Top Reasons to Outsource your Payroll
As your company size increases, the compliance risk and burden for HR also increases. There is no silver medal for “mostly compliant;” either your company is fully compliant with all relevant laws, or your company is vulnerable to lawsuits.
2. Cost Savings
No one takes a job in Human Resources so they can spend the day answering complex questions about benefits or re-negotiating relationships with brokers and vendors. Yet, instead of increasing productivity by creating a positive workplace culture, HR has to spend valuable hours researching the latest regulations and connecting with providers.
A single outsourced HR partner can take the place of:
• Payroll services provider
• Benefits provider
• HR technology provider
• HR advice
A 2019 NAPEO Study found that Outsourced Payroll have an average ROI of 27.2%. Over half of those savings come from the fact that businesses who partnered with Outsourced Payroll did not have to hire another HR representative. Further savings came from gaining access to better health plans and retirement plans.
Time is money, and the 27.2% ROI does not even take into account the time saved. When HR can focus on what is important, productivity rises along with profitability.
4.Health and Safety
Effective Health and Safety requires a multifaceted approach involving guidance on policies and procedures as well as practical safety training. Health and Safety protects the company, executives, and employees. Safety programs must comply with Governmental Guidance to ensure a safe work environment. That means you need world-class safety programs to train employees to take an active role in safety and accident prevention. A safer work environment correlates with fewer accidents and fewer claims, which means that insurance will cost less.