Re-Imagine Payroll, Protect ProfitsMay 24, 2021
Payroll, IR35, and HMRC compliance are only three of the commercial obligations recruitment businesses face nowadays. David McCormack, our CEO, says those taking a fresh approach to outsourcing payroll will see savings in time and money.
Agency payroll is under unprecedented financial, resource and time pressures, thanks to the growing complexity of compliance, expansion of IR35 off-payroll rules, and mounting pressure to look after workers’ welfare.
Now is the time to take a different and strategic approach to payroll solutions, and by working with the right business, to protect and maximise profits, and safeguard worker loyalty and welfare.
Payroll is an essential administration duty for every business in the UK, with the smooth and accurate payment of the workforce vital to the growth, success and sustainability of your business.
Traditionally, payroll has been considered just an essential support function and very rarely seen as strategic. Yet those that don’t regard payroll as a strategic resource are frankly ignoring opportunity.
Adding payroll to the strategic plan is essential, and outsourcing payroll is a strategic decision that will address efficiency, cost savings, protect profits, staff retention, productivity, employee engagement, and wellbeing strategies.
Compliance is key
Recruiters should only use an outsourced payroll provider that provides compliant and reliable PAYE payroll support and employment administration that reduces overheads and improves operational efficiencies.
Anyone paid through HIVE360 is done so under PAYE. HIVE360 does not operate any form of tax avoidance or manipulation, which puts a business at ongoing risk. In addition, HIVE360:
- Is not an associated company of the client.
- None of its workers has any interest in its business (no shares).
- Its management and control are separate to and uninfluenced by the workforce.
- All workers are engaged under PAYE contracts (either of employment or service).
Savings and benefits
HIVE360 is an expert in recruitment agency PAYE payroll, wellbeing, and benefits provision - including those Governed by the GLAA - and brings it all together in one powerful and unique solution – Engage.
Recruiters outsourcing temporary workers’ PAYE payroll to Hive360 report savings of £100 or more per worker in the first year. Our analysis reveals that in the first year alone show:
- Recruiters outsourcing temporary workers’ PAYE payroll to Hive360 report savings of £100 or more per worker in the first year.
- A temp agency with 2,000 PAYE temps could see a return of £200,000 per annum.
- An employer with 100 employees could achieve a bottom-line return of over £10,000.
The Hive360 payroll solution includes tools that support employee engagement strategies, to deliver communication, wellbeing and lifestyle benefits, free of charge via our Engage app
Engage includes 24/7 confidential access to counsellors and GPs, especially important at this time - during the first week of Covid-19 lockdown, we recorded an unprecedented 273% increase in demand for mental health support services, and 102% increase in the use of the GP service.
Communication with a workforce is essential, and typically clients using Engage record employee engagement levels of over 80%. Indeed, since October 2020, it has had an average of 200,000 user sessions each month, with our team recording additional stats such as:
- a record-breaking 273% increase in demand for mental health support services during the first week of lockdown in March 2020;
- a 70% jump in demand for the app’s personal doctor service during the third lockdown;
- 39% rise in users accessing carer advice and support.
Why recruiters choose HIVE360
HIVE360 works with recruiters to deliver accurate, on-time, and fully transparent agency worker pay, and also to create significant cost savings on PAYE Payroll & Pensions Administration, improve internal process efficiencies, and reduce overheads.
- Fully HMRC & GLAA compliant and transparent PAYE payroll support.
- Future-proof solution that meets the demands of IR35 and the Good Work Plan.
- Auto-enrolment pension administration with high-performing workplace pension provider.
- Structured to deliver significant cost savings and operational efficiency gains.
- Centred around a mobile platform that enhances candidate wellbeing support and benefits.
- HR legal advisory support included for continued compliance and protection