The Hidden Cost of Payroll
Payroll is one of the most expensive parts of any company’s budget. And while most of those costs are known, not all of them are. Fines, penalties, and the price of fixing errors — these are the kinds of variable costs that only surface when something goes wrong or when you’re running payroll across systems that don’t talk to each other.
In this infographic, we break down the known costs, along with the ones companies don’t always plan for, which can vary widely from year to year. They include:
- Recruiting costs — when you experience turnover in payroll, the cost per hire adds up quickly.
- Penalties for non-compliance — missing forms and payroll-tax miscalculations carry fines that grow with every mistake.
- Error correction — incorrect payments and employee misclassification take time and money to put right.
Adopting Workday for payroll is one way to rein these in. Outsourcing can also help by reducing total operating costs by at least 20%. Not all outsourcing experiences are the same, though. Some can actually add to the very problems you’re trying to eliminate or minimize.
How can you make payroll costs more predictable?
OneSource Virtual (OSV) gives you a dependable, Workday-native payroll experience. Our services are delivered within your Workday tenant by a dedicated service team that handles the day-to-day. This protects your data and keeps your costs predictable. It also means you can start by outsourcing what makes sense now and scale as your needs change.
Download the infographic to see the full breakdown of payroll’s hidden costs.
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