This week Apex published our latest white paper entitled, “The New Revenue Engine for Payroll Service Bureaus.” This research paper explores the rapidly growing trend of traditional payroll service bureaus shifting to a broader revenue model of providing new technology and human capital management (HCM) services. While I am proud of our research, I must say that I am more proud of our customers, many of whom are so future minded in evolving their business models and openly shared their stories with us.
“The New Revenue Engine for Payroll Service Bureaus” presents industry data and interviews from payroll bureau operators that have shifted to this HCM approach. For example, Frank Plum, President Workplace HCM. Frank previously ran a traditional payroll processing bureaus for many years but saw this trend coming. Frank embraced the new technology, shifted his payroll business toward HCM and opened Workplace HCM. Frank told us, “We package our platform, upfront, as a full suite option for customers and we charge a little bit more.” The additional revenue opportunity lies at the heart of this trend toward offering more than simply payroll processing.
The white paper also includes is a “How-To” process to begin offering the HCM suite with examples of the types of HCM services that require little operational effort but generate significant returns. I definitely recommend you download “The New Revenue Engine for Payroll Service Bureaus.”
Today, major technology and business changes affect all of us in our everyday lives. Just think, not all that long ago we were told “Never accept rides from strangers” and “Don’t trust people you meet on the Internet.” However now we click on Uber and get into a stranger’s car. The traditional model of the taxi business has been disrupted operationally and also in our mindset and behavior.
Similar disruption may be headed to the traditional payroll services model and with that disruption brings new opportunities. Opportunities to change operationally how we run our businesses and perhaps change the way customers think of the services a payroll bureau can provide.
This blog post is guest authored by Ian Oxman, CMO at Apex HCM. Apex HCM leads the payroll and HCM technology industry and is based in Roswell, GA. You can reach Ian at email@example.com