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Businesses Urged to Embrace Digital Payroll

With a redefining of the workspace, where remote working has become prominent in some organisations, a local payroll and fintech expert is projecting that there will be a greater need for businesses to automate, digitalise and reskill.

Nicolene Worthy-Donaldson, Senior Product Manager at MC Systems, the technology of The Jamaica National Group says, “There are no geographical borders or boundaries as to where persons can work from anymore. The work environment is no longer limited to four walls and “Work From Home” is moving towards “Work From Anywhere.”

She noted that this means that organisations will need to look at automation of their processes, digitalizing their systems and reskilling of their work force.

 “Automation describes a wide range of technologies that reduce human intervention in processes. Automation makes procedures and processes occur quicker, more efficiently and seamlessly. We want automation to be smart and intuitive,” says Worthy-Donaldson.

She stated that one such task which can be automated by companies is its payroll process. She said that through MC Systems’ BizPay Central, the solution offers reduction in time spent on payroll; ensures employees are paid accurately all the time and guarantees the correct calculation of taxes and other statutory deductions.

“BizPay Central allows employers to run weekly, fortnightly and monthly payrolls all at the same time. It also easily and seamlessly allows for digital pay slips to be emailed to employees. Organisations can realize savings and efficiencies by no longer having to purchase paper, prepare, print and at times even hand deliver pay slips. In short, business owners should leverage technology to work smarter. BizPay Central also allows for third party deductions,” she said.

The solution also facilitates pension calculations and a seamless integration with a human resource system which is also offered by MC Systems.

Mrs. Worthy-Donaldson revealed that the technology company has also developed an app called the BizPay Cash, which is a pay loan app that employees can use to apply for staff loans, and the approved funds can be in their bank accounts within five minutes.

The benefits of the app include: 24/7 accessibility, where employees can apply anytime and anywhere; with no delays, instant approval; real-time feedback; as well as confidentiality, the convenience of viewing transaction history, and loan balance.

Turning to digitalisation, Mrs. Worthy-Donaldson said that the benefits of companies embracing digital transformation are numerous. This includes improvement in service delivery, cost savings, generating efficiencies and making processes safe, secure and compliant.

“Reskilling: what can employers do to empower employees to thrive post COVID-19? Employers can facilitate training and exposure to new job functions for example, through cross training and job shadowing. This will increase their confidence, skillsets and marketability in a post COVID-19 environment,” she advised.

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