Did you know that nearly 96% of payroll involves direct deposit? And almost 70% of workers live paycheck to paycheck.
Let’s face it; no one would be motivated to work to generate profits for a firm if they were not paid for their hard work. Therefore, every executive’s responsibility is to help their HR team with payroll support.
A payroll system is the best way to spend less time on payroll so you can spend more time running your business. However, boosting employee satisfaction is never easy.
Your employees want to receive their wages on time, every time. To ensure that your HR department does not struggle under all that pressure, here are the best ways you can help the team.
Why Payroll Support?
Payroll best practices are a big part of any business. Big or small. Knowing all its functions is one of the critical lessons every business owner should have.
Whether you outsource your payroll jobs or deal with them in-house, you must ensure your company follows federal and state laws. This is important because you want to avoid making mistakes during tax filings.
Payroll affects every aspect of your business. One of the most important aspects is the impact on your employees’ morale.
If you run a small business, your employees will be more aware of your company’s financial stability than if you were in a larger business.
So, if payroll is ever late, your employees will start questioning the financial integrity of your firm. Workers will start asking whether your company has a future left or not.
This will cause employees to care less about the company’s success. They could begin underperforming if they do not feel secure in their jobs.
Therefore, payroll should always be paid timely to keep your employees’ morale high.
Payroll helps employees feel their net worth in a small company. Their total compensation will be built into the payroll. This will include a person’s benefits, salary, and bonuses.
Payroll can be extremely time-consuming, especially for a small business owner. This job needs to be done consistently, at least twice a month. Therefore, all the information you enter needs to be correct.
Otherwise, your employees may not receive the right amount they are owed. All the withholdings must be accurate, and your federal and state tax deposits must be made timely.
This can quickly become overwhelming for a business owner. Therefore, it is best to outsource the job if you want to free up more time. Check out PEO vs ASO to learn the differences between the two services to fulfill your payroll needs.
Help Employees Fill out Forms!
If your payroll is done right, you can lower federal and state taxes for your business. Always ensure that your employees fill out their W-4 withholding forms accurately.
The information on their records will be used to withhold personal taxes for all your workers. Business owners should also withhold the right amount of FICA taxes every year from their payroll. Then FICA percentages change annually based on legislation.
Before supporting your HR department, you should always understand what your team needs. A common mistake many employers make is that they think they already know what needs to be improved.
Even though every employer would love to get involved with each aspect of their business, you are only human and have limited time. The reality is that most leaders get a little removed from the business’ daily operations to focus on executive duties.
Therefore, before implementing a new HR development payroll program, you should always check in with your team. This can be done as an anonymous survey or if you host an open-floor meeting. Advise people about payroll best practices and get them on board.
Establishing open lines of communication can also help ease a lot of tension regarding your HR department’s needs. This is especially important when it comes to collecting data.
Remember that many people hesitate to provide a lot of data unless they have a lot of trust in your company. When discussing a payroll service you want to implement, always inform your HR team in advance.
Hear their concerns and share as much information with them as possible. Otherwise, getting them engaged in your payroll HR services would be challenging if they are overwhelmed and not ready.
Develop Plans Together
When you grasp how to revamp your HR services to make payroll more efficient, it is time to put your money where your mouth is. Take some time to develop a clear plan for how you want to incorporate everyone’s suggestions.
Remember to pay attention to your HR team’s grievances because they deal with everyone’s complaints if people are not getting paid on time. Your plan should have a specific, achievable, relevant, and time-bound plan to get support from the HR department.
Never rush into anything. Always take some time to get people on board, especially if you are introducing a new way of doing things. Then people from the HR department will accept the value of the payroll systems you implement to make your employees happy.
Payroll systems can get overwhelming because legislation is constantly changing. You must stop everything to review the differences between old and new laws to determine which rules apply to your business.
Then you need to work out which regulations to implement to replace the former ones. Your HR staff will also need help to keep up at times because they can only perform in light of their knowledge base.
Therefore, if you have any information about legislative changes or if you want to implement new HR technology and software, you should always provide a lot of training. Even your brightest HR professionals can benefit from a bit of guidance.
Support Your Team Today
Now that you know the best ways to provide payroll support, it is time to open communication lines with your HR team. Always ensure that your staff has proper resources and that there are enough people to complete all necessary duties.
Remember that the resources do not have to be costly. There are incredible payroll services to help you streamline many processes to save time and money. If you enjoyed reading this HR guide, check out some of our other posts.