When choosing your payroll service and software options the consideration of the size of your company, hiring frequency, administrative staff, benefits offerings and/or retirement offerings are critical.
Actually – you can’t even call it Payroll anymore unless you are a company with zero turnover and zero benefits and no retirement offering. Many business owners aren’t aware of the technology and service solutions available to increase efficiency and improve their teams experience as it relates to Payroll, Benefits and Retirement.
In fact, many benefits brokers and financial advisors offer their preferred solution for technology not even thinking that your Payroll/HRIS solution can do this for you, making your business processes simpler and more efficient. Most of the larger payroll players offer a benefits enrollment and 401k technology solution. This doesn’t mean the Payroll company has to be your benefits broker or financial advisor.
The downside to this? Service. The large payroll players are not great at it. Small to midsize businesses do not have a large administrative staff and simply need help with the administrative duties and technology available to them. Many times, they have a bookkeeper, office manager or controller responsible for Payroll, Benefits and Retirement who carry so many other responsibilities as well, leaving little time to think about how their lives can be better.
How do you know you need a change from a simple payroll solution to integrated technology?
- You have frequent turnover or seasonal employees
- You have a large investment coming in to fuel your growth
- You are hiring frequently throughout the year
- You have a 401k and you offer benefits
- You have small staff supporting the administrative functions of the business
- You NEED better payroll service
- You have employees’ in multiple states
- You have to email your broker every time you hire someone
- You would like better reporting
- You would like to remove the paper from your process
- You would like a simplified onboarding process
A Payroll technology and service can make your life easier and improve your employees’ experience. It’s called HRIS (Human Resources Information Systems). If you have a business with a small number of employees with little change you can still integrate your 401k. If you wish, you can eliminate paper with your onboarding and benefits enrollment. You also can get great service when you are a small business. You don’t have to be locked into a “benefits” association to get good rates and service. Your benefits broker can do more. And guess what – it does not cost a fortune. Often times, it is comparable to what you are paying now.