Dissecting the health of your Payroll
Given how busy people can get with their day-to-day activities, World Health Day (April 7) can be a good reminder for people to check up on themselves. It gives a narrative on the importance of getting a professional opinion rather than self-diagnosing oneself with ailments.
But even if it weren't for a particular day, people have begun to be more vigilant about their health. Popular series like Grey's Anatomy, The Good Doctor, House, etc., have sparked people's interest in knowing more, even if the facts portrayed sometimes are inaccurate.
But unfortunately for us, there isn't a series on payroll systems for people to watch and draw conclusions on their payroll's health. We might have to go through lengthy resources to initiate awareness and understand the issues prevailing in the system.
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Ignoring the status of one's payroll processing system can be pretty tempting, given how we tend to be prisoners of the familiar. But if not done, the consequences can be rough in the long run. Inefficiency in payroll processing software can sometimes lead to irreparable damage, for instance - time inefficiencies, low employee morale and productivity, and sometimes situations can get as severe as tax penalties.
Prevention is better than cure
Ideally, companies must pick up on the issues before they become more pronounced. Therefore, firsthand identifying potential weak points in a payroll system before any significant mishap occurs is the best action.
Following are some of the critical ideas to analyze when you intend to employ a healthy payroll technology:
Identify your payroll implementation model
There are two types of payroll implementation: Either the deployment of a single global engine or the usage of ICP (In Country Partners) and multiple vendors/stakeholders by payroll service providers. Compared to ICPs, payroll providers with a single global payroll engine provide better control.
It is important to have a conversation with your payroll provider to understand which category of service they will be able to provide for you and, most importantly, to understand how well it will work for you.
To understand it best, contact an expert here; we will gladly assist you.
Clarity on your needs and analyzing your requirements
Often, finding a payroll provider with a one shoe fits all approach is challenging but not impossible. For this, you must be clear by listing your needs and expectations from a provider and refer to various reports from dependable advisory firms such as Everest Group, Nelson Hall, Fosway Group, Gartner, etc.
Not only will you obtain a good idea of what's in the market, but you will also have a better insight into the effectiveness of the provider you choose.
Ease of Technology
No matter how advanced a technology gets, it loses all its meaning if it cannot be simplified in a manner understandable to everyone. Technology must evolve in a way that requires the least time consumption and human intervention.
Therefore, when engaging with a payroll service provider, it is important to thoroughly understand their technology and how simple it is for utilization.
Staying compliant with data security and confidentiality
Not staying compliant with the local rules and regulations leads to heavy repercussions. When choosing a payroll provider, pick one that regularly keeps itself updated with a country's laws and regulations.
Neeyamo Payroll follows a triangulated compliance framework consisting of multi-level controls to ensure adherence to local regulatory requirements.
Reliable support system
A global payroll system with an extended helpdesk should be an absolute necessity when selecting a provider. In case of doubts, you must have something to fall back on or know who to contact for immediate assistance.
Under such circumstances, your checklist while selecting a global payroll services provider should be that it has a tech-based integrated smart helpdesk solution that provides a seamless support experience manned by payroll experts.
At Neeyamo, our experts are dedicated to providing payroll technology with a truly global presence and regional expertise. Whether it is catering to employees working in the long-tail region, remotely or internationally located, Neeyamo's innovative framework proposes an ideal solution for all your global payroll needs.
Learn more about what a healthy payroll technology looks like by writing to us at irene.jones@neeyamo.com.
