Employees rely on their employers to pay them correctly and on time. When that doesn’t happen, it can at the very least cause annoyance. But the consequences could go well beyond that, leading to more serious repercussions both for the employees involved and ultimately for your business. Here are just three ways how much manual processes costs a business:
When a payroll error is identified, it needs to be followed up on, corrected, and records such as tax payments or pension contributions must be appropriately calculated. This leaves your administrative staff with tedious work instead of working on company initiatives that increase employee productivity and loyalty.
An error on your employee’s paycheck can lead to several issues for the individual or individuals involved and this only has to happen once to have a negative impact, damaging employee goodwill and engagement. If it’s a significant mistake, or if it happens several times, you run the risk of convincing employees that it’s time to look elsewhere too.
Many employers don’t realize how expensive it is to replace employees. A number of studies have reported that it costs about 20% of the annual salary to replace an associate making less than 50k a year and the costs increase with higher-paid employees.*, for example: for a team member making $50,000 a year, that would be $10,000.
These common issues can be resolved with the power of automation.
Automation takes over repetitive tasks and takes away the tedious process of timekeeping, payroll correction, and reporting, giving your HR/administrative team to focus on meaningful work.
In addition, it also addresses employee disengagement and high turnover rates as employees are compensated correctly and on time. This builds trust, loyalty, and employee morale.
At Bilflo, we believe your back office should be on autopilot. Bilflo is back-office management and business intelligence software designed specifically for staffing agencies, AND it’s modular, integrating within your current business ecosystem without disrupting your day-to-day operation.
If you are ready to automate your back office process while gaining real-time reporting for your business, simply schedule a Discovery Session with our team and we’d help take your business to the next level.
Please feel free to check out these 30-sec videos on how our software works: