Payroll Outsourcing advantages and impact on productivity

Payroll Management Outsourcing

A penny saved is a penny earned” and businesses more often tend to forego this saying by assigning their non-core and less productive functions to the in-house staffs which at the end takes a toll on overall productive engagement of staff. One of such function is payroll management.
Organisations invest a lot of man-hours, infrastructure and money on proper processing and disbursement of salary but at the same time are also open to unforeseen hazards like unproductive engagement of staffs, improper filings, incorrect wage and leave calculations and also in-house attritions.
Payroll outsourcing is a one-step solution for all issues related to payroll management. The benefits of payroll management are:

a. Increased focus on core business and productive engagement of in-house staffs : Saves productive man-hours by engaging in-house staffs on more visibly measurable tasks which increases business revenue

b. Reduced overhead costs: Total overhead costs including infrastructure expenses, manpower, software and servers, travel and logistics, postages etc. all add up to an increased cost of payroll processing which can be easily managed through payroll outsourcing

c. Guaranteed compliance of govt. policies: Outsource function firms take up all responsibility for on-time and accurate filings which saves the company from unnecessary legal hassles and penalties.

d. A dedicated and focused team of experts who work without compromise:
In-house staffs at times are unable to do a proper calculation and may at time also be on leave or quit the company which creates a big headache for companies. Outsourcing organisations appoint their experts who not only take care of the correct data and calculations but also always on the job and deliver results on time – every time

e. Avoid newest payroll software cost and access to highly secured data servers for total privacy : Payroll software are used in almost all large and small enterprises and are usually the latest versions which means there is an upgradation cost involved which renders the older investment and software useless. Hence, outsourcing such works removes the
burden of buying software and also gives a much secured and error-free access to payroll data of employees

f. Updated access to HRIS (Human resource information system) : HRIS is the key to knowing the entire career history of an employee in detailed manner.
The accurate data sourced from the outsourcing partner helps in updating the details of employees.

g. Total peace of mind : Hence, the organisations small or big can benefit in many diverse ways by outsourcing their payroll management to a professional outsourcing firm.