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Neeyamo Driving Innovation to Bridge the Gap Between Global & Local Payroll

Authored by Pete Tiliakos, Principal Analyst at NelsonHall

As globalization of the workforce continues its evolution, HR leaders today face the challenge of managing a more diverse, dispersed, and technology savvy human capital environment than ever before. Thus, acquiring, integrating, managing, and paying a borderless workforce is a major challenge for many multinational organizations today, driving the need to transform and digitize global HR and payroll delivery models.

NelsonHall’s recently published Next Generation Payroll market analysis finds the pursuit of digital transformation has created a convergence for HR and payroll to address technology jointly, in an effort to achieve an optimal delivery model and transformation globally. As payroll seeks to leverage technology in line with the digital transformation initiatives of the broader organization, technology-based managed payroll services are in demand.  It is no surprise that the study finds, multi-country payroll services continue to grow at a rate of more than twice that of the overall payroll services market.

With technology based managed payroll services in high demand, “next generation” payroll outsourcing is being built on cloud platforms and complemented with intelligent technology. As a result, global payroll service providers are investing heavily (on average ~16% of revenues) in payroll innovations that bridge the gap between global and local and leverage technology to eliminate boundaries.

One such vendor driving innovation in the global HR and payroll space is Neeyamo, who positions itself as a specialist “long-tail country” HR and payroll services provider. It targets global organizations who tend to have the largest portion of their employees based in home and secondary countries, with the remaining population distributed in small numbers across multiple locations constituting a “long-tail” of countries.

Recognizing that the market continues to lack a single global payroll technology platform that covers the entire globe, Neeyamo has focused its offering on filling those gaps. Its long-tail approach is addressing these gaps by leveraging technology and automation to enable cost-effective service to smaller, traditionally cost prohibitive countries, often those traditionally avoided by many large HRO players.

Neeyamo has introduced a framework it calls Global Payroll Hyperloop which is driven by its proprietary, cloud-based, global payroll platform PayNComp and paired with complementing technologies and automation features to reduce delivery time, eliminate manual processing, and provide comprehensive global compliance support. Key elements of Neeyamo’s global HR and Payroll solution include:

  • Incorporating advanced automation features and bots, throughout the payroll delivery model, eliminating over 70% of routine payroll administration activities and speeding payroll processing, with the capability to process gross to net calculations lending itself to real-time payroll processing for “payroll on demand”
  • Chatbots for payroll inquiry management support, collaboration tools, and analytics for global payroll reporting and insight
  • HR Compliance Plus, a global HR compliance system with intuitive, wizard style, cloud-based platform for HR compliance monitoring, that includes an analytic dashboard to track compliance globally
  • Benefactorz, a global cloud-based, HR benefits management system which is integrated with PayNComp and designed with an intuitive user experience, and advanced controls and analytics for benefits management

Not only has Neeyamo’s innovation focus made an impact on its payroll delivery capability, but it has also shown a positive impact on its client base as well. As part of NelsonHall’s Next Generation Payroll Services market analysis, Neeyamo’s average client reference interviews yielded above average client scores for innovation, (compared to the combined average of its peer vendor participants):

Innovation and Creativity Neeyamo:

4.00

All other vendors (avg.):

3.28

Effectiveness of Innovation Mechanisms 4.50 3.27


(1 = very low satisfaction, 5 = very high satisfaction)

Additionally, Neeyamo plans to continue driving innovation across its payroll delivery model in the following way:

  • Continued investments and enhancements to PayNComp, which is currently natively configured in ~30 countries and supports the payroll in 150+ countries. Neeyamo’s roadmap will take this to 70+ native countries support within the next three years
  • Further investments in automation, including incorporating artificial intelligence and machine learning capabilities throughout the payroll process, predictive analytics, and early-stage development of blockchain technology for HR and payroll service delivery

As a result of its proven global payroll capability and innovation approach, Neeyamo has recently signed its largest client to date; a Fortune 100 corporation with employees across more than 80 countries – a true test for Neeyamo’s Global Payroll Hyperloop.

With payroll buyers focused on best in class technology-enabled services to drive global HR and payroll transformation, they will seek vendors who can deliver not only tactical HR and payroll management but innovation that drives value creation.  Going forward I expect Neeyamo’s Hyperloop framework will position it well with multinationals seeking a proven global HR and payroll solution and provider that is capable of driving value through innovation.

To know more about Global Payroll, Visit http://bit.ly/20sQmHW

For queries, write to us at irene.jones@neeyamo.com

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3 Game Changers in Benefits Administration

Employee Benefits Administration

The right kind of compensation strategy and structure that befits the organization and its employees is indispensable.

by Biju Chandramohan  on 8 Aug ’14

Health benefits or benefits in general helps employees feel secure and be at their best on the job. The difficulties as far as benefits administration goes are faced by the employers. The Affordable Care Act along with the economic growth is poised to change and challenge the way employers approach employee benefits.

Outsourcing non-core activities has become a competitive corporate strategy and is viewed by many as the most advantageous means of accomplishing their business objectives. As per a survey conducted by HRmarketer.com, about 36% of the organizations identified compliance as their single most important issue when it comes to Benefits Administration. This isn’t surprising given the sheer complexity of the health care reforms. About 30% of the organizations wanted to reduce their administrative costs and 19% of the organizations wanted to increase the employee self-service technologies.
Given these pain areas, the three game changers in Benefits Administration that can make a serious mark are:

  • Compliance as a Service
  • Low-cost Delivery of Benefits Administration
  • Private Health-Insurance Exchanges

Compliance as a Service (CaaS): It is an ongoing challenge, in the Benefits landscape to stay compliant with the ever evolving laws. Organizations need to setup compliance teams to help identify immediate risks and assist in building compliance. Compliance assessment will be the need of the hour to assess and mitigate risks and resolve immediate issues. The compliance services teams will also be involved in monitoring the laws, regulations, related to Affordable Care Act, COBRA, HIPAA, ERISA, USERRA, etc. Many HR professionals describe healthcare reforms as the single biggest challenge given the multitude of changes that an HR professional needs to absorb. The penalties that pop up as a risk due to compliance violations compound this. Companies are keen to transfer the risk to the outsourcing firms and therefore the need for CaaS

Low-cost Delivery of Benefits Administration: According to study done by Sourcing Analytics, the cost of performing benefits administration in-house is nearly 18% higher than outsourcing. And from our experience offshoring major chunk of administrative work could see organizations save up to 50% in Cost. Organizations are constantly looking to evaluate the performance of their corporate functions with regards to cost. Administrative cost reduction is top priority for most organizations, despite the multiple factors like aggressive rate of healthcare or the financial pressures that economy continues to place on organizations.

Systems that support Private Health Insurance Exchanges: The private health insurance exchange enrollment is projected to reach 40 million people by 2018. This is a great opportunity to set up intuitive private exchange systems. The best systems can integrate multiple insurance programs, from subsidised programs to individual, family, and group plan coverage. These private exchange platforms provide guidance on how to make the best health coverage decisions. Money will thus be saved by the employer and employees. This will be one of the biggest game changers over the coming months.
With health care compliance risk looming high, more and more companies want to reduce their administrative cost and these are a few strategies that could be your winning formulae.

Write to irene.jones@neeyamo.com, to set up a time with our Benefits specialist, who can assist in mitigating your compliance risk and reducing administrative cost.

References:http://www.hrmarketer.com/users/clients/secova/SurveyReport. http://www.winstonbenefits.com/The-Employee-Benefits-Blog/bid/121639/Justifying-Outsourcing-Benefits-Administration-Services-to-Your-CFO