5 Banking Practices to Consider When Vetting Payroll Providers

In March 2023, thousands of people didn’t receive their paychecks on time due to a major bank collapse. HR and executives at the affected companies couldn’t do anything while their people suffered.

Why? Because their HR and payroll tech provider only banked with one financial institution.

This wasn’t just a problem for organizations in tech and financial sectors. Another disaster like this could impact a company from any industry.

Employers should invest in an HR and payroll provider backed by diversified banking — the practice of using multiple financial institutions to offset one’s possible failure. Leaders should also ask their prospective tech provider about their:

• risk management
• continuity strategy
• competency
• capacity
• stability

While no provider’s perfect, vetting them effectively could help avoid the fate of the businesses and employees harmed by the bank collapse.

How do businesses ensure their HR and payroll provider will protect them? Download our free guide to find out!

About our Sponsor, Paycom:

Paycom provides transformative HR and payroll software for the entire employee life cycle. A single, easy-to-use software empowers employees to access, manage and update their own HR data — from benefits and PTO to direct deposit and everything in between — all under the same digital roof. The transfer of responsibility from HR to employee increases accuracy, security and compliance; improves the overall employee experience, thus boosting retention levels; and frees HR to focus on driving greater business value.