In the last 10 years or so, outsourcing payroll has become a must for many companies nationwide, this includes construction companies. Not only does outsourcing save you time and money, but outsourcing your payroll has become a way to sustain privacy and security within your company. Cyber attacks have become a realistic threat every day and it’s important to protect your clients, employees, and your business as a whole. Not only is security important and a big influence in outsourcing payroll, but privacy is also a hot topic when debating the issue on whether to outsource or continue with in-house payroll management.
Without the right software, internet security, and back-up plans in place, it’s easy for your business system to get hacked. This is especially true for payroll. Payroll programs can contain a lot of sensitive information pertaining to your employees. If that system were to get cyber attacked by a hacker, then someone would have social security numbers, addresses, phone numbers, and bank account information. When you outsource to a team of experts in payroll, you then guarantee yourself and your employees more security than you would typically have at home or at your work office. Experts in payroll have all of the necessary tools in place to ensure safety and security as well as consistent updates that one might not have otherwise.
In terms of privacy, outsourcing is a great way to keep the culture within your company as private as possible as well. When you have an in-house payroll specialist in place you run the risk of sensitive information getting out within the company. You will always have one employee that knows all of the information associated with the other employees such as how much each gets paid, how much time off has been taken, etc. This might not sound like a big deal, but it could create some unnecessary drama within the company, especially when friendships come into play and promotions/pay raises pop up. Outsourcing is a great way to eliminate any possible friction between employees and create a much more private atmosphere.
As we all know, the main reason to outsource payroll is to save time and money, however many of us don’t stop and think about the other benefits of doing so. Privacy and security are some of them! It’s easy to overlook the issues one could run into when managing payroll yourself or hiring an in-house specialist, but hopefully this sheds some light on the other reasons why outsourcing is the better option. Outsourcing payroll has become a way to sustain privacy and security within your company and statistics show this to be true as well as the continued increase in this direction every year. If you haven’t outsourced yet, it might be time to consider doing so!
