The culture of a company is an intangible asset of an organisation which helps guide the way how an employee feels about the work they do and the values they religiously follow. It is counted as a major deciding factor when it comes to choosing a company to work for.
When an organisation values the feelings of his workforce, works in alignment with their belief’s and attitudes, only then the employee also puts in a lot of effort towards the achievement of organisation’s pre-established goals and is reckoned to continue serving the company for a longer period. On the contrary, negligence of feelings on the part of the organisation to reflect the feelings of their staff might backfire and lead to underperformance and high attrition.
Impact of Payroll in the company’s culture
Payroll is one of such crucial factors which contribute to the foundations of a company’s culture. The engagement of an employee might seem to vary according to his payment. Accurate and timely pays often encourage employees to perform consistently well, but erroneous pay rates time and again might counter-attack on a company’s image and reputation, therefore leaving the business in jeopardy.
Some of the factors that deserve attention for a positive company culture to keep flourishing are as follows:
- Performance Pay: When an employee works day in and out to meet the expectations of his/her managers, expects to be compensated for the unwavering perseverance in return. Developing a pay model to compensate employees according to the actual performance is the key. Accurate pays for the actual work done and the righteous remuneration for the extra hours worked, incentives and bonuses for outperforming duties keep driving employees to continue their ceaseless endeavour. A proper pay model is therefore indispensable for spreading positivity across an organisation and also to be enlisted in the job-seekers good books.
- Building public esteem: Payroll frauds, compliance failures, etc can leave a negative impression on the existing and the prospective employees for ages, therefore causing hindrance to the proper operating of a company’s business. This implies a pressing need on having a sound payroll team on-board in order to fight back the complexities that come on the way of processing payroll effectively.
- Building careers: Employee progression must go hand-in-hand with business growth. Employees value the organisation they work for when he feels that he has been given enough opportunity to hone their skills and abilities to get the best out of them. Organisation’s growth and employee progression should be parallelly carried out in order for a positive environment to prevail.
- Employee engagement: Employee engagement is directly proportional to an error-free payroll system. An employee will be dedicatedly working for your company, only when he has been perfectly paid for his work. A well-paid employee is a happy employee who seems to be proactive regarding the work he has been assigned without a fail. On the other hand, unpaid or underpaid employees are the most frustrated people who will only keep blemishing the company’s image with their WOM and continue intoxicating the workplace.
- Digital accessibility: Digitizing payroll process such that employees can easily access their pay records or view their salary break-ups can actually help the HR team from a huge monotonous undertaking. Employee Self Service portals help answer any queries related to pays and also maintain transparency in the entire process.
Hence, having a proper and reliable payroll team can work wonders for you and your organisations good-will.