Want a round-up of stories like this delivered to your inbox?
Pop your email in to sign up for your monthly Focus newsletter:*
June 23, 2021
Simple ways to save money on your payroll & HR
Your people are you biggest asset, and with that comes the biggest price tag. While you might pay through the nose for your people, processing their pay doesn’t have to. When assessing your payroll & HR it’s important to talk about value, not just price.
Look for good employee experience
When it comes to payroll, your employees are going to need the basics. Like being paid accurately and on time. Think it doesn’t matter? Research commissioned by Zellis suggests that 1 in 5 employees have quit their job over a poor payroll experience.
So that’s the basics covered. But if you really want to drive a great employee experience you might want to think about bells and whistles. That’s an employee self-service experience that will reduce the burden of employee queries on your payroll & HR department. An employee app that your workforce can easily access on the go, managing their own details at the touch of a button. And putting efficiency and usability at the heart of your payroll experience.
Every business is different, and we know payroll outsourcing isn’t a fit for every business. However, according to YouGov, 32% of SMEs outsource their payroll because it’s cheaper than keeping it in-house.
When considering outsourcing, it’s worth asking yourself a few questions about your current payroll:
Are you suffering from repeated errors in your payroll process? Is this impacting employees’ pay?
Can an outsourced provider perform the same function at a lower cost?
Can an outsourced provider improve service and risk levels?
Is your business growing at a pace that has outgrown your existing approach?
Do you have a small, internal team needing additional scale and expertise, or a business continuity plan?
Do you struggle to recruit and retain expert payrollers?
If the answer to any of the above is yes, than it might be worth exploring your outsourcing options.
Look for longer contracts
It’s no surprise that providers will alter the price for their services if you’re open to longer contracts. So, if you’re looking for a way to save some pounds on your next payroll & HR service contract, try to negotiate a longer contract for the service – but be aware it may be difficult for you to leave early for whatever reason.
Look for integration
Two birds, one stone. B-O-G-O-F deal. Integration. Whatever you one to call it, opting for a service that covers both payroll & HR, rather than just one or the other can frequently be a much cheaper option than dividing your payroll & HR between different providers.
Whether you’re looking for software to support your department in its quest for compliance, or a managed solution that will ensure it all together, compliance should be the largest driving factor when looking for software and service.
The bottom line is there is no point paying knocked down rates for a software that doesn’t consider compliance, because it will almost always come back to bite you.
Karis Lambert is Moorepay's Digital Marketing Executive, having joined the team in 2020. Karis is CIM qualified, and keeps our customers up-to-date with Moorepay's market-leading knowledge and advice through our digital channels, including the website.