Outsourcing Payroll: A Positive Step for Your Business

Businesses are currently navigating through very challenging times. Recent events such as Rising Energy Prices, as well as the continued effects of Covid-19 and the lockdowns of the last few years, have created trials for many companies to overcome. Employee management has been redefined, with flexible working and wellbeing becoming more central, whilst cost-efficiency is more important than ever. Thankfully, this is where Hive360 and our Outsourced Payroll Services can help.

With HR and management responsibilities increasing, outsourcing your payroll and other HR duties can provide significant benefits. Here’s how you can reduce costs and provide businesses with a dedicated workforce to fulfil the specific services.

 

How Does Payroll Outsourcing Work?

Payroll is an essential administration duty for every business in the UK, the smooth and accurate payment of your workforce is vital to your growth and success.

For small to medium businesses (SMEs), payroll is often left to the business owner to manage. This usually isn’t because it’s the most effective solution, however – it’s just difficult and costly to staff an entire HR department for payroll services. But ideally, payroll should be the responsibility of trained professionals due to its importance, complexity and changing tax and compliance landscape. And this is where outsourcing payroll can help.

The payroll responsibilities that our experts manage include:

• Secure payment of your workforce with GDPR Compliant Payslips.
• Management of all tax & NI calculations.
• Ensuring HMRC and RTI submissions are completed on time.
• Ensuring continual compliance against any Recent Legislative Changes.
• Administration of workplace pension contributions, and opt in/out
• Administration of all pay & pension documentation

 

What Are the Benefits of Outsourced Payroll Services?

Payroll outsourcing companies, such as Hive360, offer effective solutions that give you peace of mind. Your staff’s payslips are taken care of and available on a secure employee app that they can access 24/7, so you can focus on what you do best.

Outsourcing payroll services rather than hiring internally can be a cost-effective solution. After all,  you’re only paying for the services that you require, which keeps costs down. Consequently, you can invest your money in growing your business or Rewarding your Staff.

 

How Will Outsourcing Impact My Employees?

In small to medium businesses (SMEs) it can be common to spread HR responsibilities throughout the team. By removing this burden, employees will be able to spend their valuable time focussing on their own job role. Ultimately, this helps the growth and success of your business, leading to greater job satisfaction as well as Higher Employee Retention.

HR Outsourcing can also give your employees peace of mind, as important administration duties are handled by an expert team. It means you stay on top of legislation changes and always follow the best practices.

 

Benefits of Outsourcing Services for Small Businesses

With outsourced payroll and HR services, you can change fixed costs into variable costs depending on your business’s needs. Professional HR firms will use their know-how to manage human resources at your company and, in return, you reduce your risk of anything going wrong.

Additionally, Employee Engagement and wellbeing in the workplace are both vital to boosting performance and profitability. However, while this culture is increasing, SMEs tend to invest their limited resources into other areas. Professional HR companies have plenty of experience in Employee Welfare and can give your workforce access to great perks and rewards, as well as essential mental health services. So, with Hive360, everyone feels the benefits of our payroll and HR services.

 

Hive360 and Outsourcing

Our outsourced payroll services and unique approach mean clients experience a ‘cost neutral’ impact on their operation. Indeed, depending on current arrangements, they can also see significant cost savings. We can even give you an indicative savings review for your business if you Get in Touch Today.

Hive360’s payroll outsourcing provides prompt, reliable and accurate payment to your workforce. This allows you to make significant savings on your employment and pension administration processing.

But what makes us different is that we combine this with a game-changing Engage Mobile App for your employees.

We deliver all of this through a unique commercial model that unlocks free unlimited access to an extensive range of blue-chip Employee Benefits. Health and well-being support, money-saving benefits, not to mention an engaging platform for communication and recognition are all included with us at no extra cost.

To read about the positive impact all of this can have, Check Out a Recent Case Study Here.