Philippine-based employers are now facing some of their most difficult staffing challenges in recent memory. Year-over-year improvements in the wider entrepreneurial landscape have resulted in a more competitive job market, benefiting workers but also putting serious pressure on businesses to update their compensation packages. Further underlining the challenge is the most recent Mercer's Total Remuneration Survey, which projects a significant 5.5% increase in median salaries in the country in 2024.
Of course, it’s not enough to simply offer a big compensation package. As an employer, you also must make sure that your employees are paid accurately, on time, and according to frameworks set by government authorities and the customaryPhilippine payroll system. Look through the checklist below and see if you’re prepared to offer hassle-free compensation to your employees.
1) Update YourPayroll Management System
If you still use spreadsheets or an older legacy system for your payrolls, consider switching to a leaner modern payroll solution. Simplersalary disbursementsystems are less prone to input errors, giving them a huge advantage over older solutions. If you operate a smaller business, it should be easier to transition to better software for yourpayroll system.
Maya Disbursements is used by some of the Philippines’ largest businesses but it has become a favoredsmall business payroll administrationsolution, thanks to its simple interface, high data visibility, and powerful features. Make the switch today to enjoy uncomplicated employee payments and more.
2) Invest Resources inPayroll Automation for Small Businesses
If you’ve already invested in a solution like Maya Disbursements, it’s worth exploring the full extent of its automation capabilities.Payroll processing for small businessesinvolves a lot of repetitive tasks, making automation in this area well worth any initial issues. While payroll automation may seem like a significant initial investment for smaller operations, early adoption reduces expensive errors and frees up a significant amount of time, greatly benefiting your business in the long term.
3) Use Effective Employee Timekeeping Technologies
Picking the timekeeping solutions that match your business’s needs ensures that your employees are always paid what they’re due, regardless of whether they work remotely or onsite. These solutions aren’t just important for seamlessdisbursement of salaryamounts either — they can also be crucial for maintaining accountability within your workplace.
4) Get a Solution That Also DoesAllowance Managementand Other Fund Disbursements
Salaries aren’t the only fund disbursements worth automating. Maya Disbursements is designed from the ground up to accommodate any type of bulk payment your business needs. Aside from regular payroll processing, Maya Disbursements is also widely used fordisbursement of loanamounts to employees and regular supplier payments. Organizations with beneficiaries have even effectively used Maya Disbursements as a beneficiaryallowance management system.
5) Investigate Discrepancies Promptly
While it may seem tempting to overlook small mistakes, accounting errors have a habit of snowballing out of control. Quite often, ignoring small errors may end up costing your business much more than you might expect. Before your business expands further, institutionalize the timely rectification of any errors that your payroll team finds to build trust in your compensation system.
6) Communicate Salary Structures to Your Employees
Frequent employee compensation and benefits inquiries can take a lot of time away from your payroll team, impacting their ability to do their main job, which is making sure everyone gets paid their due. A lot of the time, these inquiries may occur due to employees’ misunderstandings of your payroll system. Giving employees a clear breakdown of your compensation structures and process during onboarding can increase transparency, helping keep these concerns to a minimum.
7) Keep Up-to-Date with Philippine Labor Laws
Legal compliance is non-negotiable in payroll administration, as oversights can and do often result in serious penalties. Every quarter or so, try to update your payroll processes to align with any changes in legislation to minimize your exposure to legal risks and tax liabilities.
Ensure Hassle-Free Payrolls with Maya Disbursements
Maya Disbursements facilitates smooth automated payments, keeping employee morale high and ensuring your business remains competitive. You can also use this simple but powerful solution forloan disbursementpayments and to effortlessly pay suppliers, beneficiaries, and more.Create a Maya Business account today to enjoy the payroll system Philippines’ most respected businesses rely on.
Signing up for Maya Business automatically lets you unlock a Maya Business Deposit account for your payment settlements. With a 2.5% per annum interest rate, your fund can grow 20-25x faster compared to other similar business banking deposit accounts. Funds in a Maya Business Deposit account can earn PHP 25,000 yearly on just a PHP 1 million deposit.
You will also be entitled to a Maya Flexi Loan offer as high as PHP 2 million in just 3 months, giving you the instant liquidity you need to meet any of your payment obligations. For even better loan offers, simply use Maya as your primary processor for all wallet and card payments.
Send your completed Maya Business application to activate Maya Disbursements and unleash your potential with other Maya Business solutions.
