Singapore is one of the most economically developed countries in Asia and a major global business hub. Almost every reputed global brand is present in Singapore and millions of people regularly work with Singapore based companies. One of the biggest reasons why people love to work in Singapore is the fact that they expect to get paid the right amounts at the right time. The companies operating in the country take payroll management very seriously, and are also well-versed with the challenges that manual payroll processing possesses. This is a digital world, and there is no reason why despite the technology being there, modern businesses should continue dragging their feet with manual payroll processes. The best option for any business, as most companies in Singapore have already realized, is to opt for payroll outsourcing and enjoy the benefits.
We all have access to digital connectivity on the go and smartphones, social media platforms and cloud computing solutions make access to information on the go has become a norm. Employees know that there are digital payroll outsourcing services available and they expect the employers to provide them with such benefits.
In-house processing of payroll is not an easy task, especially not for enterprises that don’t specialize in payroll tasks. In the wake of the COVID-19 pandemic, there have been strict limitations on the number of on-premises employees and public movement in Singapore. Employees are working remotely and a large number of foreigners working for Singapore companies are now working remotely. Thus, calculation of payroll as required by citizens of different countries and timely disbursement of salary can become a challenge for in-house payroll teams that are still using conventional on-premises software.
All these challenges get instantly eliminated when the task is handed over to a payroll outsourcing specialist. Such 3rd party payroll companies typically use the most advanced payroll software with integrated technologies such as AI, Data Analytics and Internet of Things (IoT) etc. Thus, no matter what industry you belong to, such companies would offer easy, scalable, secure and accurate payroll outsourcing solutions to all Singapore firms.
By letting the 3rd party company take over your payroll system, you can transform your employee experience and make them feel more motivated to work for your firm. You will be able to ensure that all the employees are paid on time, every time, even if they reside in some other country.
If due to any concern, you don’t wish to outsource your payroll then the least you must do is to transform your employee experience by upgrading to a cloud payroll system.
Such a software driven payroll system would take care of various needs of the Singapore businesses:
- Online payslips
- Automated tax calculations
- Integrated, cloud
- Local tech/support team
- Superannuation processing
- Parallel testing
- Transfer of current payroll and staff data
- Regularly updated in line with local regulations
- Global/multi-country payroll
Whether you choose payroll outsourcing or switch to a cloud payroll system, all Singapore companies can significantly enhance employee satisfaction, productivity and ease of payroll management.