In today’s economy, the importance of saving cannot be overestimated. With rising fuel prices and economies still recovering from the financial effects of COVID-19, SMEs are being tasked with finding ways to cut costs. One of the most challenging departments in which to do this is human resources (HR). The primary question is how to reduce costs without affecting employees. The difficulty for HR arises when they need to weigh the two and achieve a balance while keeping up the morale of employees.
Employees are the backbone of every business and so HR must be cognisant of how company decisions can affect their attitude towards their work. Many companies offer perks and incentives which, although not crucial, are highly valued by employees. Instead of doing away with perks, consider combining them with activities that benefit the company, for example, incorporating training into team outings.
There are different opportunities available which include streamlining processes and finding creative solutions to benefit the company where savings can be achieved through training and mentoring. Training employees ensures that they are more confident in their roles and are likely to perform better. This increases productivity which not only has a positive effect on the bottom line but also reduces the need for hiring extra staff.
One way to save time and money in HR is to automate your payroll, by making use of payroll software, for example, Quick Payroll. The software is SARS compliant, and many businesses choose to use payroll software over manual processing as it can help them to:
● work out payroll calculations and deductions quicker.
● generate accurate payslips.
● calculate bonuses, expenses, holiday pay, etc. with minimum effort.
● send necessary forms, for example IRP5s, to employees.
● automate certain tasks, such as year-end reporting.
● reduce the burden of compliance.
● remove the need to understand complex tax legislation.
● store data such as payslips and annual reports in a secure, easily accessible system.
Using software ensures greater efficiency and can avoid costly errors. Payroll software also provides advanced security, as users can control who can view sensitive information. The software is simple enough to be used even by non-HR professionals, and training is provided. Payroll software can also provide additional data and analysis to make payroll information more useful to the business.
Payroll is a business-critical operation for every organisation. A good, automated payroll system can help you carry out your pay run with greater speed, efficiency, and confidence. The right payroll software will more than pay for itself in the long run, by reducing the amount of work you
must do manually. This ultimately saves the business money and frees you up to focus on other areas of the business.