Adding Expertise Through Trusted Relationships

Helping You Focus On What You Do Best

Let’s be honest. You didn’t start a business to spend countless hours managing the ins and outs of legal regulations, human resource compliance and the finer points of payroll administration.

But that’s the business side of business. And if you’re going to stay in business, every detail needs to be planned, managed and executed so you can keep producing the products and services that inspired you in the first place.

Financial institutions, like Fifth Third Bank, have adapted to the stresses impacting their customers. Along with providing traditional banking and financial management services, some banks are offering solutions to help employers stay ahead of the constant changes being made from the statehouse to Capitol Hill.

“Businesses must operate more efficiently these days and achieve success with fewer internal resources. Many are outsourcing technical administrative functions to experienced professionals,” says Lori Geier, Business Specialist Manager, Fifth Third Bank. “It’s a very practical approach, and a viable alternative to the costs associated with permanent staffing. But it’s not just about reducing costs. We look to provide our clients access to a level of professional expertise that may be difficult to find elsewhere.”

Service organizations, like banks, payroll providers and human resource companies, are exploring new opportunities to provide assistance in a coordinated manner. For example, Fifth Third offers administrative services through Paycor,1 along with preferential pricing to our clients.

“We’ve worked with Fifth Third to help provide their clients with comprehensive human resource and payroll solutions,” says James Griffiths, vice president of Paycor. Griffiths says that many employers are overwhelmed by compliance issues, which take valuable time away from their core businesses. But more companies are looking toward their trusted business relationships for assistance with important administrative responsibilities.

It’s no surprise that many of the services in high demand are specifically related to regulatory compliance requirements. These include:

Human Resource Information Systems – Includes a full-service HRIS suite for larger employers, and helpful resources to assist smaller businesses with everything from writing an employee handbook to understanding the process of adding new hires.

Time and Attendance Tracking – Critical for Patient Protection and Affordable Care Act compliance and for accurate payroll accounting.

Workers’ Compensation – Assists with coverage selection, handling premiums and providing comprehensive reports.

New-Hire Regulations – Understanding and complying with State hiring requirements.

Payroll Taxes – Help navigate and comply with the complexities of more than 30,000 payroll tax jurisdictions throughout the U.S.

Custom Reporting – A wealth of reporting capabilities, including time and attendance, active employee reports and estimated maximum cost for annual employee compensation.

“There’s a tremendous amount of burden on the shoulders of today’s employers,” Geier adds. “We want to help our clients find ways to manage those regulations, keep employers apprised of changes, and help them run their businesses more effectively.”

Disclosures:

1. Fifth Third Online Payroll is a service provided by Paycor. Fifth Third customers will receive preferential pricing of up to 20% off Online Payroll services when payroll is funded through a Fifth Third Business Checking Account. The actual percentage discount varies based on the number of employees in your business and services selected. Ask your Fifth Third Relationship Manager for details.