Is payroll simple or complex? The answer can be subjective, given the situation and process used in an organization.
As a general trend, the challenges in Payrolls have risen over the past decade primarily on account of
- Tax withholdings and its associated complexities
- Changing Labour laws and its reporting requirements
- Employers providing complex employee benefits to attract talent
- Individuals are required to be “Multi-Skilled” than just a “Salary Expert”
- Varying Internal Reporting Requirements – Companies have a global footprint
- Deduction and recoveries of Provident Funds, ESI, PT & their reporting accurately
- Matters which are sub-judice – The larger the employee strength, the higher the stakes
- Centralized Payroll requires the individual to be aware of local city and state requirements, wherever employees/offices are present
- Further in most organizations, Payroll is now required to exceed Employee Expectations and have better Service Delivery norms in line with larger Multinationals.
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