Payroll and Compliance Challenges in the Advertising Industry
Payroll and compliance are two important yet challenging activities. Practically, no industry can survive without payroll and compliance management. However, due to multiple other vital activities, payroll is somewhere shifted to the backseat. For this reason, using payroll and compliance solutions for the advertising industry is one of the best routes to payroll success.
But, before we discuss how to mitigate challenges, let’s see what these challenges are:
1. Payroll Management
Payroll is a significant issue. From manual calculations to poor tax management, everything poses a risk for the organization. Sometimes, the taxes are not right, and at other times, payroll takes too much time.
2. Benefits Management
Managing employee benefits and bonuses is another issue. Every employee strives to complete quarterly challenges and targets for improved bonuses and benefits. When these benefits are far from reality, employee productivity reduces.
3. Compliance Management
Another grave issue is compliance. The other issues can be resolved to some extent, with better functioning. But compliance is most crucial of all. There are so many compliance regulations and rules that HR needs to take care of. These rules evolve consistently, which makes room for errors.
Why You Need Payroll and Compliance Solutions for Advertising Industry?
If you are also facing the above issues, here’s how payroll and compliance services for the advertising industry can help you mitigate risks.
1. Proper Structure
According to your organization, payroll services can help you structure. Your policies, incentive structure, and CTC workflows are included in your package for better, improved working. Through these services, you can even manage your remote teams without any hassle.
2. Flexible Pay Workflow
Many employees wish to decide their structure of the salary. However, when the manual calculation is a routine, this liberty can create risks for the HR team.
With the right payroll and compliance services, every employee can select their salary structure, which can be ensured through technology.
3. Employee Self-Service
Employee self-service is a blessing in disguise. It allows the employees to generate pay-slips, check details, and keep track of their payroll. If not present, it increases the work of the HR team because employees have to reach out to HR for every small and big issue.
Errors are costly. Especially when compliance errors are made, if the HR team makes an error in the basic salary, they can still remedy it by compensating the employee in the next month. But, what if this error is in the TDS submission? It will lead to penalties, which has no remedy. Hence, payroll services offer accuracy with high-end technology.
5. Proper Reports
No matter how many disoriented teams are working for you, you can create productivity reports effectively. This can help you streamline a lot of things at the workplace, such as payroll, TDS submissions, bonuses, etc.
Payroll and compliance management for the advertising industry is essential. When executed correctly with the right partner, it can offer high employee satisfaction. Hence, if you also wish to improve your payroll, reach out to Paysquare. We can help you improve your payroll and compliance structure for better retention and improved employee satisfaction.