Why every high-tech startup should outsource HR functions to a full service provider like TriNet.
March 13, 2018
Why every high-tech startup should outsource HR functions to a full service provider like TriNet.
Score 10 out of 10
Vetted Review
Verified User
Overall Satisfaction with TriNet
I began using TriNet in 2003, primarily to facilitate the availability of competitive benefits and payroll services for startup portfolio companies.
TOYOTech is the fourth of our portfolio companies to utilize TriNet for HR services, payroll services, statutory compliance and tax reporting. My experience with TriNet as a management tool has been positive on all fronts. More importantly, our employees generally report positive experiences with TriNet's benefits and payroll administration. As our companies have grown, TriNet's geographic reach has grown with us. We are thus able to offer comparable benefits and tax collection and reporting services for all U.S. offices.
TOYOTech is the fourth of our portfolio companies to utilize TriNet for HR services, payroll services, statutory compliance and tax reporting. My experience with TriNet as a management tool has been positive on all fronts. More importantly, our employees generally report positive experiences with TriNet's benefits and payroll administration. As our companies have grown, TriNet's geographic reach has grown with us. We are thus able to offer comparable benefits and tax collection and reporting services for all U.S. offices.
Pros
- TriNet offers excellent employee benefit programs, competitively priced with flexible employer co-funding options. It would be difficult - if not downright impossible - to attract good talent in Silicon Valley without these sorts of benefit offerings.
- TriNet's on-line portals for management and employee use are functional, available, and secure. Management reports are configurable and provide all necessary financial data.
- Payroll tax submission and reporting is reliable and available for all 50 States.
- TriNet provides all required State and Federal HR statutory compliance reporting.
Cons
- TriNet utilizes Transamerica Financial Services as its 401K provider partner. Unfortunately, 401K reporting and individual account management is not integrated into TriNet's on-line "HR Passport" portal. Accordingly, additional steps are required to manage 401K programs, services, and safe harbor employer contributions. I would like to see these services integrated into HR Passport.
- Payroll submission and customer management - while improving - still could use more simplification. Recent changes have made it easier to assign the day-to-day payroll tasks to others without compromising employee personal information, but it is still difficult to assign privileges.
- We have successfully recruited senior level engineers and scientists partly due to the benefit offerings through TriNet.
- TriNet has enabled geographic expansion and personnel transfer with a unified approach to benefits and payroll irrespective of location. This has been very important to our growth.
- I don't worry about payroll taxes and statutory compliance reporting - TriNet does. This saves an inordinate amount of time and management attention.
With each portfolio startup we have solicited proposals from 3 full-service HR services providers. While TriNet has not always had the best pricing, it has always prevailed with us due mainly to the breadth and quality of services available. We have not found any other HR services provider who can deliver services in all 50 States.
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