Using Payroll to Increase Business Operational Effectiveness
Payroll can counter intuitively be used to increase staff effectiveness without just raising salaries or offering financial bonuses which tend to be very tax inefficient on both employer and employee
Award Schemes – Certain awards are allowed free of National Insurance and income tax for actions by employees outside of their contracted role
Training - long-term training for your employees can add hugely to personal development. Properly structured programmes are tax deductible on both employer and employee.
Non money bonuses – non money bonuses are have marked positive psychological effects on employees. A range of voucher schemes are available and often worth taking advantage of from childcare, cycle to work schemes to lunch vouchers. Such amounts sound small but studies show the motivational factor to be huge and can often make the difference in a competitive situation for recruitment and retention. Showing the employer genuinely cares makes all the difference.