Traditionally, employees aren’t too concerned with payroll specifics—unless they’re not paid accurately and on time. It’s just something that happens in the background after they clock in and out, and they expect to see money hit their bank accounts without issue. But with recent shifts in the workforce, employees and employers are realizing that pay experience can be more than just getting paid the right amount at the right time.
As a small business owner, modern payroll and team management tools can automate tasks like tracking hours, calculating wages, and filing taxes in one place—giving you time to focus on growth. When done right, your pay experience can go a long way to attracting and retaining top talent for your business.
As much as an employee may love their job, the reality is that your employees work to earn a living. And if payday comes and they find their pay is short, or even worse, it hasn’t arrived, you can imagine they wouldn’t be too happy about the situation. If payroll errors start to impact the pay experience, it shouldn’t be a surprise if your employees begin looking elsewhere for work.
Employees expect to be paid correctly and on time. When those expectations aren’t met, you risk damaging employee-employer relationships, creating a poor reputation for your business with other potential employees. On the other hand, when you do meet those expectations, you’re well on your way to creating a positive pay experience.
Delivering a great pay experience isn’t just for your employees. As an employer, it also helps you streamline time-consuming day-to-day tasks. Let’s take a look at four ways you can make improvements to your pay experience today to start saving time and money instantly.
Are you still managing your payroll manually? If the answer is yes, you’re spending valuable time on an easily automated task. On average, businesses spend 63 hours each year running payroll.* That’s shy of 8 full days of work! Imagine what you could do with that time?
By automating payroll, you’re not only giving yourself back precious time to focus on other areas of your business, but you’re also giving yourself and your employees peace of mind knowing that a computer never forgets to carry the one.
By switching to an online payroll provider, you can instantly convert timesheets into hours and wages, automatically calculate taxes, and send the correct payments to employees, the state, and the IRS.
Stressing about finances and money is something most Americans experience — 60% of full-time employees point to finances as their top life stressor.
On-demand pay is a system that allows employees to access earned wages before their next pay period. If they have an emergency expense, on-demand pay helps your employees get the money they need before payday, while avoiding annoying overdraft fees and high-interest payday loans.
More than 50% of workers say stress has caused them to become disengaged while on the job, leading to a loss of productivity. Financially stressed employees may also be more likely to seek another job.
By giving your employees tools that help them budget and see their earnings in real-time, you give them access to vital information that can empower them to make smart financial decisions that help them feel in control.
Understanding your business is key to growing your business. And when it comes to your pay experience, you can only improve it if you know what needs improvement.
With access to labor, sales, and payroll data, you’re equipped to make better decisions about your small business. That’s why Homebase has created a toolkit to help business owners feel more in control of traditionally unpredictable factors.
With Homebase, your labor, sales, and payroll data live in one place to help you make smarter decisions. Homebase Time Clock makes it easy for your employees to clock in and out and all the timecards are collected in Homebase to easily prep for payroll.
Homebase gives you the tools you need to understand how your team is feeling. We know it’s important to create a great place to work, so we’ve given you everything you need to measure it. Collect feedback from employees regularly and get automated reports on employee sentiment.
Homebase Cash Out offers your employees access to their wages when they need it, helping to reduce financial stress and boost satisfaction. And the best part is that it doesn’t affect your payroll! Your team can cash out before payday to avoid overdraft fees and payday loans — all without interest charges, credit checks, or late fees.
By enhancing your pay experience with the help of Homebase, you can not only attract and retain top talent, but also streamline your processes and grow your business. And a well-managed pay experience benefits both your employees and your bottom line, making it a crucial aspect of your business’s success. Invest in a better pay experience today and watch your business thrive.
*Source: Homebase data from a study of more than 850 hourly workers and 500 small business employers in the United States (September 2023)
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