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Neeyamo Solves Global Payroll Pain Points and Improves Employee Experience
The global pandemic has changed a lot of things for organizations, but one of the benefits of the surge in remote work is that employers can now hire talent outside of the United States.
According to research from Gartner, by the end of 2022, 31% of all workers worldwide will be remote (a mix of hybrid and fully remote). The U.S. leads in terms of remote workers in 2022, accounting for 53% of the U.S. workforce. Across Europe, U.K. remote workers will represent 52% of its workforce by the end of this year, while remote workers in Germany and France will account for 37% and 33%, respectively. India and China will produce some of the largest numbers of remote workers, but their overall penetration rates will remain relatively low with 30% of workers in India being remote and 28% of workers in China working remote.
I am talking to more and more HR leaders who have additional responsibilities for a global workforce, or they’re expanding their teams in multiple countries, or somebody relocated to Portugal and they don’t know how to make sure that they can retain key players within their organization. While expanding into new locations and territories can mean more complexity for HR teams, some HR tech providers have stepped up with platforms and integrations that can solve these challenges, and one of them is Neeyamo.
How Neeyamo Reduces Friction for Employers Hiring Globally
I had the pleasure of seeing a live demo of Neeyamo’s platform and I am really impressed by how robust the system is and how so much attention is paid to the problems that it solves. Neeyamo has built its global payroll technology stack with global payroll at its core. I’ll talk about features here, but I wanted to first talk about how important technology like this is to HR leaders and their executive teams. The reporting functionality within the system is unlike anything I’ve seen before and even something simple like a headcount report that includes future accruals for time off can give us so much data for forecasting talent.
In order for HR leaders to demonstrate the importance of people to an executive team, we need more metrics and data to show the value of a people-first strategy that puts employee experience front and center.
As global payroll continues to become an integral part of everyday business continuity, Neeyamo’s “Global Payroll Hyperloop” stands out as a ground-breaking, innovative approach that is set to challenge the status quo of payroll processing and delivery. For example, global payroll is purchased globally, but it has to be delivered locally. Payroll is a very hyperlocal business, and typically when employers want to hire outside of our home country, they have to work with what is called an employer of record (EOR) or an owner partner. But those partners also have to use another vendor to do payroll, compliance, and so on. Neeyamo has organically built its global solution to meet the specific needs of global organizations and create a simplified solution for the overall organization.
What is the Global Payroll Hyperloop?
When you think about it from a payroll perspective, the only items of interest to us are the ones that are affecting pay, but all of this information has to come from somewhere and there can be multiple stakeholders. Collecting this information and providing it to a payroll vendor can be a job in and of itself. Neeyamo aims to speed up this process by bringing in data through integrations with an HRIS, time system, or absence management system.
The term “hyperloop” refers to an ultra-high-speed ground transportation system for passengers and cargo proposed as a concept by Elon Musk, CEO of Tesla and SpaceX, in a white paper back in 2013. This concept applied to payroll and other HR integrations not only speeds up the process but also reduces human error through automation. So there is no longer a question about whether the technology exists to process complex payroll – for example, 15,000 employees and 300 pay elements – in 20 minutes. Neeyamo created Payroll Hyperloop to do exactly that (and they expect to bring that 20-minute time frame down to just five minutes).
One of the stellar things about Neeyamo’s solution is that it supplements or complements your existing HR technology. The way the entire stack has been built is that there is a single sign-on integration from the global payroll core stack to payroll plus to employee management.
The true benefit of the Neeyamo platform is that employers can pay in a single currency, like the dollar or the euro, and Neeyamo delivers that currency in all the countries that require local currency for payroll. Having the ability to pay in multiple currencies and deliver services in multiple languages could be a key differentiator. The global mobility aspect allows you to transfer employees between countries and change how they are paid based on where they move and what local currency is required, without any gaps in payroll.
A Single Piece of Technology From Offer to Onboarding to Time Tracking
Neeyamo’s platform is full coverage, meaning that it begins with a candidate offer. Once minimal details are provided to create an offer, all of the documents that the candidate needs for onboarding are unlocked based on acceptance of that offer. I personally think this is great for the candidate-to-employee experience, as we know how important it is to keep a candidate engaged between the offer and the start date.
The completion of specific documents triggers other functions, like global screening (background check, employment verification, and so on), and once screening is complete the candidate immediately receives a log-on for the candidate portal.
I mentioned reporting earlier and I think the transparency into the payroll process and being able to download specific types of reports for things like audits are so helpful. This is also key to looking at forecasting in terms of the health of the organization because as employees accumulating vacation time, that needs to be reflected in the company’s financial statements. With some providers, you would need middleware to get a combination of payroll and employee reporting. With Neeyamo’s dashboard, there is a single consolidated view of the compliance dashboard and reporting like the headcount report.
If you’ve wondered how your company can expand to hire remote employees globally (or how to handle payroll for remote employees who moved out of your home country), Neeyamo is out here simplifying the process for everyone.
Neeyamo is a leading technology-enabled global payroll and HR services provider for multinational and micro-multinational corporations worldwide. With an extensive team of professionals serving clients across 190+ countries, Neeyamo leverages its unique service-based model and functionality-rich, next-generation HR & payroll products portfolio to help organizations enable agile and scalable business. You can learn more about them at www.neeyamo.com.
FTC Disclosure: We received compensation for mentioning and reviewing the product listed above as part of one of the services we offer our clients. Regardless, we only recommend products or services I use personally and believe will be good for my readers. We are disclosing this in accordance with the Federal Trade Commission 16 CFR, Part 255: Guides Concerning the Use of Endorsements and Testimonials in Advertising.