Business uncertainty is back in focus as the world emerges from lockdown to face new turmoil. Expectations in the medium term for supply chain disruption and even higher levels of inflation are sure to impact almost every business – just as the world is trying to get back on track.
In this context, it makes sense that many are looking to tighten their focus on vital business functions, such as payroll, and ensuring they are as resilient, efficient, and cost-effective as possible.
Strong foundations in these areas are important if executive attention will be directed elsewhere, so one option is to consider payroll outsourcing services.
Here are three ways in which payroll outsourcing services can be an attractive option to ensure business continuity and resilience in uncertain times:
1. Continuity and resilience through expertise
Partnering with an outsourcing provider gives you access to a large team of experts with years of experience in everything payroll and HR, ranging from processing to compliance.
This additional knowledge and resource help to boost both business continuity and resilience even as circumstances, legislation, and technologies evolve.
For example, payroll outsourcing teams can quickly assess what new legislative measures will mean for your payroll and respond to such regulatory change in a way that aligns closely with your business objectives, boosts organisational compliance, and ensures a positive colleague experience.
What’s more, in the case of sickness absence or annual leave, you never have to worry about your team being under-resourced.
2. Ensuring operational efficiency
The access to expert knowledge and the automation of manual processes using state-of-the-art payroll software from working with an outsourcing partner means you can expect a significant increase in the speed of payroll processing. This gives you more time to check reports and offer more accurate approvals.
Your business stands to benefit from a major reduction in payroll inaccuracies and errors, such as over, or underpayments, avoiding the need for manual corrections in future pay cycles.
On the one hand, this situation is likely to create a more motivated payroll team whose time is freed up to focus on more strategic tasks. On the other, paying employees both accurately and on time every time will boost engagement levels across the board.
3. Enabling cost optimisation
With an in-house payroll team, it’s not uncommon to see payroll costs climbing year-on-year. Whether we’re talking day-to-day overheads, costly payroll errors, or having to pay staff overtime as they struggle to cope with manual and inflexible processes, it all has an impact on the total expenditure.
Outsourcing partners can enhance and optimise your overall cost efficiency as a result of economies of scale, labour arbitrage benefits from accessing offshore talent, and powerful process automation.
These combining factors make payroll outsourcing companies great value for money and enables your organisation to achieve a positive return on investment while building operational resilience and efficiency.