Outsourced payroll solutions and worker benefits provider HIVE360 has launched two new solutions as powerful alternatives to the traditional umbrella providers.
Delivered through HIVE360 Plus, and developed specifically for recruitment businesses with volumes of temporary workers on PAYE payroll, the new solutions are HIVE360 Umbrella Plus and HIVE360 PAYE Plus, which are ‘a new generation of protection and support for agency payroll’, according to HIVE360.
“Both of theHIVE360 Plus solutions represent a new era for the recruitment sector, as we now offer them far more choice in the way they can outsource their temporary workforce payrolls,” says HIVE360 CEO David McCormack.
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“Recruiters now have all the benefits of outsourcing payroll and associated employment liabilities, but not at the cost of their compliance, or the agency’s reputation, and all while providing a better deal for workers with additional cost saving opportunities.”
McCormack, who has over 20 years’ experience as a director within the recruitment sector and more than 15 years running payroll businesses, adds: “Developed in direct response to calls for more transparency of payroll solutions from workers affected by the growing concerns over ‘skimming’, disguised costs, and hidden agency kickbacks, HIVE360 Plus offers two alternative payrolling solutions that challenge the traditional umbrella model used by many temporary recruitment agencies. Both take over the full employment liability for a temporary workforce, including processing their PAYE pay and auto enrolment pension on a fully transparent basis, but with different approaches to charging structures and the worker experience.”
HIVE360 Umbrella Plus tackles the typical umbrella challenges head on. It ensures a better, fairer deal for workers by ensuring their net pay is exactly the same as via traditional umbrella models, but at a fraction of the cost to them, with a flat £5 per week charge to the worker.
“We recognise there is a place in the industry for umbrella payroll, because it provides a fully outsourced solution for payroll and employment liability, and risk reduction for agencies,” says McCormack. “Done well and transparently, it is a highly effective solution that makes complete commercial sense. So in the HIVE360 Umbrella Plus solution, we’ve taken the principle of umbrella payroll and made it work for all parties, which importantly is fully compliant and transparent, and commercially attractive.”
HIVE360 PAYE Plus is a new concept that sits between standard PAYE payroll outsourcing and a full Umbrella Payroll solution, as McCormack explains: “Unlike the traditional umbrella solutions that charge the workers anything up to £25 per week or more, HIVE360 PAYE Plus makes no charge to the temporary worker, meaning recruiters can give their candidates much more in their pay packet. The model absorbs the charge via the agency weekly payroll charge on a flat fee basis of £5 per week, that still adds savings and more importantly long-term value in the business. It also allows clients to operate a PAYE structure with a fixed overhead for the protection of a sub-contract provision.
“This unique approach represents unrivalled protection for recruitment businesses, and a strong solution to the cost of living crisis for their temporary workers, which will have a positive impact on candidate attraction and retention, and on their own reputation. There is growing concern and pressure on the umbrella payroll industry for reform and greater transparency following several tax avoidance schemes and unscrupulous models of payroll being run by some of the industry’s most respected players, which have recently been exposed due to disguised costs and unethical practice.
“We believe now is the time to offer a better solution.”
For more information, visit: www.hive360plus.com