Prioritising payroll for employee retention
Whilst accountancy services are becoming increasingly perceived as more than regular or traditional services such as payroll, auditing or tax returns – with a focus on the holistic picture and how an accountant can be much more of a business partner – businesses must not forget the importance of some of the more traditional accountancy offerings.
For instance, payroll is an essential function of any business with employees, and yet it may be seen as a mundane service, or one that can easily handled in-house.
It is true that many organisations will handle this in house and some businesses may choose to outsource the service to their accountancy firm. Whichever route is chosen, getting it right is crucial.
Payroll is more than just a back-office function. It is the kingpin of the business. Employees, whilst we’d love to believe do their job for the love of it, are also in it for the financial reward. Getting salaries and wages wrong or paying late – even if just once – can jeopardise employee/employer trust and affect the relationship and morale going forward. In fact, recent findings have shown that a third of employees surveyed would consider looking for another job even if paid late just once – this is a staggering figure and puts payroll much higher up the priority ladder, rightly so, as staff retention can be a real issue for many businesses in varying sectors.
There is constant changing legislation affecting payroll – added to by the introduction of pensions auto-enrolment. For those businesses wishing to relieve themselves of the hassle and burden of this, outsourcing is the best option. Look for flexible pay dates, capability to separate payroll data into department lists if needed, security in filing of documents and strong expertise.
Businesses are often also worried about a meter running when it comes to accessing support, or additional costs for simple amendments. Many forward-thinking accountancy firms offer this as standard as part of the service, creating goodwill with the client and a long-standing relationship.
Whether a business has ten employees or 1,000, payroll needs to be prioritised in any company.
For more information on our payroll services, see our payroll section on the website or call us on 01827 54944.