Increasing profits for a fast company bottom line while also maintaining a high degree of employee satisfaction may sound like an impossible task at first. However, raising employee morale doesn’t have to mean spending more money. Moreover, greater job satisfaction among your staff can lead to a better customer experience, thereby increasing volume. When your customers have exceptional experiences with your staff, they’ll return and buy more frequently and refer your business to others.
Paperless Payroll Saves Money and Makes Your Employees Happier
For many employees, picking up a paper check and depositing it in the bank is a hassle. For those with families, school, extra jobs or a hectic schedule, it’s an added chore. Also, most banks will hold funds for several days, making your employees wait to access their money. Your company can save on paper and printing costs while at the same time making your employees happier by offering paperless payroll. Funds get directly deposited into your staff’s bank accounts, which they can usually access immediately, and paper stubs are typically available for on-demand printing or online viewing. Your company no longer has to pay the costs associated with check printing, envelopes, and check delivery. ADP.com is a company that is a perfect example of just how many different options are out there as far as payroll options go.
Procurement Software Cuts Administration Costs and Can Decrease Purchase Costs
Using electronic procurement software can help to automate ordering items your business uses regularly. This not only decreases your administrative costs, but it can also help your business to save money by allowing your company to combine multiple orders. This decreases the amount of time your employees have to spend on tasks like ordering and inventory, which many employees find tedious and boring. They can focus on other aspects of their jobs instead. Large companies will also pay less in many cases by using procurement software because they have the ability to make purchases for large quantities for a set of stores rather than each store ordering its inventory separately.
Employee Recognition Boosts Morale and Affects Customers Too
Having a system where employees get awarded, complimented or otherwise recognized for their contributions and efforts goes a long way toward increasing employee morale. Especially in businesses that rely on customer service, keeping your employees happy means that they keep customers happy. You’ll also have less employee turnover, which means fewer dollars spent on training new employees. Less turnover also means that your customers aren’t constantly dealing with new staff. When customers interact with knowledgeable employees who remember them and have a positive attitude, they’re going to visit your business more often, spend more and refer more customers.