All businessman knows that his workforce is the core of his business.
The workforce is the backbone of which products and services are produced, sales are closed, and expansions are made possible.
The inability to attract and retain a qualified workforce will lead to closed businesses and even declarations of bankruptcy for business people.
Attracting and retaining the best employees require significant investment for top corporations.
These large established companies have in-house human resources team to liaise with local universities and begin recruiting the crème de la crème of the batch a year before their graduation day.
They offer high starting salaries and packages with generous perks.
Retain qualified employee is key to business success
But if you think about it, you would see that there are also small companies who can attract and more importantly, retain qualified employees.
You see these businesses having employees with twenty to thirty-year employee tenures.
It would not be surprising to talk with their manager and find out that he started out as a clerk in the company.
What is their secret that they could do what the big timers can, at a fraction of the cost?
One thing these business people do is that they make potential, and existing employees know that they would always get their paychecks regularly and on time.
Too often, small and mid-sized businesses make the mistake of neglecting the payroll when they have to cope with a massive influx of customers or orders.
Timely salary payout to employees
Although salaries get handed out within a few days, this bad practice makes employees lose their belief in their job security and has a negative snowball effect on employees’ psyche.
Another good practice which will somehow relate to payroll is implementing a salary incentive scheme where increases in production or sales will translate to proportional incentives for the month or a specific period.
Needless to say, this practice will not only motivate employees in coping with additional work, but they will feel that they will be growing with the company.
When employees begin to see a bright, long-term future for a growing company, they are less likely to look for other jobs.
And lastly, some mid to small-scale businessman also know that recording and computing the payroll could be a relentless and tiring task which is better left to professionals.
Professional accounting firm provides payroll services
The companies outsource these tasks to a professional payroll service firm.
Our payroll service team ensure that employee records are recorded, and the right salaries are released on time.
The team also makes sure that leaves and absences are always taken into account which reduces the risk of losing money over unrecorded deductions.
Outsourcing also means that the company does not have to hire a full-time HR payroll employee, thus saving on healthcare and social security expenses, if the company offers it.
And most importantly, the business owner’s time is freed up so he can focus on planning, marketing, and sales related tasks.
With these key payroll practices in place, you have a better chance of attracting and retaining the greatest assets of a company within your means.
Should you need assistance or would like to find out more about payroll processing services in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our business advisor will contact you.