Managing payroll successfully is a major challenge before every business organisation nowadays. Employee delight is at a premium and if you have to achieve your goals then ensuring employee satisfaction and retaining top talent is a key priority. This is where leading businesses all over the world are now relying on payroll outsourcing as a standard practice. By outsourcing your company’s payroll processes to a professional payroll management firm, you are able to free up your HR teams from the unnecessary burden. At a time when the HR personnel are expected to go beyond their routine and offer holistic support and care to all the employees, payroll processes tend to hamper their capabilities.
There is the need to digitise the operations, and in such a scenario, the conventional in-house processing of payroll eats up a lot of HR time. It is a recurring and time-consuming function that involves multiple calculations and compliances for each employee every month. As a multinational company with offices across locations, you are bound to deal with variations in technology, local regulations, tax structures and people management policies. What works in India may not work in Australia and similarly, processing the salary has to be done in Singapore dollars in Singapore, but for Dubai you would need different currency.
All these complications and variations are easily handled by the payroll outsourcing firms as they deploy globally compatible cloud payroll software for the job. There are a number of benefits that a global payroll outsourcing firm will offer. For instance:
Automation of helpdesk through AI Chatbots – Artificial intelligence is everywhere, and it is proving its efficiency in people-centric processes in almost every industry. This is where the best-in-class payroll service providers offer integrated AI chatbots to respond to payroll related queries, leave requests, and Expenses or Approvals needs for all employees.
Automation of payroll processes – Since the payroll outsourcing companies use a cloud payroll software, the entire process is automated and error free. The software eliminates human inaccuracies through its integrated AI powered payroll solution that can detect anomalies in calculation.
Employee self-service – Employee satisfaction is of utmost importance for business organisations today. Typically, a lot of HR workload pertains to basic tasks such as submitting and approving leave requests, helping employees check their details, printing salary slips and tax forms and so on. With a world-class payroll outsourcing service provider, you won’t have to worry about all this. There will be a completely frictionless employee self-service portal that will offer support through voice, AI chatbot, email for speedy resolution of various employee queries and requests.
Data analytics – Another great thing about payroll outsourcing services is that the professional payroll companies use software equipped with data analytics. Thus, one can generate accurate and effective insights that help in improving employee satisfaction, the improvement of overall payroll processes, and an overall enhancement of a company’s goodwill among its workforce.
Data security through role-based access – There are different hierarchy levels and each one requires access to a different set of data, information and tools to carry out the tasks assigned. This is where a segment wise, role-based reporting option provided by the cloud payroll software enables superior business insights and well-informed decision making.
Integrations with 3P software – A major concern that companies switching their payroll processes is of data transfer and compatibility with their existing hardware and software such as ERP, time and attendance system, etc. This is where a payroll outsourcing solution would offer seamless, pre-built integrations with all other leading HR/ERP software to ensure seamless data flow.
Hence, if you are looking to take your HR processes and employee experience to the next level, payroll outsourcing is the best option for you!