Do you make these common payroll mistakes
Every once in a while, business owners need to assess their payroll process to make sure every employee gets their salaries seamlessly and timely. But, sometimes things don’t go as smoothly as expected. You might find one of your employees ringing your phone at night asking why the salary is delayed, and you wish you had the answer. Any mistakes in delivering the salaries can be a major dissatisfaction factor that drives employees to feel frustrated and unappreciated.
Our advice is to avoid the below payroll mistakes and check how you can get the salaries delivered fast and without a hassle.
Delays in Paying Salaries on Time
All employees wait for this precious moment when they receive their salaries and meet their financial responsibilities. But if this is not the case, then expect the following:
Discouragement to finish daily tasks
Low productivity rate
Poor interaction with managers and colleagues
Disloyalty to your company
High rate of absenteeism
Quitting the job and losing professional employees
Not Covering Employees who don’t have Bank Accounts
According to a new report conducted by the Jordan Strategy Forum (JSF), around 75% of Jordanians above the age of 15 and approximately 85% of women don’t have bank accounts. Hence, the companies that mainly depend on bank transfers fail to cover a huge percentage of employees. Companies need to have various payment methods, such as payment pickup services, to make it easy for all employees to receive their salaries.
Inaccurate Salary Payments
Have you ever miscalculated a salary payment? It might happen to the best business owners, but it has serious consequences. Sending correct salary payments is crucial for employee engagement and satisfaction. Such little mistakes can hugely affect the employees’ trust and might result in salary correction which takes more time to be adjusted.
Depending Solely on Checks & Cash
Now that new work models are introduced due to the COVID-19 pandemic, more workers prefer to work remotely or follow a more hybrid form. Thus, depending on handing checks and cash only might be a problem for employers and employees. It is time to invest in multiple payment options to cover all the employees’ needs.
Abu Sheikha Exchange: Send Salaries on Time without Bank Accounts
If you want to send salary payments with less effort and more peace of mind, Abu Sheikha Exchange has the technology and experience needed to do that for you. All you need to do is the following 3 simple steps:
Visit one of Abu Sheikha Exchange’s 17 branches and provide us with the company’s recent legal documents, such as the commercial register, profession license, authorized persons, etc.
Transfer the salaries either in form of checks, bank transfer, or direct deposit to Abu Sheikha Exchange’s account.
Inform Abu Sheikha Exchange of the employees’ names and the salary to be transferred to each one of them, on a monthly basis.
Finally, your employees can visit any one of our branches to pick up the money without any complications.
Additionally, Abu Sheikha Exchange operates all week long until midnight, including holidays and weekends. We provide all our services at a low cost for your convenience.