Month: September 2021

Boost employee satisfaction with an HRMS payroll solution

Boost employee satisfaction with an HRMS payroll solution

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How the right HRMS payroll solution can increase employee satisfaction and boost HR efficiency

Time is a finite resource. As a busy Human Resources (HR) manager, you know this better than most. It may well be the reason you’re reading this article right now. You’re looking for solutions to reduce your team’s administrative burden so they can focus on improving employee satisfaction.

Adopting a payroll solution with an integrated Human Resources Management Software (HRMS) platform is one way to make this happen. Although, given how busy you and your team are, you may think that you simply don’t have the time to upgrade or change your HRMS.

The good news is that engaging an outsourced payroll partner can make the process seamless.

How? Let’s break it down.

The payroll challenges you are facing

At the moment, you might be working with a legacy payroll system that’s not flexible enough to do what you need it to do quickly and effectively. This makes it challenging to:

  • generate reports from data across payroll and HR;
  • easily sync your current system with other platforms and apps;
  • meet the current demands of employees if your system doesn’t have mobile capabilities;
  • access and store data from a system that is not fully integrated across key HR and payroll modules such as time and attendance, leave and claims; and
  • process multi-country pay runs.

As a result, your HR team could be:

  • taking longer to process payroll because of having to do manual calculations or reconciliation;
  • overwhelmed by servicing employee requests while trying to juggle payroll support and processing; and
  • spending too much time generating individual reports specific to each non-integrated system. The information in delayed reports may become irrelevant which reduces reporting accuracy.
Outsource payroll in Singapore

How an overall payroll solution with the right people, systems and processes can help

Payroll difficulties can be easily overcome by adopting an overall payroll solution that combines the right people, systems and processes. What do we mean by this?

By outsourcing payroll to the right people, you’ll have a team of experts by your side, like our specialists here at BoardRoom, who can take care of all aspects of payroll for you. But, you also need to have the right systems and processes in place to manage payroll efficiently and effectively. That’s why outsourcing to a professional payroll outsourcing provider with an integrated HRMS payroll platform, such as BoardRoom, offers a fundamental solution to any payroll problems you might be encountering.

More specifically the right payroll solution can help you and your team to:

01 Save time with employee self-service functions

Imagine how much time your HR team would save if employees could check their own leave balances, access payslips and update their own personal information on a mobile app using employee self-service (ESS) functions.

Not only can ESS functions increase HR efficiency, but they can also improve employee satisfaction. Managers can easily sign-off on their team members’ timesheets and leave requests. Staff can avoid the inconvenience of having to contact HR team members to perform simple actions like submitting timesheets, claims and leave requests or accessing payslips and rosters. It also means that staff can receive timely, detailed advice from HR teams when they have more complicated and complex requests.

02 Make reporting quicker and easier for better decision-making

Without the right payroll solution, generating reports that combine payroll and HR data is time-consuming. For example, to create a report on employee salary and rewards, you might have to hunt down the information you need from:

  • different systems;
  • Microsoft Excel spreadsheets;
  • databases; or even
  • individual emails.

In contrast, a good payroll solution means all of your regular reporting is taken care of by a team of payroll experts. Plus, any ad-hoc reports you need can be generated at the click of a button.

Beyond this, securely storing all of your HR and payroll data in one platform with the same outsourcing provider makes it quicker and easier for your team to generate reports based on the most up-to-date information, enabling them to make more effective decisions, faster.

Better yet, your team can use the time they once spent generating reports to now focus their efforts on what really matters, such as increasing employee satisfaction.

03 Process multi-country pay runs accurately and efficiently

In the APAC Region, payroll regulations are complex and frequently change. It’s hard enough for even the most experienced HR teams to stay up-to-date with the payroll regulations of one country, let alone those of multiple countries. Combine that with a legacy payroll system that makes adjusting payroll formulas and data inputs for each nation’s unique regulations difficult, it’s easy to see the benefits of a good payroll solution.

An overall payroll solution with the right people, systems and processes minimises your exposure to these compliance and regulatory risks. It means that an experienced and knowledgeable team takes care of payroll compliance for you. This includes updating payroll formulas correctly into an advanced HRMS software solution that has the capability to easily process multi-country pay runs.

Looking for an outsourced payroll partner with an all-in-one, integrated HRMS payroll solution?

When coupled with an expert outsourced payroll provider like BoardRoom, our integrated, cloud-based HRMS payroll solution, Ignite becomes even more powerful.

Our superior payroll solution combines the right people, systems and processes to empower your employees, reduce your administrative burden and ultimately increase HR team efficiency by:

  • eliminating the need for multiple payroll systems;
  • providing unparalleled reporting for better decision making; and
  • processing accurate multi-country pay runs for you to maintain compliance.
All-in-one HRMS System Ignite
All-in-one HRMS Solution, Ignite

Speak to our team of payroll experts today about how we can meet your company’s specific payroll needs.

