The global payroll and human resources market value hit $17.2 billion in 2016 and is expected to rise to $41.6 billion by 2026, according to a Transparency Market Research report. During this time 80 percent of enterprises plan to purchase or upgrade their payroll and HCM platforms. This reflects enormous opportunity for payroll software and service bureaus – But only if the ones that are offering the right solutions.
Apex HCM’s Director of Sales and Account Management Misty Blakesley recommends five elements your payroll firm’s chosen software platform must offer to assure you’ll get a share of that massive influx of client spending:
- Conversion assistance: “First on the list is a software platform and provider that will help you convert your client base to the new system,” Blakesley says. “Look for a provider who will assist in creating your conversion plan, executing that plan and completing the movement of all your client data.” Few payroll software providers offer conversion assistance. Yet, this can be a critical element in your choice. Taking the DIY route can cost a payroll firm 10 to 20 percent of their client base because staff are too focused on learning a new software and managing conversion to deliver the level of service clients are accustomed to.
- Training: Learning a new software system can seem daunting, particularly when your payroll firm’s success and that of your clients is riding on it. “Many payroll service bureau owners know they need a new software platform, but the thought of having to learn that new software can prevent them from making a move,” Blakesley says. The wait will only exacerbate the very problems that a sub-part platform is causing. Seek out a provider who offers thorough, ongoing training in setting up, running and troubleshooting your chosen system.
- More than payroll: Gone are the days of specializing in payroll – at least for firms focused on longevity and growth. Today, success mandates offering a robust suite of HCM solutions as well. “Employers expect more than payroll,” Blakesley says. “They’re looking for employee onboarding, time and attendance and some level of HR support, too.” A platform that consolidates payroll and HCM functions affords conventional payroll firms a prospective new client base, the ability to upsell existing clients and a higher client retention rate.
- End-user access: Today’s tech-savvy workforce increasingly expects easy, on-demand access to their employment data, from seeing their pay stubs to managing their information to requesting vacation time. Payroll firms not yet offering employer clientele platforms with web portal and mobile access to this data and functionality already are behind the competitive curve.
- Ongoing support: Software glitches are inevitable over time. When one happens, downtime can prove costly. In fact, statistics show that each minute of downtime can cost the average company between $962 and $17,244. Seek a provider who backs their products long after the sale.
Apex HCM offers a full suite of customizable, integrated payroll and HCM solutions to assure your firm’s success now and into the future. Call 878-645-3150 or contact Apex HCM online to learn how.