How Does It Help Your Business to Use One Company for Payroll and Benefits Management?
Companies have used one provider for payroll and another for benefits management for many years. This model has been the standard in the business industry for over a century. However, it is not necessarily the most efficient or cost-effective method.
In today’s world. Employers need to find the most cost-effective methods to manage employee benefits and payroll without cutting employee benefits or payroll. One of the best ways to accomplish this feat is to utilize one company for your payroll and benefits management.
1. Using One Management Company Is Efficient
When you work with a company that can manage your payroll and employee benefits, you save time. You have one portal to log into to check on your employee management system. You have one portal to teach employees to use for all HR-related issues, including payroll problems, benefits enrollment, and even changing benefits.
As a result, you save time by only having one company to contact when you have issues or simply need to manage your process. Saving time allows you to have more time to grow your business and manage other tasks.
2. Using One Management Company Will Save You Money
Times are hard for both businesses and individuals. Many individuals are looking for companies that pay well and offer benefits. Therefore, to stay competitive and attract top talent, you must pay well and offer benefits. You cannot cut costs by cutting payroll or benefits.
However, you can cut costs by streamlining your payroll and benefits management process. Using one company for these services means you only pay one management fee. You maintain one invoice for both services, saving you money in the process. Furthermore, many companies want your business for multiple liens of services. The more services you utilize from a business, the more likely you will receive a discount fee for services.
3. Using One Management Company Will Help You Know What to Expect at Every Turn
When you use different companies for payroll and benefits management, you may have discrepancies between changing laws, time frames, and even cost increases. However, using one company allows you to stay on top of every process with ease.
You have one contract. Therefore, your contract will begin and end at one time. You will not have to renew your payroll contract at a different time than your benefits contracts. You will not receive one rate increase months before you receive another.
Using one company means that you are always aware as things change because they only change with one company. As a result, the company must keep you aware to keep your business for more than one service.
You can use multiple companies to manage your payroll and employee benefits. However, you will pay for the process with both excess time and money. To help cut costs without cutting corners, it is best to utilize one company to manage both payroll and benefits.
Workplace HCM has helped companies manage their payroll and employee benefits while helping them save money. Call us at (856) 334-9711 to learn more about how we can help you.