While there's certainly still a bit of a debate over whether or not shared services are worth it, the consensus seems to be that it really depends upon just what a company's goals, situation, and needs are. In most cases, something as simple as utilizing shared services payroll may be enough to provide serious benefits to a company. If you're reviewing all of your payroll and human resources options, you owe it to yourself and your business to take a closer look at shared services payroll and just what it can do for you. It offers unique opportunities and several very real benefits that other options may simply lack, and for many it's well worth considering for their company and for their human resources department.
The first step to figuring out just whether or not shared services payroll is right for you is to actually figure out what it is. Like most shared services, shared services payroll is nothing more than sharing resources between two or more companies, in this case payroll. The shared service may be located within your company or within another, but in the case of shared services payroll it's often a separate entity that serves multiple organizations. In fact, it's easiest to just think of it as an outsourcing solution for your payroll needs. You'll be using the same payroll group as other organizations but enjoying a wide range of different benefits as a result – benefits only shared services payroll can provide to you.
- You may be able to save as much as twenty percent in costs when you switch to shared services payroll. Even companies that saved less normally cut their costs by as much as ten percent thanks to shared services payroll. In fact, only a fourth of companies in a recent study had savings less than that.
- Using shared services payroll often implements web based services that allow you to self-service yourself in many aspects. You can access your account and your information at any time and review all the information that you need to whenever you like, even when your regular HR department would be closed.
- Using shared services payroll is a way to ensure you're letting the most skilled professionals possible take care of your payroll. This lets your HR department focus on other issues like employee performance or benefits administration while the pros from a shared services payroll organization handle the grunt work associated with payroll.
- When you use shared services payroll, the system will grow along with you. You won't have to constantly upgrade equipment or hire new employees to help out. Instead, shared services payroll handles payroll and leaves you and your company free to grow without worrying about technology matching your rapid growth.