0

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

0

The Risks of Non-Compliance for your Business

by Shilpa Shingade

Introduction

Corporate compliance involves adhering/following to a wide range of rules, regulations, laws, and standards which are designed to protect your business, employees, stakeholders and all others involved in the organization. Right from obeying safety guidelines, to following the standards for payment of wages an organization must comply with all the local, state and federal laws at all the times.

In recent years, adhering to the laws and standards, and monitoring the compliance of the business processes has evolved as a major concern for the business owners. Monitoring not only refers to continuously observing possible compliance violations but also includes predicting possible compliance violations in the future. Since the concept of business process compliance is vast, thus approaches related to process monitoring are hard to identify. Monitoring the compliance of business processes with relevant regulations, constraints, and rules during runtime has evolved as a major concern in practice.

The cost of non-compliance and monetary fines have been continuously increasing in the past few years. However, business owners are getting impatient as these consequences would affect the organization in many ways. Increased complexity, enforced business changes, and individuals being held personally accountable are all set to continue because of continuous compliance failures.

HR Compliance Plus

Why Statutory compliance

  • Required by Law-All the registered companies are required by Lato follow the statutory laws and comply with them.
  • Audits-Non-compliance also invites unnecessary inspection and audits, leading to waste of time and money.
  • Financial  Penalties-Non-adherence to statutory Compliance leads to payment of heavy fines and indirect loss to companies.
  • Imprisonment-Non-compliance may lead to fines and imprisonment of the CEO/Directors/Board members
  • Brand Value and Market Reputation– Payment of fines and imprisonment can destroy a company’s brand name
  • The company shut down– In serious non-compliance cases, companies are asked to shut down by the authorities.

Recent examples of the impact of being Non –Compliant  – Referred from QuickBooks Resource Centre

  • The Department of Labour’s Wage and Hour Division (WHD) recently obtained a consent judgment of nearly $1 million to secure the payment of back wages from Manna, a restaurant chain operating in New York. 
  • Businesses that are found to have discriminated against an applicant’s protected class (e.g. religion, national origin, sex, etc.) can expect to pay up to $300,000 in compensatory and punitive damages, depending on the size of the offending company.
  • If you are alerted to an OSHA violation, don’t hesitate to correct it. Allegations of blocking exits and hazardous conditions at a Boston location led to Dollar Tree Stores facing a fine of $177,800.

Newer technology driven solutions have emerged to protect businesses from Non-Compliance

Compliance requirements can be complex, and business owners may not always be fully educated about the latest rules and regulations.

Because of the vast number of government guidelines for compliance, it can be easy for business owners to find themselves in violation, leaving their companies open to penalties and even dissolution. Having a complete and thorough understanding of corporate compliance is crucial to protecting your business in the years to come.

Illustrative benefits of  using technology driven approach:

  • Reduces business risks
  • Helps to expedite global expansion
  • Enhances control and visibility
  • Real-time, cloud based platform
  • Enables proactive alerts, notifications, and escalations to eliminate business risks
  • Interactive global compliance command center -that allows you to change priorities, delegate activities and monitor progress
  • Flexible, customizable
  • Intelligent dashboard, alerts, and analytics.

After all, when it comes to non-compliance issues, ignorance of the law is no defense.

“Being Complaint is not a choice, but a mandate”

0

Here’s how you service your employees in the #LongTail

by Samuel Isaac  on 14 April 2016

A NewYork headquartered multinational with 20,000 employees worldwide and you are worrying about the only two employees you have in Thailand?

How long is your tail?

HR solutions for the long tail of countries.

According to International Labour Organization, today, some 50,000 multinational enterprises and their 450,000 affiliates employ over 200 million people throughout the world.  According to a survey carried out by Neeyamo Inc., MNCs on average have close to 60% of their workforce within their home countries and the balance placed internationally. Half of these or close to 20% of the population are scattered across a Long Tail of countries. That is more than 40 million employees!

The anatomy of the Long Tail is characterized by a catastrophic combination of low employee headcount scattered across long tail of countries, broken processes and very limited access to the HR technology infrastructure. It is a nightmare for HR leaders across the globe to keep these employees engaged and have visibility & control over these geographies. Not to mention that the local compliance requirements galore and a large number of vendors to manage.

Well, Long Tail is indeed a looooong problem for those managing HR in multinational companies.

So here are the 5 Long Tail HR strategies that should help you effectively manage your talents in “small countries”.

  1. No bees, no honey; no work, no money. GET YOUR GLOBAL PAYROLL STRATEGY RIGHT.
    A critical aspect of payroll is its impact on the morale of the employees. They need to feel assured that they can be paid on a consistent and timely basis. This expectation becomes more accentuated for an employee working out of a remote location.
  2. Garbage in; garbage out. ENSURE YOUR HR AND PAYROLL DATA ARE RIGHT.
    A multinational had a shock of its life when they learned of a highly compensated employee, who had actually stopped reporting to work for 3 months, was continued to be paid. Inadequate data, inaccurate data, and inconsistent data inputs can have significant repercussions in your Long Tail HR operations.
  3. Think compliance is expensive? Try non-compliance. ENSURE YOU ARE AWARE OF LOCAL COMPLIANCE FIRST AND THEN COMPLY NEXT.
    Well, payroll does play a vital role in protecting the company’s reputation by ensuring compliance with various legislations. But HR compliance is more than just payroll compliance. In 2013, for example, there were 20 changes to California employment laws alone. There are close to 200 countries, around 320 legal jurisdictions that can translate to thousands of HR laws/ regulations and millions of compliance transactions!
  4. In technology we trust. LEVERAGE RIGHT TECHNOLOGY/ PARTNERS TO DRIVE YOUR LONG TAIL HR.
    Servicing Long Tail HR effectively and efficiently is only possible as a result of the following equations: platform = productivity and platform = predictability. The productivity ensures that you are able to service your Long Tail employees in a sustainable manner with a sound business case and predictability ensures you have the required transparency and control over your HR and payroll operations in these long tail of countries.
  5. Too many moving parts? Move now. CONSOLIDATE YOUR LONG TAIL VENDOR NETWORK.
    One vendor for payroll, another one for records, and yet another one for time, expense, mobility, and what not! That’s not just it – you also need to ensure that these vendors are appropriately empaneled and comply with your organization’s standards – like ISO, ISMS, and SSAE. The lesser the number of vendors you have to manage the better and if this vendor can bring along the right credentials to give you that confidence – then even better!

So well, 2 employees are all that you may have in Thailand but you may now have a world-class solution to support these employees you only wished you had! Write to irene.jones@neeyamo.com to know how?