Salary transparency - an important factor in attracting and retaining talent?

Receiving a worthy salary/compensation not only helps boost employees' motivation but also brings many long-term advantages to the business.

Justice

Accurate payroll helps ensure fairness. This will help employees feel confident and satisfied with the business when they receive a salary that reflects their individual efforts and contributions.

Accurate salary calculation helps create a positive working environment, increase employee engagement and commitment to the company, thereby accompanying the business to develop sustainably.

Create motivation to work

Appropriate compensation/benefits are an important source of motivation. When employees perceive that the company values their work through appropriate compensation, they will be more motivated to put in more effort and dedication in their work.

Building team spirit

When each employee receives fair and equitable pay, unhealthy competition within the company is reduced, and instead, team spirit is built and maintained.

Personal financial stability

Being paid accurately according to one's own ability is a necessity to help employees plan their personal finances in a more optimal, clear and stable way. They can easily manage spending, saving and investing based on their actual salary and expectations.

In the era of technology 4.0, when this wave gradually penetrates into all areas of life, especially in the field of human resource management. Many Saas (Software as a service) have been developed to solve the problems of timekeeping and payroll to help businesses optimize their management efficiency, among which is the HappyTime payroll software.

Belonging to the HR Tech ecosystem (Human Resources Technology) of TopCV Vietnam, HappyTime is currently a smart human resources software that is highly appreciated by many large enterprises. Not only does it allow enterprises to perform diverse timekeeping, this data is also integrated/stored with information on individual incomes in the enterprise.

The management team can easily create payroll tables according to the employee's pay period from pre-installed configurations and information, automatically sending payslips to each employee. Errors and risks in miscalculation are minimized (due to integration with shift division features, document management, etc.), this is a great advantage to help businesses ensure the accuracy and transparency of salaries and bonuses.

Salary transparency - an important factor in attracting and retaining talent? - 2

Salary and bonus are the top concerns of employees along with career path. Ensuring the accuracy and transparency of the compensation policy is both the responsibility of the enterprise and an important factor in building a positive and favorable working environment. This will create long-term connection and companionship between employees and the sustainable development of the enterprise.

Bao Anh

Source