Gone are the days when staff received pay cheques on a monthly basis, and if they were fortunate they would get a pay slip from their employers. Human Resource (“HR”) has since evolved, in part due to globalisation and digitalisation. Companies of different sizes have since hopped onto the digital bandwagon before COVID-19 took the world by storm. This pandemic devastated and sped up changes to work processes, notwithstanding payroll process, on a global scale.
As companies transform the way they operate in the post-COVID world, it is high time they rethink how they should handle their human resource function: How can we be more efficient in handling our payroll? Is outsourcing a necessary option?
These are the questions company owners should be asking as they embark on the digitalisation journey.
Growing Complexity of Payroll Process
Over the years, the payroll process is progressively getting more complex. Here’s why:
Due to these factors, human errors, and security issues—especially fraudulent activities—are on the rise. This is where technology comes into play. With the introduction of cloud- and technology-based solutions in recent years, we see a gradual migration of payroll data onto cloud and tightening of data protection measures by integrating intelligent technology into the payroll process.
It is also evident that an increasing number of users are storing in and accessing data from cloud for 24/7 access that extends the lifespan of data availability, systematic filing purpose, and enhance data protection. However, not every company is attuned to technology, either they do not have the budget or they do not have the expertise. The former is more prevalent in local SMEs. They know that it is either they catch up on the digitalisation train or be left behind, trailing after larger companies. One of the immediate solutions is to engage a reliable and capable payroll service provider to get SMEs started. In actual fact, with limited knowledge and expertise, some growing SMEs particularly those in Asia are in favour of outsourcing their payroll function to external payroll service providers. Not only has this improved work efficiency, it also saves on overheads and other human resource expenses, such as additional headcount.
More Efficient, Simpler, and Safer Payroll Process
For growing companies that are still considering to digitalise your payroll process, this list of benefits will help you reconsider your options:
This list is by no means exhaustive. There are plenty of other benefits that growing companies in Asia can enjoy with a reliable payroll service provider.
Our Government has rolled out a slew of grants, such as the Digital Resilience Bonus, to help companies embark on their digitalisation journey whilst adapting to the new post-COVID norms. These grants will also help to save cost in implementing digital capabilities in especially SMEs.
To find out more on how we can assist you, please get in touch with our specialists.