If you’re a payroll service provider considering a cloud-based payslip solution, there are probably several key factors underpinning this consideration.
Let’s look at some of the most common variables that could influence your decision to move your payslip delivery into the cloud:
- Your clients’ teams are now predominantly mobile: This shift was generated by necessity during Covid. But now having experienced equal (or even increased) levels of worker performance, organisations will want solutions to support remote working on a permanent basis. If 80% of your client base have implemented a permanent remote working policy, then it stands to reason that you’ll be wanting to align your offering to accommodate them.
- Customer experience is important to you: You understand that customer experience is integral to the value you provide, and that payslip delivery has a vital role to play in the bigger picture. Your aim will be to ensure that every touchpoint a client has with your organisation is seamless. This is also the case for your clients’ employees. A seamless payday experience begets a hard-working, loyal workforce, which in turn guarantees a continued revenue stream for you.
- You want to maintain competitor advantage: Cloud-based solutions are now cheaper and more accessible to small and mid-sized firms. If your competitors fall within the ‘early adopter’ category, then they'll already have best of breed technology to augment their scale-up capabilities and will onboard clients more quickly. This is particularly relevant in the current era as organisations – unable to cope with the complexities of payroll – will be turning to external providers with a tech-driven approach.
(Which brings us nicely to the next point):
You’re planning to scale up your payroll business: And you would like to do so without increasing capital expenditure and the maintenance of a large infrastructure. Good – you won’t need to! Cloud technology will help you circumvent the need to hire new staff to accommodate the increase in payroll processing, or the need to hire IT staff to manage the backend of an ever-expanding internal network.
- You’re looking for new revenue streams: Whether payroll encompasses most of your client service, or is just a small percentage of it, one thing is certain: you’ll be looking at ways to maximise your current offering and increase the value you provide to your clients. Never has there been a better time to do this than in 2020, as payroll evolves into a more strategic, consultative client offering. For example, you could spend more time analysing clients’ payroll and advising on things like NNW compliance, pension advice, salary sacrifice, PAYE and RTI, benefits schemes and the impact of COVID on their payroll.
- Innovation is central to your organisational strategy: Like any business, you’re wanting to innovate to remain competitive. Cloud technology can give you access to entirely new value networks by virtue of their UX, functionality, and scale-up capabilities. Meeting your users in the digital ecosystems that they are accustomed to puts you right where you need to be to align with their needs.
- Security and data concerns underpin your entire client offering: This goes without saying, but like most payroll providers you’ve likely seen or experienced the security/GDPR flaws in emailed payslips and other legacy systems. Embracing a secure, cloud-based portal for your business is the best solution to future-proof your payslip delivery while ensuring your clients’ data remains secure.
Now more than ever, a tech-driven approach is fundamental for payroll providers wanting to scale up their business while ensuring an uninterrupted and seamless customer offering. In addition to the time and cost-saving advantages, cloud solutions enable scale up capabilities without additional capital expenditure or staff hires. And finally, surely knowing that your clients’ entire workforce can log on securely to a cloud-based portal (regardless of geographical location) is the peace of mind that would clinch the deal?