From the course: Human Resources: Working with Vendors
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Making a good vendor match
From the course: Human Resources: Working with Vendors
Making a good vendor match
- So, you've hired an HR vendor to manage your payroll for your IT firm. You pay the vendor the total amount of the payroll so that they can cut the checks to your employees. The total amount of your company's payroll is one million dollars. That week you hear that payroll vendor went out of business. They have your money, and they won't be cutting your checks to your employees. As the employer of record, you're still obligated to pay your employees for the hours they worked. Guess what. You get to pay double for your payroll that week. Two million dollars. Vendors that are outsourced HR providers should be carefully selected and managed. When evaluating potential HR outsourcing partners, three major areas should be considered. First, a major aspect that a company must consider is if the HR vendor is financially stable. This helps to ensure that the service provider will stay in business. As my example above states, this is imperative that the vendor is in good standing. That way, you…
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