5 questions about payroll solutions
is a payroll service the right solution for your talent needs?
When your company needs talent quickly and compliantly – without adding headcount – how can you deliver the resources to execute on business goals? A payroll solution can help you add the workers you want without the overhead and risks involved with permanent hires or independent contractors (ICs). By partnering with a payroll service provider, you can free your organization from the responsibilities of being an employer of record, but still enjoy all of the benefits.
When is a payroll solution right for you? Consider these five factors to help you make the best determination.
1. Do you use internal sources to source contingent talent?
Internal recruiters, manager referrals, contract-to-hire positions and/or other internal channels are great ways to complement third-party staffing and communicate your brand and culture to candidates.
2. How do you engage with contingent talent that you’ve sourced?
If you leverage internal sources to find talent, you likely are engaging with a third-party to serve as the employer of record (EoR) for talent that does not qualify as 1099. Without such a partner, you may be overpaying on markup and jeopardizing your candidate experience and communication consistency while incurring multiple invoicing and payment processes.
3. Concerned about independent contractor misclassification?
IC misclassification can pose significant risks in terms of taxes and fines. By engaging these workers as payrolled resources, you are protected from improperly classifying non-employees, while ensuring you have access to the skills you want.
4. Want to grow your pre-identified contingent talent population?
Talent pooling can be a great way to grow your pre-identified contingent talent population. Through a payroll solution, companies can capture fully vetted (re-deployables, retirees, interns), partially vetted (silver medalists and candidates from other departments of your company) and to-be vetted resources (new talent seeking opportunities with you).
5. Need more insights on your payrolled workers?
By offering sophisticated analytics, an effective payroll solution gives you important insights on how effectively your payroll strategy supports growth goals. This will help you align workforce planning to business needs and improve decision-making with a data-driven process.
to deliver all the talent resources your company needs
Payroll is one of the most effective ways to access talent on demand, reduce the risks associated with independent contractors and help you become an employer of choice. Whether you decide to source the talent, or need the curating support or direct sourcing capabilities of a partner, a configurable program can deliver all the talent resources your company needs.
As your business requires greater workforce agility, consider all the benefits that a payrolling solution can deliver. To learn more how Randstad Sourceright can help you acquire the skills your organization needs, download this fact sheet or contact one of our experts.