Pay & Commission Structures – Payroll & Compliance
Easy, fast & efficient payroll management
Barrie Stephens of Barrie Stephens Salons said: “we were spending 3 days processing wages & commissions, now with Loop hr that’s reduced to 2 hours!”
For payroll, Loop HR automatically collates every element needed to prepare payroll figures into an easy-to-read report:
- Time and attendance
- Base pay plus commissions & bonuses
- Retail commissions
- Holiday commissions
- Team bonuses
- Overtime and deductions for sickness and absences
- Starter & leaver pay calculations (pro-rata leaver holiday pay final commissions etc.)
For you, no more excel sheets, calculators or paper notes and you don’t need to rely on others to provide information, it’s all in one place! Loop HR puts the power in your hands to create and manage your payroll. At the end of every pay period simply process the payroll report, export the data to your payroll provider and done!
For your team, a culture of openness, transparency and trust expands through Loop HR Employee Portal; allowing your team to track sales progress, see their commissions and bonuses in a simple format on any device with an internet connection, accessed remotely 24/7.
Compliance
With so much going on its good to know Loop HR is helping you keep your business compliant.
Ensuring that you are paying your staff the correct rate of pay can be critical, to help, we update the National Minimum Wage and Living Wage levels each time the UK Government changes the rates and our compliance reporting alerts you instantly if you need to review or amend a team member’s rate of pay.
Loop HR will also help you ensure your team have access to your most up to date materials via their employee portal. And for your peace of mind, Loop HR will manage all recordkeeping for attendance, holidays and absences. As well as formal induction recordkeeping, records of performance development reviews (PDR) and continual personal development (CPD).
“The performance based pay system works really well for me and my team. The reports are clear and I can easily compare lots of different figures – it’s fabulous. Wouldn’t want to run my salons without it!”
– Karen Daines
Barnetts Hairdressing, Skipton
Invest time in setting up your business systems & automate as much as you can
You don’t need to reinvent the wheel when it comes to setting up your business structure; Loop HR can help you put systems in place to improve productivity and help you to automate your salon HR functions.
We’ve spent years developing tools to simplify HR tasks, including salon specific pay systems. We understand there are many employment models and business owners want their pay system to be fair and flexible.
Of course, rewarding the right behaviours is key to driving the best practice and profits; which is why Loop HR pay systems work straight out of the box with suggested financial forecasts including drivers such as commissions and bonuses which can be easily added. All pay levels and incentives can be seen before allocation to demonstrate the forecast income and costs at every level of performance.
Our pay systems ensure every calculation is considered and accurate; meaning whatever model you choose; you have peace of mind and security knowing the data is consistent and correct. Meaning you can get on with running business without the stress of calculating targets or preparing payroll.
Whatever pay system you use, it will form the foundation of your business, therefore it must work well for you and your team!
- Create multiple salary levels, each level would relate to the technical ability, soft skills, experience and overall value a particular employee would bring to the business (different rates for different skill levels).
- Once you have assessed the overall value of an individual’s contribution to the business, appoint a salary to that team member…
Set clear financial targets for each level (create benchmarks for success)
- Each salary level should have clear financial targets
- As the sales come in, communicate individual achievements to team members and focus them on what needs to be done to realise their goal.
Incentivise & reward
- Bonuses could be agreed, these should reward specific achievements
- Commissions typically relate directly to sales income and can be used to drive sales between bonuses or as core drivers with multiple commission levels.
- Find out exactly what each team member is incentivised by and use this as a focus point.
Report sales progress to individual team members
- Share sales progress, encourage and incentivise.
- Give guidance where needed and recognition for specific achievements.
- Retain the right team members through better engagement.
“Our team can see at any time what they will be earning, what their targets and bonuses are, as well as track holidays and progress throughout the month as a team.”
– Lulu Simmons
Elements Hair & Beauty Lifestyle, Oxted
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