When is the right time to switch your payroll service provider?

Once an organisation starts working with a payroll services provider, it seems too daunting to think of changing the vendor. It is common to face questions like ‘who will go through all the implementation and training cycles again with the new vendor?’. But does that mean that you should continue with your current service provider despite unacceptable service levels? Maybe not.

 

Today changing service providers is not as difficult as it may seem. It is possible for organisations to make a smooth transition to the new vendor without the headaches.

Here are some of the common reasons why organisations think about switching to another payroll service provider:

 

  1. Accuracy & Consistency – It goes without saying that when a company partners with a payroll provider, accuracy is top priority. Errors and mistakes, though can be corrected, can be very expensive for your company. If errors are consistently reported in your payroll, and running a MIS is becoming a headache, find a new partner that can provide you peace of mind.

 

  1. Customer support – Your payroll provider is offering you services, so, if you’re not able to get the support you need, when it’s needed, ask yourself why you need to continue with them and not look at alternatives?

The number one reason to switch providers is a lack of guidance and direction from dedicated, experienced professionals. Time is money, and if you’re stuck, without the right advice, on time, it’s time to switch.

 

  1. Time Consuming – We’ve already pointed out that time is money. And if you’re spending more time trying to engage and meet requirements of your service provider, it is time to find another partner. Payroll should be fast and easy (and accurate). If the payroll teams are too cumbersome to work with, then they may not be right for your organisation.

 

  1. Right Pricing – Overpaying for payroll? Why, when organisations have a plethora of service providers that are competing for your business? Sure, the big brands seem appealing at first glance, but, once you sign the contract, what is your experience like? Make sure that you read the fine print. Take a look at what payroll is costing your company, evaluate what you need, and determine if the ROI is right. If you’re incurring charges, that you feel are not right, look for a new provider with more transparency, and clear up front pricing.
  2. Partners in Growth – From start-ups to growing businesses, payroll fluctuates. As a company grows, inevitably, so do your HR and payroll needs. Depending on business goals, a lot of clients find that what they deem sufficient today, is usually obsolete a year or two down the line. If your payroll provider’s services can’t adapt and evolve to your needs, it’s time to ditch the solution and seek a more established company with the right capabilities.

 

In summary, as mentioned, changing your payroll service provider may not be as difficult as it seems. Today, most service providers will go the extra mile to ensure that all your data and processes are migrated seamlessly with minimal disruption. Typically, organisation can be up and running in the new environment within a month or so.

I hope you find this useful. Your feedback and suggestions are welcome

Shalaka Joshi (Finsmart Solutions)

Shalaka@finsmart.co.in

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