What Are The Repercussions Of Missing A Payroll Deadline In Retail?
Missing a payroll deadline is best avoided in all aspects of business, but the consequences of missing a payroll deadline when your business is retail can be considerable. The knock-on effects to both your business and your reputation, as well as your employees' lives and quality of work, can be costly.
Missing a retail payroll deadline can have a considerable knock-on effect on all elements of your business. If the rumour of missing pay spreads, you could quickly get a reputation for poor treatment of workers, even if it was down to an honest mistake. This could make it far more difficult for you to attract the best potential employees when you are looking to recruit, which will ultimately cause your business to suffer.
It may also have an effect on customers, with shoppers preferring not to spend their money with you if they feel that you don't treat your staff properly. Everyone makes mistakes, but by the time a rumour has spread it's easy for malice to be implied that wasn't really there. Building a brand image is hard but trying to heal a negative brand image can be borderline impossible and can cripple your business.
Repercussions For Employees
A payroll deadline being missed can have a considerable impact on the lives of your employees. Many who work in retail find themselves living pay day to pay day, so a delay of even a few days can have a considerable impact on their personal finances. It's easy for even one missed payment to be the instigator for a vicious debt cycle.
Consider also the overall morale of your employees. Happy, well-paid employees are going to want to give you their best, which means the quality of their work is going to rise. As it rises, so does the quality of the service customers receive when they shop with you - this does wonders for your brand image and customer loyalty.
Retail is often an industry with a high employee turnover, which means if you haven't paid your staff reliably it's not inconceivable for them to seek work with competitors.
It's much easier to implement preventative measures to avoid missing a payroll deadline than to try and heal the damage that it can cause. eSlip Payroll Services are here to help you make sure your retail business has a reliable and dependable payroll system in place for your employees. Contact us today to learn more.
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