Karma Management has a monthly transaction of almost two lakhs employees whose payroll processing is done for preparing statutory challans for PF, ESI, PT and LWF , and the ultimate contribution amounts run into crores and crores of rupees.
As we know, Karma Management is engaged in the business of managing HR & compliances for hundreds of clients , besides its other verticals like payroll, recruitment, outsourcing, advisory, labour laws, facility management , court hearings and so on.
It has a set of dedicated and expert staff who run the in-house developed software with precision and zero defect error. Such vast data of client employees can only be tabulated, generated, and executed by means of sophisticated state-of-the-art tool and rightly so, Karma Management has its own advanced tool called “WeChecked” and “WeProcess” , both of which are inter-linked to a common display platform called “Bumble Bee” and “Hovercraft”
The key to accuracy and timely processing of challans within the stipulated period, is the “structured payroll process” in Karma , which has been very well accepted both by the employees as well as the client organisations. Apart from this, Karma Management has a mechanism in place where it keeps on refreshing its priorities as far as technology is concerned in view of the ever changing global scenario, so that it is always heads-up on finding out innovative ways to give the clients that competitive edge to their business as well.
Due to covid – 19 scenario bringing uncertainties in the way we handled our business and work, it seems that a hybrid workplace is shaping the future of work , resulting in changes in the role of employees from a traditional workforce to a modern day role of absorbing technologically driven processes. This has led to technology being used to its full potential in all areas of operations, be it HR , Compliances, Operations , Supply Chain, Logistics, etc. and most of the companies are jumping on the band-wagon of streamlining to enhance efficiency and to improve effectiveness across their business functions.
We constantly get to hear of new expertise such as Artificial Intelligence, Machine Learning, Automation, Chat bots, which are today the most “in-thing” which will further boost digital savviness , waiting to be captivated by the new GenZ workforce.
Technology and Payroll go hand-in-hand and they cannot be separated from each other as the common factor between them is the “transactional element” which is the bedrock of salary processing and statutory deductions. Both the salary processing and statutory deductions have a direct impact on the mindset of employees as at the end of the month, during payout, this can make or break the financial well being of an employee. In case of business, any error can lead to financial implications for the organization which can thwart the operations and lead the business towards the road of disaster.
Karma Management has also put its foot prints on the global front catering to Global Payroll Outsourcing Services Market in countries like US, UK, Europe, Middle East, Taiwan, Korea, Indonesia and Philippines. There is a lot of payroll visibility coming from these countries which are seeking payroll support from India , known to be the technological hub for innovations” and Karma Management is not far behind in catering to them with multiple services on multiple platforms within the contractual time frame and cost economics.
Karma has made conscious efforts to adopt some of the lean methodologies in its work flow , more often selecting and adapting as per suitability and final output to be given to the clients. There are times when we are faced with challenges due to some issues and concerns but these are immediately taken up for problem solving by going into the various causes of the problems and not just one single root cause by asking not just one why but asking several whys before reaching any conclusion.
Most of the issues are solved by Karma Management Global Tech, with the aid of technology and some of the parameters are listed below :
1. Clearly defining payroll processes and policies:
Karma Management is loaded with tons and tons of data , all coming from various sources and different locations of the client organizations and its team of dedicated payroll executives, input such vast data accurately into the payroll system in a timely manner as per SOP . It then takes up the work to validate the various data sources and data inputs by cleaning up the dump data from essential data , considering only that data required to be factored into the payroll system including leave, attendance, time and expenses, invoicing, reimbursements, compensation, etc.
2. Adoption of authentication and encryption into salary computations:
Karma Management has automated all Salary computations through Applicant Tracking System (for candidates ) and through the payroll system (for employees). Its down time is measured with features such as two-factor authentication and encryption. With stringent measures in place for maintaining data privacy of all clients, the entire payroll administration is held together with related analytics capabilities which are summarized and displayed client wise, location wise, month wise, act wise, employee wise and so on.
3. Streamlining and centralizing back office administration:
Karma Management has built system capabilities around data management. As a point for illustration, once the payroll cycle is complete, storing the historical data in a form that is accessible and retrievable becomes significant because of its domestic as well as global operations both within India and outside for other countries. All factors depending upon the employee, the client, the global country norms, the global country requirements are taken into consideration such as nature of work, different employment types, full-time workers, contract workers, freelancers, casuals, fixed time, permanent, which differ in geographies, and sometimes it makes the task difficult for companies to conform to regulation policies of certain regions unless it is fully automated as is visible in Karma’s Global Tech Firm.
As a result of the local compliance requirements, outsourcing service providers must establish a strong presence and a greater degree of centralization for clients to ensure streamlined payroll operations. This is where Karma Management Global consulting solutions, a firm with 2 decades of experience in this field, caters to the payroll requirements of clients who are sensitive to the needs of Data Integrity and Quality. A full fledged Centralized team functioning as “Client Centric Back Office”, provides good maintenance of a data integrity policy , which is focused on checking the quality of the data throughout the cycle period.
4. Build in the cloud: With Karma Management going global on and from April 2021, it had switched onto a cloud-based payroll system much earlier in the year 2020 helping to increase performance and productivity and minimizing risks.
5. Compliance coding checks: There is a vast set of clients with Karma Management who have given us their end to end services which includes, managing labour laws, statutory payroll compliances, payroll processing and statutory deductions and so on. Since the scope of work is integrated, besides keeping the clients at zero level risk free from any kind of breaches, it also undertakes their payroll management calculations involving a huge volume of statutory compliance checks related to TDS, EPF, ESI, PT, LWF, leave, bonus, etc. Total reliance on manual processing by humans is bound to create errors and hence it also has a well knit integrated tool for managing both establishment and vendor compliances in a state of the art tool called “WeChecked” .
Both the payroll software system and the compliance software system complement each other under a common umbrella called “Fulcrum” where all work flow processes are captured by way of tasks and sub tasks , FULCRUM is a valuable digital container holding together as a cohesive unit, all the tasks, and subtasks, not only within the organization but also outside it. The tool can create meeting schedules, exchange the plethora of emails between the clients and the stakeholders. The final outcome of this tool is to provide real-time successful completion of the given tasks by different units, which inevitably leads to customer delight and risk-free compliance management. FULCRUM is an AI-powered tool that gives desired deliverables to its various clients and customers in a time-bound manner.
6. Build a ‘secure’ system and align cybersecurity priorities:
Karma Management has secured the system using adequate cybersecurity measures in line with cybersecurity laws. This new learning has come about especially during post-Covid era period, where remote working has become the new normal way of working and Karma Management is sticking to work-from-home as well as turning to hybrid working for the present time, till complete normalcy returns for full time working from office.