Dear Seniors,
In recent trends, most organizations are outsourcing their employees' payroll systems. How safe is this practice for both the employer and the employee? Please provide detailed notes on this.
Regards,
PBS KUMAR
From India, Kakinada
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592In recent trends, most organizations are outsourcing their employees' payroll systems. How safe is this practice for both the employer and the employee? Please provide detailed notes on this.
Regards,
PBS KUMAR
From India, Kakinada
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Dear Kumar,
There are many benefits of outsourcing payroll to expert companies that provide payroll solutions along with statutory compliance. The major benefits are:
For Employers:
1. No need for investment in payroll software and payroll resources.
2. Ensure 100% compliance towards statutory filings since the responsibility and ownership are passed on to the outsourced agency.
3. Maintaining the confidentiality of payroll information, which is not within the reach of in-house resources.
4. Continuity factor - In case the employer has in-house resources, they are dependent on the resource and have to look for a replacement in case of illness or resignation of the employee.
5. Managing and monitoring the resource.
6. Updates on statutory changes are the responsibility of the payroll agency, hence no need to worry about implementing changes in statutory compliance.
7. Get value for money - Accuracy, deadlines, etc., are the ownership of the payroll vendor.
8. Customized reports and analysis as per the requirement of the management.
For employees:
1. Quality and timely response on clarifications on payroll.
2. Educating employees on payroll-related matters by the payroll vendor.
3. No favoritism since the payroll is outsourced.
4. One-point contact for employees.
All these depend on the arrangement the company will have with the payroll vendor and the service levels of the payroll vendor.
Please do let me know in case you need any more information.
Thanks
From India, Faridabad
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There are many benefits of outsourcing payroll to expert companies that provide payroll solutions along with statutory compliance. The major benefits are:
For Employers:
1. No need for investment in payroll software and payroll resources.
2. Ensure 100% compliance towards statutory filings since the responsibility and ownership are passed on to the outsourced agency.
3. Maintaining the confidentiality of payroll information, which is not within the reach of in-house resources.
4. Continuity factor - In case the employer has in-house resources, they are dependent on the resource and have to look for a replacement in case of illness or resignation of the employee.
5. Managing and monitoring the resource.
6. Updates on statutory changes are the responsibility of the payroll agency, hence no need to worry about implementing changes in statutory compliance.
7. Get value for money - Accuracy, deadlines, etc., are the ownership of the payroll vendor.
8. Customized reports and analysis as per the requirement of the management.
For employees:
1. Quality and timely response on clarifications on payroll.
2. Educating employees on payroll-related matters by the payroll vendor.
3. No favoritism since the payroll is outsourced.
4. One-point contact for employees.
All these depend on the arrangement the company will have with the payroll vendor and the service levels of the payroll vendor.
Please do let me know in case you need any more information.
Thanks
From India, Faridabad
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Dear Kumar,
It is always beneficial and cost-effective to outsource the payroll activities rather than buying software or hiring payroll resources. Please find attached a comparison matrix for your reference.
Feel free to call me if you need further assistance.
Regards,
Ashwin Dubey
9545590105
From India, Pune
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It is always beneficial and cost-effective to outsource the payroll activities rather than buying software or hiring payroll resources. Please find attached a comparison matrix for your reference.
Feel free to call me if you need further assistance.
Regards,
Ashwin Dubey
9545590105
From India, Pune
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8 Benefits of Outsourcing Payroll.pdf
Statutory Compliance of a Industrial or Commercial Unit.xls