Hiring a payroll specialist is getting more expensive.
Take a look at this statistic. ↓
According to payscale website – the pay for average payroll specialists is as follows:
1-4 years of experience ↗️ RM 41,000 per year (RM 3,416 per/month)
5-9 years of experience ↗️ RM 61,000 per year (RM 5,083) per/month
Note: not inclusive of all additional statutory contributions, computer, allowances etc
Let me give you an example; if you are a bigger company with more than 100’s employees hiring an HR to cover the full spectrum of HR + payroll, end up they will indirectly spend more time doing payroll.
It is impossible to balance the wider HR work if the HR has to take on the payroll as part of their scope. You may end up adding resources which means adding higher expenses.
You need a payroll specialist to focus on the payroll if your company headcounts are increasing, but again it is never a cheap solution to hire in-house and yet common Malaysian companies would prefer to hire an HR who can cover everything.
▶️ This leads to my point now. Let me share with you the actual dollar and cents that you should consider.
✳️ Outsource the payroll processing.
⭐️ similar to the example 100 headcounts – you pay only RM2,500 a month for the services (you save nearly 55-60%) of hiring.
⭐️ if you are a startup with less than 10 headcounts, you don’t need an HR but you need payroll. It is merely RM 600 a month covering all that you need.
⭐️ the experience is anything 10 years above in payroll
⭐️ the payroll is a solid month in month out delivery. No Turnover issues
⭐️ Confidentiality assured
⭐️ Strictly compliant with all rules and regulations.
⭐️ If there are any unforeseen circumstances such as a penalty caused by a service provider, the payment is fully covered by the provider
Probably you can do the maths and perform risk analysis.
However, choosing a payroll provider is the key. Right provider not only saves you monthly expenses but stabilised your company. In addition to being a key part of your team as payroll advisor to the company.
➡️ if cost-saving, risk minimisation and yet getting a high-quality service level that you are looking at – Right House is here for you.