If you think paying your people is just business as it's always been, think again. In this ever-changing world where technology has put limitless information at our fingertips, consumerism in today's economy is at an all-time high, and knowledgeable leaders are making moves toward more transparency in the workplace -- particularly where employees' income is concerned. After all, internal customers are just as important as the external ones, and a great organization will find ways to make its internal stakeholders just as happy as those who buy into the company from the outside.
For decades, human resource professionals have also been the keepers of their companies' clutter. They housed box after box of essential employee information in a manner that easily became disorganized. Besides being burdensome to the HR teams tasked with keeping tabs on payroll, benefits, and other key elements of information, employees who wanted to see such records were often met with frustrating red tape or had to wait extended periods of time for the responsible parties to overcome the paperwork chaos.
Among other ways technology is changing the HR landscape, TalentCulture.com points out the benefits for employees and human resource team members (who are, of course, also employees) when information is well organized and easily accessible. With an efficient system, staff members can easily:
See how their benefits are being allocated;
Gain a better understanding about the amount of taxes they're paying;
Learn how the company's contributions to their 401(k) and health savings accounts makes an impact on their overall income.
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Obviously, staff members experience the benefits of transparency and convenience when employee-centric payroll systems are used, but there's a lesser-realized advantage for employers, too. Employees are often earning more than they realize. By integrating a system that calculates employees' total compensation packages, companies can use the aggregate numbers as leverage to show their people how valuable they truly are to them when salary talks loom in the near future.
Healthcare Changes Impact Income
It's not secret that the changes to the healthcare industry over the past decade have given Americans options and alternatives that never even existed a generation ago. Consumer-driven health plans (CDHPs) have become a necessity for many employers, as the financial responsibility for healthcare costs continues shift further onto the patient. In Forbes' article "Health Benefits Options: Advancing an Employee-Centric Shopping Experience," the author explains the importance of empowerment. As costs continue to increase, employees need to be put in the driver's seat so they can make informed decisions and take advantage of plans and options that work best for their unique and individual needs.
Enhancing Engagement through Freedom and Flexibility
Companies working toward successful employee engagement initiatives began moving away from the use-it-or-lose it mentality long ago. Rather than regimented, strict work schedules, many employers are experiencing positive upturns in the loyalty department by empowering them with benefits that enhance their professional and personal lives. Many of today's workers are accustomed to flex time, vacation rollover, and work-from-home weekdays. To show you trust your employees and still expect them to get the work done in the face of freedom, employee-centric payroll can help balance out employer expectations and employee needs and desires.
Today's employees aren't your grandfather's staffers. This working world is filled with constantly changing technologies and an ever-present need to be in-the-know at all times. As the expectations surrounding information-gathering persistently evolve, employees' tolerance for the veils of mystery which once governed the payroll process is sure to continue to wane.