All posts by Peter Ostberg

Pete Ostberg joins FinFit after spending 20 years in the payroll industry. Pete is responsible for conducting market research and analysis to strengthen FinFit’s product portfolio by adding new and exciting offerings to help employees become more financially fit. Pete is also focused on growing the number of valued partners and ensuring the successful implementation of FinFit with each one. Prior to FinFit, Pete worked at Paychex in a variety of roles. He has in depth knowledge of tax payments, payroll, insurance, operations, business analysis, and product management. During his tenure there he helped to strategically position new products as they were brought to the market. Pete has a degree in Political Science from SUNY Geneseo and in his spare time enjoys sports and traveling.
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Changing Product Lanes

6568824_l.jpgWe’ve all heard the old adage “A bird in the hand is worth two in the bush”.   As trite as that may sound, it still rings true in business today.  It’s much more cost effective to keep an existing client than it is to replace one.  Statistics vary but according to recent studies, it can cost anywhere between 4-10 times more to replace a client than to keep one. 

In the payroll industry, it’s particularly competitive and clients often bounce between payroll service bureaus (PSBs) based simply on price.  When a client leaves a PSB, that then requires sending out a sales rep to reacquire the client, often at a discount.  Add in the overhead to on board that client again, and the cost quickly adds up.

Historically, payroll companies increased their value proposition by adding new products that eased the administrative burden for the business owner or payroll administrator.  Tax payment services and Direct Deposit were groundbreaking in the 80’s and now are standard services that no company does without. 

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