Our latest guide and whitepaper explore the concept of the Employer Value Proposition and its increasing importance for businesses who are looking to remain relevant in today’s fiercely competitive jobs market. We’ve also taken a deep dive into the practical steps organisations should take when looking to transform and redefine their own EVP.
One of our biggest takeaways from these guides was the increasing importance of new technology and systems in helping businesses get to grips with identifying their core strengths as a brand and to help them gather the metrics and data they need in order to enact meaningful change.
As important as it is to be positioning your organisation strongly within the job market, it’s also crucial that organisations look towards their existing people and to consider how strengthening their EVP can help them retain the skills and services of key talent.
Research by Gartner suggests that only 31% of HR leaders feel that their employees are satisfied with their organisation’s existing EVP. In the headlong rush for businesses to secure new talent and remain relevant within the modern job market, there is a very real concern that they may lose sight of what is important to their existing employees and the role the EVP can play in strengthening their people’s ties to the organisation.
There is also increasing evidence of the growing importance to have a clear structure around employee benefits and rewards in place within your organisation- a survey by Aviva found that 48% of people stated a desire for some form of wellness benefit when assessing an organisation. This suggests that people’s priorities have shifted to place a greater emphasis on work-life balance and wellbeing. Your employee benefits structure is the perfect opportunity to demonstrate your organisation’s commitment to meeting these ideals.
Your payroll function can serve as the foundation of your organisation’s rewards and benefits system and the systems and technology leveraged by your payroll teams should help you achieve so much more than just a base level of accuracy and speed in pay processing. We believe that payroll software should help free your payroll teams to achieve the full scope of their role.
What is the EVP?
The Employee Value Proposition, or EVP, describes the various metrics which contribute to your brand as an employer. A well-defined EVP highlights your key strengths as a place to work and defines the specific qualities which distinguish you from your competitors when it comes to recruitment and keeping your best people. When looking at bringing on board new talent into your organisation, the EVP is designed to sell your business to prospective new hires and tell them specifically why they should choose to work for you and what they seek to gain from it.
What is the importance of the EVP for Payroll?
One element which makes up the EVP is an organisation’s benefit and rewards packages, of which, pay plays a huge factor. Whilst it is a given that almost every organisation will provide some form of benefit or reward scheme for their workforce, there still remains the question of how to ensure that each employee is benefiting. One in five employees feel that there are no benefits on offer to them, with 19% of people surveyed expressing a lack of interest in benefits that were offered, as they felt they were not relevant to them. The next most common reason for not taking advantage of benefits is a stated lack of information provided about what is available to employees within their workplace.
A truly embedded EVP will be rewarding people on the basis of the factors which matter most to them. Research by Aviva found that traditional rewards such as pay and annual leave still matters the most to people and it is a clear indication to organisations that their wage structure should serve as the foundation of their benefits structure.
Beyond rewarding their employees, your payroll function offers a unique opportunity to safeguard the financial wellbeing of your people: with living costs soaring, businesses cannot afford to ignore the mental and physical strain that increased outlay can have on their employees.
With over one third of UK workers still living paycheque to paycheque, having a degree of flexibility in how they receive their wages will be of the utmost importance for people who want to stay in control of their finances and not be blindsided by unexpected costs.
Similarly, businesses will find that a degree of pay on demand functionality not only offers them the flexibility to incentivise overtime but also provides them with the ideal avenue to reward their people financially during a period where finances and reward schemes may be leaner than ever.
Ultimately, your payroll is an extension of your people management process. With soft skills becoming increasingly in demand from employees, it is important that you take the time to assess your pay function and examine the ways in which it can serve as a more positive force for looking after your people.
How Advanced Payroll can help.
It’s not overstating things to say that payroll sits at the heart of your business. The ability to pay your people accurately and on time month after month is a demonstration of your commitment to looking after their wellbeing and rewarding them appropriately for their hard work. In recent memory, payroll professionals have been viewed somewhat as hidden key workers- after all, without pay, getting your people into work would be nigh on impossible.
Your ability to pay your people accurately and on time is also a reflection of your organisation as a whole. Businesses who fall behind in this sense run the risk of being painted in a negative light, particularly from the perspective of recruitment. As businesses are looking to attract new talent in order to drive their future success, a reputation as being unreliable with pay will not make your organisation an attractive prospect for job candidates.
