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Why do you need the right payroll partner?

The pandemic-induced shutdown disrupted global economies and radically transformed business operations. No business function was left untouched, and Human Resources (HR) was no exception.

Now, with businesses on the path to recovery and settling into a 'new normal,' the shift to a new way of doing business is apparent. The changed model of business operations has accentuated the changing role of HR and its increased importance in the post-pandemic workplace.

The dynamic between employees is no longer the same owing to the new working conditions - arising from reduced personal interactions and a more dispersed workforce. This transformed workplace requires a changing organizational culture.

It is now important for HR to focus on creating a people-centric culture, creating an agile and nimble organizational structure, attending to the workforce's physical and mental well-being, working on enhancing people's performance and productivity, and driving learning and development for the workforce to acquire skills for the future.

The changed priorities of HR and payroll has led to technology-enabled sourcing and hiring of talent and an acceleration of the digital transformation of workplace processes through the adoption of disruptive technologies. 

The need for the right payroll partner

Running a global business comes with its own set of challenges. The local employment laws and regulations that the firm needs to comply with while also running a global payroll adds several layers of complexity to the already difficult task of managing a geographically dispersed workforce.

Under such circumstances, finding the right payroll partner to navigate payroll compliance and implement global payroll becomes a necessity.

However, picking the right payroll partner is not as straightforward as it appears. It requires careful thought and deliberation. For running payroll in multiple countries, payroll outsourcing can help free up in-house resources for them to focus on core functions related to business growth and expansion.

Global payroll is tricky. Laws vary by country. Some local laws prohibit payroll partners from issuing payments to employees. In the US, overseas firms are required to make payments from their own bank account. This compels firms to open a local account. In countries in Europe, such as Germany and France, laws permit employees to be paid from foreign bank accounts.

The right payroll partner can help in efficiently navigating these payroll complexities. Else, the effort to simplify operations, improve operational efficiencies, and reduce the burden on HR, might end up complicating operations in having to manage multiple payroll partners.

Selecting the right payroll partner helps the business reap the benefits of process centralization by handing over the entire payroll function to the payroll partner. The business can then divert its resources and concentrate its efforts towards enhancing employee engagement and building a people-centric organizational culture aligned to the needs of the new normal.

Several leading MNCs across the globe have chosen Ramco as their preferred payroll partner. Ramco's future-proof payroll platform addresses all of the above challenges in the most efficient and cost-effective manner to provide the firm with a definitive competitive advantage.

Ramco's payroll solution is built with a flexible, plug-and-play architecture. It can manage multiple vendors, enable the efficient and proactive management of payroll compliance through the automated monitoring of compliance changes, provide a measurable compliance score, and function as a single point of accountability.

The platform enhances the employee experience and caters to their expectations through its zero UI design, intelligent applications, frictionless interface and anticipatory responses. The solution enables the halving of shared services costs with intelligent payroll using bots powered by AI and ML technologies. The solution acts as a conversational platform for employees and core users with a support bot, HR admin bot, SPOC bot, and a transaction bot that together can answer up to 70% of all employee queries.

The solution also deploys AI-based systems to provide payroll automation to improve efficiencies by freeing up in-house resources from repetitive tasks. The smart payroll solution, for example, allows for the automatic validation of tax proofs and tax declarations without any manual intervention. The platform enables the identification of anomalies and outliers to detect potential errors such as pay element variances (gross/basic/net pay), master level variances (bank account number, employment type, TIN, etc.) and headcount variances. 

The platform-led payroll services provide multi-country, multi-frequency, and multi-currency payroll processing. The platform also takes care of multiple payrolls such as salary, off-cycle, ad-hoc, exit, etc. In addition, the solution also provides portals for employees and system administrators.

An extended capability of Ramco's chatbot is the "Self-Explaining Payslip (SEP)". The SEP enhances the employee experience and assists the functioning of payroll teams. The SEP empowers employees by providing them with instant answers to their most common and frequent payroll and salary-related queries. If an employee wants to know how their salary was computed - the SEP will tell the employee how. SEP provides personalized service secured with a 2-factor authentication mechanism. SEP is available 24x7 across devices, without the need for raising tickets and then waiting for responses.

Closing Thoughts

The right payroll partner can act as a force multiplier by helping you streamline activities and taking over the task of managing payroll. The HR teams are then free to focus on building community, culture, and connection, and the leadership team is free to focus on what matters the most - the business.