Managing Risk and Reducing HR Administration

A U.S. Survey of Small Finance Service Firms

Few other sectors are poised for disruption like the one in which you work. Nearly every financial activity is being reimagined in new ways, whether it is transitioning to digital, enriching the customer experience, or competing with new market entrants. Whether you run a startup or are a long-time incumbent, developing a reliable human resources (HR) foundation creates the backbone for any organization. That’s why Oasis, a Paychex® Company, conducted this study on the HR administration challenges and opportunities faced by over 150 U.S. small businesses owners of financial service firms. You may want to use this study data to benchmark your company and see how your performance compares.

Key findings included:

  • Many small finance firms are exposed to unnecessary risk
  • Regulatory compliance was found to be substandard
  • HR management presents as effective
  • Payroll and tax administration handled manually
  • Benefits and retirement contributions vary

Learn more about HR administration challenges facing small businesses in the financial services sector. Consider how these issues may affect your company as well as what you can do to create competitive advantage.

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