Global Payroll is the ultimate relationship an employee shares with a company. It is an essential agreement between the individual and the organization he works for. A skilled employee values the contribution he gives to the company and expects precise remuneration in return.
An employee is eager to receive a paycheck at the end of the month. It is the product of the hard work they have put into finishing tasks assigned to them. The paycheck issued by the company allows an employee to survive financially in the world. A survey by Intuit suggests that a quarter of employees have experienced erroneous payrolls. Around 49% of employees look for another job after two late paychecks.
So, how does global payroll affect employee satisfaction? The following points can illustrate that.
International global Payroll Errors
An inaccurate or late payroll frustrates the employee and they begin to question the administrative caliber of the company. A situation should never arise where the employee doubts the intentions of the employer.
Non-compliance with laws
Sometimes, industries fail to meet the labor standards of an unfamiliar region and have to pay hefty penalties. A bad reputation for the company is formed which leads to resignations. Even employing fresh candidates becomes quite difficult. According to Glassdoor, the cost of hiring a new employee to fill the vacant position is around $4000.
Lack of Transparency
The employee looks for a job that allows them to grow productively and produce better outputs. This is a tedious and time-consuming affair that can be avoided using automation.
How does an international outsourcing payroll service increase employee engagement?
An error-free International global payroll with an automated attendance and leave management system enriches the employee experience. In this way, employees recognize that their employers have a disciplined approach towards their well-being and provide them with the best-in-class tools to clear their suspicions