Greenshades' payroll processing solution integrated with Microsoft Dynamics 365 eliminates the headaches that come with manual payroll processing.
Payroll processed on time and accurately is crucial for any business. This is especially true in these times of rapid employee turnover. There are many reasons for talented employees to choose a job. Workplace environment and culture, company mission plans, and even the location or the hours offered can all contribute to job satisfaction. But a significant consideration is the paycheck. Payroll errors, issues, and delays can cause stress and adversely affect employee retention.
There has been such a shakeup in the business world lately. It's no longer just an employer's market. If dissatisfaction arises, workers are more likely than ever to leave in search of a better job. They want career development, better work-life balance, and their paychecks on time and hassle-free.
How employee turnover affects your company
Increased employee turnover impacts the productivity and performance of a company. Employees leaving can also negatively affect those who remain. The smaller the company, the more significant the impact will be.
There is also the cost involved in employee turnover. Not only will you lose productivity when an employee leaves, but you'll also lose valuable time as you search for a suitable replacement.
The Bureau of Labor Statistics estimates that replacing an employee costs the equivalent of six to nine months of their salary. And it can take an average of three months to replace a highly skilled worker. That means it might take six months to break even on some hires. In today's job market, the new hire search may be significantly more difficult and the cost even higher.
The importance of keeping employee turnover low cannot be understated.
How payroll plays a part
An effective employee retention strategy requires looking at all factors affecting employee satisfaction. Payroll is a crucial component as it involves one of the things most important to workers: their paycheck. Workers cannot afford a mistake on their paycheck, and neither can your company.
Employee satisfaction significantly impacts your overall company culture. Payroll processed accurately and on time can:
Improve your employees' financial well-being
Reduce stress among employees and employers
Foster a sense of trust and transparency
Make employees feel valued and respected
Mistakes are frustrating to all and can even impact your company's reputation. That makes it challenging to keep employees and find replacements when turnover occurs.
How payroll with Dynamics 365 and Greenshades can keep up
Employee behaviors and priorities have changed. Your company may have worked hard to adapt to new work models, regulations, etc. Now, it's even more apparent how vital efficient payroll processing is to the overall employee experience.
When payroll works efficiently, it's easier to update when necessary, results are dependable, and employees are generally happier and more satisfied. If payroll fails to keep up, the results can be costly.
In recent years, three significant developments have forced companies to move their payroll systems to Dynamics 365 with Greenshades.
Hybrid and remote work situations
Tax calculations and withholdings must be accurate as many employees work from home or on the road.
Increased reliance on overtime
Workers are more willing to work extra hours when pay premiums are straightforward.
Regulations affecting the classification of employees
Correctly classifying employees is critical for any business. A worker's classification– e.g., exempt, nonexempt, independent contractor, employee – determines their tax withholdings, benefit eligibility, overtime allowance, etc.
When payroll is correct, workers receive the pay they expect and feel valued and supported. Tax calculations and withholdings are accurate. Employers avoid issues with Labor Department regulations, violations, and costly fines.
When payroll is incorrect, workers may be responsible for uncollected taxes, employers may be considered non-compliant, and employee dissatisfaction could result in fines or litigation.
How Greenshades and Microsoft Dynamics 365 can help
Greenshades is a modern payroll technology solution that can handle complex calculations, maintain compliance, and provide the benefits of earned wage access. Integrated with your Microsoft Dynamics 365, Greenshades can give your company the edge you need.
With an efficient payroll processing system, your team will spend less time fixing errors and more time on other essential tasks. From calculating pay to managing overtime and garnishments, Greenshades has your payroll covered. Greenshades payroll is easy to install, set up, and configure. Full integration with GL and your ERP system makes it easy for anyone to use. Automate time-consuming steps of the payroll process by automatically calculating overtime, applying tax codes, etc., and running payroll quickly and accurately.
Modern real-time payroll processing in Dynamics 365
Greenshades' payroll calculator simplifies earnings management, allowing you to preview payroll results instantly. And with unlimited custom fields and adjustments, you can navigate complex pay challenges with ease. Payroll technology that can handle complex calculations, maintain compliance, and provide the benefits of earned wage access is one way companies serve their employees and gain the edge they need.
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