As an alternative means of managing internal resources, external HRO specialists are providing businesses several innate benefits that far exceed the traditional brick-and-mortar model - more so than obvious cost savings and increased profitability.
We have read more news about organizations (mostly inadvertently) underpaying employees in the last 12 months, which shows that even with continuous advances in technology, payroll remains an area with high risk of mistakes and miscalculations.
In the face of dynamic and unprecedented situations, outsourcing payroll operations can help alleviate most of the anxieties associated with tabulating changing payroll, time off, surplus allowance, health coverage and tax incentives.
While many countries have imposed hefty penalties including jail time for individuals who don’t comply, what’s less well known is that companies can be penalized as well. In Canada, for example, a company can be fined if its employees break social distancing regulations.
Enabling businesses to focus on the output of their people rather than face time in the office, increasing relevance of AI and the focus on inclusion will be critical to HR’s role, says Mridula Venugopal, MiQ’s Chief People Officer
The classic model of having an internal payroll department doesn’t work today for many businesses. Here’s why delegating back-office activities to a professional business service provider is a time and cost-effective solution.