Without a doubt, payroll is one of the most taxing, yet crucial tasks that an organisation has to manage, and it must be done carefully to improve employee morale and keep compliance issues at bay. Many companies see payroll administration as a routine, repetitive, compliance-driven part of their business. But payroll forms a key part of employee experience. Getting it wrong can harm employee satisfaction, while doing it right can boost employee engagement. Furthermore, the payroll function offers low-hanging fruit in terms of improving efficiencies.
Automate repetitive, low value activities
Many SMBs are still using manual processes or obsolete software to manage their payrolls, relying on emails, spreadsheets and even paper to manage their payroll processes. This method allows human error to creep into the equation, ties up time that could be spent on more strategic business elements and can lead to employee frustration. The modern, cloud-based payroll software has made online payroll solutions more affordable and accessible to organisations of all sizes.
Manage finances, operations, and people
With an automated payroll in place, many SMBs look toward deploying an integrated solution for payroll, finance and HR, helping automate repetitive, low value activities. For example, if an employee’s details are changed on the HR software, the data can be automatically updated across financials and payroll, saving time and improving data quality. Everyone in the organisation can access business insights based on clean, reliable data, helping teams collaborate to make better decisions about growth and the workforce based on real-time insight.
Enable employees to help themselves
The payroll is an important touchpoint in the employee’s journey with the company. For SMBs seeking to become innovative people companies, employee self-service is a powerful way to improve employee satisfaction. With employee self-service, employees can use a website or an app to apply for leave, manage expense claims, update personal details like bank accounts and next-of-kin information, apply for training, and view current and previous payslips. Managers, meanwhile, can approve transactions, manage performance reviews, view leave calendars and more. This eliminates repetitive, manual processes and gives valuable time back to employees and the payroll team, supporting SMBs to spend less time on admin and more time focused on strategic activities.
Streamlining payroll via technology
Although payroll hasn’t traditionally been associated with innovation, we can expect digital technology to change this function significantly in the years to come through machine learning and artificial intelligence (AI) helping SMBs streamline their businesses. The digital innovation journey is just beginning for the payroll.
Al Fardan Exchange’s WPS service, Payez Payroll solution, is designed to cater to all types of corporate customers — from large construction companies to small businesses like Groceries. Al Fardan Exchange is the first exchange house in UAE to launch its own prepaid closed loop WPS compliant payroll card back in November 2009. Today Al Fardan Exchange’s Payez payroll solution is one of the most trusted and popular payroll service among unbanked employees. The offerings do not just cater to unbanked employees, but also banked employees whereby Al Fardan Exchange transfer their salaries to their respective bank accounts in a secure and fast way. Al Fardan Exchange also remit funds to employees deployed overseas on a project basis.
Source: Sage Africa & Middle East
Payez Payroll Solution
*Subject to the fund credit to Al Fardan bank account within the cut off time. T&C apply
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