As a new staffing firm, you’re likely learning very fast that there’s limits to how much back office administration you can handle. From HR and compliance to payroll structures and government remittances, you’re practically drowning in paperwork. That’s why having a back office solutions provider is so necessary. Your core business efficiency (the key to growing your firm) is at stake, after all.
That’s why you should take the time to find not just any back office solutions provider, but a great one. But what traits define a “great” provider? To the end of answering that question, we’ve gathered together five key elements that make for a provider that’s proficient at solving staffing firm-specific challenges.
1. Expert Knowledge of Canadian Business and Industry
The thing about running a staffing firm is that its success isn’t just dependent on the current job market. In truth, it’s dependent on the current job market in the context of the country you’re operating in. Running a staffing firm in Canada is divergent in many ways from operating one in the United States, or Europe for that matter.
Especially if you’re a foreign company opening business in Canada for the first time, you have a lot of catch up to do regarding employment standards and labour laws. To keep your due diligence ongoing, you need a back office solutions provider that has expert knowledge of the constantly evolving Canadian business legislation and how it affects the staffing industry. Great providers should be able to advise you on changes in legislation as they occur.
2. Investment Protection
The Canadian staffing industry is on the rise, with the gig economy in full swing and many sectors needing a niche staffing firm to provide temporary and contract workers. But despite this opportune market for growing your firm, your great investment won’t be sustainable if you don’t have a way to protect it.
A great provider should be able to offer your firm options for receivables insurance and running credit checks on clients before you enter into agreements with them. You’ll learn that in the staffing industry, your payroll schedule won’t always be the same as your clients. Not to mention some of your candidates might be less trustworthy than they first appear, leading to a need to provide theft insurance for clients.
3. Payroll Structure and HR Administration
Speaking of payroll schedules, your firm must have a provider that’s flexible with payroll structures. How your firm handles payroll will never remain an exact constant, which is why you need customizable invoices.
Great providers put their Canadian business expertise to use in conjunction with their knowledge of your firm and its individual payroll admin needs. A provider’s payroll solution should position them as an integral part of your customer service, handling direct deposits, pay stubs, T4s, and government remittances.
4. Compliance Expertise
Your staffing firm should be 100 percent compliant, all year long. To that end, you must ensure your records of employment (ROE), your taxes, and classification of your placements are correct. A great provider is proficient in Canadian employment standards, and will ensure that you are ready for inspection at all times.
5. All-in-One Technology
Lastly, a great provider should have an effective suite of technology to help facilitate all the above. The Staffing Edge has award-winning software, Stafftrak, that can handle applicant tracking, client relationship management, and financial reporting.
A great provider can help a new firm like yours compete with the big staffing firms. So be sure that you choose a provider that possesses all these traits.