Staffing agencies play a vital role in today’s hybrid workforce. Still, the attributes that make them valuable also create unique challenges regarding applicant tracking, payroll, taxation, and compliance.
Last year, the staffing industry placed over fourteen million temporary and contract workers in various industries. And those fourteen million employers had different pay rates, hours, payment schedules, and locations. When it comes to payroll, how do you keep it all straight and ensure that everyone is paid accurately and on time? The answer is having a robust payroll and HR software system.
Let’s discuss some payroll challenges and how you can meet them with Greenshade’s Dynamics 365 Add-on Payroll and HR solutions.
Challenge #1: Speed - Greenshades Dynamics 365 payroll add-on wizard will quickly run and process payroll in 10 minutes
When an organization contacts your staffing agency, they want their request filled quickly. And the success of your business depends on fast action. With the competition for skilled workers, you need to find suitable applicants by whatever methods. You can locate talent with social media outlets like LinkedIn and online job boards like Monster and Indeed. But a more targeted approach is applicant tracking software available through your payroll and HR provider. Filter through the applicants to find the best suited for the job opening. Then allow employees to upload their i9 documents and review their information virtually. Placements are faster, and the information is accurate.
Calculating payroll for each employee is time-consuming and prone to manual-entry errors. Automating that process frees you to spend more time on the core of your business, placing top talent promptly.
You’ll also save time when your software solution automatically populates data into your year-end forms. Alerts and notifications ensure you won’t miss filing deadlines, and forms can be distributed electronically.
Challenge #2: Payroll compliance issues solved with Dynamics 365
Compliance is vital for all industries but is particularly challenging for the staffing industry. You deal with workers across several tax jurisdictions and industries, making compliance more complex.
The staffing industry deals with part-time and full-time employees and independent contract workers. Incorrectly classifying workers’ status will lead to inaccurate tax withholding that could result in significant penalties. Automated software with error protections will alert you to any discrepancies.
You’ll also need to ensure that federal, state, and local tax deductions are accurate. Your payroll software can automate deductions for even complex tax situations involving different jurisdictions and automatically withhold garnishments. Automate time-consuming steps of the payroll process by automatically calculating overtime, applying tax codes, and more.
Employees can track their own overtime accurately with timekeeping software with calculations according to state guidelines.
The EEOC requires keeping employment records for one year, the FLSA requires keeping payroll records for at least three years, and the FLSA requires keeping records of wages, seniority, evaluations, etc., for two years. Cloud-based software makes storage and retrieval of these documents easy and convenient.
Challenge #3 Workforce changes are addressed with Greenshade's Dynamics 365 HR Platform add-on
Two and a half years of a pandemic have dramatically affected the workforce. With the great resignation, remote working, and gig workers, staffing agencies face a larger turnover and the challenge of hiring and rehiring employees. Cloud-based software can keep track of employee records. Greenshades’ flexible payroll software lets you issue termination pay or generate special pay runs in unique situations.
Cloud-based solutions are indispensable, with many employees working from home. Now, administrators can process payroll and handle essential HR functions from anywhere. With employee self-service, Workers can take control of some HR functions that directly impact them. Self-onboarding, self-enrollment, and employee self-service portals save time for the payroll and HR team.
The workforce is evolving, and with increasing economic pressures, it is more difficult to find and retain top talent. Staffing agencies are on the front line of the workforce evolution. Although payroll and HR software is not a glamorous part of your organization, it is essential to help you navigate these changes.
For over 20 years, Greenshades has been addressing the evolving payroll, tax, and HR processing needs of staffing firms large and small. We would like to share with you some of the best practices we’ve learned along the way.
To learn more about Greenshades Payroll & HR Platform,