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Wasting too much valuable time on managing payroll and benefits administration? Outsourcing to the rescue!

Posted on: July 6th, 2017 | Category: Employment Administration, myHR DirectLink, Our Blog, Payroll/Benefits

outsourced payroll and benefits administrationTime is money. If the regular management of your company’s payroll and benefits is stealing valuable time from your team that could otherwise be spent helping you make a profit, that’s not good. Think about it: That’s a hit to your ROI for each person you have working on those fundamental HR functions.

Wasting time and manpower is never a company’s goal, and it doesn’t improve employee relations, either. Plus, your business may be missing opportunities to give more attention to clients, productivity and talent attraction.

And let’s not forget about compliance!

Government regulations don’t really care if your organization is busy with an internal technical crisis, RFP for a huge contract, backorders of materials or any other real-life business issue that requires administrative attention. They demand your full compliance, and they will penalize you if they don’t get it. Using an outside partner to manage benefits administration frees up your team to do more important work that you need to get done to remain competitive and profitable without risking lapses in compliance.

Outsourcing payroll and benefits administration to a trusted source makes sense.

Using an outside partner to handle your payroll and benefits administration and management functions frees up your team and assures confidentiality. That means you don’t have to worry about unplanned or planned time off for your internal payroll team, or about other HR functions backing up and frustrating everyone. Outsourcing payroll and benefits administration and management can be an important key to running a more streamlined and successful small or mid-sized organization.

Let someone else stay on top of regulations and manage the HR administration for you.

Companies like myHR Partner are payroll and benefits administration and management experts. (It is a popular add-on service that our myHR DirectLink clients truly value.) Are any of these tasks draining your team’s time and energy? If so, outsourcing is worth a look.

PAYROLL ADMINISTRATION:

  • Entering weekly/biweekly/monthly payroll
  • Managing timesheets or time clocks as well as overtime pay management
  • Managing commissions, bonuses, any additional pay
  • Setting up payroll for new employees
  • Managing tracking of paid time off
  • Exiting departing employees
  • Running reports
  • Communicating with employees regarding any pay matters
  • Monitoring the performance of your current payroll vendor
  • Managing employee deductions
  • Supporting year-end compliance (year-end payroll reviews and W-2 support)
  • Sourcing new payroll vendors or auditing existing ones
  • Any additional special needs or exceptions

BENEFITS ADMINISTRATION:

  • Managing general benefits administration

  • 401k /retirement plan support
  • Setting up benefits for new employees
  • Exiting departing employees/COBRA administration
  • Running reports
  • Communicating with employees regarding any benefits matters
  • Monitoring the performance of your current benefits broker/agency
  • Creating employee benefit communication materials (benefits summaries, announcements, etc.)
  • Ensuring compliance with benefit regulations
  • Implementing new benefit programs
  • Open enrollment
  • Invoice reconciliation/review
  • Staying on top of all the latest changes in regulations
  • Sourcing new vendors or auditing existing ones
  • Any additional special needs or exceptions

You can learn more about myHR DirectLink services and add-on services, and how we can help you improve your company’s ROI and productivity by contacting us at 610-443-0119, or by emailing us today.

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myHR Partner’s periodic publication, MODERN EMPLOYER, is created for business executives, owners and HR professionals who want to maximize their human resource functions using progressive hiring and HR strategies. It’s informative, fun and practical. Oh, and it’s FREE too!

You’ll discover:

  • Tips on hiring, screening, and interviewing
  • Creative ideas to help retain your best employees
  • Ways to put the “human” back in Human Resources
  • How to perform effective reference checks
  • New HR regulations and how they affect you and your employees
  • How small changes in certain processes can have big results
  • How to tell when partnering with an outside provider is in your best interest
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