Business

Payroll services as a business venture

Payroll service is one of the hottest business ventures in the world today. Offerings from the independent HR firms are not just alluring and but also end up providing the best value for your money. The hassles of following up on recruitment services, payroll queries handling, etc. is now being taken over by third party HR companies. The firm works independently, offering payroll services as one of the packages as part of many other services. Everyone, right from giant corporations and mid-sized firm to even the smaller organizations opting for outsourcing the payroll services piece to third party companies as compared to handling the service by themselves. Bearing in mind both cost and resource effective, outsourcing the payroll services is now a trend in the market.

Listed below are the tips to choosing the right company for outsourcing the payroll services which is a part of HR department. Anyone looking to venture into third party payroll service ventures needs to take care of the following:

One needs to have a very deep and hard look at service level agreement (SLAs) offered by the consulting firms.
Understanding the pitch from each organization “ Quality, capacity, skills, etc.
Laying across your requirement as to how you are expecting payroll services to be handled, essentially having an official read-out document.
Organizational level commitment, deliverables etc.
Professionalism and Personalizing capability of the firm towards the employees.
Reputation of the firm and market standard.
Cost effectiveness for the service offered.
Previous experiences of the consulting firms.
Market ranking in the industry.
Communication expertise.

The requirements differ from organization to organization and so would the package prices. Some consulting firms do offer the services on a trial basis inorder to gain the trust of the buyer and collect feedback on how they can improvise. Different services have a different price tag. There would also be add-on packages as well where offers of recruitment, training and on-boarding as a one-time service along with payroll services as well. The add-on packages are mainly experimental to understand the requirement from the client and a trial to land a winning contract. Having said this, the main criteria for choosing remains world class quality and great levels of service. Any organization outsourcing its payroll services would expect the best for its employees with respect to service, quality and metrics. An operations team may or may not be co-located with the organization outsourcing the service. However, the service should not be compromised ever and must be established to the best of its ability to serve the organization and the employees well.

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