- Managing your workforce involves dealing with a range of challenges, from processing payroll correctly to providing competitive employee benefits.
- Staying up to date with payroll best practices can be the difference between success and failure for a company.
- At MVP Payroll, we provide end-to-end payroll solutions for businesses and assist you at every stage of the payroll cycle. Contact us today.
To stay on top of their game, companies need to review their HR best practices occasionally to ensure they are still relevant and aligned with their business goals. The way you manage your workforce can make or break business success. Implementing the proper HR best practices is crucial to ensure employees get paid on time, have access to competitive benefits, and your company stays compliant with ever-evolving labor regulations.
To help you, we’ve compiled a list of the top HR best practices to handle payroll, benefits, and other HR tasks.
Hire Qualified Talent Successfully
Finding professional, trained talent that meets your company’s needs can be challenging, especially today. According to a Stanford study, 55% of workers want a flexible work arrangement that combines office and home time.
Now, if you are looking for new employees, there are some practices you should keep in mind because the recruitment process can be time-consuming and costly. These are some best practices to keep in mind:
- Craft a compelling job description. Qualifications, experience, and skills are still essential — but providing a snapshot of your company culture can do a lot to bring like-minded candidates your way.
- Consider multiple channels. Tap into job boards, social media platforms, employee referrals, and career fairs to attract a diverse talent pool. If you are a local business, participate in community events and join local chapters of professional associations.
- Use an applicant tracking system. Store all relevant information about job candidates and track their application status.
Set up an Efficient Process to Track Time & Attendance
Managing employee work time and attendance is a critical HR function. This goes beyond a routine task: it directly affects your employees’ paychecks and the productivity of your business.
“Time tracking is not the enemy of creativity. It’s the enemy of ignorance about how you spend your time.”
— Peter Drucker, management consultant.
Adopting a reliable time-tracking solution is key to making this process more efficient and ensuring accuracy when processing payments.
Here are a few tips about time-tracking solutions you should keep in mind:
- Choose a user-friendly system. Look for an easy time and attendance solution for employees and HR staff. Consider features like online timesheets, mobile accessibility, and customizable reporting options.
- Automate time capture. Implement a system that automatically captures your employee’s clock-ins, clock-outs, and breaks. This reduces the administrative burden and eliminates manual errors that may hurt your payroll calculations.
- Integrate with payroll software. Seek a time-tracking solution that integrates with your payroll software. This integration ensures that your employee’s time records are directly transferred to the payroll system, minimizing data entry and reducing the chances of errors.
Have a Strong Employee Benefits Package
Whether to attract new talent or retain current employees, having a strong benefits package is necessary for every business.
According to a Glassdoor survey, 57% of workers say benefits and perks are top priorities when accepting a job. Another survey also confirms this information, namely that 4 in 5 employees prefer benefits or perks over a pay raise.
Keep this in mind so that as we face economic uncertainty and reduced budgets, your company can rethink its benefits offering and ensure it aligns with employee and labor market expectations.
“Offering meaningful benefits, with a clear focus on flexibility, will continue to play a key role.”
— Ian Kinsella, Managing Director of Morgan McKinley Canada.
Here we share some interesting benefits that your HR team can consider:
- Health & Wellness programs. Gym memberships, mental health counseling, or wellness workshops can promote a healthy and happy workplace while helping reduce absenteeism and turnover rates.
- Retirement plans. Demonstrate to your employees that you care about their financial well-being and are counting on them for the long term.
- Student-loan assistance. 40% of Gen Z workers mentioned they’d like employers to offer this benefit. Recurring payments or trading PTO or vacation time at the end of the year are two ways to alleviate students’ financial burdens.
Partner up with a Payroll Expert
Payroll errors can have legal consequences and damage your business reputation. That is why ensuring your employees are paid on time and accurately involves a series of complex HR tasks. You must calculate the employee’s worked hours, wages, union dues, benefits, expenses, and deductions.
“Just two payroll errors can cause 49% of employees to start job hunting.”
— The Workforce Institute at UKG
No matter the size of your business, having an expert ally to manage your entire payroll process is undoubtedly the best way to go. Why rely on spreadsheets and calculators if you can have MVP with over 20 years of experience in providing services and expertise in payroll administration and other HR services?
Stay Compliant with Employment Laws & Regulations
Compliance is crucial to keep your employees and your business safe. As you know, failure to comply can result in hefty fines, damage to your reputation, and even lead to legal action.
Here’s how to ensure compliance this year:
- Keep up with legislative changes and new compliance requirements. Subscribing to relevant newsletters, attending seminars or webinars, and consulting with HR and legal professionals are just a few ways of staying informed.
- Create and maintain an employee handbook. Make sure it outlines all compliance-related policies and procedures. Keep your handbook easily accessible to all employees and review it regularly to reflect any changes in laws and regulations.
- Provide regular training sessions for employees and management. Keep everyone informed about compliance requirements regarding safety protocols, cybersecurity, anti-harassment, and more.
At MVP Payroll we provide customized end-to-end payroll solutions for businesses nationwide. As a business partner, we provide services and expertise in payroll administration, ACA/insurance, staffing, and IT services. Let us take all the risks. Outsourcing payroll can save your HR team valuable time while ensuring all your employees are paid accurately and on time.
Learn more about our payroll services and request a personalized quote today!