TenXLabs' PayGenie Software Implementation for a dynamic Wealth Management Company with an ever-so complex HR environment

They required a system that could manage a complex HR environment with a dynamic payroll scenario that required custom rules to process payroll. This was needed because they had both high attrition levels as well as aggressive hiring every month. As a result of continuous changes to payroll, payroll management was becoming a complex task for them. The firm had to have a human resource management information system in place in order to maintain its large amount of data transactions in an accurate manner.

TenXLabs PayGenie implementation was chosen for its scalability and ability to handle a complex rule based payroll management module.

Client Overview

The client's tryst with excellence in customer relations began in 1987. Today, they have emerged as one of the most respected Stock-Broking and Wealth Management Companies in India. With its unique retail-focused stock trading business model, this broking firm is committed to providing excellent value for money to all its clients. The Group is a member of the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and the two leading Commodity Exchanges in the country: NCDEX & MCX. They are also registered as a Depository Participant with CDSL.

Pain Areas

The custom requirements of this firm needed a bundled Payroll Module with Human Resource Management System (HRMS).

·                     The firm’s reports were manually processed for payroll. This led to payroll errors.

·                     Improper leave/attendance management led to persistent gaps in loss of pay instance tracking, and made leave processing and leave balance calculation for each payroll cycle difficult.

·                     Attrition and frequent change in staff data mandated by new hires and inter departmental human resource allocations was posing a challenge in maintaining the HR information system.

·                     Due to the lack of HR automation, the existing payroll software was not scalable to handle a large employee database (Estimated at around 10,000 employees and rapidly growing).

·                     Due to improper salary management system, full and final settlement for exits was a challenging process in terms of accuracy, cost and effort factors, and this demanded accurate payroll processing.

·                     The company was organized into multiple legal entities. The management information system was not up to date. Hence, there was no fluidic system at the given time that could amalgamate data across entities into a single front end.

·                     An estimate of one or two business days for getting the data in-line with the HRMS database and cost of errors.

Solution

TenXLabs' customized version of PayGenie took care of the firm's Payroll solution needs. PayGenie saw the need for a payroll manager who could manage and control the payroll errors and put in place a salary processing system.

·                     In terms of scalability, the implementation used state of the art SQL Express based processing standards, ideal for an organization with this transaction volume.

·                     Technical handshake was achieved within 10 days.

·                     The implementation of PayGenie integrated with the firm's existing HRMS seamlessly.

·                     The implementation included powerful customizations like the auto payroll calculator (deriving custom rules basis business inputs from the HR team), which improved payroll accuracy and brought down errors like payroll overpayment.

·                     As the salary payment software was put in place, the calculation of settlement numbers for the bulk employee exits were processed without any stress on the available resources.

·                     With the introduction of the HR software for payroll and with subsequent and extensive support, the firm was ensured of smooth transition into HR automation.

Benefits

·                     With the custom reports payroll software in place, excel based data inputs were cut down to zero. The payroll software seamlessly worked with the HRMS.

·                     The pay management system, reduced the time required for auto calculation of the payroll by more than 50%.

·                     The salary processing system, auto calculated the bulk upload of salary and exit settlement and resolved the need for HR to review it manually.

·                     PayGenie implementation managed all legal entities through a single front end console.

TenXLabs provides user friendly, dependable, cost effective payroll software. Flexibility is the key, whether the requirement is a simple payroll software or a complete solution by integrating other systems in HR domain namely Employee Self Service, HRIS etc.