It may be shocking for you to know that more than 50% of businesses and nearly 90% of startups fail globally within the first 5 years of their establishments. Several factors contribute to their failure and one of the most important is the negligence of their HR and payroll functions.
Neglecting HR and payroll functions mean that businesses are likely to encounter issues such as bad hiring, compliance risks, poor performance, high turnover, and low morale work environment. This is why HR and payroll activities are among the most vital tasks to be outsourced in Vietnam.
In this article, we will show you why it matters to have a single outsourcing provider that can help you with both HR and payroll tasks.
Having a Single HR and Payroll Outsourcing Provider Matters
1. Collaboration Success in Different Departments
When you get yourself a single provider of payroll and HR outsourcing in Vietnam, you will have a lot more understanding and agility between your payroll and HR departments.
You will have more transparent, automated, and streamlined operational processes. This allows information to flow through easily among different departments for real-time actions, decreasing data duplication issues.
A single solution integrates and enables all departments and employees to perform seamlessly and coherently without any misunderstandings or inaccuracies. All relevant departments can view new information or changes such as bank details, pay rates, and working hours without any delay. Of course, security measures are also in place to make sure that only the right people have access to these data.
2. Advanced IT and Security
A single HR and payroll solution gives businesses one platform to secure all confidential and sensitive personal and company data. If you have separate HR and payroll outsourcing solutions, it also means that you will have two separate databases that hold your important information in different places.
Having your highly sensitive company information in different locations is dangerous in terms of the data breach. Therefore, a single HR and payroll solution makes information security and safety way cost-effective.
Besides, your single HR and payroll outsourcing provider will constantly upgrade all their IT and security systems, making sure that these upgrades are efficient for your integrated solution.
3. Detailed Data Analytics
Since a single HR and payroll platform can give businesses a single and thorough view of their entire HR and payroll system, this makes analytics easier and more effective.
With a single platform, you will be able to set and monitor your financial and non-financial KPIs in one place and come up with more detailed analytic results. These results can eliminate errors and boost performance.
Cekindo as Your Outsourcing Partner in Vietnam
Handling complex payroll and HR functions and keeping abreast of regulation changes can be tricky for foreigners running businesses in Vietnam. Particularly for payroll, you will have to be on top of different tax rates and pay rates, hours calculation, leaves and benefits entitlements, and many other things.
So why not engage a single payroll and HR outsourcing partner in Vietnam, and hand over your tedious but critical tasks to the experts? This way, you can get back to the building and expanding your business.
Cekindo is one of Vietnam’s leading payroll and HR outsourcing providers. We are constantly innovating our approaches and developing customised and secure payroll and HR solutions for organisations of all sizes. Cekindo is ranked among 10+ Top PEO Companies in 2021 and is recommended as an effective solution for different types of business.
At Cekindo, we also understand the importance of ongoing compliance and data protection of your business. Talk to our experts today and know how we can reduce your business risks and give you back the time to focus on what you do best.
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