Payroll and benefits play a big role in attracting and keeping employees. Employees expect to be paid fairly, and they are attracted to employee benefits, which provide them with more incentive to work for you.
Employees also want compensation to be error free and straightforward. So do organizations. No one wants to have to deal with pay issues on payday. There are ways to improve payroll and benefits administration to make it more efficient.
Here are 5 pay and benefits tips from our HR consultants:
1. Use the Same Pay Schedule for Everyone
Whether it’s your full-time workers, management, CEO, or even part-time contractors, pay everyone on the same schedule. Therefore, everyone is paid on the same day, and pay and benefits tasks are scheduled efficiently, leading to fewer issues. This is particularly important for companies that use a variety of different workers and employees.
2. Assign a Payroll and Benefits Manager
It’s important to assign roles within the HR department. Having one person manage your company compensation helps to ensure there is consistency. It also helps to ensure things are done the same way each time. If there are issues, the pay and benefits manager will be the person to speak with.
3. Choose Software That Meets Your Company Needs
A small business has very different payroll and benefits management needs than a large corporation. Therefore, it’s important to choose software that meets your needs now, but is agile and can meet your needs as they change over time. Whether it’s a cloud or outsourced solution, choose the method that works best for your company.
4. Go Paperless
Many companies are choosing to go paperless for payroll and benefits administration. It will not only save you money, it’s more efficient and accurate. Also, it allows employees to have online access to payroll and benefits information.
5. Keep Payroll and Benefits as Simple as Possible
How compensation plans are administered will vary by company. Some do everything internally. Others outsource some payroll or benefits. Some companies will outsource all HR functions. The key is to find the simplest solution to meet your company’s specific needs.
More Payroll and Benefits Tips
Learn more about payroll and benefits by reading some of our recent blog posts from our HR consultants:
Felicia is the manager of human capital solutions at AugmentHR. With over six years of recruitment experience coupled with multi-faceted HR roles, Felicia is an expert in matching people with the right role and environment. She has worked in many different industries, including investment banking, HR consulting firms, medical, and commercial. Understanding people is one of her strengths, and she has recruited at every level, from directors, project managers, and engineers to operators and general labourers. Her ability to network and develop relationships has been a key tool to her success. With approximately two years of experience managing people and creating a positive work environment, Felicia’s diverse skill set makes her a well-rounded individual. Her business education and background help her identify different business needs and human capital solutions.