How to choose the ideal Payroll Service Provider

Managing payroll is more than just ensuring employees are paid correctly and promptly. Payroll encompasses many different aspects of compensation from taxes, policies, budget, reimbursements and audits. Having a capable payroll department benefits a company in many ways from increasing employee motivation, accurate budget control, passing audit checks, smooth implementation of new policies and a general peace of mind.

However, the needs of every company may differ. Defining what is an ideal Payroll Service is subjective depending on a company. With so many HR and payroll outsourcing companies in Singapore, what qualities constitute an effective and reputable Payroll Service Provider? Here are some questions to ask yourself first:

What Is Your Budget & Company Size?

It is important to identify how much you’re willing to pay for the services you need. Most HR recruitment agencies in Singapore usually charge based on the number of employees in the company when it comes to payroll services. This is also dependent on whether a company requires a full comprehensive payroll service or to outsource selective processes. Identifying the right services you need helps to curb unnecessary expenditure and become more cost effective. For example, it would cost more for bigger companies to outsource a payroll service as compared to a small company as they have a larger pool of employees. Big companies would also usually prefer an in-house payroll team whereas smaller companies do not.

How Comprehensive Is The Service Required?

Companies specialising in human resource outsourcing services have identified that a rigid comprehensive payroll service may not be ideal to all. This has brought upon new and adaptable services for companies to choose and pick processes they require specifically. Knowing what your company needs will then help you better find a HR agency in Singapore that better suits your needs and budget.

Is The Human Resource Solutions Provider Well Versed in Policies And Processes?

It is natural for a HR consulting firm in Singapore to be familiar with CPF as well as National Service claims for employees during their reservist. However, for companies with a large pool of foreign, contract or freelance employees, it may get very messy when it comes to taxes and compensation. It is advantageous to find a human resource company in Singapore that’s familiar with all these processes and has worked with companies like these before.

Will It Be Integrable And Is The Company Responsive When It Comes To Enquiries?

Are their software and processes easily integrable with your company? Will there be a lot of changes required internally? How responsive are they to enquiries in the future? These are also important factors to consider when finding the ideal payroll outsourcing service. Preferably, we would want to outsource our services to a company that is simultaneously easily integrable for better efficiency and provides the support to the individual HR departments.

HR Outsourcing in Singapore has definitely become more popular over the years. Finding the ideal payroll service provider allows companies to focus on more core processes – improving overall company performance and efficiency.

Wondering where to find a reputable company when it comes to human resources outsourcing in Singapore? Meet Talent Spot! Our services are flexible and adaptable to fit your company’s needs. We have worked with large MNCs to SMEs in over 8 countries throughout South East Asia making us one of the leading HR outsourcing companies in the region. We invest in our HR technology and people so that your company does not have to worry about yours. Contact us today!