Brought to you by
BrightPay logo

The payroll solution that provides all you need for Auto Enrolment.

Save content
Have you found this content useful? Use the button above to save it to your profile.

6 Quick Tips for a successful pricing Auto Enrolment Strategy

11th Jan 2016
Brought to you by
BrightPay logo

The payroll solution that provides all you need for Auto Enrolment.

Save content
Have you found this content useful? Use the button above to save it to your profile.

A clear pricing structure will allow any bureau to accurately cost and schedule the work involved for each client. The advantages of each of these different pricing strategies will ultimately put the control into the hands of the clients. By identifying clear deliverables, the bureau can establish clarity for the client while effectively increasing profits for the firm.

Communication - Let your clients know that you are open for business. Make sure they have an understanding of AE and what it means for their business. No matter how dismissive your client may be with regard to auto enrolment, it is up to you to inform them that you are offering AE services. 

AE Consultation - Set up consultation meetings with your clients to discuss the auto enrolment challenge. Bureaus can charge a nominal fee for these consultations. These meetings allow you to discuss what AE services you are offering and provide an explanation of the pricing structure.  

Pre-Assessment Report - Create an overview report of what AE will look like for your client at the time of staging. Send your client the report prior to staging, which should include each employee’s worker category, details of the pensionable pay, qualifying earnings and pension scheme contribution amounts for each employee. This tool should be available free of charge in good payroll software systems. PDF Example: Pre-assessment Report. This will also identify cases where pension scheme registration prior to staging is NOT required.  

Payroll Software - Make sure there are no additional charges for using the auto enrolment features in your payroll software. If you use software that includes unlimited employees, unlimited employers and free AE functionality you will maximise your profits. Read: 10 Pitfalls When Choosing Software for Auto Enrolment.

Automation - If you can increase the rate at which auto enrolment is processed, you will automatically increase your profitability. Use payroll software, such as BrightPay that can automate and streamline these auto enrolment tasks. Batch processing enrolment and communication letters will offer massive advantages.  

Realistic Prices - Keep your prices as realistic as possible. Take into account your direct costs, expenses and resources. Ensure you account for your own time when carrying out the additional AE work.

Related Guide:

Auto Enrolment Pricing Webinar for Bureaus

Finding the right pricing AE strategy will be a key factor to increasing profits. The price that a bureau will set for processing auto enrolment (AE) is an important business decision. Unlike the introduction of RTI, bureaus now find themselves in a situation where they can financially benefit from auto enrolment by offering it as a chargeable service to their clients.

However, finding the right pricing strategy will be a key factor to increasing profits. If the price is set too high, clients may go elsewhere. If the price is set too low, the opportunity to increase revenue may be missed. Fundamentally, the price a bureau charges will need to cover any additional investment in software and additional hours involved in processing AE.

Discover three simple but effective pricing plans that allow bureaus to offer auto enrolment as a chargeable and profitable service.

BrightPay_Hi-Res.png

www.brightpay.co.uk

 
Tags: