Malaysia has rapidly emerged as one of the prominent countries in southeast Asia with Kualalumpur becoming a major business hub in the region. Various global and home-grown brands compete for market share in the Malaysian economy and a large number of expats come to work in the country. In recent years, Malaysian companies have strongly focused on digital technology to optimize their operational capabilities. Advanced Artificial Intelligence, Machine Learning, data analytics and other technologies are being used to perform functions such as sales, marketing and financial management. However, when it comes to payroll processing, there is a tendency to continue with the legacy and time-consuming payroll systems. In the post-pandemic world, such manual processes are actually acting as a roadblock for the growth of such companies.
On the other hand, there are companies which smartly choose payroll outsourcing over in-house payroll processing. There are numerous benefits of using payroll outsourcing services in Malaysia. For instance, most of the businesses run payroll only because it is an essential part of their operations, but it is neither their core competency nor does it generate direct revenue for them. Thus, the in-house HR or admin teams that process the payroll are generally not adequately equipped to handle the dynamic payroll needs or expectations of a dispersed workforce consisting of remote employees. This leads to calculation errors, delay in salary processing and at times even compliance issues with the authorities.
Since the employees use digital technology in most of their other activities, they are well-versed with the fact that payroll outsourcing or usage of a digital cloud payroll system can eliminate the payroll challenges. Yet, when they see their employers struggle with salary payments but not showing intent to adopt digital payroll, they feel demotivated and may even contemplate working for another employer that assures paying the right salary at the right time consistently.
On the other hand, if you choose a world-class payroll outsourcing firm in Malaysia, you can be assured of a professional and expert service. The 3rd party payroll companies use cutting-edge cloud payroll systems with integrated technologies such as AI, Data Analytics and Internet of Things (IoT) etc. Handing over the payroll management to such expert payroll firms, it is possible to transform the efficiency, speed and accuracy of payroll processes. Employees remain happy and motivated; all compliances are seamlessly adhered to and your HR teams are able to enjoy work-life balance because their workload is significantly reduced.
If you are worried about data security or have any other concern that prevents you from hiring a payroll outsourcing firm, you can still use advanced cloud payroll tools available online on subscription basis to transform your operations. The right cloud payroll software would offer features that can meet various needs of businesses in Malaysia, such as:
- 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
Go ahead, go digital and give your employees a payroll experience they would love!