Outsourcing payroll, to many, means optimal efficiency for business managers working in a fast-paced environment like Singapore. The question lingering, mostly by proponents of in-house processing, is ‘what is it that outsourcing will cost?’ Let’s talk numbers now and see ways in which GOHRBPO could help beat payroll back into the fold at an affordable price.
With advances in the outsourcing business process, there is hardly any consensus on the expected costs of payroll outsourcing in Singapore. At this time, approximately 140 registered payroll bureaus are operating in the country.
Basic Cost Structure
On average, payroll outsourcing may cost:
- For small businesses with 1-50 employees: SGD 8-15 per employee per month
- For medium businesses, 51-200 employees: SGD 6-12 per employee per month
- For large businesses with more than 200 employees: SGD 5-10 per employee per month
Note: These are average market prices obtained from some industry surveys carried out by the Singapore Business Federation.
What Is Included in the Cost?
Standard payroll outsourcing services:
Core Services
- Monthly salary calculations
- Managing employer contributions to the CPF
- Employee tax reporting and filing
- Leave and attendance tracking
- Generation of payslips
- Year-end documentation
Also Read: Evaluating the ROI of Payroll Software in Singapore Enterprises
Additional Services (Cost Would Be Added)
- Processing of employee claims
- Bonus calculations
- Management of foreign worker levies
- Generation of bank files
- HR advisory services.
How GOHRBPO Makes a Difference
GOHRBPO is one of Singapore’s most acclaimed payroll outsourcing service providers with a single stop, comprehensive and cost-effective solutions to fit your business needs.
1.Customized Pricing Models
- Flexible packages based on company size.
- Scalable solutions grow with your business.
- Transparent pricing-no hidden costs.
- Bundle discounts for comprehensive service packages.
2.Value-Added Services
- Dedicated account manager.
- Live reporting dashboard.
- Self-service portal for employees.
- Support available 24/7.
- Keeping up with regulation.
3.Technology Integration
- Cloud-based payroll systems.
- Integrate with existing HRMS.
- Mobile app access.
- Automated reporting tools.
Cost-Benefit Analysis
Outsourcing payroll processes gives companies up to 30% in operational cost savings, the Institute of Singapore Chartered Accountants noted. GOHRBPO works out how to reap these benefits.
While the first options are measurable savings, the following gives the example of how these savings can be achieved.
Direct Cost Savings
- Less remuneration for in-house payroll personnel
- No more software costs
- Lower training and development costs
- Lessened chances of facing fines for compliance.
Indirect Benefits
- A more accurate and efficient payroll
- Security of data is strong
- Employee satisfaction
- More time for strategic HR initiatives.
Also Read: How to create a PTO policy for global teams? The Need for Payroll Services
Making the Right Choice
When considering payroll outsourcing costs in Singapore, look beyond the base price. The Singapore National Employers Federation recommends evaluating:
1. The Provider Experience
- Track Record in Singapore
- Industry Expertise
- Client Testimonials
- Service Level Agreements
2. Technology Infrastructure
- System reliability
- Measures and controls over data security
- Integration capabilities
- Easy to use interface
3. Compliance Expertise
- Knowledge of local regulations
- News on legislation changes
- Audit support
- Risk management
Why Should You Choose GOHRBPO For Payroll?
GOHRBPO offers a unique value proposition from a combination of training and technology through customer service:
Expert Team
- Payroll experts
- Understanding of Singapore regulations
- Multilingual support team
- Conflict resolver
Advanced Technology
- State-of-the-art payroll processing systems
- Strict security protocols
- Upgrading the system on a periodic basis
- Seamless integration capabilities
Customer-Centric Approach
- Tailored service to customer-centric plans
- Frequent performance reviews
- Continuous improvement strategies
- Responsive support members
Starting the Journey with GOHRBPO
Getting started on the road to outsourcing payroll is very simple:
- Set up a consultation on your needs
- A personalized quote is provided based on necessities
- Transition easy with automated payroll management
Conclusion
The cost to outsource payroll in Singapore will inevitably be dictated by company size and other requirements. However, cooperating with a credible and professional provider like GOHRBPO will create value well above base price. Combining the power of expertise, technology, and superior customer service, GOHRBPO is specially positioned to take on Singapore’s intricate payroll considerations while remaining concerned about costs and compliance.
Know what you want to streamline your payroll processes? The GOHRBPO team can provide you with a proper quote on how we can speed up your payroll management while controlling costs
