Payroll Management, Employee Retention & Business Reputation
In-depth research by Sage has revealed that more than half of employees would feel a loss of trust in their employer if they were incorrectly paid even a single time. As payroll management is notoriously complex and time-consuming, requiring complete accuracy at every stage, such mistakes are common and the resulting lack of trust could lead to serious consequences for your business in both the short and long term.
Data from the research by Sage showed that 51% of employees in the UK would resent and lose trust in their employer if they were not paid correctly just one time. 35% of those surveyed said that an incorrect payment would cause them to look for another job altogether.
The morale of any workforce is key to the success of a business and late or incorrect payments can seriously damage that morale. Though the damage caused to a business's reputation is bad enough internally, the ever-growing presence of review sites like Glassdoor allows employees to voice their dissatisfaction to a much wider audience. As well as impacting on the retention level of current employees, such reviews can also result in a company missing out on the acquisition of new talent, with potential candidates looking elsewhere for employment.
Any deviation from the expected timing of payments can be a cause of suspicion among employees. The usual worry is being paid late, causing employees to lose trust and to be unable to meet their financial demands. Conversely, paying people early without communicating the reason why can result in employees thinking that management is incompetent and does not know what it is doing. Any lack of trust among employees will have damaging knock-on effects, undermining their confidence in the company and bringing their faith in any management decision into question.
The simple way to prevent any of these problems from ever occurring is to entrust your payroll management operations to Bachmann Group, a leading payroll provider with almost 50 years of experience and a proven track record of success. Our payroll management team comprises highly-skilled professionals who utilise award-winning payroll software and receive regular training to ensure that they are always fully up-to-date on the latest tax laws and other relevant legislation.