HR Checklist: Key features of a robust payroll management solution—P1
HRs need to rethink the criteria they base payroll management solutions on. Payroll platforms by payroll outsourcing companies are no longer siloed apps that only mark attendance and calculate pay. The process has evolved to influence key factors that determine business performance—employee satisfaction, team productivity, and to some extent, attrition rate.
In this article, we break down three key features CHROs need to assess when choosing a SaaS payroll software or partnering with payroll management companies in India. This is the first article in a three-part series and will focus on features that impact employees and how HRs can address them with a well-chosen payroll solution.
#1: Degree of Low Touch-iness
Employees of the new normal love independence. Remote working gave employees a taste of flexibility and 97% of them do not want to give it up. The new working model revolves around having the power to choose how to work and when to work.
While choosing a payroll system, HR leaders need to consider the “Independence Factor” and make the process low-touch. Everything an employee needs—Form 16s, payslips, or leave status reports—should be at their disposal with just one tap.
The increasing number of workers choosing to work remotely compounds the need for a low touch solution. The freedom employees get in their daily workflow will directly translate into better business. For example, when a rapidly expanding global fast-food chain adopted Allsec’s SmartPay solution, there was a rise in positive employee experience and productivity.
Low-touch is also a blessing for CHROs. Routine, time-consuming tasks like request verification, leave approvals, tax compliance, and bonus calculation, are minimized or eliminated. This leaves HRs with more time to put the human into human resource management.
#2: Agility, Scalability & Flexibility
Workplaces are undergoing a disruption that will touch every employee. From C-suite cabins to the operations floor, everyone has to deal with constant changes in workflows. This means HRs need a payroll process that is agile and flexible enough to handle sudden changes on the go.
The payroll solution adopted should also cater to the specific needs of each employee tier. Blue colours will want to have a detailed dashboard for managerial functions, whereas a gig worker will need only invoicing, tax, and payment information. The payroll system should be flexible enough to accommodate these needs.
#3: Compliance Adaptability
HRs are headed for uncharted territory in Q3 of 2021. The labour ministry has pegged this timeline as the implementation date of four new labour codes. Experts predict that once these laws are implemented, the employer-employee equation will change forever. From the definition of wages to compensation and benefits, the basic structure of payroll management is expected to undergo a complete overhaul.
HRs should choose a payroll system that can accommodate the new laws and adapt quickly to updates that happen over time. Platforms created by payroll management companies that have strong compliance verticals tend to be the most adept in handling evolving statutory regulations. Even if there is an issue or a big update coming up, these organisations have the technical expertise to update their apps or workflow in minimum turnaround time. This allows the HR team to prepare for the change without having to face penalties.
In Part 2…
We will look at features that are important for HR in terms of operation and management. This perspective is necessary to understand how HR teams can play larger roles for their organisation by escaping from the routine trap.
How Allsec Can Help
Allsec delivers robust HR management through its end-to-end HR solutions and 20+ years of unmatched expertise. Our human resource management system software and automated solutions are customizable, accessible, and fully equipped to augment the modern HR. Reach out to us for more information.
