CPA Practice Advisor

JUN 2018

Today's Technology for Tomorrow's Firm.

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JUNE 2018 ■ 5 THE PAYROLL CHANNEL 3 Benefits of Flexible Workplace Arrangements By Isaac M. O'Bannon, Managing Editor An impressive 82 percent of U.S. workers say remote working allows them to maintain a healthy work-life balance, yet 62 percent still prefer to work in an office. This number is even higher among young workers. That's according to a survey by Randstad US, a provider of human resources services. Sixty-five percent of those aged 18-24 prefer working in a traditional office, challenging the widespread perception that Millennial and Gen Z workers prefer digital interactions. THE FLEXIBLE WORKPLACE DISCONNECT Although flexible and remote work arrangements are a top priority for employees, employers often don't offer any or provide enough tools to fully support them: ■ 66 percent of workers say they like the option of occasionally working from home or another location, but aren't able to do so. ■ 36 percent of respondents report their workplaces support working from home any time and anywhere they want. ■ 35 percent of employees disagree that their employers provide the necessary technical equipment to enable them to work from home. ■ 30 percent of workers say they regularly have online or virtual team meetings via video conferencing. REMOTE WORK ARRANGEMENTS DRIVE ENGAGEMENT Working from home or another location is an attractive option to employees: ■ 80 percent of workers say they like agile work (defined in the study as the ability to work from anywhere, anytime) because it increases their productivity, creativity and job satisfaction. ■ More than half of all respondents (61 percent) don't believe this type of work interferes with their personal lives, or their ability to disconnect from work. The takeaway for employers: workers appreciate having the option to work when and where they want, but also value interacting with colleagues face to-face in the workplace," said Jim Link, CHRO, Randstad North America. "Employers who strike the right balance — making flexible work arrangements as accessible as possible through technology while also cultivating a thriving office culture — will succeed in attracting and retaining top talent. 3 REASONS TO RETHINK REMOTE WORK According to Randstad, 68 percent of U.S. employees say they still work in a "traditional environment," defined as a location where most staff work during "business hours." The workplace is still changing, however, due to tech that makes it possible for full-time on-site workers, remote staff, gig workers and other members of the "agile workforce" (temporary, contract, consultant and freelancers) to function cooperatively. Three ways more flexible work arrangements can benefit businesses and their employees: Access to a globally-diverse workforce. Being open to remote and non-traditional workforce structures allow businesses to attract highly skilled staff from a pool that isn't limited by geography. Increase employee engagement. Working remotely can increase engagement, rather than distract employees. More than 80 percent of workers surveyed say the ability to work remotely allows them to maintain a good work-life balance, and 80 percent say it increases their productivity, creativity and job satisfaction. Employers who embrace this trend will be seen in a more positive light and rewarded with a happier, more productive workforce. Less time to hire. Businesses feel an economic impact from unfilled positions. Tapping into a remote workforce allows companies to broaden their talent pool and provide opportunities to employees with less traditional schedules. Employers who make working remotely a possibility for alternative hires can defray vacancy costs and fuel projects supported by a much deeper talent base. ■ LATEST PAYROLL NEWS Women Freelancers Love Digital Economy. Show a preference for direct-to-bank payment methods, as opposed to alternative methods such as e-Wallets, is also evident from Transpay's survey. Many Businesses Don't Track Payroll KPIs. The most common metrics include measuring impact of manual/voided/stopped payments, and payment errors. Watch Out for Your 401(k) When Changing Jobs. The advantages of having a 401(k), keeping it mobile with job moves, and continuing to grow it are vital for personal financial growth and retirement. How Labor Spending is Designed to Leak. Labor accounts for as much as 60 percent of overall operating expenses, but managing the costs of this workforce is not always done efficiently. Payroll overspend is a problem for today's employers. The True Cost of Underperforming Employees. A bad hire signals that your hiring process may be flawed. It could be that you are not putting sufficient eight on soft skills or are overemphasizing qualities that aren't crucial to the role. THIS MONTH'S TOP PAYROLL SOCIAL MEDIA POSTS ■ 3 Reasons Employees May be Disengaged. Maren Hogan, via LinkedIn. ■ Globetrotting Workers Complicate Payroll Taxes. Bloomberg Payroll Blog. ■ How to Create a Successful Employee Referral Program. Patriot Software Blog. ■ The Pros and Cons of Unlimited PTO. Zenefits HR Blog. ■ Why Giving Salary Ranges During Interviews is a Bad Idea. Sid Lipsey, via LinkedIn.

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