Employees are the heart of any company. Without engaged employees that feel valued, most companies would not survive, much less thrive. It’s no wonder that employee retention and engagement is a subject that keeps even the most capable finance and benefits teams up at night.  

So, what can you do? Optimize the employee onboarding process, provide frequent employee recognition, offer professional development opportunities, and regularly evaluate compensation/benefits packages for starters. These are just several ways to help engage and retain employees—but have you ever thought of streamlining your payroll processes as an essential part of your employees’ work health and well-being? (This translates into ensuring your employees are engaged, motivated and feel valued.)  

While your employees might like—or even love —their jobs, they also like or love getting paid in a timely fashion.  

But what happens if a paycheck is late, contains incorrect benefits information, etc.? Maybe nothing happens, but there is a possibility that employee satisfaction can start to slip. An employee may start feeling insecure. They might wonder if anything else could be amiss, or think about what might go wrong the next time. And what if this happens to a number of employees on a continuing basis? Perhaps you might start seeing engagement and productivity slide. Worst case scenario is that you might see employees walk out the door.  

Now, imagine that your company is international, or that your domestic company employs workers in other countries. While multiple steps may be required to generate a timely domestic payroll, generating a timely payroll for an international company with a global workforce is even more complicated. And, while domestic companies in regulated industries must adhere to local and federal rules to maintain compliance, international companies must meet compliance with multiple local and national regulations for multiple countries. 

But not all is doom and gloom.  

The Cintra Global – MP Partnership 

Enter MP and Cintra Global.  

Based in the United States, MP is human capital management firm with more than two decades of experience focused on transforming the employer-employee relationship and experience, while UK-based Cintra Global offers international payroll, HR, PEO, accounting and other essential support services for businesses looking to manage employee payroll and hiring on a global scale.  

These two well-known, trusted organizations recently entered into a strategic partnership to help both companies and their clients benefit from one another’s expertise.  

Jason Maxwell, MP Founder and CEO, neatly summed it up in a recent press release. “MP’s continued growth means that we have clients with employees working all over the globe. Our partnership with Cintra Global allows us to support their clients with employees in the United States while they [Cintra Global] will be supporting our clients who have employees in locations all over the world.”  

Now, back to our blog post. 

Streamlining Your Payroll Process is Good for Employee Retention 

It makes perfect sense that employees who are treated well by their employers tend to feel valued, and will generally want to continue to work for their employer for the foreseeable future.  

One of the ways an employer can show how much they value their employees is to ensure that paychecks are accurately processed in an efficient manner. While this might seem obvious, there’s more to it. 

A recent Cintra Global article about boosting employee engagement and retention talks about how having an efficient, transparent global payroll process can endear you to your employees. In addition, Cintra Global cites several ways that employers can favorably impact key areas of an employee’s work experience, which include: 

Financial security and stability. When employees know exactly when to expect their paychecks and the amount they’ll be receiving, this can help them to feel more financially secure and less stressed, thus enabling them to be more productive.    

Trust and transparency. When your employees trust you, are more likely to enjoy and be engaged in their work.  

Recognition and rewards. Consistently recognizing and rewarding your employees’ hard work is vital to motivate them and show that you appreciate them.  

Employee benefits administration. An important part of retaining talent is managing global employee benefits through payroll. By receiving an appropriately curated and well-managed benefits package, employees will be more satisfied, albeit more motivated.  

Streamlining your payroll processes is a win-win for both employers and employees. Domestic companies employing an international workforce, as well as international companies with employees in the United States require an efficient, accurate means for managing a global payroll. 

Helpful Hints for Managing a Global Payroll     

• Standardize your payroll processes. Need we say more? 
• Keep up to date with local and national laws and regulations in order to maintain compliance and conduct internal audits to ensure things are being done correctly. 
• Centralize payroll data in order to manage all payroll operations using one platform, no matter the country or jurisdiction where your team gets paid. With data in one place, processes are more efficient. 
• Secure your data. Keeping data safe is essential. Utilizing encrypted data transmissions, providing your teams with cybersecurity training, and using current virus software is critical to the health and well-being of everyone. 

The Takeaway 

For any relationship to grow and flourish, it needs positive attention. The relationship between employer and employee is no different. It’s crucial for employers to frequently and consistently engage with employees. This shows that you’re open to transparent, two-way communication, and that you’re giving your teams the information they need to succeed—and at the same time—you’re succeeding as well! 

Want to learn more about how you can help boost employee retention by streamlining your payroll processes. Read the full Cintra Global article, here.

Questions? Comments? Contact us today!  

MP: Wired for HR

MP connects the dots between business goals, HR strategy, and HR technology with a focus on results. We know that HR has a tremendous impact on your business—from employee engagement to performance optimization to risk mitigation—and ultimately your profitability. That’s why we offer more than just a comprehensive technology platform. We offer you the support and expertise of a team of dedicated HR experts to ensure that you are maximizing the value of your investment and focused on cultivating high performance.

Learn more about MP’s solution.