Outsource To the Experts and Keep Your Employees Happy

In a competitive world, it is essential to keep your employees happy. You must not give them an opportunity to think about joining another company. Employees with experience are always in demand with your competitors. It is essential to keep them with you. For this purpose, you must ensure that matters pertaining to them and their welfare are looked after well. This may be difficult in small and medium companies where there are no large HR departments. The existing HR staff will be too busy with the daily functions that they won’t be able to do much for the employees’ welfare.

Difficulties in Managing Payroll

One of the most difficult jobs for any HR employee is to compile the salaries and manage the payroll. This has to be done on a monthly basis and so many aspects must be considered before finalizing the salary and other payments for a particular employee. There can employees in different categories. There may be permanent employees, temporary workers, and contract staff. All their payments will have to be calculated and disbursed as soon as the month is over.

There are also other factors which have to be included. There may be deductions in some employees' payments. There can also be additions due to working overtime. There may new employees whose details must be included and salary calculated for them also. If there are retirees then the settlement must also be worked out. All these jobs are a huge burden on the HR staff.

Related: Human Resource Functions Are Best Handled By Experts

Outsourcing Payroll Management

Among the many advantages of outsourcing your payroll work is that the payroll service providers conduct an accurate payroll audit and ensure that your company is fully compliant with the laws of Singapore. This is a very time-consuming job which requires a lot of expertise. The figures for a whole year must be checked along with all your statutory contributions and your employee turnover. Payroll outsourcing will help calculate this easier as the software they use will get all the details in a short time.

There are many other advantages like getting expert advice from the outsourcing company. You can also ensure that your staff is getting their salaries and details of the payment promptly. You don't have to depend on your payroll manager for this. If the payroll manager goes on leave, all the work will be delayed. With outsourcing, this problem is solved as they will have an alternate person assigned for your job even if someone is on leave.

There is much more confidentiality of your salary structure when it is given to the outside agency. If it is inside your company there are all possibilities that the information can be leaked to employees inside the office creating dissatisfaction among a group of employees. With an outside agency, they have no motive to expose this information. These agencies also help you by updating about the latest changes in the employment laws if any and keep you compliant.

How Payroll Outsourcing Works

The payroll outsourcing services gets all the information from you regarding your payment policies. They will input all these in the software with all the employee details. You can also view the software from your office. They will get all the attendance and other details for each month and work out the payment for each employee. They will calculate the amount and inform you. They will also work out the statutory contributions and inform the amount to you.

These agencies only charge as per the services that you avail. You don’t have to pay any flat fee. You can scale up the services whenever you want. As more employees are added these agencies will include those names and details also in their software and prepare the necessary payments. They will also calculate the payments for people who are leaving the job.