Think your companies’ little payroll slip-ups won’t have any dire consequences? Think again. Recent research from the US and UK has found that even a few payroll errors could very well cost you some precious employees. We’re going to outline the research below and also provide some handy tips on avoiding payroll problems in the future and thus hanging onto more of your hard-working staff members.
First is research out of the US. The research conducted by Workforce Institute which was published in June 2017 found that just under 50 percent of employees would leave their current company if the company made just two payroll mistakes, and 25 per cent would start looking for new employment after just one payroll mistake.
Research from the UK is just as disturbing. The Unpaid Britain Report found an estimated 23,000 occasions where the impact of unpaid or delayed wages was so bad that it led to employees having no food. Further, according to research by FMP in 2015 it was found that payslip queries were still the most frequent type of query that was made from employees to their payroll departments. They also found that 44% of employees making this sort of query found it demotivating and for 51% of employees it caused them to lose trust in their employer.
But all is not lost. There are a number of things you can do to drastically limit the number of payroll errors your company makes and thus increase the number of valuable employees you hold onto. We will outline these below;
Communicating frequently to payroll staff the high importance of accuracy and timeliness when they are fulfilling their payroll duties. It’s crucial to communicate this often and politely to ensure the payroll staff consistently perform to the best of their abilities.
Increase number of payroll staff to ensure there are enough people to handle payroll effectively for your corporation and that payroll employees aren’t being spread too thin, which often leads to mistakes.
Outsource your payroll to a dependable, experienced and cost-effective payroll company like Corporate Payroll Solutions. We have decades of combined experience in payroll services, and we handle payroll for countless companies day in day out, all of this greatly reduces the chances of mistakes.
It had long been believed that outsourcing payroll would be more hassle and more expensive than handling it in house, but this is no longer the case. You may be surprised to find that in most cases Corporate Payroll Solutions can take care of your payroll needs more accurately, quickly and at a lower cost than having it done in house.