Your people are your biggest asset and as such you need to engage, motivate, develop, and retain them. However, employee costs are the single greatest expense within most organizations so having a process-driven, error-free payroll is a key component to managing costs.
Payroll inaccuracies can not only have a hugely negative impact on employee satisfaction, but they can also cause significant damage to a company’s reputation. Skills shortages have made it even more important that companies keep hold of their most talented professionals, so HR specialists need to ensure that levels of employee engagement are high and remain high. Employees will be aggrieved if their remuneration packages are not what they are expecting and payroll getting it wrong – even once – can erode trust and inspire doubt.
