Oracle Cloud HCM expands its global footprint to support built-in payroll for 10 countries.
Oracle has announced that India will be supported in Oracle Fusion Cloud Payroll, which is part of Oracle Fusion Cloud Human Capital Management (HCM). This new service aims to make it easier and faster for local and multinational enterprises to pay employees in India while still adhering to local norms and customs.
Oracle Cloud HCM now has built-in payroll support for a total of ten countries, including Canada, China, Kuwait, Mexico, Qatar, Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States.
With approximately 500 million people, India is one of the world’s greatest business markets. A big cloud-based payroll alternative that interfaces directly with a complete HCM system has a significant opportunity in the country.
Companies with employees in India currently rely on costly, outdated systems or third-party contractors to pay their employees in line with the country’s complex tax, overtime, and minimum wage requirements. Using these workarounds to manage payroll can be inconvenient and slow, resulting in increased work for HR departments and delays in getting workers paid.
Oracle Payroll for India is designed to provide HR departments with the tools they need to hire and pay Indian employees. It will contain essential upgrades to address the needs of the local market, such as the ability to calculate taxes using locally recognised tax systems, consideration of common local allowances and deductions, and recognition of pay rate legislation across India’s 36 states and union territories.
Payroll for India is expected to provide the following benefits to organizations:
Reduced Manual Processes: By integrating directly with Oracle Cloud HCM, Payroll for India can automatically use the most up to date information about an employee when calculating their payroll. HR and payroll teams will no longer need to spend extra time or effort ensuring that information is synchronized between the systems.
Enhanced Workforce Insights: By using the same data as the core HR system, Payroll for India can include payroll data alongside other HR data such as skills, demographics, and performance. This will give organizations a more comprehensive view into talent insights to guide strategic decisions such as how many workers to hire with a specific skillset or whether to change benefits offerings.
Robust Security: By using the built-in security available in the Oracle Fusion Cloud Applications suite, Payroll for India will help protect personal information stored in the system without introducing additional risks by having to share sensitive employee data with outside applications.
“Oracle’s customer-first mindset drives an ongoing commitment to deliver new features and functionality that meet the needs of our rapidly expanding customer-base. Many of India’s largest employers use our cloud HR software, so we’re delivering new offerings that are specific to India to help customers grow their business,” said Chris Leone, Senior Vice President of development, Oracle Cloud HCM. “With Oracle Payroll for India, organizations in India will be able to gain new insights into their workforce while improving the accuracy, efficiency, and local compliance of payroll.”