Following the lead of Wells Fargo, Benefitmall, and others; Fidelity Investments just announced that they would no longer be offering HR and payroll services. Fidelity has referred their clients to Paycor, but the 2,000+ Fidelity payroll clients are ultimately on the hook to find a suitable new provider.
As new payroll tax and compliance regulations increase in complexity, these announcements are going to continue – because HR and payroll services are no longer a viable “add-on” service. If your current payroll vendor is primarily a benefits broker, a financial institution, or anything other than a dedicated HCM provider; it’s time to start vetting out better alternatives while the choice is still yours. Otherwise, you may end up adding another project to your plate with little time to find the right vendor and select the best implementation timeline.
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