Considering the much-needed optimization of resources, outsourcing the payroll services to free up your HR team’s time would be a wise step. Fortunately, all the leading payroll companies in the world provide their services in Singapore and various other countries. Moreover, most leading companies in Singapore have already chosen payroll outsourcing or aim to do so in 2022. You can even choose a service provider that matches your business needs seamlessly.
That brings us to the question, ‘what are your payroll needs?’
Here are a few things you need to keep in mind before payroll outsourcing in Singapore to make a well-informed decision:
Your workforce – The number of employees you have, and whether they are all working on-premises or remotely from different countries, are important considerations. People in different countries have different cultural, linguistic and other variations. The tax and employment laws vary from one country to another. Thus, the higher the number of people or locations, the more complex your payroll is going to be.
Data security – Payroll outsourcing means entrusting a third-party with your employees’ details, financial information and other data which is sensitive in nature. There would be identification cards, government ID numbers, and banking information etc. Therefore, you must outsource only to a payroll company that is reputed internationally, has been around for a long time, and provides local support in Singapore. Furthermore, the service provider should have ample data security provisions in place.
Payroll accuracy – One of the biggest areas of dissatisfaction among employees is usually the payroll errors. Sometimes, it is the under payment of incentives or benefits due to a miscalculation or additional deduction of leaves. At times, more tax is deducted, and it is also not uncommon to see employees getting paid more than the right salary and then being forced to go through deductions later. All these things affect employee motivation and when they persist, the employees might even leave the business. Therefore, it is important to ensure that your payroll outsourcing services provider uses the latest cloud payroll technologies that are error-free, and fast. This will help you fulfil your promise of paying the right salary to all your employees at the right time, even if they are working remotely.
Compliance – Failure to comply with taxation and employee benefit rules can lead to legal challenges and penalties. However, when you outsource to a professional payroll company in Singapore, you would be entrusting the process to professionals who are well versed with the needs, and would seamlessly ensure compliance to Singapore laws as well as laws in many other major countries across continents such as China, Japan, Australia, India, Indonesia, USA, UK and UAE etc.
Primarily, what you need to do is to hire a professional international payroll outsourcing firm that uses advanced cloud payroll software and technologies such as AI, data analytics, IoT etc. to deliver a single-window, end-to-end payroll management. It will help your employees stay happy, loyal, and motivated to work with greater efficiency in the years to come!