Today’s guest post comes from Tomer London of ZenPayroll
Your employees are spending a significant amount of their time and energy working for you and it’s important they enjoy this experience. Employees want to work for companies that are modern, efficient, and dedicated to their employees. Today, employment is more than a simple means to an end. In the current business landscape, company culture is almost as important as salary, and in some cases much more.
One aspect of your company’s culture is present in how you choose to manage payroll. At its core, payroll is about appreciating your employees. Below are a list of five ways we see our customers using payroll to delight their employees.
1) Help Employees Save
Recent studies show a discrepancy between how much American’s think they’ll need to retire, and how much they’ve actually saved – to the tune of about $250,000. Saving for college is getting harder too. The cost of tuition has skyrocketed and the amount families end up paying is up 439% since 1982.
By allowing employees to split their paycheck into multiple bank accounts you can help them reach their savings goals. Putting away a set amount or percentage of each paycheck into a savings account, while the rest is deposited into a standard checking account helps employees invest in themselves.
Starting early and regularly contributing to their savings, along with the power of compound interest, means they’ll be on their way to a new car or down payment for their first house in less time and they’ll be happier employees because of it.
2) Give Employees Control of Their Personal Details
When a new baby is born, an employee moves to a new apartment, or just wants to change their withholding information, they have to go through the payroll manager. That’s a waste of time for everyone involved! Give them the freedom to view and change their payroll information at any time, from any device so they have control over their personal details. A modern payroll service provider will allow employees to view, review, and change their personal information, forms, and other financial information without having to go through a middleman.
3) Use Payroll as a Communication Tool
Don’t wait until your next quarterly or annual review to tell your employee’s they’re doing a great job. Payroll is an opportunity to acknowledge your employee’s achievements and reward them for a job well done. Tell them how much you appreciate their hard work with a personal note. If one of your employees closed a major account or received a rave review from a customer, tell them with a note on their paycheck. Rewards should also be personalized, such as a free lunch on an employee’s birthday, or company-wide incentives, like two extra vacation days for the quarter’s top seller. The incentives, rewards, and personal messages you send out during payroll bring a level of fun and satisfaction to the workplace, while building loyal employees.
4) Celebrate New Hires Together
When a new employee joins the team it’s time for celebration, not mounds of paperwork. Smart payroll systems will help your new employee fill out all of their information quickly – like never asking the same question twice and pre-populating required forms to be automatically sent to the government on their behalf. That leaves more time to celebrate! At ZenPayroll, we give every new employee a welcome watermelon , take a new team pic in our company t-shirts, and then head out for a game of bowling.
5) Simplify Tax Information
Withholding tax is often confusing, especially when Uncle Sam always seems to be increasing his take. And when payroll is processed in-house, the taxes listed on the pay stub aren’t easily discernible. But, by choosing a modern payroll provider, your employees will have instant access to their tax information in an easy-to-understand format. This results in empowered employees who have the information they need to make better decisions about the health of their future finances.
Tomer London is a co-founder at ZenPayroll where he leads the product development for their online payroll software for small businesses and startups. His mission is to make payroll as simple and intuitive as possible using the principles and tools of modern software. With ZenPayroll, companies can run payroll in minutes and all taxes, reporting, and compliance are taken care of automatically and paperlessly. Learn more at ZenPayroll.com .