In 2018, Alice Schroeder published Warren Buffett’s biography, The Snowball: Warren Buffett and the Business of Life. The book offers solid advice to businesspeople on making ethical decisions and staying on the right path.
One of the most famous quotes from the biography is:
“If you’re not sure whether something is right or wrong, ask yourself if you would be comfortable with your decision being published in tomorrow morning’s newspaper.”
Honesty and fairness are fundamental values we expect from both individuals and the companies we work in or partner with. In the 21st century, when our purchasing decisions increasingly take corporate ethics into account, all of us—whether as customers or employees—want to act honestly, to work for leaders who embrace justice and integrity. If you are an employer, you want the people around you to be honest individuals—people who will tell you what’s right and what’s wrong, no matter how difficult the times. In every business agreement you make, you look for honest partnerships; you want to work with people you can trust. From human resources to finance, from sales to marketing, every department operates according to this principle of honesty and fairness.
Now, let’s focus on payroll—honest, accurate, and on-time payroll.
Accuracy and timeliness are the core objectives of payroll. Paying employees the wrong amounts not only creates frustration but also builds distrust toward the employer. The thought—“Will my next paycheck be correct?”—will inevitably linger in the employee’s mind. This doubt reflects on every strategic decision and policy the company makes. If we start from the idea that employees are the most valuable resource of a company, then ensuring meticulous accuracy in payroll—without leaving room for even the smallest mistake—is essential.
So how do you ensure honest, accurate, and on-time payroll? The first question is whether payroll should be handled in-house or outsourced. In fact, whether all calculations are done within your payroll department or via a service provider, there won’t be much difference in terms of being “honest, accurate, and on-time.” The real factor in this decision is cost efficiency, which involves considerations like employee headcount, payroll expertise, and investment in integrated technologies.
Beyond cost efficiency, two key factors distinguish a strategic payroll partner from other providers:
- Expertise in the labor laws of the country where you operate.
- The ability of the technology platform used to enhance your company’s effectiveness.
Your service provider’s assigned representative should work closely with your company—almost as if they are part of your HR team—bringing expertise in labor law and ensuring timely, error-free operations, giving you peace of mind. The platform provided should also make it easier to track payroll calculations.
At its core, beyond technical knowledge and technological infrastructure, make sure that your service provider shares your values. Treat this service relationship with the same seriousness as hiring internally or shaking hands with a 50-50 business partner. Do not regard your payroll provider as just a cost-cutting vendor. This perspective will protect your company not only on good days but also on the difficult ones.
