Implementing outsourced payroll is a great way to ensure tasks are completed efficiently and effectively while keeping your staff happy. This blog will explore 3 ways you can boost employee satisfaction with outsourced payroll.
What is outsourced payroll
Outsourced payroll is when a company delegates all or part of its payroll processes to a payroll company or provider. This can involve undertaking tax reporting and ensuring tasks align with compliance regulations.
Benefits of outsourced payroll
There are a variety of advantages to outsourcing your payroll that benefit both your business and employee satisfaction, such as:
It saves time
Implementing outsourced payroll can help save the payroll and HR team time on tedious time-consuming tasks. Outsourced payroll has the ability to automate processes and tasks, such as reporting, tax filing and paying staff, freeing up time for staff to work on more complex, business critical jobs.
Minimises errors
Outsourcing payroll minimises the chances of errors and mistakes being made, as automation follows algorithms and calculations that ensure tasks are completed accurately. However, it’s important for employee information like salary and student loan plans to be recorded correctly, as automation relies on the information you provide. Automation also reduces human errors made during manual processes and tasks. This helps ensure that staff are paid correctly and on time, contributing toward keeping them satisfied.
Improved compliance
When you opt for outsourced payroll, your compliance with the latest rules and regulations should improve significantly, as payroll software is designed to keep up with the latest laws and regulations to ensure compliance is met. This avoids costly fines, penalties or even business closure.
Enhanced security
Outsourced payroll providers often store information in secure data systems or cloud-based platforms to protect you from data breaches and cyber-attacks. Storing data in cloud-based systems also allows you and your teams to access information from anywhere at any time, making it easier for problems to be solved and for information to be edited. For example, many outsourced payroll companies provide self-service portals to enable employees to edit their personal information. This can also save the HR and payroll team time, as they’ll no longer need to edit staff’s information for them.
How to boost employee satisfaction with outsourced payroll
Automate payments
Outsourced payroll often allows you to automate payments. This is a great way to ensure you keep your staff happy, as it makes sure they’re paid on time and correctly. This gives employees peace of mind that they can rely on you to provide consistent and predictable paydays and financial certainty.
Automation also minimises the chances of human errors being made that lead to incorrect payments and staff becoming frustrated. This combined with the fact that automation frees up time for staff to work on development or engagement initiatives and tasks helps foster a positive work environment and boost satisfaction and morale.
Use software with a self-service portal
Outsourced payroll often provides self-service portals for employees to easily manage and edit their personal details at any time from anywhere. This enables them to make sure their data is correct, contributing toward employee satisfaction.
Staff can also access their payslips, view how much they’re being taxed and make changes to their banking details, all of which enable them to make sure they are being paid correctly and on time with no hiccups. Giving staff the power to take control of their financial information shows that employers are being transparent about how they deal with their information and financial details. This increases staff satisfaction levels, as they’ll feel as though their employer deals with their information sensitively.
Using self-service portals also reduces dependency on the HR or payroll team, giving them more time to work on strategic activities. This can boost satisfaction as they won’t be undertaking loads of monotonous manual tasks.
Assured compliance
Implementing outsourced payroll often comes with a dedicated team of experts that understand any changes to the latest rules and regulations relating to payroll. They’re also responsible for implementing and acting on these changes and ensuring that your payroll complies with them.
Knowing that compliance is continually achieved can boost employee satisfaction as they’ll know that they’re being paid correctly and that procedures are completed in line with regulations.
Ultimately staying compliant enables the company to stay in business and boosts employee satisfaction.
Implementing outsourced payroll with Payescape
Implementing outsourced payroll is easier than ever with Payescape. Our cloud-based payroll software gives you access to:
- Improved efficiency – Our software eliminates manual tasks, multiple spreadsheets and heavy data management that’s involved in manual data entry.
- A flexible contract – We offer monthly rolling contracts with no long-term commitment needed.
- Expert support – We have a team of CIPP professionals who ensure accuracy and compliance is achieved.
- A platform with HMRC recognition and BACS approval – This guarantees compliance and peace of mind.
If you’re looking to implement outsourced payroll within your business, get in touch with Payescape today to see how we can help.
