There is growing evidence that employee satisfaction is fundamental to business growth and success. Aside from a positive working environment and a sense of
purpose, having accurate, timely and appropriate pay is also crucial to employee satisfaction and productivity. No matter how small a company is, payroll processing is an integral part of the business and as integral as it is, it is not as simple as it seems. The solution is a Human Capital Management (HCM) system like Worksite PAY in charge of the time-consuming and complicated tasks inherent in HR so that businesses and its staff can focus on growing the business, increasing its impact, reach and profitability.
Tax Regulations/ Changes
Aside from the changing profiles in the types of employment, there are also consistent changes in terms of laws covering taxes, payroll, employment benefits and healthcare requirements. For most businesses, it does not make sense to keep themselves updated with these laws all the time. It can be wasteful in terms of time, resources and energy and it can also add extra burdens while trying to keep up with overwhelming tasks. The resources are limited and employees are best allocated to keep up with trends in their industry to further their knowledge of their own craft. There is also difficulty to access information in terms of the tax regulations and other federal laws with the proliferation of unreliable and untimely information online. A reliable and fast-adapting HCM system like Worksite PAY will keep you updated regarding these changes in regulations/laws and will also make the changes necessary for your business.
Reports required by government agencies can be overwhelming to learn, not to mention the penalties to be incurred when reports are not accurate or are past due. The HCM software will not only reduce these costs, penalties and the time to be allocated for these processes, but it will also free your mind of worries so you can focus on growing your business.
Global Workforce/Gig Economy
Currently, businesses are transitioning into having a global workforce because of the advancements in technology and to get the best talent for the job.
It is normal- even advisable- to have multiple employment types offered such as full-time, part-time, freelance, independent, office-based or remote, hourly or project-based contractors. But these types of employment also need different HR management styles. There will be different deductions, as well as variations in how their salaries, benefits and taxes are computed. This will require more administrative work on your behalf. An HCM software like Worksite PAY will not only take care of this administrative work for you but also allow access to accurate and easy-to-understand time-tracking, absences and leaves, payroll and benefit reports for you and your employees. A great HCM company will also have an efficient mobile app that can be accessed anytime and anywhere by the business owners, its managers and employees.Today, workers also have the flexibility which means they have higher standards in terms of the clients and companies they decide to work with. Poor human resource practices may lead to high turnover rates and will compel employees, especially independent contractors, to seek a company with better human resource management practices in place. Aside from losing faith and loyalty from employees, the high turnover rates, and the need to hire more frequently means higher costs for the company’s operations, and less time for the company to focus on its bottom line. Great HR practices and systems not only attract the best employees, but also increase retention, productivity and job satisfaction.
A flexible, effective and accurate Human Capital Management system is your ally in making sure the employees that take care of your business are well-taken care of too. You’ve got a partner in Worksite PAY.