Employee attrition poses a significant challenge for organizations, impacting productivity, morale, and financial stability. To address this issue, it is crucial to identify the factors that contribute to employee retention and find innovative solutions.
In a recent survey conducted by Mool across several corporate employees and the HR community, the respondents identified work culture, rewards program, take home salary and personalization are the top four factors influencing employee satisfaction.
The results of the poll indicate that a decent share of employees do value and demand some change in the way they get their salaries.
Work Culture: 58%
Rewards and Recognition Program:15.1%
Take Home Salary: 13.4%
Salary Personalization: 13.4%
The above findings emphasize the necessity of implementing a comprehensive approach to optimizing salaries in order to augment the positive work culture.
Organizations play a significant role in shaping the work culture, but Mool Vetan, India's first tax optimization and salary personalization tool, offers effective solutions for optimizing and personalizing salaries and tax management.
Here, we will delve into how Mool Vetan enhances employee retention and brings a multitude of benefits to the work environment.
The survey results indicate that employees value a positive work culture above other factors when it comes to retention.
Mool Vetan recognises this and provides organizations with the ability to tailor salary structures to individual preferences.
By offering personalized benefits and tax savings, Mool Vetan ensures that employees receive maximum value from their salaries. This personalized approach significantly boosts employee satisfaction, leading to higher retention rates and a more positive work environment.
The survey also shed light on the challenge of meeting employees' take-home salary expectations, addressed by 13.4%.
Mool Vetan helps organizations overcome this challenge by optimizing taxes and ensuring employees receive the maximum possible take-home salary for the same CTC.
By automating compliance and tax optimization, Mool Vetan empowers organizations to meet employee expectations and enhance their financial well-being.
In another survey to the HR community, Mool asked about:
[Q: What are the biggest challenges you face when it comes to optimizing your employees' salary structure] and poll results showed interesting insights:
Take home salary expectations: 79.2%
Payroll processing: 8.3%
Structure optimization for all: 12.5%
A single solution for payroll and tax - (the audience is unaware about a single solution for payroll and tax.)
According to this, organizations face significant challenges in payroll processing(8.3% of respondents) and salary structure optimization (12.5% of respondents). This indicates a clear need for solutions that streamline these processes and enhance their efficiency.
Mool Vetan addresses this need with its 100% automated system, simplifying payroll processing for multiple clients. By automating essential tasks such as leaves, attendance, investments, and payments, Mool Vetan enables HR and finance teams to focus on strategic initiatives, enhancing overall productivity.
Here is a particular case of a home furnishing company with over 200 employees, the company was in need of automating their payroll and compliance processes in order to better manage compensations for both office and field employees.
The company was successfully onboarded onto Mool Vetan within a month. The system automatically optimized taxes for all employees based on their individual preferences, resulting in up to a 10% increase in their monthly take-home pay without incurring any additional costs for the company.
Mool Vetan's automated compliance calculations proved especially beneficial for the company's blue-collared field employees, helping them navigate the complexities of labor laws and taxes.
Additionally, the company's payroll processing time was significantly reduced by utilizing Mool Vetan's two-click payroll processing system, saving more than 5 man-days per month.
Based on the feedback and expectation of the organization and their employees, Mool Vetan is able to address a significant portion of their concerns related to employee satisfaction and organizational demands.
Personalizing salary structures enhances employee satisfaction, potentially resulting in higher retention rates.
Moreover, Mool Vetan tackles the challenge of meeting employees' take-home salary expectations by optimizing taxes and ensuring maximum savings. Additionally, the tool streamlines payroll processing and structure optimization, minimizing the associated challenges and improving overall efficiency.
With Mool Vetan, organizations can use one more solution to foster a positive work culture, retain valuable employees, and create a thriving work environment.
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