Could Your Payroll Process Cause Employees to Quit?
Every company knows that payroll is a crucial aspect of the business, but problems in the payroll process can lead to employee dissatisfaction, compliance problems, and employee attrition.
A recent study in the UK shows that 1 out of 5 citizens has quit a job after a payroll issue (inaccurate or missed payroll). 20% is a large number of employees to quit over payroll mistakes – but that’s not where it ends. Up to 60% of employees have found mistakes on their payslips, and missed payroll has caused financial strain, bank charges, and damage to credit ratings.
Correcting payroll mistakes is one hurdle to overcome, but the source of the mistakes is the root issue to address. If your payroll is not running on time and accurately each month, there are several key factors to consider. Is your payroll process manual? Is the data accurate? Is there a staff managing payroll or are you trying to manage on your own? Using manual data entry and processes can lead to trouble down the road, as well as compliance issues and employee exits. Before it’s too late, you need to get your payroll under control.
Payescape has made it easy to manage payroll with simplified technology and customised reporting. You can enter employee details and quickly calculate payroll each month with the click of a button. Payescape also has a CIPP-certified staff to ensure you are compliant with all regulations, taxes are filed with HMRC, and can also help when questions come up. Making sure your employees are paid on time and accurately will help you focus on growing your business instead of wasting time and resources correcting payroll errors.
Talk to us today about simplifying your payroll process – we are here to help! Click here to learn more