Do you know about the Butterfly Effect of Payroll?
Have you ever heard of a phenomenon known as 'the butterfly effect?'
A tornado can be triggered by a tiny butterfly fluttering its wings in one location but not in another. Isn't it fictitious?
This theory is based on the premise that minor things can have non-linear but significant effects on a complex system. Where do payroll and startups, on the other hand, fit into this picture?
There are links between the lifespan and stability of your business and how you handle your employees' payments. You'll agree after reading this blog post.
To begin with, employees in any industry desire financial security. Even more so in times of economic uncertainty, such as the present. Employees are experiencing severe financial hardship because of the pandemic, according to global research.
Employees are becoming increasingly stressed about money.
You can promote financial wellness among your employees as an employer by providing financial services such as employee group insurance. Having a confident workforce equals higher business performance—a it's win-win situation. Let's look at what modern employees demand from you before we get into how you may provide better financial services to your staff.
Employees today have high expectations of their employers.
-
Flexible payment options and quick transactions
The demographics of today's workforce are complicated. Along with full-time employees, you may have freelancers, agencies, or contractors. They are your part-time employees, even if they are not permanent.
They want your payroll management system to give "immediate" compensation since they provide on-demand services. Not to add, your payroll system should be adaptable to shifting circumstances.
You will not be able to meet these expectations if you disburse salaries through banks or process payroll manually using spreadsheets. A single blunder can result in a significant pay delay. I haven't even begun to keep up with compliances such as PF, TDS, ESI, and PT.
Consider the dilemma of your employee who is reliant on a regular paycheck at the end of the month. Not to mention, if this continues, you'll lose effective people, who are your startup's most asset.
As a result, one small number on an excel sheet can be like the butterfly that causes your most productive employees to leave. As a result, you'll have a tornado to deal with.
A large proportion of people are also unprepared for the unexpected.
As a result, your employees may request advance salaries in specific conditions. Offering early wage access or an advance salary to your employees, whether part-time or full-time, helps you satisfy their vital financial demands.
-
Insurance that is integrated
According to a survey conducted by PGIM India Mutual Fund and Nielsen, more than 51% of Indians have not made any retirement plans. Furthermore, according to another survey, employees prefer insurance plans offered by their employers.
I'm sure you're thinking something along those lines. For the time being, I'm attempting to safeguard the future of my startup. How can I concentrate on employee benefits or long-term plans? I'll probably do it later."
That was a bad decision.
People today have a plethora of choices. Attracting and maintaining talent is heavily influenced by financial security. Employees will be less stressed and more motivated to work long-term if they have a financial buffer to fall back on.
The good news is you don’t need to invest in multiple tools or programs to ensure all the things mentioned above. You can provide pay flexibility, speedy salary distribution, and employee group insurance using just one tool. In Talensquad.in you will get an integrated version of all these features at a very nominal rate!!