Women In Business

The role of payroll in company culture

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It will come as no surprise that company culture affects every aspect of business, from the public’s overall perception of a brand to employees’ job satisfaction. Company culture entails many important elements, including company vision, values, communication, work environment, management style and much more. However, there is one other element, which often doesn’t get much attention, despite it playing a foundational role in shaping how the company operates. And this element is payroll.

So, here we highlight how payroll plays a vital role in company culture…

It creates a reputable name

Payroll couldn’t be more critical to building a company’s reputation. Preventing fraud, maintaining compliance and submitting critical documentation to strict deadlines are all key to making sure your company’s name is upheld in a positive light. Any fraudulent activities or pay issues can rouse a great deal of negative chatter that can spread rapidly – not only between current staff, but prospective staff as well.

By ensuring your payroll processes are managed vigilantly and are efficient and streamlined, there’s less chance for any errors or suspicious activity to occur, meaning a better company reputation.

Staff feel valued and happy

Staff expect to be paid on time, every time. A payroll team that can be trusted to pay their employees on time puts minds at ease and makes the team feel valued. It is additionally beneficial for employees to know that their payroll team can assist swiftly with any issues or queries that arise, knowing that everything is in capable hands.

When staff are not paid on time, payslips are consistently late or overtime has not been included, they begin to lose faith in their company. This can even lead to employees questioning the finances behind the scenes, losing trust in their employers. Having no faith in their company can mean poor morale and poor performance from employees – after all, if payroll isn’t being done properly, why should the employees put in the extra effort?

It provides all-important compensation

Employees want recognition for the hard work they put in day to day, and their monthly payslip compensates this. Whilst your employees may love their job, the bottom line is, they work to get paid. And employees who are compensated for their extra effort or new skills feel valued and respected.

Flexible payroll means your staff are compensated exactly in-line with their performance as a whole. With performance-based pay models, employees get compensated for their commission and target-based bonuses, meaning employees are satisfied that their pay is entirely accurate.

Better use of resources

By having a reliable payroll team, it takes away the time-consuming tasks involved with managing employee’s pay, which in turn allows for a better use of resources. Specifically, by making use of payroll software, the team can benefit from improved data management and time savings.

And in a changing working environment, where flexibility of working arrangements has been at the forefront of a millennial population, the ability of payroll to react to quickly changing circumstances, and report back trends at strategic level can be critical to a company’s success.

Ease of accessibility

By allowing employees to access their current and historical payslips in one place with apps such as myFMP, they have easy access to all of their pay information. This better informs employees and minimises the need for them to go back through months of paperwork or send requests to the payroll team when they need financial information or proof of payslips.

About Gary Webb

garyw@thebusinesswomanmedia.com'

Gary Webb is Marketing and Communications Director at FMP Global. With over 25 years experience working with household names such as National Express, Halifax Bank of Scotland (HBOS) and Camelot (The National Lottery) Gary has huge market expertise across the outsourced services sector.

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