There used to be a time when most of us were shocked in the aftermath of Edward Snowden or Julian Assange blowing the whistle on some of the most high-profile scandals of our lifetimes.
Yet somehow none of that fractured our sense of shared reality as much as being alive in the Trump era. We were shaken by the shoulders to come to terms with the rampant misinformation, openly mendacious allegations and infectious manipulation. And amid it all – fact was a lost cause.
The false sense of nationalism combined with the worsening tensions across the developing countries meant that one of the fattest targets of this resurfacing xenophobia in business is – outsourcing.
In 2017, IBM became one of the pioneer companies to have more employees in India than America. In fact, many leading multinational corporations consider outsourcing to be an ethical, effective and an age-old solution to grow in the market. So, why do we end up marginalising anything that’s outsourced?
Often catering to our stereotypes and pre-conceived notions, these bits of fake news or myths blurred the lines between what’s right and what’s wrong. So, It’s important that we pick up the cudgels to go past the smokescreen and keep the endangered culture of propagating facts alive. Since payroll is such a widely outsourced yet scrutinised function, we’d like to dig into what’s a fact and a myth about outsourcing payroll functions.
Let’s address the elephant in the room -- particularly in the age of data breaches, figuring out how the provider plans to centralise and protect your client’s data could break you out in a cold sweat. On top of which, the post-GDPR times have made businesses in the EU more nervous about considering outsourcing.
But here’s a fact: There are a many companies, including Facebook and British Airways, which were responsible for their own downfall due to colossal data exposure and inadequacy in their in-house security measures in the past. Outsourcing providers on the other hand, treat data security as one of their highest priorities and business standards.
When choosing your outsourced payroll provider, make sure you do your homework in finding about how data is secured or whether they meet the global standards of cybersecurity. For example, accountancy offshoring firms like QX uses their GDPR-Compliant procedures and certification to assure clients that data is processed ethically. Certifications are also guarantees for reduced chances of data breach and shows the firm’s accountability.
Sometimes small businesses are set in their ways. Mostly because there’s a lot at stake and a greater impact in times of loss, particularly when it comes to experimenting with new avenues in their business functions.
Some might say, in-house payroll might be traditional or comfortable but when subjected it under careful practical thought – multitudes of expenses like hiring cost, capital consumption, infrastructure costs, programming obtaining cost and operational use – are to meant to be dealt with.
Moreover, outsourcing will oil a business’s regular functioning by a landslide. Payroll isn’t just about writing checks. Employers need to print, sign, distribute checks, withholding employee taxes, paying payroll taxes – in short a lot of time consuming tasks. Outsourcing payroll could be a way for small businesses to focus better on develop business than crunching those valuable hours on processing tax sheets.
A lot of myths are directly a result of some widespread rumours or our sense of insecurity and fears. Typecasting payroll outsourcing as services, particularly tailor-made for large, conglomerate business would be stripping it off its true potential for helping small and mid-sized business in reducing costs.
Every company regardless of their size has to ensure that you comply with regulations. A provider would be better equipped to handle complex tax regulations and staying up to date with laws – unless you’d like to see your in-house employees to spend their work days rummaging through tax manuals.
For all businesses big and small, outsourcing payroll function is all about de-cluttering and re-establishing focus.
It’s true that we live in a time of scepticism, misinformation and indifference. But we should use these tumultuous times to open our eyes and minds to not take things as it is. We should all be able to vet our facts, questions rumours and bust some myths from time to time.