A combination of legal compliance concerns, complicated benefits management, and the demands for payroll processing led the Foundation to move from handling all payroll, benefits, and HR in-house to using an integrated solution provider. In addition to health insurance, the Foundation provided life insurance and long-term disability coverage, which complicated benefits management. Benefits consulting had previously been provided by an intermediary, that the Foundation described as being “mediocre” at best, and the CFO was spending an excessive amount of time on payroll processing. The cost of health insurance was getting out of hand, and there was fear of not adequately fulfilling legal compliance.
The tipping point was the realization that it was time to “grow up” as an organization; this following the natural growth of the company over almost 15 years. Overall there was a need for streamlining of their process.
The Foundation went through an extensive consideration process when selecting their integrated provider of payroll, benefits, and HR. They received bids from no less than three companies, in addition to placing requests for references. Following the review of all of the options, Payday was the obvious due to its low-cost provisions, very positive remarks given by references, and the array of services offered.
When beginning the partnership with Payday, the Foundation sought greater efficiency with payroll processing, peace of mind regarding regulatory compliance, ease in adjustments to payroll and benefits when adding or removing employees, and overall confidence that things were being handled properly by professionals.
In the five years working with Payday, the company has lived up to each of these expectations, going above and beyond. As a result of their satisfaction, the Foundation has referred others to Payday and will continue to do so. They recommend Payday as a means by which companies can achieve greater efficiency and cost management.
“We love Payday. It is great to work with a partner that you have complete confidence in.”
Nancy Keiling, President
It is impossible to know for sure the actual savings that the Foundation has incurred as a result of working with Payday. A price cannot be placed on having confidence that things are being handled properly. Additionally, the prior time demands placed upon the CFO to manage payroll and benefits have been removed to allow attention to be refocused on organizational goals.
Partnership with Payday
The Foundation has had an excellent experience with Payday, accredited to the outstanding team members. All company representatives have been knowledgeable, helpful, and thorough. The quality of service has led the Foundation to think of them more as a partner than a vendor.
From initial setup to the present, Payday has offered superb assistance. The team is well-versed in its offerings and stays up-to-date regarding industry happenings, new legislation, and rulings that impact small businesses. When it comes time for renewals, the Payday representatives sit down with the Foundation to review their options and fully understand the plans available.
Based upon the experience, the Princeton Area Community Foundation gives an A+ to the Payday staff.