Go Paperless With Your HCM System

Incorporate Paperless HR In Your HCM

Running a successful business means periodically evaluating efficiencies and workflow, particularly within the HR department. As the keeper of critical employee information, it's important to implement a human resources strategy that safeguards data, yet still offers easy access to permitted staff members. Paperless data systems have proven an ideal solution.
Recent years have seen paperless solutions surge in popularity in human resources departments, for a wide range of reasons. As companies rely more heavily on technology to manage their ever-growing influx of data, eliminating the HR paper trail in their HCM system streamlines workflow. No longer will the HR team rely on employees to fill out forms that will need manual entry into a spreadsheet. Instead, employees can update the systems themselves, instantly allowing the human resources crew to review and manage the process electronically.
Cost also proves a major motivator when making the move over to a computer-based system. Businesses instantly see bottom line savings in common office supplies such as staples, binding clips, toner, paper, and ink. Using less paper also means saving money on storage costs. Printing and storing fewer documents also has a positive impact on the economy; business owners can feel good about saving trees from the paper mill. Additionally, less paper stored means less paper eventually finding its way into a landfill.

Implementing An HCM System: Other Key Benefits

Costs and environmental consciousness aren't the only reasons to implement a human capital management system. Large and small companies alike have found an extensive range of advantages that an electronic solution delivers. Everyone impacted by the paper trail will reap the rewards of your new system. More importantly, a comprehensive solution will grant your employees the ability to manage all relevant processes and procedures. After an initial training, the team will be able to enter and process schedules, paid time off, and even generate customized reports that outline employee performance and management reviews. Bonus perk: without having to save and store papers, everyone's desk in the HR department suddenly seems less cluttered and more organized.

Going Beyond HR With Your Automated System

Human resources isn't the only department that can benefit from an automated system solution. In their quest to eliminate paper whenever possible, many business owners also opt to integrate their HR system with other departments, such as payroll. No more individual data silos, integration connects HR and payroll data and allows sharing of files as needed, all in one centralized location.
Once again, paperless wins. Eliminating printed copies of paystubs further saves on costs and overall waste. Pay raises will get logged directly into the database once and reflected at the next appropriate pay cycle. Employees directly benefit from this choice as well; their salaries get directly deposited to their bank accounts each pay period and they can quickly update key information such as address and tax withdrawal real time for optimal convenience.
Ready to make your paperless corporate vision a reality? The Payroll Company can help. Contact our team today to discuss your specific HCM needs.

Choose Experienced 401K Management Companies

What Makes A Good 401K Management Company

401K management companies can make a major impact on businesses of every size, and in any industry. Many workers rely on this important program alone to financially prepare them for when they decide to leave the workforce. However, not all 401K firms are alike; arbitrarily choosing a firm to entrust with your employees' retirement funds can have a negative impact on the entire savings experience. In order to maximize the advantages offered by 401K management companies, finding a quality, high-performing partner is a must.

401K Management Companies: Know The Good…And The Bad

Even the most motivated entrepreneur quickly realizes that finding a solid 401K company seems easier in theory than it does in practice. Don't go into the selection process blindly. Knowing a few facts about what makes a good (and not so good) provider will help you zero in on the partner best suited for your organization.
When sourcing qualified firms, look for a team that offers individualized strategies. Some vendors force their clients to invest in a very limited portfolio of products. This often results in restricted growth that may only benefit the 401K companies alone. Instead, when screening your vendors, let them know that access to customized solutions is a must. Work with a team who wants to create your plan based on your specific needs and requirements. Having a true partner in the process means you will receive an unbiased approach with your investments to maximize overall return on investment.
Once you've found a firm that delivers a personalized approach, you will want to ask if they offer an independent investment plan consultant to your organization. Many firms don't offer this service. Or, they only utilize advisors from their internal team to consult with clients on their portfolios. This can lead to conflict of interest as markets fluctuate, but your consultant has a vested interest in you keeping your funds exactly where they currently reside. An impartial firm will instead look outside their company to find advisory resources for their partners. Working with an independent investment plan consultant grants you and employees enhanced transparency throughout the entire process. These impartial experts will work with individual staff members to put together a diversified portfolio designed to maximize growth. Additionally, these specialists will also provide needed guidance to make changes and minimize the tax burden.

