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Recruitment agency saves over £6.5 million through successful payroll and accounts outsourcing relationship

Helping a Leading Recruitment Agency save 1.8 million through payroll outsourcing

Recruitment agency saves over £6.5 million through successful payroll and accounts outsourcing relationship

Overview
Our client is one of the biggest global recruitment providers for the healthcare industry, with several exclusive NHS trust contracts. Specialising in the provision of temporary and permanent health, social and admin workers to public and private sector clients.

Business challenge
Maintaining a high pace of growth, our client witnessed a major spike in the volume of timesheets to be processed; however, the shortage of skilled payroll staff caused a dip in processing efficiency. At the same time, inaccurate and delayed management reports impacted the client’s ability to make informed strategic decisions. Key challenges faced as a result: 

  • Frequent overpayments, a high number of errors and too much time spent on resolving errors.
  • Rising operational costs, attributable to slower turnarounds on processing timesheets and a high number of payroll adjustments.
  • Impact on the business’ cash flow owing to delays in receiving payments from the end clients.
  • Limited visibility on the business resulting from high TAT for management reports and limited report types.

To achieve the objectives of continuing expansion, bringing the overhead expenditure down, and streamlining the processes, the client turned to QX.

How QX helped
Over a period of ten years, we worked closely with the client to optimise and automate processes, delivering significant efficiency gains and productivity improvements. Highlights of the relationship:

  • Automated the payroll process to eliminate a majority of discrepancies, by installing a bespoke Payroll Management Software.
  • Improved accuracy for recording of data and time sheets, while speeding up the TAT.
  • Increased process frequency for reports – yearly balance sheet reconciliation to monthly, monthly payment run to weekly, weekly batch import to daily – and delivered on time.
  • Maintained high retention rates and staffing continuity – ensuring that we meet all the SLAs. 

Benefits

  • Delivered over £6.5 million in cost savings over the course of the relationship.  
  • Maintaining 99.8% payroll processing accuracy, reducing payroll adjustments arising from processing errors by 96%.
  • 200% efficiency improvements on timesheet processing over the span of 10 years.
  • Close to 100% productivity gains on management accounts – reduced FTE count of the offshore team from 9 to 5, while managing increased workload.
  • Facilitated well-informed business decisions by delivering accurate and bespoke reports.
  • Reduced £8 to £10K monthly overpayments by bringing greater control over Direct Debit and Lease Overpayment.
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