There are a number of providers in the market for HR and payroll services. They range from very small payroll companies to very large, global providers. Each year, nearly 20% of companies in the U.S. change vendors. This is most commonly due to service issues, lack of needed features or feeling like they’ve simply become just another number when trying to get help. It’s wise to evaluate the service you receive and the products you use every year or two.
When assessing your current vendor or considering a new one, there are a number of important areas which are critical to learn more about.
Human Capital Management (HCM) and payroll applications, both in-house and outsourced solutions, require you to store and handle sensitive employee information. Further, the compliance and reporting requirements on small and medium sized businesses has grown exponentially. Keeping up with tax changes, tax payments, wage adjustments, overtime rules, health care reporting, workers’ comp premium strategies and retirement plan rules is time consuming. Not to mention that a single mistake can be very costly in terms of both fines and your time.
Five key areas — from Security to Trust
This infographic highlights five key areas to assess when choosing a payroll and HR provider. It will help you know what to ask about and what to look for.