According to Staffing Industry Analysts, the European Healthcare Market was worth £5.868 billion in 2015, with the UK representing 42% of the market. Over the last decade, the healthcare staffing segment has benefited from acute staff shortages and the increase in demand for personalised healthcare services for an ageing European population.
The size of the European staffing industry grew by 3%, while in the UK it grew by 6% in terms of sales, in 2015. The top 30 staffing firms in this sector generated a total revenue of £3224 million, which is 55% of the total European healthcare market. Also, the collective revenue of the top 30 firms increased by 21% during this period.
7 of the top 30 healthcare staffing firms in Europe work with QX, with 5 of them choosing QX for payroll requirements. Our clients include some of the fastest growing healthcare firms in this segment and many that fall in the top 10 category.
Accurate, timely and consistent management of the payroll process is a key objective of all recruitment companies in this sector. Not only are the healthcare staffing firms expected to run a technically complex payroll, but they are also expected to comply with a wide range of government regulations. The growing administrative burden on recruitment agencies necessitates a costly investment in more staff, upgraded technology and in-house expertise on HMRC and technical legislations. As a result, outsourcing payroll to a specialist agency can deliver substantial benefits.
There are many payroll providers in the market, what’s so special about QX’s services?
QX offers comprehensive and dedicated payroll services that allow healthcare recruitment firms to eliminate inefficiencies, improve reporting and reduce costs, while enhancing the employee experience at the same time. Here’s why the top healthcare companies think that QX is the best option for their payroll requirements:
1. Industry expertise: With almost a decade of experience in the healthcare staffing industry, we have in place the most effective software, processes and people to deliver efficient solutions for the specific needs of the recruitment industry. We understand the pain points of healthcare payroll processing and we are well-versed and up-to-date with all the legislative changes and compliance requirements.
2. Smooth transitions: With a history of several successful transitions under our belt, our transition managers know exactly what to do. We have a clear idea of standard processes, common issues and best practices for healthcare payroll processing and we have even succeeded in a swift and seamless transition through online migration.
3. Accuracy and speed: One of the key reasons why new clients choose our payroll services and why we are able to renew our contracts with our existing clients is our high level of accuracy and the speed at which we can deliver. We have maintained a record 99.8% of accuracy in payroll since 2003 and we have helped many clients shift from weekly processing to daily processing.
4. Partnership approach: We don’t just provide efficient services to our clients – we align ourselves with their goals and work towards their success. Here’s what one of our clients had to say about our approach:
“The QX team are always more than helpful, very professional and accommodating and as a previous sceptic, I can honestly say that I have been converted to outsourcing through QX! The best compliment I can give to the team and the way our relationship works is that they are in effect an extended arm of our business and the relationship is the same as working with internal staff just based in another office.”
Read more from our clients on our testimonials page.
5. Technology support: We work closely with the top payroll providers and are able to help our clients harness the latest technology to make payroll processing faster, more accurate and compliant. Here’s what Sam Radion, Sales Director, Merit Software had to say about us:
“We offer the market leading payroll software solution for recruitment agencies and umbrella companies and QX offers payroll services to a number of high-profile recruitment agencies. It is not surprising therefore that over the last 10 years plus we have had the opportunity to work closely with various teams from QX on many occasions. Having worked on numerous customer transitions to Merit, QX have built the capability to efficiently navigate the challenges that may arise during the process. I have found them to be well versed with all the key points that need attention during the implementation of our solution, and I know that QX can offer constructive support to any business that is planning to implement Merit Payroll.”
6. Cost gains: While we are not the cheapest payroll outsourcing service provider, the quality of our services and our industry expertise enable us to deliver greater cost gains to our clients. Typically, our payroll processing services deliver cost-improvements of 30% to 50%. In addition, detailed reporting and our ability to identify opportunities for cost savings further assist staffing agencies to take smarter financial decisions.
Don’t you want to gain QX advantage?
It’s right there in our tagline – ‘professional and reliable'. With QX taking care of your payroll requirements, you can rest easy on that front and focus all your energy on making strategic decisions. Why not speak with our recruitment specialist and explore ways in which you can deliver better payroll services and reduce the cost of processing?
Please get in touch with us for a free consultation by filling out a short online form, or call our payroll expert Kunal Shah on 07584 651087.