What are the benefits of automating payroll process?

A leading security services company employing more than 1 Lakh employees deployed across every state in India, having presence in more than 130 locations with multiple codes and sub codes for social security and Provident fund management, working with more than 15000 end client locations, was faced with a unique challenge of bringing efficiency and economy to the HR processes while still ensuring the effective management of such a large work force.

The challenges being faced were many:

– Limited technology interface

– A highly complex salary structure

– Decentralized management of compensation & compliances

– Hourly and monthly attendance based wages

– Manual & complex allowances and OT calculations

– Invoicing linked to compliance documentation

– A very large, complex and varied compliance requirements to be fulfilled as a contractor for more than 10k end clients.

All of the above resulted in a very large workforce carrying out different processes in different locations in order to meet the internal needs and the client requirements.

Critical Analysis and Support

There was clearly a need to look afresh at the entire process in totality and provide a comprehensive solution which resulted in increased control, efficiency and substantial cost effectiveness for the client.

Mynd introduced an approach to transform from a person based approach to a process based approach with the help of best practices and bespoke technology interventions. MyPay which is the Mynd proprietary payrolling platform, was configured to meet the varied needs of each type of employee, varied salary structures and location specific complexities where the employee was based. Further the allowances calculations which were end client specific were also automated in the system itself.

Read here for more: https://www.myndsolution.com/blog/2017/03/20/securing-cost-saving-up-to-35-through-payroll-process-automation/