HCM Designed with Financial Services in Mind

Outsourcing HR services varies in cost based on the level of support and services selected. Some financial services businesses opt for project-based pricing for specific needs, such as compliance audits or employee handbook creation. Others prefer ongoing monthly retainers for full-service support across HR functions such as payroll processing, benefits packages administration, HR compliance and performance management.

For small to mid-sized financial firms, outsourced HR can be a cost-effective alternative to hiring additional internal staff. It helps control labor costs, reduce risk and address complex employment laws. Costs typically depend on business size, number of employees, and whether services include strategic HR management or transactional HR support, such as employee handbooks, healthcare enrollment or learning management systems.

An HR solution is a system, platform or service that supports the core functions of human resources within an organization. These functions include payroll solutions, benefits administration, workforce management, compliance and employee engagement. For small and mid-sized business (SMB) teams, HR solutions help manage daily HR operations and reduce time spent on manual tasks.

In financial services, where accuracy and compliance are essential, HR solutions provide tools to manage real-time data, support employee experience and reduce risk. These solutions may be software-based, outsourced through a provider or offered by a professional employer organization (PEO). They’re used to address HR needs such as creating employee handbooks, managing employee benefits, automating performance tracking and streamlining onboarding processes. Many providers also offer webinars and other resources to support users through evolving HR challenges.

HR in finance supports both compliance and workforce management. The HR team helps recruit top talent, manage certifications, automate onboarding and administer employee benefits—all while staying current on changing employment laws. They also oversee HR operations, including payroll processing, performance management and employee engagement, to support long-term retention and reduce labor costs.

For a financial services business, HR solutions help address unique challenges by managing credential tracking, streamlining benefits packages and offering learning management tools to develop internal talent. HR plays a strategic role in reducing risk, improving employee experience and enabling the organization to scale efficiently. Many use outsourced HR or HCM platforms to meet ongoing HR needs with real-time insights and full-service support.

Financial services businesses often operate across multiple states, employ complex compensation models and are subject to stringent regulatory requirements. Managing varying job codes, performance-based bonuses and credential-related pay differences can create payroll processing challenges. Manual processes increase the risk of errors, which can impact employee trust and violate HR compliance standards.

Other challenges include keeping up with changing employment laws, integrating benefits administration and managing enrollment timelines across departments. Financial institutions that rely on outdated systems or fragmented HR solutions struggle to automate workflows and maintain accurate reporting. Adopting payroll solutions that connect payroll with HR functions—such as onboarding, benefits and time tracking—can help reduce labor costs and support employee experience through consistent and real-time data access.