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:
|All other vendors (avg.):
|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.
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