Qualified 401K Management Companies Offer Seamless Integration

Selecting your 401K provider should not cause major upheaval throughout your organization. As you move through the selection process you will want to discuss all potential providers' approach to implement their program throughout the organization. In today's technology driven world, you will want to eliminate vendors that don't offer online access to portfolios. Additionally, as a business owner, outsourcing your 401K solutions means that they should manage all your tax compliance requirements associated with the program. Ask the tough questions needed to ensure that your vendor has the knowledge and experience needed to keep your business compliant with local and federal tax mandates.
The Payroll Company offers customized retirement savings solutions. Contact our team today to hear more about how we can help prepare your employees for the future.

Common Payroll Services Misconceptions

5 Myths About Outsourcing Payroll Services

Does outsourcing payroll services make sense for your business? Before you answer, arm yourself with the facts. Overworked business leaders often talk themselves out of utilizing this critical function based on misinformation. Five common myths associated with an outsourced payroll service include:

1. We Are Too Small To Afford It

This is possibly the most popular misconception surrounding accounting services. You are legally responsible for payroll tax compliance the moment you hire your first employee. Not only will you have to manage filing returns and distributing payments, you also must ensure that your process adheres to lawful requirements that can (and often do) change frequently. Many entrepreneurs quickly realize that, no matter what size their operations, they can't afford not to have the peace of mind offered from outsourcing payroll services.

2. Our Internal System Works "Just Fine"

Using internal resources to manage payroll directly translates into countless lost productivity hours. Worse yet, manually updating calculation systems and spreadsheets amplifies the opportunity for errors and/or payment delays. Partnering with a professional payroll organization eliminates manual error, expedites employee compensation, and frees your team to focus on other core operations.

3. Generic Solutions Won't Work For My Business

You should never settle for one-size-fits-all payroll strategies. A qualified provider will take the time needed to understand your specific requirements. A true partner will use this insight to create a customized strategy with seamless integration. Added bonus: your vendor should also offer personalized reports so you never lose control of (or access to) your data.

4. We Don't Have Time For A Lengthy Setup Process

Business leaders are often surprised to learn that setting up a new payroll system won't cause a major upheaval in time and productivity. Your vendor will prep you in advance of required documentation so they can do all the heavy lifting behind the scenes before your system goes live. This advance planning helps insure as smooth a transition as possible.

5. It's Too Late To Switch Providers This Year

Wrong. You do not need to wait until January 1^st to switch to a better-suited payroll company. You will always want to allow for transition time when moving from one system to another. However, an experienced provider will have the skills needed for a seamless shift over to their services.
The Payroll Company creates customized payroll solutions for companies of every size. Contact the team today to hear more about upgrading your current payroll process.

Partner With Staffing Agencies In Madison WI

Staffing Agencies Madison WI: Why Use A Professional Recruiter

Small to mid-sized business owners often assume that staffing agencies in Madison, WI are only for the "industry giants." They tell themselves their business is too small, the cost is too much, and the ramp up time is too great. As a result, these entrepreneurs waste countless hours sourcing talent, often with little success.
In reality, staffing agencies in Madison, WI deliver significant benefits to companies of every size. As a small to mid-sized business owner, partnering with a professional recruiting team can yield five important advantages to your operations. Your chosen staffing firm will:
Save Time And Cost
Smaller and startup companies have to keep a careful eye on time and costs. However, using internal resources to recruit candidates can prove a major waste of each. Outsourcing your open jobs to a professional team means you'll fill your positions faster. Additionally, your internal resources will have the bandwidth needed to perform the tasks your pay them for, instead of spinning wheels trying to recruit.
Provide Flexible Staffing Solutions – Only When You Need Them
No one wants to pay for services that aren't always needed. Instead of incurring the expense of a full-time onsite recruiter, many business owners opt to partner with a professional recruiting firm. They receive customized, flexible solutions when they need them…without having to pay a fixed fee when they don't.
Have An Established Network
Running candidate searches often means starting from scratch with every new opportunity. A recruiting firm will have an already established network of screened candidates. They can quickly hit the ground running for minimized ramp up times. Also, this established network means they can proactively contact candidates who aren't looking for a new gig, yet.
Offer More Skilled Candidates
Staffing agencies in Madison, WI focus specifically on talent recruiting. They have the skills and experienced required to grant your business access to the most sought after professionals in your industry.
Assume Accountability
Ultimately, your recruiting team's reputation is on the line for every position they fill. Their primary goal is making sure the positions they fill, stay filled. A qualified vendor will assume accountability for every candidate in the process. They will carefully screen each applicant to guarantee credibility before sending their resume to your inbox so you only spend time with the best applicants for your opportunity.
Ready to build your talent team? The Payroll Company can help. Contact our team today to learn more.