Technology Improvement - Payroll Vendor Selection

The payroll function is complex and difficult to manage, requiring a multitude of skills and knowledge in the areas of payroll administration, human resources, finance, technology and management.  Although organizations derive no competitive advantage from payroll activities, the function is still critical to business operations.

• A poorly managed payroll creates disruptions that significantly reduce employee morale and productivity.  In today's highly competitive business environment, no organization can afford to have its employees distracted from their work.  It is therefore imperative that payroll departments consistently produce paychecks that are timely and accurate, without consuming excessive resources in the process.  Establishing a well-run payroll function is not a simple task. 

Our Payroll System Vendor Selection services include:

• Lead the formation of vendor selection team that include representation from multiple constituencies and departments.
• Based on extensive industry knowledge, we will create a standard set of business requirements which will be distributed for review and comment to each group.
• Facilitate meetings that allow each constituent and department to request specific changes to the draft business requirements. Multiple interests and priorities will be channeled toward a common goal.
• Translate final business requirements into a formal Request for Information (RFI) document.

   

• Identify a short list of vendors and invite them to respond to the RFI.

   

• Collectively analyze the RFI responses and invite the most promising vendors to demonstrate their product to the selection committee.
• Facilitate the decision-making process that leads to the selection of a preferred vendor.
• Lead the negotiation discussions with the preferred vendor.