Payroll is time consuming. It’s the least strategic aspect of any HR function. By outsourcing the administrative headaches that come with payroll, your HR team can develop crucial, employee-related aspects of your business to help you attract and retain talent..
Companies who outsource payroll show a 22-34% cost savings over managing payroll internally. Outsourcing can also prevent costly fines that occur from incorrect payroll processing.
It’s crucial to protect sensitive employee salary information. More often than businesses like to admit, there’s no way to monitor whether your internal team is inappropriately sharing confidential information. An outsourced solution can give you the security and peace of mind you need.
The majority of payroll is handled by one or two people internally. What happens if they leave? Is it really crucial to have an entire role or roles dedicated to this task? Are people within your organization doubling or tripling up on payroll approval? If so, your process isn’t as efficient as it should be.
Your payroll person knows the numbers, but they aren’t always well-versed on the latest rules and regulations, especially when your team might work in multiple states. An outsourced partner can ease compliance concerns.
Your payroll provider can take over tedious tasks that can help you onboard new employees quickly. If you’ve experienced recent expansion, it’s crucial to get your team up and running fast.
Based on a recent article from Entrepreneur Magazine, one thing is clear: outsourced payroll processing is here to stay and it is growing — fast! Here are a few trends to look out for in the coming year:
Being able to track and automate key functions for onboarding and offboarding clients not only makes life easier, it ensures better compliance. This will be a future trend companies use to make sure they are checking all regulatory boxes.
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