Unexpected risk of delayed salary payments in Kenya can negatively impact your business
Unexpected risk of delayed salary payments in Kenya can negatively impact your business. Small payment delays can cost a business a lot of money and also contribute to employee dissatisfaction. This can affect the productivity of the organization as employees are no longer motivated to work. So what can one do to ensure that your organization is free from the problem of risk of delayed payments?
Identify standard payment terms. It can be monthly, bi-weekly, when to give the salary advances and when an employee can request petty cash as well as the process of going about it. By following the terms spelled out, an organization ensures that its employees are aware of when and how to expect their pay.
The employer needs to deposit the funds directly to the employee's bank accounts or mobile wallets. In addition, the organization can advise their employees to open accounts with banks that have little to no waiting period after funds are deposited. This will ensure that the employees can access their salaries as soon as the employer debits their accounts.
Having a cloud-based payroll processing system has made payroll processing simpler for organizations. Delays in paying your employees can arise due to using paper-based systems to prepare payrolls. With a digitized payroll system, the risk of delayed salary payments can be reduced to a matter of days. Using a digital payment system such as Workpay ensures that you can pay your employees faster, you can pay them from anywhere, and you can pay them at any time including weekends and public holidays.
Workpay is a full-fledged HRM and Payroll solution with automated payments to all banks in Kenya and to mobile wallets. Interested in paying your employees securely and on time?-try Workpay today Our employee management and payment processing solution is open for 14 days UNLIMITED FREE ACCESS to help you execute payment processes with confidence and ease.
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