As your business grows year-after-year, so will your employee strength. In such a scenario, it’s best to reach out to a contractual staffing firm offering third-party payroll services.
Startups, corporates, small and medium-sized enterprises leverage third-party payroll services to cope with the excess demand (for employees).
This move helps companies become more economical in the long run.
How exactly? Let’s dive in and take a look.
Contract staffing in India is not an age-old method. It’s a rather new way of hiring which, in recent years, has found success and popularity amongst businesses.
Mostly for the services offered, which are tailored to meet business’ requirements.
Onboarding, compliance management, 3rd party payroll services, issuing offer letters to temporary employees, and even termination formalities are handled by contract staffing companies in India.
Of course, they charge a fee. But hiring a contract staffing agency for 3rd party payroll services makes a lot of sense as you get a lot of benefits in return.
Here are 4 such benefits.
As we all know that prospecting, screening and recruiting the right talent is time-consuming and a lengthy process. So, outsourcing it to a third party payroll management partner saves time.
A contractual staffing partner has a ready data pool and infrastructure framed by payroll and compliance experts which enables them to hire at a lower cost.
Contractual staffing partners specialise in having an in-house team of experts who handle recruitment, payroll and compliance, and employee management.
These firms ensure that they monitor constantly changing regulations and government norms.
By choosing third party payroll services, you literally wash your hands of, among others, paying salaries, managing compliances, remitting payroll taxes, maintaining payroll software, and generating reports for in-house use.
Everything is taken care of; freeing time and resources for you to accelerate business growth.
Any business entity signing up with a reputed contractual staffing agency offering excellent third party payroll services stands to gain.
And it’s not just the employer — employees too benefit.
Below are some entities that advocate payroll services.
Payroll is a time-consuming non-core business function. And by non-core, it does not serve as a center for profit, however essential it may be. For this reason, businesses have long favoured outsourcing it to third-party payroll agencies.
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Thanks for sharing such an informative article and this is helpful to us...
Yes, your blog nailed it. Many small business entrepreneurs are still not focusing on outsourcing their payroll services. By outsourcing, you save time, control costs, ensure enhanced accuracy, and minimize compliance risk, without having to give it a second thought.