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Outsourcing payroll improves HR efficiency and reduces costs

Payroll efficiency

Outsourcing payroll improves HR efficiency and reduces costs

boardroomsuperadmin

How outsourcing payroll can improve HR efficiency and reduce costs

As a Human Resources (HR) manager, you want your team to focus on strategic HR imperatives, not back-office administrative tasks. But all too often, your team has to spend precious hours on time-consuming jobs like processing payroll instead of focusing on strategic priorities like employee engagement or talent management.

If your HR team is already stretched to the limit, managing payroll can be even more of a challenge. You know that a late pay run can result in unhappy employees. You also know that a rushed pay run may have errors. The last thing you want is to generate costly fines or lawsuits for your company because of a simple payroll mistake.

The solution for many companies in Singapore and the APAC Region has been to outsource their payroll.

Let’s look at how outsourcing payroll could improve HR efficiency while also reducing costs.

Save valuable time while preventing costly compliance errors

HR team responsibilities have grown significantly in recent years from day-to-day personnel management and administrative tasks to now delivering key company objectives. In between scheduling interviews, running performance appraisals, and processing payroll, HR professionals can struggle to find the time for core strategic imperatives.

This means essential but non-urgent goals like strengthening company culture and employee experience often suffer. It’s no wonder that many HR teams are feeling stressed and overwhelmed. And when HR teams are overstretched, payroll errors may happen.

Small payroll mistakes can have big consequences for your company, including:

  • Costly non-compliance fines and even employer jail time: as just one example, employers in Singapore who fail to pay Central Provident Fund (CPF) contributions for their employees correctly and promptly can be taken to court. If they’re convicted of late CPF payment offences, employers face up to $5,000 in fines per offence and up to six months’ imprisonment for a first offence.
  • Reputational damage: payroll errors can generate negative publicity for your company, resulting in distrust from both clients and investors. In turn, this can reduce profits and lower the value of your company.
  • Employee dissatisfaction: getting paid correctly and on time is a basic expectation for every employee. Repeated payroll errors can lead to employee dissatisfaction, which can ultimately reduce productivity and increase staff turnover.

Payroll outsourcing vendor

In the APAC Region, payroll regulations are complex and change frequently, making it more difficult for HR teams to stay up-to-date. If your company also operates within multiple countries, payroll compliance becomes more difficult as your team needs to stay abreast of each nation’s unique regulations.

Outsourcing payroll frees up the time your HR team previously spent attempting to keep up with changing compliance regulations and doing tedious, repetitive payroll processing tasks. It gives them the capacity to properly concentrate on core strategic activities that add more value to the business.

Enhance productivity by streamlining processes and making data analysis easier

Expert payroll outsourcing vendors use advanced, all-in-one Human Resource Management System (HRMS) solutions to automate and streamline payroll processing. This eliminates the need for manual calculations or data input, which can significantly increase the speed and accuracy of your pay runs.

More streamlined payroll processes also enhance productivity by enabling your HR team to spend their time and energy on core strategic business activities. Beyond this, your company would no longer need to purchase the latest HRMS software upgrade or maintain the cloud security to support it – generating yet more savings.

Additionally, outsourcing payroll can improve HR efficiency by making data easier to analyse. Different types of advanced HRMS software used by payroll outsourcing vendors can provide unparalleled reporting capabilities and workforce visibility. Detailed reports can be generated at the click of a button, providing business insights faster and more easily. Armed with these insights, your team can make better strategic decisions for your company.

All-in-one HRMS System Ignite
All-in-one HRMS Platform, Ignite

Access to a team of experts without the salary costs

Finally, outsourcing to an expert payroll service provider gives your company access to a pool of HR knowledge specialists without the expense of retaining them in-house. Our team of payroll experts here at BoardRoom have worked across multiple industries, and in multiple countries and situations, which means they can:

  • guide you on best practices;
  • identify key risks and potential problems, and provide practical solutions that save your team time and resources;
  • ensure your company remains up-to-date and fully compliant with all relevant payroll regulations; and
  • provide regular reports and valuable insights for your business.

Not only that, but you can also take advantage of the wealth of knowledge that our team of professionals at BoardRoom have across a range of business disciplines, including:

Our centralised services enable you to receive assistance in multiple fields while streamlining your outsourcing processes.

"Outsourcing payroll makes sense"

If your HR team is feeling the pressure to do more with less, now is the time to consider outsourcing payroll.

Our team of payroll experts at BoardRoom can take care of payroll for you, freeing up your team to refocus on delivering strategic HR imperatives like strengthening company culture and increasing employee engagement. Essentially, this means increasing your HR team’s efficiency, while reducing costs as outlined above.

That’s why outsourcing payroll makes sense for so many companies in Singapore and the APAC Region. Speak to our payroll specialists today about how to outsource payroll services for your company.

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