With competition in employment services growing every day, organisations are constantly looking for ways to differentiate and unlock competitive advantages in the market.
With this objective in mind, many are choosing to examine opportunities around payments – and this makes good sense, as innovative payment solutions have the potential to reduce costs, improve efficiency and unlock new capabilities.
Armed with the right payment processing solution, agencies and umbrella companies can offer a higher level of service to all parties involved, empowering them to win and retain clients, while also building a strong book of contractors.
Adapting to the needs of your contractors with Faster Payments
Some employment service providers are choosing to offer better payment terms to their customers as a way of attracting top talent. Something as simple as same-day payment using a Faster Payments solution can be a significant benefit to contractors who are typically used to being paid within the week.
Offering almost instantaneous access to their money as they earn it not only improves personal cash flow, but also helps the organisation reduce payroll errors. This makes the whole reconciliation process simpler for all involved. In fact, by paying little and often in almost real-time, queries and disputes can be examined and solved quickly with minimum hassle and disruption.
Using Faster Payments can revolutionise an employment service’s candidate care as it showcases a willingness on behalf of the organisation to adapt and meet the worker’s needs. This plays a key role in building trust and maintaining worker retention.
Reducing errors to strengthen relationships
Beyond individual benefits, the organisation also prospers as they’re able to link payment processing directly to incumbent management systems, enabling businesses to offer a much more efficient service to hiring clients. This further helps to reduce reconciliation issues and disputes, ensuring that the business remains a preferred industry supplier.
Developing capabilities that benefit contractors and employment organisations alike is critical to effectively competing in a market where new players are developing these offerings as standard. The likes of Upwork and similar digital work platforms are optimising their offering to disrupt the market and must be acknowledged or else.
In this instance, by amending payment terms, employment services providers are leveraging the capabilities unlocked by a payment service to drive their proposition and commercial success.
This is just one example of how payments can be a growth enabler in the employment industry and supercharge forward thinking businesses to future success.
For more insight into how payments can create a competitive advantage in employment services, download our guide.