Paysquare, the secret mantra behind HR Success at several large & successful organizations.
, CEO at Paysquare Consultancy Ltd. talks about brand Paysquare and how Accurate and On-time Payroll makes a difference to the HR function across organizations, especially the large ones.
What are some of the challenges that large organizations face, especially related to HR?
HR is an important enabling function making sure that employees are aligned with corporate goals. They are involved in a variety of initiatives including Recruitment, Employee Engagement, Leadership training, Performance Management and other day to day HR formalities. Managing payroll is one such function which sits with HR teams and since it is a sensitive topic, it ends up consuming a lot of time.
There are a variety of issues related to payroll like getting the employee IT declarations right, finalizing the payroll structure, integrating with leave management & time/attendance data, checking for any employee loans/advances, computing tax deductions. All of these, if not properly handled can easily result in errors creeping in the employee payroll processing.
Why is Payroll such an important component of what the HR function does?
Payroll refers to the process by which employees receive their salary. Functions involve balancing and reconciling payroll data and depositing and reporting taxes. The payroll department takes care of wage deductions, record keeping and verifying the reliability of pay data. The payroll department delivers payroll checks, maintains compliance with tax laws, records paperwork for new hires and edits existing employee files. Payroll professionals are also responsible for calculating reimbursements, bonuses, overtime and holiday pay.
If payroll is processed with errors, employees are usually not happy, and they will start filing grievances. HR ends up spending considerable time in addressing and correcting these grievances. If not handled right, they can easily lead to a bunch of dissatisfied employees, which will lead to productivity loss, a spike in attrition and increase in hiring time. Larger organizations also have a multi-city presence, the need to integrate with enterprise systems and the requirement for structured reports and dashboards for faster decision making. HR teams are tasked not only with managing employee morale, happiness, and cooperation through change but also with constantly upskilling employees to meet the changing needs of the business. If they bogged down with payroll issues, this creates a huge problem for them.
What should organizations do to ensure accurate and timely payroll on a consistent basis?
There needs to be a robust process in place to take care of all the steps involved in payroll processing. If you have systems and software tools in place as well, that helps even more, as it avoids all the manual errors that may creep in.
At Paysquare, we offer mypayroll, a web based self-service portal for employees and managers to all our customers. This helps simplify all communication related to payroll and makes all individual data accessible to employees through secure logins. It is now possible for your employees to gain complete clarity on their payslip and tax details. All of this is made possible by a personalized and interactive interface, that delivers a superlative user experience.
Paysquare also offers a highly customizable and robust back-end payroll engine, called ‘Precision’ offers complete automation while processing payroll.
What makes Paysquare a preferred choice?
Paysquare has been in the payroll domain for close to 2 decades and we have over 850+ clients across the world. On a monthly basis, we process payroll for over 300,000+ employees across organizations.
Paysquare believes in following a highly process driven approach with high emphasis on documentation. We are a SSAE 18 & ISAE 3402 certified organization with ISO 27001/2013 Standards. Our technology and processes have been proven and we have received several awards for our exemplary service and efficiency. Paysquare also offers world class infrastructure with clearly defined redundancy mechanisms, in case of emergencies, to ensure business continuity.
Where do you think Paysquare is headed from here?
Paysquare is already a leader in the payroll domain. We have now expanded into offering several other solutions as well. We offer outsourcing solutions in bookkeeping and accounting, where clients can get access to advanced reports and where bulk of the accounting processes are automated.
Paysquare offers Resource Management services (Temporary staffing services), where we help clients place their staff on our payroll and we completely administer the employee benefit plans for such staff. We also manage the necessary statutory data for these employees on temporary services.
We are deeply engaged with the HR community and intend to continue our partnership with them.
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