Introducing the Global Payroll Hyperloop: Redefining Payroll with Neeyamo
According to a study on EY, most Payroll and Finance functions are familiar with the challenges of poor data and associated compliance issues. Many global organizations find it difficult to identify and build the right Payroll function operating model. Also, the pandemic has created a clear need for payroll to re-evaluate remote working policies and their impact on multi-jurisdictional payroll and compliance. However, with Neeyamo’s Global Payroll Hyperloop concept, payroll is now productized. Mr. Rangarajan Seshadri, CEO, Neeyamo share more insights on the same.
According to this EY study, the pandemic has created a clear need for payroll to re- evaluate remote working policies and their impact on multi-jurisdictional payroll and What does Neeyamo make of this change?
Multi-jurisdictional payroll has been in play before pandemic as well, although the magnitude of this was not as high. In some countries, when an employee lives in a jurisdiction other than the one where the business is registered then there are complexities in taxes, as there are taxes for the place where the business is registered and where employee works out of.
During pandemic, lot of people moved to their home base to save cost on their rent and other expenses. In some countries, this had to be reported back to payroll, so that right taxes can be withheld in the appropriate jurisdictions. Since Neeyamo has been managing multi- jurisdictional payroll already, the systems were ready to handle the changes during pandemic. We could very quickly get this up & running once the data was provided from the customers for their employees work locations.
In addition, we help our clients with Tech Solutions by integrating time solutions with Timesheet, one of our allied features that support remote working (which is incorporated into Payroll). We also help our clients hire the right talent in untapped territories through our EOR services
2. Does poor data and associated compliance issues hinder payroll management?
Payroll works on the concept of “Garbage in, Garbage out”. Poor input/data and compliance management are the most common pitfalls for organisations managing their payroll operations. In most cases, insufficient payroll processing is caused by incorrectly captured payroll inputs and poor compliance management.
Organizations lose control over accuracy due to ambiguity in data generation. Inefficiency in identifying errors and glitches on time can subject businesses to non-compliance penalties. The penalties/fine have a larger impact as it jeopardises the company’s goodwill and image in the market.
3. What does it take for organizations to build the right Payroll function operating model? How does Neeyamo help?
An organization can process payroll without discrepancies by building defined service delivery and operating models. The best operating model is to centralize payroll operations across all locations yet bringing local expertise to the existing process. To achieve the same, Neeyamo has built a single global payroll platform that offers a seamlessly integrated system for multinational employees that enhances employees’ experience and has leveraged a global model with effortlessly supporting audit requirements and employee helpdesk in a single platform.
Neeyamo has helped lot of multinational companies build a centralized Payroll Shared services centre with the help of its Global Payroll platform which helps process Payroll in 150+ countries. Neeyamo also helps harmonize the processes for customers thereby helping them achieve global standards, yet ensuring the local touch is maintained.
The payroll platform, which is the crux of the entire proposition, provides a unified experience, providing operational efficiency, and better compliance management. The system supports a high degree of configurability despite being a global system.
4. How Neeyamo is productizing and automating Payroll?
Neeyamo’s growth has been organic, with no acquisitions or mergers. Hence Neeyamo has been able to build a technology in the payroll space that can cater to end to end payroll processing in 150+ countries on a single platform. Neeyamo is the only company that provides a product-based approach to payroll processing on global scale.
Neeyamo’s platform is integrated to all the major HRIS like, WorkDay, SuccessFactors, Oracle which makes it easier to get all the data for Payroll processing. Neeyamo’s allied product suite of Time & Absence modules help clients to have an al-round solution.
The engine on Neeyamo’s platform is highly configurable to deliver Gross to Net in over 100 countries today. Apart from Payroll processing the system can also handle the complex post payroll reporting by catering to GL/JV, Bank, Payslip and other reporting requirements in multiple different formats across the globe.
5. What does Neeyamo mean by Productizing Payroll services with a single, global Platform that makes payroll in real-time possible?
Payroll has been historically looked at as batch processing. Neeyamo has challenged this belief and created a product that can deliver payroll in 150+ countries on a single platform in real time.
The product focuses on ensuring the incoming data is clean through pre-configured validations, so that the payroll output is clean. The product also runs validations by default on output to ensure it meets the local compliances. Post payroll reports are triggered to clients automatically once the client signs off the payroll output.
The product has the option to run “Anytime Payroll”, thereby enabling the client to pay their employees anytime during the month in case of emergencies instead of waiting till the end of the pay period.
The input to output phase is covered in a matter of few mins to hours depending on the headcount and in minimum possible clicks. This gives immense control to the payroll controller or shared services team on customer end on the overall payroll process.
6. What is Payroll Hyperloop? How can companies benefit from the Payroll Hyperloop?
Like the hyperloop concept, a high-speed transportation system, Neeyamo introduced the ‘Global Payroll Hyperloop,’ the world’s first-ever technology-driven payroll solution. This global payroll solution automates the payroll process from beginning to end, eliminating the need for manual intervention.
Extending on this concept, Neeyamo is working extensively on developing a solution to make “payroll on a click of a button” a reality. This will allow payroll to be processed in real-time with a click of a button, eliminating the need for employees to wait for an entire cycle or until the end of the month to receive their salaries. Bringing the concept of “on-demand” access to pay into a reality!
This single payroll platform and individual country extensions run payroll engines in 150 countries along with allied payroll systems. Through this, Neeyamo has created the entire payroll ecosystem to make it completely digital right now. Neeyamo’s Payroll “Hyperloop” is completely automated and allows global companies to have one system, one experience, and one visibility globally.
Our technology is built in such a way that it seamlessly integrates with the client’s pre-existing HR technology, both upstream and downstream, simplifying the payroll process for users.
7. What are the pain points of large enterprises that are solved by the hyperloop?
Apart from ensuring no manual intervention with the solution’s faultless input-output process, Neeyamo’s payroll hyperloop is working on making ‘payroll on a click of a button’ a reality to eliminate the need for employees to wait a full cycle or until the end of the month to receive their salaries.
With the payroll hyperloop, the process will be made much easier, simpler, and more efficient to adhere to client requests/ customizations and payroll process. Now the customers can practically run payroll on the pay date or a day before pay date with the hyperloop solution, thereby eliminating the need to receive inputs in crunched timelines or process off-cycles for last minute changes.
