more valued. At other times, however, that same potential hides in the least likely of places. This includes your payroll department and procedures – which includes so much more than simply their salary or their bonuses.
It encompasses everything from the way in which you handle taxes, ensure timely payments, utilise compensation for incentivising better performance and rewarding successful employees, all the way to how transparent you are with your payroll in general. Here are a few ways in which you can expect payroll to grow and empower company culture when used properly.
Nobody likes to wait. You don’t want your employees to feel the disquiet of anticipating their salary and then receive it a week later. If anything, you should aim to exceed your employees’ expectations. This is another segment of your business where you can show them how reputable and trustworthy your company is.
Your employees’ salary is one of the main symbols of success, but also of financial security, and if your business fails to live up to those security standards, chances are you’ll drive your employees away, into the arms of an employer who pays them in time, and in full – every time, no excuses.
A vital segment of building your company culture includes how your business is perceived based on your financial track record. Are you famous for always working with reputable vendors? Paying your taxes in full? Even using some of your profits to contribute to certain causes?
Managing your finances like a business is a multifaceted process. It allows your employees, but also the public, get a sense of what your brand stands for – and it should stand for integrity above all else. When you protect your reputation in such a way, you’re bound to inspire your employees to be your brand ambassadors. They are much more likely to stay loyal and recommend your business when you stick to your promises.
Your employees already experience plenty of stress in their daily lives, and you don’t want to add to it. If anything, you want to make sure that their compensation is a source of joy in every possible sense. This includes the way in which they are able to collect, use, and rely on their salary. In recent years, more companies are transitioning to modernised payroll systems that utilise automation as well as personalization.
For example, one of the benefits of the payroll card is that your employees can now avoid long waiting times and additional fees when they need access to their salary. It is a simple, yet effective way to make this process all the more convenient. This single decision shows that your business puts your employee first when choosing the most efficient, cost-effective solutions for their payroll processes. Taking out all the hassle from this process allows your employees to build stronger bonds with your brand.
If working for your brand means being valued and appreciated, you can rest assured that more employees will be eager to stay with your business for longer, and oftentimes recommend your brand as an employer to people they know and trust. Your payroll is the key ingredient in providing this sense of value and appreciation to your employees. When they always receive their salaries on time, and they always get the bonuses they worked so hard for, they will indeed know that their work is noticed and rewarded.
Ensuring optimal, if not competitive compensation, delivering it efficiently, and respecting your employees’ needs in the process all contribute to your team’s desire to stay true to your business. Keep in mind that such high levels of fairness enable companies to build a culture where people thrive and gladly put their best foot forward for each task.
Payroll may seem like yet another monotonous process that boils down to numbers and stamps. However, when found in the hands of the right HR expert, payroll becomes another empowering tool for your entire company structure, a way to build your reputation, and a key to employee satisfaction. Use it to help your company culture evolve and let it mimic all the values that your business stands for – it will inspire people to stay true to your business and bring other valuable assets to your doorstep.
Written by Lauren N. Wiseman.
Smart Recruit Online offers a low cost multi-award winning online recruitment service with a 98% independent customer satisfaction rating and the highest direct-hire fill rate in the UK.
To book a demo with us and learn more about how our technology can transform your recruiting process, click here.
Did you know that unemployment rates in the UK are now at their lowest since the 1970s? This is obviously great news for the economy but presents a big challenge when it comes to hiring the best talent for your company. With the job market now being candidate-driven, finding the right people for your organisation can be harder than ever before.
We all know how important it is to have the best people working for you. With a talented and motivated team on board, your business stands the best chance of being successful. In that sense, employees are your most valuable asset, and care must be taken to recruit and retain them just as much as generating sales or managing finances.
So, are you doing all of the following?
A new recruitment drive is all very well but before you start thinking about hiring new employees, are you sure you’re doing everything you can for your internal staff retention and development? There’s little point hiring new people if they won’t stay with the business long enough for you to reap the benefits.
Business Coach and Online Educator Rob da Costa suggests the following talent retention incentives in one of his recent blog posts:
Take a look at your team and ask yourself how happy and engaged your workforce is. Are you training them, promoting them, rewarding them appropriately? Do you have a positive company culture? In a job seekers’ market, it’s not just job seekers who are being harder to please. Your existing staff may consider changing jobs if they feel more valued elsewhere.
Company culture is a big and growing topic that you cannot afford to neglect. It’s a magic formula that goes like this: Get your business model and your internal culture right and you’ll be surprised just how quickly word gets around that your company is the place to be.
When your candidates, employees, customers and the public interact with your business, what’s their experience? The way your company is perceived hinges on its internal culture and how this is managed. Everything follows from here – from team engagement and productivity to employee happiness, staff retention, and business success.
Identifying and developing your company’s brand doesn’t have to be expensive, but it does have to be done. Here are four things you should be doing:
If there are no internal candidates you can promote to the vacancy, outside recruitment is going to be your next step. Start with a clear job description and be focused on what exactly you are looking for in the right candidate, and what you are going to offer.
The customary ‘spray and pray’ efforts of yesteryear will no longer cut it in a job market where candidates can afford to be choosy. With so many other companies competing for the highest calibre candidates, your job advert needs to stand out for all the right reasons.
In order to reach the right people, you need to know where to find them. Social media platforms, such as LinkedIn, Twitter and Facebook, are an excellent place to start engaging with potential candidates. There are plenty of specialist organisations and software tools to help you with this. You could also partner with a recruitment consultant who will have the time and resources to dig deep into the job market on your behalf.
Once you have shortlisted your best candidates for an interview, follow through with a carefully prepared and organised meeting. It’s amazing how many companies invest time and effort into recruiting candidates, yet blow their chances on the day. A good candidate will know if they’re being fobbed off with an ad hoc interview.
A negative candidate experience is unlikely to lead to the result you are seeking. Worse still, a disappointed candidate may share his experience on online platforms. Poor feedback may discourage others from joining your company and negatively impact on your brand.
According to recent figures, a positive experience will make the job candidate about 1/3 more likely to accept your job offer. You are selling your company, so you should put your best people in front of the candidates that you want to impress. Confident, ambitious job seekers will have plenty of other opportunities on the table, so do your best to woo them.
Written By Annie Button
Smart Recruit Online offers an award-winning talent attraction software that can streamline and revolutionise your recruitment. To find out what we can to for your recruitment strategy, book a demo by clicking here.