When you’re the CEO of a growing company, it can be easy to lose sight of your employees and forget about their experience working for you. Of course, there are ways that you can keep your toes in the water and have a say in your employees’ everyday workload, for example by hosting meetings, organizing team-building activities and having an input during appraisals – but what about their salaries? Below, we’ve put together some tips on ensuring that your employees are always paid on time, and always receive what they’re owed.
Hire an accountant
Perhaps the most obvious thing that you should do when growing your business is to hire an accountant. Indeed, having someone who can handle your payroll will ensure that staff is paid on time and without delay. If you’re doing it on your own, or you have a bookkeeper in-house, then the truth is that delays can happen – employees may be paid late, or technical issues with your online banking may mean that employees don’t receive their funds for days.
Think about superannuation
Something to take into account when deciding an employees salary is taxation and their superannuation. Indeed, as an entrepreneur, you must pay 9.5% of your employees’ salary into a super fund account, on top of their salary or wages. Of course, there are significant benefits to doing this – you’ll be able to give your employees peace of mind and ensure that they are looked after into retirement, but if you want to offer them a pay rise or bonus, then superannuation must be factored into a salary offer to ensure you can afford it.
Offer employees tools
If you have many employees and want to ensure they’re all equipped with the necessary information and tools to proceed, then you should consider setting up a page on your intranet or offering employees access to tools such as an Australian pay calculator. Indeed, such tools empower your employees to see exactly how much they can expect to be paid, which is particularly useful for new starters and those who have been promoted to a higher pay grade. What’s more, it cuts HR admin and ensures employees find information fast.
Digitize your processes
If you have a large organization with lots of staff, then you should consider digitizing your employees’ payroll, and ensure that bonuses, commissions, and over time can be added to their pay packet without fuss or delay. If you work in an industry where employees have to clock in and out, then you could use this data to calculate their salaries, and pay them as and when needed. Digitizing also means employees can be in charge of their finances – they can log into an account and change their bank details or log overtime and expenses, etc.
Ensuring employees receive their pay on time, every time is critical. Don’t delay: get started today and put employees at the top of your priorities. They’re what make you successful!