Current Trends That Affect Your Business And How To Use Payroll Software To Address Them

If you’re already using payroll software for small business, then good news—you’re already ages ahead of businesses still relying on manual processes to manage their payroll! However, time marches on, and with it comes new trends in the workforce, specifically employee expectations when it comes to dealing with potential new employers. Of course, you could find out what employees expect by searching around the internet, but if you’d rather read a one-page cheat sheet then this is the article for you!

Let’s take a quick look at current workplace trends, employee expectations, and addressing these issues using your payroll software.

Self-Service Options

The idea of heading down to HR for answers to any of your payroll or HR-related questions has never been an appealing one, but especially for younger employees, it’s a trip that they’d rather avoid if at all possible. Fortunately, the self-service options offered by most small business payroll software make that trip unnecessary, allowing employees to address & manage most of their personal needs by themselves. Programs like UZIO allow employees to request time off, view the latest schedule, review past pay stubs, and change their current benefits without needing to rely on the availability of HR staff. 

The Rise of Remote Labor

In recent times, a large part of the workforce has switched from on-site operations to a remote working environment. This change has proved to be especially popular with millennials, many of whom are opposed to the idea of returning to the office. Some even choose to quit their jobs entirely rather than resume the daily commute! As such, offering a remote working environment should be on the top of any SMB owner’s mind who intends on growing their business in the foreseeable future. Of course, to do this requires having a payroll platform capable of accommodating a remote workforce, but if your company is already utilizing a cloud-based payroll system then this shouldn’t be an issue. If not, it’s an investment you’ll need to look into!

Workers Want Competitive Pay

It should come as no surprise that workers want to be paid more for their labor; low wages have been the bane of employee existence since the dawn of time! However, for companies who’re already paying their employees as much as they can, this poses an obvious obstacle. Unfortunately, there doesn’t seem to be an instant solution to this issue, at least on the surface. That said, by switching over to a remote workplace (which reduces company overhead costs such as electricity or rent) and utilizing automation software, most companies will be able to raise current employee wages and entice new hires without raising their ongoing operating costs. All businesses rely on their employees to make a profit, so ensuring employee financial well-being should be a top priority!

No Benefits, No New Hires

Another commonly cited reason why potential employees have turned down a job is the benefits (or lack thereof) that it provided. Continuing on the idea of ensuring employee well-being, providing employee benefits should be another top consideration for SMB owners. Of course, offering these benefits can be a costly endeavor, so a great place to start is by surveying your current employees to see which benefits would be most attractive. Doing so allows you to meet the needs of your current workforce (maintaining a high employee retention rate) but also attract new employees without wasting money by providing underutilizing benefits. However, if you’re one of the new business owners who’s in the process of starting their own company, you might not have enough (or any) employees to survey just yet. In that case, we recommend starting with health care, which is the most commonly sought-after benefit by potential employees.

Summary

As you can see, employee expectations have changed from just a few years ago, so it’s important that your company can adjust in order to meet (or even exceed) these expectations. Using payroll software for small businesses to manage your current employees and analyze your current operations has become a near necessity, so if you haven’t already invested, there’s no time like the present!

With workplace expectations changing, many businesses are already struggling to adapt and grow, but that doesn’t mean your company needs to be one of them. By making informed and educated decisions, you can set your business up for a bright and profitable future in just a few tweaks!