We all know life happens in real-time so it's important that your payroll procedures don't get stuck in the past. Today’s fixed pay cycles are based on old technology and historic practices. Increasing financial stress can negatively impact the employee’s productivity at the workplace and can result in the increased absenteeism. When you rely on old technologies driven by batch processing, you are forced to stick to fixed pay cycles. This can lead to increased employee turnover in your firm.
Employees face financial difficulties and unexpected emergencies more often today. By getting stuck in fixed pay cycles they can’t handle such emergencies better. With fixed pay cycles, companies pay their employees in the form of arrears - that is, for work completed in the previous pay period, instead of the current one.
So there is a clear possibility of disrupting these pay practices by on-demand employee payments. With modern technology in hand, you can revolutionize the payroll by enabling flexibility in how you pay your employees. Instead of fixed pay, you can introduce weekly, daily and on-demand employee pays in today’s era of instant access and availability. Today’s employees expect a consumer-grade experience in an online, on-demand, and self-service culture whether it is learning, hiring or getting paid.
Addressing this aspect, the guide will shed light on areas like:
- How to Break the Traditional Practices of Fixed Pay?
- Financial Stress and its Impact on Modern Workforce
- Employee Financial Insecurity Business Impact
- Reimagining Payroll for employee security and satisfaction
- A Payroll Solution for Modern Workforce
- Revolutionizing Payroll to Make Your Business Future-Ready