If you are looking for the next game-changing innovation for your company’s payroll system, cloud technology, automation and global payroll strategy can help transform the operations, position you to meet the unexpected challenges and drive growth. Below mentioned are the three most common challenges businesses face today:
Business Challenge #1: Legacy Labour Model
A fixed-cost, large workforce limits the responsiveness and financial flexibility to market and customer opportunities. While the model helps with oversight and control, there are high chances that you may be missing out on the valuable opportunities of increasing efficiency, saving time, and streamlining operations.
Solution: Shift to a mosaic of labour
Scaling up or down whenever necessary with the gig workers can help you to meet the fluctuating demand easily and swiftly without increasing the overhead cost. Virtual labor pools as well as other technology advancements that connect the contingent workers with the hiring managers can make such a labour’s mosaic possible.
Business Challenge 2: Fragmented Processes
Siloed approaches to data, compliance, payroll onboarding, billing processes and workforce management are fragmented amongst the teams which are specialized in each workstream.
This further leads to reduced output of data, lower visibility, and inappropriate reporting across the organization, encouraging the business units to operate independently instead of collaboratively.
Solution: Implement the technology and automate
Integrating all the aspects of workforce management through automation allows for greater compliance, visibility, and consistency. With the rapid technological advancements and introduction of robust payroll software and solutions, automation can be easily applied to develop a global payroll strategy, which can be seamlessly done with Ramco’s Multi-Country Payroll Solution.
Business Challenge 3: Competitive Threats
Companies are competing for the same group of staff and business while new employees are looking for ways to displace the incumbents by every means necessary. In order to gain a competitive edge, businesses are required to retain the talent, manage crises as well as expedite work – all of which can drain the corporate resources.
Solution: Embrace staffing technology and innovation
Businesses should ensure that their internal operations are well-integrated. Taking the example of payroll, operations can be integrated with a high-performing payroll software and a complete global payroll strategy. This will make the data easily accessible and scalable, helping businesses deploy the right people into the right job whenever needed. Payroll Technology which increases efficiency, such as Ramco’s Global Payroll Solution, may even allow you to increase you customer base and expand your business.
Payroll Software - Digital Disruption in Payroll Solutions
Until now in this article, we have seen how digital transformation in payroll can help you overcome most payroll-related challenges. But what has led to this digital transformation? It’s the secure, fast, and reliable nature of modern payroll solutions. Mobile-friendly services, API integrations and paperless simplicity facilitated by such payroll software are bringing about convenience, easy accessibility and change in a way that has never been seen before.
So, let’s take a closer look at the modern payroll software’s components that are disrupting the payroll world:
- Centralized System of Record
All the payroll data is fed in the centralized payroll system, from where the administrators can retrieve the documents and files with accuracy and ease. A modern digital payroll system of the records can assemble the analytics and reports quickly, enabling efficiency and providing insights into the trends which help form the global payroll strategy.
- Paperless Processing
Paperless payroll solutions means human resource professionals need not worry about miscalculations and errors or drown in documentation. They can save a significant amount of time on the payroll tasks through using electronic timesheets, automatic tax, and pension calculations and more. Digital pay stub can also help reduce the cost of paper and administrative resources.
- Mobile Applications
Mobile payroll applications and solutions allow the administrators to process the payroll on-the-go, through their phone. Even without access to any computer, they can pay all the independent contractors as well as permanent employees, keep track of national holidays, and access payroll summary reports. For example, Ramco’s global payroll software offers minimalistic UI, through which, one can perform HR transactions on the go.
Now that you have a bird’s eye view of how the digital transformation of payroll can be a game-changing solution for driving your business’s growth, ‘now’ is the time to make the decision of deploying a digitized payroll solution in your organization. You can even consider outsourcing payroll services to reputed and well-established company like Ramco. With the years of experience, our professionals offer the best payroll services with an agile payroll software customized to your organization’s needs. We have developed a happy clientele by helping businesses transform their payroll digitally and expand their business by hiring employees from across the world.
