Human resources providers that offer a full range of services are a major advantage to companies of all sizes. From small businesses that do not have the staff to have someone dedicated to payroll and other HR services to large corporations with hundreds of employees, a third party payroll company can help monitor risk management as well as make sure that paychecks are available on designated days.
Whether you are a small business owner who wants to spend more time with customers or you are the owner of a large warehouse whose hands are full managing inventory, deliveries, and service calls, knowing that you have a a third party payroll company taking care of HR services and payroll allows you to follow your passion for the rest of your job. Being able to pay attention to customers and to train employees means that you are focusing on the heart of your business instead of the paperwork.
Contracting with a Third Party Payroll Company Safe Guards You from Making Costly Errors
Tax laws and withholding requirements change, and when they do mistakes can be costly. If, however, you decide to make the decision for outsourcing payroll you can avoid these costly errors. Unfortunately, even with business best practices a small company can miss a small change that can quickly become a large problem.
Consider some of these facts and figures that highlight the reasons that an increasing number of companies are outsourcing their payroll and HR services:
- 75% of hiring managers use applicant tracking or recruiting software to improve their hiring process, an employee recruitment tool that many HR consulting firms use.
- 86% of companies that implement as employee recognition program cite an increase in worker happiness.
- $11 billion is lost annually due to employee turnover, so it is important to implement a successful onboarding program that improves employee retention.
- 45% of employers indicate that the amount of time it takes to fill open positions has grown since 2014.
- 66% of companies offering 11 or more benefits have employees who recommend their employers as great places to work.
- 72% of job candidates cite advancement opportunities as the top reason for changing jobs, according to the 2016 Recruiter and Employer Sentiment Study by MRINetwork. Better compensation packages and better company culture come in as the second and third reasons for changing jobs.
If you want to avoid making costly mistakes and get back to the part of the business that you enjoy the most, you might consider outsourcing both your payroll and other HR services.
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