Have you considered the benefits of outsourcing your payroll and HR? If the COVID-19 pandemic has taught us anything, it is that being prepared, and creating an agile and flexible organisation is critical to business survival.
For organisations across the board, the ability to act quickly enough to stay on top of global events or disasters and guarantee business continuity, can mean the difference between surviving the crisis, or shutting their doors – permanently.
Nowhere is this truer than when it comes to payroll and HR. These functions are at the heart of the business engine, and if they grind to a halt, the business will too. One way to guarantee this doesn’t happen is to outsource this function to professionals and reap the benefits it offers. Outsourcing ensures that without a shadow of a doubt, the business machine can keep turning no matter how tough things might get.
The benefits of outsourcing
In fact, perhaps the most compelling benefit when it comes to outsourcing payroll and HR is that in doing so, the business has a trusted source of information regarding regional payroll and HR trends as well as anticipated decisions. When a global crisis happens, it happens fast. It is critical to have an outsourcing partner who truly has an ear to the ground, to give you the vital information you need the second it becomes available. This enables your business to act instantly, and puts it in a position to adapt rapidly and confidently. Outsourcing makes sure your business is kept up to date of anticipated events and helps you to understand them.
In addition, businesses must ensure they have real-time access to their payroll data. This data provides critical insights that are key to making sound business and financial decisions during a time of crisis or uncertainty. PaySpace Outsourcing offers live and direct access to users on all manner of payroll information, which can help decision makers make the appropriate choices and come to the right conclusions.
Another way that outsourcing these functions can benefit, or benefits organisations, is by managing payroll risks more stringently. Remember, these risks just got a whole lot bigger. Each and every area of risk needs to be managed with intent. Much in the same way as many companies are suffering a downturn in revenue, governments will also follow suit, igniting a renewed focus on tax collection.
Businesses that make use of contractors or labour broking services need to ensure that employee classification is correct as there are major tax implications. PaySpace Outsourcing does not only have the internal resources but the experience and expertise to evaluate all the areas with the organisation to ensure a compliance factor of 100%.
Benefits add value
Another way outsourcing payroll and HR can add real value to companies, is by ensuring their external and internal customer experience is first class. Happy internal customers will lead to happy external customers, which are the business’s main source of revenue. Outsourcing will guarantee that the payroll and HR department is in a position to offer a superior experience to employees by providing them with the appropriate services and toolsets. Moreover, outsourcing ensures the company achieves extremely high service levels through toolsets, information on hand, experience in the market and the detailed know-how when it comes to how a particular business operates.
Then there’s the question of focusing on efficiency and productivity. Conserving cash is king, particularly in a crisis. It is key to make sure that gains are made in the right areas at the appropriate time. Here again, payroll data is at the vanguard of these decisions, and the main driver behind them. Outsourcing payroll enables the business to conserve cash in the right way and, with a ‘we are your partner’ approach it can allow the organisation to benefit to the maximum during difficult and stringent times.