The payroll department plays a key role in any organization. It takes care of the entire hiring process starting from issuing the offer letter to the printing of the termination letter. The salaries and other statutory benefits also are handled by the payroll department which includes getting the registrations for Employee Provident Fund and Employee State Insurance Scheme, etc. There are complex and time-consuming processes for these registrations. Reasons to use a Temp Staffing/3rd Party Payroll Firm for your company
A Temp Staffing takes care of the hassles of payroll processing and compliance in return for a fee. When the benefits are analysed, the fee is worth it.
Whether the candidates are required for IT or for US company projects, Temp Staffing/3rd Party Payroll Firm, has the required experience to handle all the formalities required to process the payroll for such employees including the issuing of visas. They are aware of all the regulations for offshore projects and they will incorporate all the required terms and conditions in the contract through seasoned professionals.
There are numerous types of IT professionals ranging from programmers to network engineers with varied experience. The Temp Staffing/3rd Party Payroll Firm has access to detailed information regarding the average market rate for salaries depending on qualification and experience. They ensure that the candidate hired by the client is provided salary and benefits at par with the in-house staff of the client.
What are the Top 7 Reasons for Using A Temp Staffing/3rd Party Payroll Firm?
Here are the top 7 reasons for hiring a Temp Staffing/3rd Party Payroll Firm for your company:
A payroll firm has a pool of experienced and qualified professionals to deal with all aspects related to payroll including job contracts, statutory benefits, and so on. They have standardized forms for onboarding employees as well as contracts. The staff of the Temp Staffing/3rd Party Payroll Firm understand all the steps in the payroll processing process as they are doing it on a regular basis.
These experienced professionals also take care of payroll requirements for staff hired for foreign projects. They also assist with the right category of visa application process along with the terms and conditions of recruitment.
Temp Staffing/3rd Party Payroll Firm is also familiar with the formalities of hiring IT staff and scrutinizing the applications whether it be a systems administrator or a project manager.
Sometimes you hire employees by advertising for a position, but in other cases, the employee is approached directly through a recruitment agency. The payroll formalities for such candidates are also taken care of.
The temp staffing firm will offer the candidate a salary at the going market rate according to their qualifications and experience.
As the Temp Staffing/3rd Party Payroll Firm ensures that all the formalities with regard to the Income Tax Act, the Employee Provident Fund Act and the Employee State Insurance Act are complied with, there is no fear of non-compliance or any penalty associated with it.
3. Superior Productivity
With the Temp Staffing/3rd Party Payroll Firm taking care of the temporary employee's remuneration in terms of pay at par with in-house staff, prompt payment, and complete transparency, the staff remain highly motivated. This leads to higher employee productivity.
The employee hired by the client has access to the salary and benefits details through payroll software. They can see the detailed breakup of the salary and other statutory benefits. In case of any doubt, they can always get it clarified by the temp staffing agency.
4. Higher Profits
Payroll processing requires a lot of time and resources. Issuing offer letters, verifying the documents submitted by the temporary employee, reference check, statutory registrations are some of the responsibilities. When Temp Staffing/3rd Party Payroll Firm takes charge, you can concentrate on serving your existing clients better and getting new clients for higher profits as the entire payroll processing is taken care of by the payroll outsourcing firm. You can concentrate on your core area while the payroll firm can concentrate on theirs.
5. Lower Costs
Having in-house staff who have the required experience in statutory compliance, payroll processing, job contract drafting, and so on proves to be expensive. They will have to be paid a high salary along with all statutory benefits. Apart from this, you will need office space, software which will require to be updated, hardware which will have an annual maintenance contract fee.
There are times when there might be a medical emergency or an employee on sick leave leading to absenteeism. Getting an employee on short notice is very difficult and there are training issues involved as well.
You won't have to worry about all this or absenteeism when you let Temp Staffing/3rd Party Payroll Firm handle this. The staff are on the books of the 3rd party payroll firm and you are ensured uninterrupted services.
6. Lower Employee Turnover
With the prompt payment of salaries, access to their payroll details as well as grievance redressal by Temp Staffing/3rd Party Payroll Firm, the employee turnover will be low.
The temp staffing firm will ensure that the salaries and other statutory benefits are paid to the employees on time. As timely payment of salary acts as a great incentive, the chances of an employee leaving are low.
7. End-to-end Solutions
Temp Staffing/3rd Party Payroll Firm provides end-to-end solutions starting from issuing the offer letter to the termination letter ensuring that you don't have to worry about their compensation or statutory benefits. All you need to do is pay the firm a fixed fee.
Get the Winning Edge With Paysquare
With over 17 years of experience in payroll processing and compliance, Paysquare provides customized end-to-end solutions for payroll processing and compliance services. Salaries and other benefits are paid according to the market rate and as per the experience of the candidate by Paysquare.
So enjoy the benefits of satisfied and productive employees by partnering with Paysquare!