'The whole is greater than the sum of its parts.'-Aristotle
Aristotle did perfectly typify the fundamental influence of the whole - most of today's innovations are indeed harnessing the immense power of the whole in its true sense. In this era of disruptive technological solutions, every moment unravels new inventions, simplifying various aspects of life - from daily living to enterprise management. But it is the business landscape that has seen some of the most path-breaking revolutions reinforcing the strength of the whole - with concepts such as end-to-end, integrated, connected, and networking emphasizing the value of complete solutions. Payroll management is one such critical area of relevance that has witnessed the passing trend of best-of-breed solutions to eventually realize the value of the whole.
But what challenges have led to this shift in balance favoring whole, end-to-end solutions as against a hastily brought together best-of-breed solutions in payroll management? Let's take a look at some of the major hurdles.
Multiple sources for multiple solutions: With more than one provider sourcing multiple silo-ed solutions, frameworks, tools, applications, and platforms for a single enterprise, integrating all these isolated functionalities into a coherent, operational whole is a huge challenge. The entire purpose of a unified payroll management solution is lost since each part was competent only within its own boundaries of functionality. When stitched together, the overall payroll solution has way too many loopholes.
Managing payroll compliance risks: With businesses going global, integrating all the variances in compliance parameters across geographies to deliver up-to-date guidelines on payroll compliance is quite unimaginable.
Upgrading service parameters: Change is a definite constant in the payroll universe. As organizations grow and expand, payroll management team's toughest challenge is to bring all systems on par with changing landscapes through seamless upgrades, reorganizations, and transitions. But in a disconnected best-of-breed environment, establishing smoothly evolving systems is tough.
Balancing standardization with flexibility: Managing a payroll at a global level requires expert juggling between standardizing good practices across geographies, yet allowing for a significant percentage of flexibility to incorporate local variances in legislation and work cultures. Only an end-to-end and structured system can incorporate this requirement.
So with most of the payroll requirements pointing to the need for a holistic automation of services, why should you still be focusing on gluing together ill-fitting parts of a disjointed solution?
What can a comprehensive end-to-end solution deliver? The whole and beyond! Let's take a look at a few examples of what you can gain from a complete solution:
- A single, unified platform covering all functionalities
- A software that allows immense flexibility to create, modify, and map rules to define payroll logic - from earnings and attendance to statutory compliance
- Compliance across multiple countries for global operations
- The ability to manage the entire gamut of complexities involved in accommodating multi-currency, multi-country payrolls
- A complete business-driven approach that maps operational requirements with payroll solutions
- Cognitive capabilities that simplifies payroll-related decision making and processing speed
- Anytime, anywhere, permission-based access to employee records for all specific payroll-related information
- The crucial ability to interact individually with users across all categories through in-depth data analytics and insights
- Multi-channel access to accurate payroll information including SMS, apps, bots, and many other interfaces
- Real-time analytical processing of information, delivering data insights on payroll status to administrators with zero latency
- Flexible reporting format including instantaneous and periodic report generation for stakeholders including financial controllers
This comprehensive platform contributes flexible and scalable processes to the entire user community, manages varying data volumes, and meets multiple dimensions of business criticality. Well, isn't this proof enough of the power of the whole being much greater the cumulative power of the individual parts? So, why wait to face more challenges when you can make a move right away? Step up to Ramco Payroll and experience the cutting-edge and seasoned functionalities of the solution realize Aristotle’s Philosphy.
At Ramco Systems, we aim to provide a unified cloud HR software which simplifies the HR functions from hire to retire. Our unified Ramco HCM with Global Payroll addresses the need of Global organizations which have multicountry footprints. Drop a comment below or write to us at [email protected].