Employees are a resource for every company. Only if your workforce is motivated and happy at the workplace will your company be able to achieve its business goals year-on-year. An unhappy, unmotivated workforce will only be unproductive.
That said, it’s no easy feat to keep your employees happy and motivated at work. It takes a lot in terms of payroll management to taking care of employee well being, and to understanding their training needs at work.
In this post, let’s stick to how payroll services have a direct impact on employee motivation and satisfaction, which in turn results in improved company performance.
An unhappy, under compensated employee will simply not stay loyal for the long-term. As soon as he finds a good opportunity elsewhere he’ll switch.
In times when people are really not loyal to an organization the only thing that can keep them going is remuneration that compensates them well-enough not just to cover their expenses but to save enough for leisure and contingencies.
Alongside, perks and rewards are also welcome. You need to show that you really care about your employees and apart from ‘pay’ compensate them in terms of health insurance, free company sponsored team holidays etc. This sort of a culture is what employees really appreciate.
Intelligent payroll services know how to create ‘smart’ compensation packages with a mix of basic pay and incentives in a way that employees don’t ‘feel’ underpaid, yet aren’t overpaid either.
Pay-tied to performance, variable rewards and incentives, company sponsored holidays – all these components make sure that payroll budget doesn’t go overboard as a result of the efforts a company is putting in ensuring employee happiness.
As pointed out right in the beginning of the post, company performance is directly impacted by employee motivation. Happy Employees show more involvement in their work. This results in improved performance and productivity. The results reflect in the bottom line.
Lastly, when turnover reduces, and employees are intrinsically motivated to work the training cost considerably comes down. As a result, companies are able to remain cost-efficient.
They needn’t hire fresh and incur more training cost to attain organizational goals. In the end, we’d like to say that the objective of a company’s compensation strategy is to align your workforce with company-wide goals and your internal culture. Your culture largely reflects in how you decide to frame your compensation.
It is the responsibility of payroll services to frame a policy that takes into account employee happiness for long-term profitability.
Founded in 2005, Easy Source is a reputed HR services provider providing high quality, result-driven services to multiple clients. Easy Source is an ISO 9001:2015 & 27001:2013 certified professionally managed young company.