Human capital management (HCM) technology is constantly evolving, and clients are expecting your service bureau to keep up. In fact, data from isolved’s Transforming Employee Experience report reveals that the need for a broader human resources (HR) technology platform is the top reason why employers are switching the professional employer organization (PEO) they work with this year.
Since the technology you offer impacts the way you are able to help your clients address key business challenges, it is no surprise that it can also play a significant role in new client acquisition (in addition to client retention). Here are a few considerations to ensure that you have the right solutions to fulfill every client’s needs.
Adaptable and Compliant
Let’s look at a very specific example: a prospective client requires a solution for calculating taxes for remote employees or those who work in different locations across the country. Many HCM platforms will not offer this as part of their solution as it requires automation technology to ensure accuracy and consistency in the tax calculation process. Determining special tax considerations, keeping track of reciprocity rules, compliance requirements, and employee relocation can make these calculations extremely problematic, time-consuming, and clog the flow of productivity overall.
By prioritizing HR technology that is adaptable, accurate and compliant, you can equip your business with the tools to properly serve the needs of both your existing and future clients.
Scalability and Client Size
Larger organizations often have greater and more detailed requirements, and to serve these types of clients you'll need to offer HCM software that can manage a large (and growing) workforce. Choosing the right technology platform isn't always an easy task, but focusing on scalability and growth potential can help you narrow the field.
It’s also important to evaluate the level of cohesiveness across a platform; many providers have taken the Frankenstein approach by bolting together systems that do not work well together or even look the same. This can cause issues for both you and your clients – providing a disjointed experience that isn’t streamlined and lacks efficiency.
Is Your Technology Ready for the Future?
As the business world advances into the future, HCM technology must constantly advance and evolve to meet the ever-changing needs of the industry. To remain competitive, your service bureau – whether a PEO, administrative service organization (ASO) or payroll service provider – needs to keep up with new technology and implement fresh strategies to serve a broader range of clients at different stages of growth.
In many cases, deals are made based solely on the ability of your software solution to perform in a way that furthers the goals of the prospective organization and meets their list of needs. The question you need to ask is, "does our HR platform offer the features, functionality and benefits that our clients are looking for today and tomorrow?" When you can answer yes to this question, your business will be better positioned to win more deals and keep current clients happy.
Looking for an HCM platform to support your clients’ unique needs? By joining the isolved Network you can provide your clients with software that is configurable, adaptable and scalable. Download this eBook to learn more.