Until recently, the words payroll and technology were seldom used in the same sentence. Payroll was often deemed a highly transactional process that witnessed incremental innovations at best. However, global payroll has made significant strides over the past decade and finds itself as an integral element in transformational projects involving global workforce management. The need for a unified outlook on global payroll, centralized management, integrated ancillary processes that facilitate automation, employee experience etc., emphasize the need for global organizations to adopt a robust payroll technology stack.
The right combination of agile technology with payroll process prowess can create wonders, allowing global payroll to leap years ahead. Straight-through-processing, for instance, is often attributed to the fully-automated electronic payment process that is devoid of manual interventions. This process, if conceived well and with the right payroll technology, can be extended to global payroll and allow for seamless off-cycle payments.
Most organizations will find that over 80% of payroll inputs for a given pay cycle are highly standard (sacrosanct) and can be obtained through a globally integrated HR tech ecosystem. Payroll calculations and validations can be processed on a needed basis if the organization or the service provider has access to native country-specific payroll engines with built-in tax regulations that ensure compliance with local laws. Output files, reports, and dashboards can be configured based on the organization and local compliance requirements.
While straight-through processing is just one example, the impact of technology on payroll knows no bounds; it would be interesting to see other similar possibilities unwind, much to the delight of the payroll industry. Neeyamo is at the forefront of leveraging technology to conceptualize a holistically integrated global payroll technology ecosystem—powered by its proprietary platform Neeyamo Pay—a single platform powering payroll in more than 150 countries.
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Neeyamo is a leading platform-based global payroll and HR solutions provider focused on delivering global HR, payroll, and EOR services to multinational organizations across more than 150 countries.