The Era of Payroll Decentralization is here in the Payroll & PEO Space.
Payroll Data & Information is NOT the Payroll Service Providers, it is the Employers and the Employee’s information… “my information is mine, not yours”.
Decentralization refers to the “Transfer of Control” and the time is right for Employers to take CONTROL of their HCM Data.
Payroll Companies & Professional Employer Organizations make it very difficult for Employers to Access their Data, Move their Data, and Leverage their Data. Below we have outlined the Top 5 Reasons Why Employers Need to Back-Up Their Payroll Data and take back CONTROL.
Changing Payroll Providers: Payroll History often gets set aside and you don’t necessarily want to bring all the old data into the new system, better off storing it on a 3rd party system, the new payroll provider may not work out long term.
Leaving a PEO: Even though the PEO is the Employer of Record, the Client needs to make a plan to save and retain their Data while with a PEO.
Audits: Many Stakeholders Require Payroll Data for their Audits, such as Health Insurance Carriers, Workers Comp Carriers, 401K, DOL, & IRS, etc…
Lawsuits & Former Employee Requests: Whether related to a Lawsuit or a former Employee is requesting historical pay stubs & W-2’s.
Claims: Disability, Unemployment, Overtime, Workers Comp & OSHA all require that Employers retain Payroll Data.
Employers need to have a Back-Up Plan and their Payroll Data needs to have Mobility, Agility, Velocity, Reliability, and Security so that they can effectively manage their Human Capital Management.