Despite this, many payroll teams are still languishing under outdated and outmoded systems: Recent research by the Chartered Institute of Payroll Professionals found that a staggering 74% of payroll professionals surveyed said that they were unhappy with inefficiencies in their current solution.
Your payroll ultimately serves as a reflection of your overall brand which is why we’ve built these core elements into our own solution-Advanced Payroll:
- Pay on Demand- Allow your employees the ability to draw down a portion of their wages early, giving them the flexibility they need to meet any unwelcome and unexpected costs. Incentivise over time or shift cover with same-day payments to employees who help cover absences. Pay on demand allows your employees to access any pay they have already earned that month, at no extra cost to your business.
- Employee Self Service- Allow your people greater visibility of their earnings with self service hubs which empower them with access to their schedule, wages and tax contributions at the touch of a button. The platform allows your people complete control of their money and can also be utilised to push through communications around financial rewards or overtime.
- Compliance- Matters of compliance, particularly in relation to tax, is a primary concern for all payroll departments. Advanced Payroll does the hard work for you, keeping on top relevant legislative changes so you don’t have to. Instant calculations can help ensure the information you are feeding through to HMRC is accurate and that any PAYE or National Insurance contributions are present and correct.
Fundamentally, we believe in payroll as a positive force across all organisations. Your people deserve to be rewarded for their hard work and a business which places pay at the heart of what they do will inevitably find they have a happier, more contented workforce- elements which all reflect positively upon your brand, particularly from the perspective of potential new hires.
We created Advanced Payroll specifically to help tackle challenges facing payroll professionals day in and day out. We’ve taken on board the experiences of people working in the field in order to craft a solution which can free payroll teams from the burden of admin-heavy tasks and allow them to leverage their skills in more meaningful ways.
With Advanced Payroll, you get:
A choice- Advanced Payroll can be deployed in the Cloud or on-premise, whichever suits your business more.
Real time calculations – instantaneous gross to net calculations for up to 10,000 employees in just 20 seconds..
Super speed processing – Calculate BACs in under 20 minutes
Pay on-demand – employees can draw down earned pay as they need it
Reporting – building your own reports has never been easier
Employee on-line access – data, documents and payslips at your people’s fingertips. Roughly 439,000 payslips are currently processed by Advanced Payroll each month.
Advanced Payroll offers you the scalability and flexibility you need to completely transform the way in which you run payroll, capable of working effortlessly across multiple sites and pay grades. Whether operating as a standalone system or integrated with our Time and Attendance, HR and Access Control solutions to form a comprehensive People Management suite, Advanced Payroll helps you process payrolls efficiently.
Our solution gives you the comprehensive reporting, GDPR auto-processing and audit trail capability you need to have peace of mind that your payroll is being run accurately and in a compliant fashion month in and month out.
Most importantly, we’re committed to providing you with the ongoing support you need to know that Advanced Payroll is the only solution you’ll ever need to source again. Our helpful Professional service consultants are always on hand to help make sure you are getting the most out of your system.
What’s next?
At Advanced, we believe in the power of technology to help you achieve more. We understand that the future success of your business will be largely entwined with your EVP and your perception as a brand, which is why our Advanced Payroll solution has been designed specifically to help you overcoming the challenges that may be holding back your regular wage cycle and to free your payroll professionals so they can leverage their expertise towards discovering new ways to reward your people and safeguard their financial wellbeing.
We understand that defining and strengthening your EVP may seem like a daunting prospect but we also truly believe that it is a worthwhile undertaking that can help you gain a greater understanding of your business and your strengths and weaknesses. We believe in walking the walk too, which is why we have focused on our own EVP and undertaken the journey of getting to the core of what that means to us at Advanced. We’d like to take those lessons we learned from that experience and help you with your own EVP transformation.
We believe in the power of the EVP to help transform the perception of your business and to position your organisation as an influential and inspirational place to work. It’s clear also that your people-teams have a huge role to play in determining the success of any EVP transformation, which is precisely why the systems and technologies they rely on daily should be leverageable in order to help them achieve the full scope of their role.
If you’d like to learn more about the EVP, what it means to your business or how we can help you strengthen and define it within your organisation, come and explore our suite of People Management solutions and get in touch today.