The payroll industry is particularly affected by changing technologies and shifts in consumer preferences, both of which are happening more rapidly than at any other time in history. Unfortunately, not all payroll companies have gotten the message. Rather than integrating technology and embracing their customers’ changing needs, many are stuck doing business the way they always have. In a market that now has fierce competition and newcomers with a variety of high-quality solutions, it may be time to re-evaluate your payroll company to make sure it’s living up to its promises. Here are a few quick things your provider should be doing that might help you evaluate their performance and your options.
Make Payroll Easy
When hiring a payroll company, the goal is obviously that they’ll be able to complete the tasks more easily and efficiently than you can on your own. It should take a weight off your shoulders, making your business — and hopefully, your life — run more smoothly. Unfortunately, this isn’t always the reality. Some companies cut corners with under-qualified people and inadequate systems. This often leads to costly and time-consuming mistakes, many of which could make your life harder. The bottom line? If your payroll processor isn’t making your life easier and you don’t have complete confidence in their ability to competently address problems, it doesn’t matter what other services they can offer. They aren’t completing the job they were hired to do!
Offer a Full Product Suite
For successful payroll companies, the logical next step is to expand their services. When this is done well, providers have 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, you also have greater room for additional cost savings.
In today’s business world, data is a commodity. 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 payroll. With the wealth of financial data that is collected to process payroll, companies in this industry are especially at risk of being hacked. This means your provider must have a strong security plan for today’s conditions, but also a plan for continuing security measures to stay ahead of potential and emerging threats.
Make Payroll Affordable
Similar to the first point in this article, you would never choose a payroll provider you didn’t think could complete payroll and HR tasks more efficiently than you can. Part of providers being able to deliver on that promise of efficiency is usually their greater size and operating power, which is good news for their costs. To make a long, complicated story short, your payroll provider should be able to find the right balance between the cost of expertise and a reasonable price for you. When managed correctly, hiring a payroll provider should have a clear financial benefit.
Payroll and HR functions change rapidly. New industry trends, evolving technology and consumer attitudes shifts all have an effect. In order to provide excellent service, your payroll provider must provide a wealth of knowledge on the current state of, and future predictions for, the industry. This means their focus right now should be on researching and implementing forward-thinking technologies. When the correct technologies are selected and put in place, they elevate skilled employees to complete their jobs more efficiently and effectively.
Provide Superior Customer Service
Payroll is a service-based industry. With that in mind, it’s logical to think customer satisfaction would be the number one priority for any payroll provider. Yet as evidenced by many unhappy online reviews, all too often customer service takes a back seat. This is especially true when your payroll processor is failing on multiple levels. If you don’t find your provider is responsive and attentive to your concerns, it may be time to find a company that values your business.
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 workforce and using technology in a way that improves the flow of work, they can offer a greater number of services under a much more efficient 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, it may be time to ask yourself why you’re still with them.
Heartland believes in the power of small business. We combine our full product suite with best-in-class service from a dedicated payroll specialist to provide the client experience you deserve. To find out more about how Heartland can help, contact us here.