The payroll industry is particularly vulnerable to changing technologies and shifts in consumer preferences, both of which are occurring more rapidly than at any other time in history. Unfortunately, not all payroll companies have received this message. Rather than integrating technology and embracing new consumer models, many of them are stuck doing business under an old, outdated paradigm. In a market that now has fierce competition and newcomers are offering more and better services than ever, it may be time to re-evaluate your payroll company to make sure it’s performing optimally for you. This leads to the question of whether your payroll company is doing the following things.
Make Payroll Easy
When hiring a payroll company, the expectation is that you are hiring a contractor to complete a task because they can do it easier and more efficiently than you can. It should make your life and your business run more smoothly. Unfortunately, this isn’t always the reality. Some companies cut corners by hiring under-qualified people or implementing inadequate systems. This often leads to costly and time-consuming mistakes, many of which can make your life harder. The bottom line is that if your payroll processor isn’t making your life easier and you don’t have complete confidence in their ability to address problems competently, it really doesn’t matter what other services they can offer - they aren’t completing the job they were hired to do!
Offer a Complete Management Solution
For qualified and competent payroll companies, the next step in their own growth strategy is to expand their service offerings. When this is done well, the agency has the potential to become a single point of contact that can meet all of the HR needs of their clients, including the customized creation of HR documents, automatic alerts on legal or regulatory changes that have the potential to impact your business, as well as guidance from certified HR professionals when unique issues arise. By contracting with one source, there is also greater room for additional cost savings.
In today’s business world, data is a commodity, and ensuring data remains secure is one of the biggest challenges any company faces. The fallout from data-breaches has impacted almost every industry. However, this issue is especially vital in the payroll industry. With the wealth of financial data that is collected in order to process payroll, these firms are especially at-risk for being hacked. This means that payroll companies must have not only a strong security plan for current conditions, but a plan to ensure that their security measures stay ahead of potential and emerging threats.
Make Payroll Affordable
Similar to the first point, hiring a payroll company is at least partially based upon their ability to complete these tasks more efficiently than they can be completed in-house. Additionally, these companies are able to leverage economies of scale in order to maximize the time of their experts, and while that is not meant to imply that their time is not valuable (in actuality, a competent payroll/HR expert is incredibly valuable), what it does mean is that their expertise should be balanced in a way that leaves room for financial savings. When it is managed correctly, hiring a payroll processor should have a clear financial incentive.
Payroll and HR functions have a tendency to change rapidly. The industry trends change, technology evolves, and consumer attitudes shift. In order to maintain the ability to provide an excellent level of service, your payroll provider must maintain a wealth of knowledge on the current state of the industry, as well as know about how it may change in the future. This means that their focus right now should be at researching and implementing forward-thinking technologies, such as automation and artificial intelligence. When the correct technologies are implemented, they enhance the ability for skilled employees to complete their job more efficiently and more effectively.
Provide Superior Customer Service
Payroll processing is a service-based industry and as such, customer satisfaction should be the number one priority for any firm, yet all too often, customer service takes a back seat. This is especially true when your payroll processor is failing on multiple levels. The key point to keep in mind though, is that if they are not responsive and attentive to your concerns, then it may be time to look elsewhere.
In today’s competitive market, the customer has every right to expect a higher level of service than ever before. When payroll processing companies are managed well – including hiring a skilled and competent workforce and integrating technology in a way that enhances the workflow – they can offer a greater number of services under a much more efficient service delivery model. There are many companies that can provide payroll services, but only a few that can do it superbly. If your current company isn’t one of them, you may need to ask yourself why you are still with them.
Heartland offers best in class client care. As a complete management solution, Heartland can serve as a single point of contact, making it easy to deal with any issue. By leveraging our technology, security, and skills, the expert team at Heartland can process all your payroll needs while still helping you meet your financial goals. To find out more about how Heartland can help, please contact our team of specialists.