Launching initially for IGO and NGO use, Oracle Payroll Core eliminates the need to manually calculate payroll for employees working remotely outside of their own borders.
A new payroll solution available now from Oracle could make international remote work easier than ever before. Called Payroll Core, the new product comes as a part of Oracle Fusion Cloud Human Capital Management (Oracle HCM), but with a catch: It’s only available to Intergovernmental and Nongovernmental organizations (IGO and NGO).
IGOs and NGOs, Oracle said, face a lot of payroll burdens thanks to the number of employees operating outside of their home countries. Traditional payroll solutions aren’t designed to account for international laws and regulations, meaning payroll teams have to do a lot of manual calculations, which in turn increases the chance of an expensive error, Oracle said.
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“IGOs and NGOs conduct lifesaving work and their employees are often ready to uproot their families for the greater good of the global population,” said Yvette Cameron, SVP of Oracle Cloud HCM. “Complex and tedious payroll processes take time and resources away from these organizations that could be better spent on the critical services they provide. With Oracle Payroll Core, we are helping these organizations take advantage of the cloud to gain the flexibility and ease of use they need to design payroll processes that meet their unique needs.”
Payroll Core automates much of the process of determining which taxes and laws an employee needs to adhere to. It calculates payroll “according to international or local pay rules, using the most up-to-date information about an employee,” Oracle said. Payroll Core can also analyze payroll and HR data to help organizations “make more strategic workforce decisions.”
In addition to automated compliance features, Oracle said that Core will let payroll departments perform complex operations, like splitting pay across different types of currencies. Employee self-service features will also let people make changes to their personal information to keep payroll up-to-date and keep the checks flowing.
While restricted to IGOs and NGOs for now, Payroll Core has the potential to help any business working extensively with freelancers and remote workers, regardless of where they’re located. Even companies and employees located in the same country have had difficulty meeting tax requirements with the sudden shift to remote work.
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Fortunately for private companies hoping to get access to Payroll Core, Oracle said it plans to make it available “to private organizations in select countries in the near future.” Oracle didn’t provide specifics beyond that, so plan to keep doing manual calculations for the foreseeable future.
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Source: TechRepublic
