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.
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In today’s candidate-driven market, a positive, definite employer brand is important for attracting and retaining top talent. With an employer profile, you have numerous opportunities to showcase your companies’ unique brand and culture. Including online videos in your profile is a brilliant way to communicate your employer brand to candidates due to the rise in video.
The rise in video is quickly increasing and radically shifting as the main source of how we consume our information compared to text-based and image-based content.
Research undertaken by Wyzowl found that where both video and text are available on the same page, 72% of people would rather use video to learn about a product or service.
As of May 2016, YouTube reported more than 1 billion users; growth in viewing time is up at least 50% each of the past three years. For 2015, Cisco reported 55% of all mobile data traffic came from video, and predicts video will account for 82% of mobile data traffic by 2021.
How exactly can an employer branding video support a company in the recruiting process? Why does it work so well? Here are some top tips on how employer branding videos can support your hiring process.
A video is a great way to showcase your employer branding to candidates. 75% of job seekers consider an employer’s brand before even applying for a job (CareerArc).
They want to know what the company culture is like, will they fit in, will they love going to work every day, will they want to get involved in after work activities like tag rugby. Therefore, video is the best way to do this. Potential candidates will be to assess if working at your company is what they are looking for.
Not only does video catch the attention of your potential job candidates, but it is also a brilliant way for convincing candidates to apply to your open job vacancies. CareerBuilder research has found that job postings with videos have a 34% greater application rate.
Basically, by including video in your job postings you can get a vast increase in the number of job applicants you can choose from.
Research undertaken by TheLadders showed that potential candidates are only reading jobs ads for about 50 seconds if they don’t feel the job is a good fit and around 75 seconds for ads that seemed to match their skills and interests.
Considering the time and effort that goes into writing up a good job description, they hardly seem a worthy investment. In contrast, studies have seen candidates spend over five minutes viewing job ads containing video.
This is an increase of almost 490% in time spent. A CV-Library poll of thousands of candidates also revealed that nearly 80% of job seekers would be more likely to apply for a job that contained a video in the job description. Thus, you will considerably shorten your whole hiring process and better your time to hire.
The way millennials consume information is different from previous generations.
Millennials watch more videos online than anybody else. Therefore, searching for and finding young talent should incorporate video as part of the recruitment strategy. Otherwise, you will fall behind other companies.
In fact, research on Millennials shows that 54% visit YouTube every day. It is believed that by 2030, millennials will make up 75% of the workforce. This, in turn, means that your recruitment should be focused on this generation. For this to transpire, the old traditional recruiting mechanisms need to be replaced with more modern alternatives such as the use of video.
Creating a compelling employer brand video that showcases your mission, your vision and your values will be easier if you’ve done your research and have a clearly defined employer brand.
is the Founder & CEO of Rezoomo.com with over 5 years in the online marketing and web development industry & over 3 years in the recruitment industry. Specialising in employer branding and recruitment marketing.
Smart Recruit Online offers an award-winning talent attraction software that will streamline and revolutionise your recruitment strategy.
We also offer a customisable Careers Page that can mirror your company branding and be fully integrated into your website.
To find out what we can to for your recruitment strategy, including using video to promote your company culture, book a demo by clicking here.