Question 1

What should one do if they get a call about hiring from a big company through a third-party payroll service provider?

Accepted Answer

To begin with, congratulations, you have a chance to get a job! If you get such a call, then you must consider the pros and cons of such an undertaking. If you are a fresher and looking for experience, this may be the perfect offer for you. If you are a manager, analyse whether you are okay with the pay that has been promised and if the brand name of the larger organization would compensate adequately for the slightly lower pay.

Question 2

Why are companies increasingly opting for third party payroll services?

Accepted Answer

Companies have realised the benefits of third-party payroll service providers. These payroll service providers help reduce the costs and provide access to technology that will not only help automate certain tasks but streamline the entire payroll process, making it easy to administer.

Question 3

Who should opt for third party payroll service?

Accepted Answer

Employers who can’t manage their businesses, need more time to focus on their teams and interactions within and between them and those who are currently unable to pay their employees on time due to delay in payroll processing are some of the businesses that must opt for a third-party payroll service provider.

Question 4

Which industries are best suited for a third-party payroll?

Accepted Answer

The following industries are most suited for a third-party payroll service: IT Companies (both software and hardware), BFSI companies, non-IT companies (pharma, retail, and construction) and the BPO sector (voice and non-voice customer care).

Question 5

How old is the oldest recorded payroll system?

Accepted Answer

The oldest recorded salary is from the neolithic period of 10000 – 6000 B.C. In Mesopotamia, there is a record of rations given to workers as early as 2500 B.C. and by 5th Century, the Greeks had a system of maintaining their business books. But it was not until 1799, with the introduction of income tax in the U.K., that the modern system of payroll came into being.

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