The current business context has made for more challenges and complexity in achieving consistent and quality payroll processing. With the rise of high inflation costs and an exodus of skilled workers seeking a fresh start, many are wanting to leave for the overseas market. The government estimates 50,000 people will leave the country by next year, and a skills-shortage for specialist positions will become even more problematic for key roles.
The four areas of pressures we are seeing on payroll operations are:
Covid – Covid has had a significant impact on staff levels and changes. The volume of position changes and movements has been significant in response to many organisations Covid response strategies, particularly in healthcare.
Volume of changes – the volume of changes and staff movements has overwhelmed payroll teams which has impacted the ability to maintain service levels and in particular accuracy and completeness of data records.
Retention of expertise – more emphasis with recent national compliance projects has driven the need for higher quality and experienced payroll professionals. The payroll market is very strong with retention of senior staff now becoming more of a challenge.
Payroll Compliance – the need for more compliance visibility and accountability has added to the payroll pressures and work demands, with significant compliance projects adding to the already growing BAU demands for payroll teams.
Is now the time to rethink how we manage payroll?
Many organisations globally are still trying to find that optimal payroll strategy post COVID, wanting the ability to operate normally without the need of unexpected risk and liabilities to business and staff. Outsourcing your payroll may be a viable option, utilising an external specialist team to manage and process your business’s payroll.
Is your business considering an outsourced solution for payroll? Let’s examine the common questions around it, and the benefits it would bring to your business.
WHAT makes an outsourcing payroll solution?
An outsourced payroll solution can be made up of an external team of remote (off-site) specialists. With many businesses moving to employees working remotely (predominately from home), a remote processing team enables staff to stay connected and collaborate from anywhere and at any time.
An outsourced payroll solution may utilise a professional or team to manage your businesses payroll, from system management, complex compliance, to full payroll processing.
WHY should you consider it? & What are the benefits?
Payroll can factor in a large amount of your business’s resources and costs if mismanaged, not to mention a high potential of non-compliance costs and incorrect liabilities. While an in-house team can process your business’s payroll, vulnerability towards critical skills can occur if a key team member decides to leave or has an extended period of absence leading to a loss of expertise and knowledge, business continuity risks, a costly hiring process and re-training all within a very short supply or hard to find payroll resource pool.
Using a specialist external payroll team ensures risks are managed and business continuity is maintained with no disruption or loss of services. Fully outsourced Payroll providers are run by specialists, and can work across multiple systems to cater to your business needs. This enables you to stay more focused on what’s important to your business, namely increasing productivity and driving service quality.
HOW can Integrity1 help?
~ Your own fully Managed Payroll Service (MPS – Managed Payroll Service)
Integrity1 brings in an all-in-one solution for businesses with MPS.
How does access to a specialist team of highly experienced payroll practitioners managing your entire payroll with an extended team of 50+ payroll experts sound to you?
We are flexible and cater to payrolls across the entire country all managed from a New Zealand based centralised processing centre based in Auckland. You don’t even need to change systems and can continue using your own Payroll system, or we can guide you through what’s best for your business with options of powerful and scalable payroll & HR software.
~ A partner you can trust
We respect client confidentiality and take employee data seriously. All of our staff undergo training from the privacy act. With current hosted clients including New Zealand’s largest Hotel chain, and New Zealand’s largest retailer, you can rest assured that your payroll would be managed by a team who bring vast experience (372 + combined years) across multiple industries.
Integrity1 offers an end-to-end managed payroll service coupled with specialist payroll advisory. We are far more than just a processing factory.
Find out more about MPS here, or if you would like to enquire about how we can help your organisation’s payroll, contact us today.
We currently have over 200 clients and work with over 25 HRIS and payroll vendors helping clients get the best out of their payroll and HR, from small to large businesses and government organisations.
We have over 50 experienced team members ready to assist you with your payroll needs. Constantly growing, our team brings vast capability across a number of sectors.
With over 372 years of combined payroll experience, you can trust us as a source of advisory. We can guide you through complex legislation and compliances.