THE NEED FOR THE 'PRE' RFP
Over the past few weeks we have seen a noticeable spike in businesses of all sizes looking at their future payroll needs. It may be reactive, it may be planned, regardless, the process for assessing the best fit payroll solution and vendor for your business is an incredibly important one.
Businesses can often have different reasons for embarking on a payroll project:
An internal facing reason - a transformation project
The truth – restructure, cost reduction, headcount reduction, offshoring
Vendor issues with existing product
Merger and Acquisition outcomes
Outgrown existing product or an outsourced vendor
Enhancing the role of Payroll in the business
Reducing and re-defining the role of Payroll in the business back to transactional
A change in inbound and outbound data sources (HCMs, T&A, Finance)
Consolidating systems
Underpayment risk and non-compliance reviews
Legislative change
Entering new markets
New management or ICT team
Moving to best of breed component systems
So how do you begin to work out which product is the best fit for your business?
There are many traditional and time-consuming methods in researching payroll products. In our professional opinion, no two payroll solutions are the same, and you can often be put under the direction of a sales team, not a functional payroll user in the process. Not all payroll systems suit every business. No matter how they are marketed or where they sit on technology matrices, they cannot be everything to everyone.
We have seen payroll system outcomes and payroll projects go terribly wrong, but also exceedingly well with the right research and preparation. Projects that work are where the product, the vendor, the payroll function and the software align and there is a seamless relationship between them all.
So how do you establish this fit and do so objectively?
We have seen a real need for an independent, system agnostic review prior to moving to RFP. This is where The Payroll Advisory Co assist your business in completing a true business analysis of what the real needs and outcomes of the project are. We look at the risk profile, the spend appetite and the future goals of the business, and how the payroll function fits into this. The business review is commercial and holistic – independent and truthful. We look at your technical capacity, your team and the resources you have available to not only deliver the project, but what your structure needs to manage ‘business as usual’. We overlay compliance and statutory requirement analysis – and the roles and responsibilities within the payroll department.
At The Payroll Advisory Co, we understand the real world challenges payroll teams deal with. As part of our advisory services, we understand and can relay to you the importance of how the final product fits with the processes and procedures of your business.
We look at all touch points in the cycle and consider how you are going to meet those actual business challenges that exist to you.
We approach multiple vendors and information gather in direct response to your individual needs. This can maintain your business anonymity in market until you are ready to move to RFP or talk commercials. Our process has the potential to result in significantly less capital expenditure for you as we may be able to salvage your existing solution in the process.
This is our Payroll Buyers Advocacy service. It is your Pre RFP go to. It will give your business every chance for a successful payroll project and ongoing payroll business as usual. Click here to learn more or here to get in touch.