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What do low turnover rates, high productivity, and high profits have in common? Satisfied employees.
That’s right, happy and engaged employees tend to stick around, work harder and better, and, as a result, boost company profits. This is why every business that aims for long-term success should focus on motivating their workers and fulfilling their needs and desires at work.
One effective way to do this is through fair compensation: when your employees are always paid accurately and on time, they don’t have to stress about their bills, and can, instead, focus on their work.
Whether you’re looking for new payroll software or just want to know what to prioritize in the software you’re already using, here are four payment processing features that can take your employee’s satisfaction to the next level.
The Importance of Employee Satisfaction
Before we get into the specific payment processing features to look for, let’s talk about why keeping your employees happy and engaged at work is so important.
Research is clear on this: the unhappier employees are, the more they disengage. This, in turn, leads to lower productivity and shoddy work, which ultimately lowers customer satisfaction and tanks your profits. Dissatisfied employees are also highly likely to leave your company, which, again, means losing money because of high turnover.
At the other end of the spectrum, we have satisfied and engaged employees, which, research shows, can help companies thrive even in difficult economic times.
Here are just some of the benefits your business can reap when you have satisfied employees:
- More productive workforce: Happy employees tend to be more productive and put in extra effort.
- Improved retention rates: Happy workers are also less likely to leave their jobs, reducing turnover rates and costs that come with hiring and training new employees.
- Higher customer satisfaction: A satisfied and engaged team is more likely to provide excellent customer service.
- Enhanced innovation: Employees who feel safe and comfortable in their workplace are more likely to share their ideas and take risks, which boosts innovation and creativity.
- Increased profits: As a result of all of the above, you can also expect higher profits.
Okay, having satisfied employees is clearly a recipe for long-term success, but how can you go about achieving this? Well, in addition to having a positive work culture and good communication with your team, you should also offer fair compensation.
Of course, this is just a part of the puzzle. If you have a large, diverse team, the best course of action is to actually ask your employees what they need and want to feel more satisfied at work.
A great way to do this is through employee recognition survey questions, as they allow you to gather feedback directly from your team and find out their recognition preferences. For example, while some may prefer public recognition, others may want or need monetary rewards for their accomplishments.
Ultimately, it’s all about listening to your employees and taking action to make their work lives better. It just so happens that for most employees, accurate, timely, and fair compensation is the best motivator. Which brings us to…
Four Payment Processing Features to Look for
Accuracy and Timeliness
The first thing to look for are payment processors that are known for their accuracy and reliability. We say “known” purposefully here – every single payroll software claims to be accurate so you can’t count on their advertisements only; instead, read online reviews of companies that have been using the option you’re eyeing for months or years.
Transparency and Fairness
Research shows that a fair and transparent pay process can do more for employee engagement than additional pay. So, in addition to having open conversations with your team about the pay process itself, look for processors that allow your employees to see exactly how their pay is calculated, including taxes, benefits, and deductions.
Flexible Payment Options
To make sure you’re catering to everyone’s needs and preferences, look for processors that have flexible payment option s. This should include direct deposits, mobile payments, but also paper checks, just in case. If you have remote workers or freelancers and contractors, make sure your processor can accommodate their needs as well.
Strong Security Measures
We live in an era of cybersecurity threats and data breaches, so it’s essential to look for a software option that prioritizes security measures such as data encryption, secure login protocols, and regular security updates. After all, your employees share their sensitive information with you, so it’s imperative to protect it from unauthorized access or fraudulent activities.
Bottom Line
Employee satisfaction should be the No.1 priority of every company aiming for long-term success, and payroll processing plays a crucial role in this task. By prioritizing fairness and transparency, flexibility, and security in your payment options, you allow your employees to feel valued and secure, which, in turn, allows them to focus on their work and give it their best.
