Employee satisfaction is paramount to Startups, as successful entrepreneurs have stressed time and again that a startup can survive without raising external investment but cannot live without a great team. It takes time and humongous efforts to build a great team. Few surveys have highlighted that a CEO or Co-founder spends more than 80% of their initial few years just in hiring.
Payroll is a function which almost all the startups outsource. Reasons are manifold:
- You donot want to get involved in a sensitive matter (which may lead to un-necssary conflicts).
- You cannot afford to goof up on labour laws, which are complex and soggy
- You want to offer a professionally managed system to your team
- Free up your bandwidth from managing day to day queries and issues related to payroll
and so on.
Enterprise payroll is very different than startup payroll. It needs to be top notch in quality, little bit unstructured (specially for employee related deadlines), and most importantly should be completely agile. It should also extend it boundaries to take extra mile in offering wow experience to a rockstar team that you have built with so much care and efforts. The team should not end up running corners for their trivial to important issues and spend more time in productive stuff.