Payroll outsourcing is nothing new. For years, many firms outsourced their payroll function to reduce their costs and improve the efficiency of a largely non-strategic activity. But now, home care agencies realize that pay is the core of the employer-employee relationship and must not only be delivered efficiently and perfectly every time but also be delivered in a way that meets the unique needs of business leaders, payroll administrators, and employees themselves. In fact, data from m.Research earlier this year shows that over a third of the agencies surveyed are making HR investment a priority, and, in particular, are investing in moving their in-house payroll out to third-party service partners.
As payroll technology has advanced, and cloud delivery capabilities have become the norm, delivering on-time, always-accurate paychecks at low cost have become a baseline expectation. Faster access to data and increased computational and analytical horsepower also means that new trends in payroll have begun to emerge. The most important payroll technology trends we have seen focus on a payroll solution provider's capability to accurately capture, calculate, and securely deliver the appropriate payroll data based on each user's role.
Today’s agencies are looking for payroll partners that can provide them with the depth of functionality, accuracy, and experience, while still continuing to manage costs. Data from m.Research shows that of all the mid-sized (500-10,000 employees) organizations surveyed, nearly half cited the need to improve employee experience as one of the top three reasons they were changing payroll providers.
So what are providers doing to deliver this experience to employees?
Clearly, payroll is a fundamental transaction binding employers and employees together. It is also critical to how home care agencies interact with external entities, like regulators, benefit providers, and financial institutions. By modernizing payroll solutions, agencies can take advantage of technology and services to deliver a differentiated employee experience. And, importantly, it cements the data and relationship foundation upon which so many other elements of human capital management are built.
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