Increased Employee Compensation is a Workforce Priority in 2024
In the dynamic landscape of workforce management, retaining and engaging talent has become a central concern for businesses as they navigate the challenges of attracting and retaining skilled professionals. According to the recent research by Totaljobs, a significant 33% of businesses are gearing up to increase salaries and bonuses this year, emphasising the crucial link between compensation and talent retention.
The research also highlights that the leading cause (29%) of staff resignations in late 2023 was the allure of higher salaries elsewhere. With the rise in cost of living, rent and interest rates, this comes as no surprise.
However as businesses acknowledge the need to adapt to the changing job market, with 58% expressing confidence in recruiting this quarter, 30% of businesses face the challenge of meeting salary expectations. So what can payroll do to support businesses by retain and engage talent?
Supporting Businesses with Automated Payroll Technology
Improving staff retention and engagement has emerged as the top people priority for 2024, with 46% of businesses focusing on strategies like reviewing benefits, assessing training opportunities, investing in innovative technologies, and offering flexible working. In the pursuit of talent retention, businesses are turning their attention to holistic approaches that go beyond financial incentives – here enters automated payroll software.
For organizations grappling with the complexities of talent retention in the face of economic and labor market pressures, payroll software presents a transformative solution. The adoption of automated payroll systems, such as paiyroll®, not only streamlines over 80 payroll tasks but also addresses critical aspects of talent retention.
1. Real-Time Pay & Insights
Payroll software provides employees with visibility into their pay in real time, keeping employees engaged in their pay. This transparency contributes to a sense of financial security and trust, fostering a positive relationship between employers and employees.
In fact, paiyroll® has an employee self-service app where users regularly visit the app to see their shifts in real time, flag any errors in shift data, and essentially puts employees in control of their earnings. This empowerment contributes not only to job satisfaction but also to a sense of ownership over their financial well-being.
2. Prompt & Accurate Pay
Automated payroll eliminates the risk of human error associated with manual calculations. Ensuring that employees are paid accurately and on time is a fundamental aspect of job satisfaction and, consequently, retention.
Did you know paiyroll® automates over 80 tasks and does complex calcuations for you, so you can trust that every pay run is HMRC-compliant.
3. Flexible Compensation Models
Payroll software enables businesses to easily adapt to various compensation models, accommodating the preferences of the modern workforce. This flexibility contributes to employee satisfaction and aligns with the diverse needs of talent.
With paiyroll®, you can select any number of compensation schemes and automates SSP, SMP, SPP and SBPB. Not only that, we go one step further and automatically work out the additional company scheme pay-out required for any number of schemes. All we need is a start date, end date and a scheme.
4. Efficient Benefits Management
Beyond salaries, payroll software can efficiently manage benefits and rewards. This capability is crucial in addressing the broader spectrum of employee well-being and job satisfaction, contributing to long-term retention.
With paiyroll®, benefits can be adjusted and the impact (gross/net) changes to pay can be viewed immediately – everything from health insurance to pensions. That means employees can make more pragmatic decisions on benefits.
As businesses navigate the complexities of talent retention in 2024, embracing payroll software, such as paiyroll®, emerges as a strategic move. It not only ensures accuracy and efficiency in payroll processing but also aligns with the evolving expectations and priorities of the workforce. In a landscape where retaining talent is a top priority, payroll software becomes a catalyst for positive employee experiences and sustained business growth.