In a recent survey we conducted among global ventures based in Malaysia, a majority of respondents revealed that since outsourcing payroll operations, an average of 40 hours a month were reclaimed from manual payroll processing. By deploying their staff to focus on more strategic and pressing HR functions, respondents said they found greater liberation and time which otherwise would have been difficult to attain.
According to one of our clients in the healthcare and life sciences space, the risk of potential statutory errors is enormous, considering they were global players with no idea of the regulatory landscape in Malaysia. New to the industry, the company couldn’t afford financial errors or compliance penalties during their early stage of establishment. Furthermore, compliance liabilities could result in a huge dent in corporate reputation- something they simply could not afford at all.
It wasn’t just this client, but many others too face such similar concerns. No matter how many employees a business has, processing payroll demands a lot of time and attention to detail. Every pay period follows the next, requiring business owners or their payroll personnel to enter large amounts of data physically and double-check on keying errors. That’s time taken away from critical tasks like building revenue and serving valued customers.
Payroll processing is a complex and potentially risky business operation. There is always a risk of identity theft, embezzlement, or tampering with company records for personal gain. There's also the risk that comes with using payroll software from companies that aren’t well established and may be out of business or are bought by smaller companies. By contrast, outsourcing payroll to a stable, experienced provider can offer a “safe haven” for your confidential payroll data. It’s always better to get another pair of eyes to view and check on your payroll integrity.
With Covid-19 shifting the entire workforce from offices to homes, organisations suddenly required external business partners to manage end-to-end services like payroll and tax while they concentrated on keeping up employee morale and offering more serious HR support. Assisting them at times like these are not just about taking over these non-stop functions but offering unconditional support in times of crisis and chaos where employees don’t lose access to their monthly pay.
Besides freeing up valuable time, payroll is also fast becoming a gamechanger in a business where HR transformation is often touted digital’s next most-fascinating revolution. At Propay Partners, we build products and services that help you power your HR transformation like none other. With us, each of your employees will be treated to cutting-edge experiential HR practices that will give you enough space and peace of mind to focus on other core business objectives.
