Oracle today announced a new payroll solution that will help organizations, starting with Intergovernmental and Nongovernmental organizations (IGOs and NGOs), navigate complex pay rules and policies to efficiently pay any employee, anywhere, in any currency. Part of Oracle Fusion Cloud Human Capital Management (HCM), Oracle Payroll Core is a flexible payroll management solution that enables organizations to easily configure payroll to meet both local and international pay rules in a single system. It allows organizations to meet unique business requirements not addressed with traditional payroll solutions.
Traditional payroll solutions are often designed to meet specific country pay rules, but lack the flexibility to manage international pay rules required for organizations like IGOs and NGOs. These organizations manage different pay structures for employees working around the world. For example, they are often not subject to local pay rules like taxes, overtime, or minimum wage but they must adhere to unique international pay practices such as post management and multi-currency. In addition, as some countries don’t have complex payroll calculations for social insurance and other taxes to consider, organizations are often required to spend time and resources calculating payroll manually, which increases the likelihood of errors.
Oracle Payroll Core will allow organizations, starting with IGOs and NGOs, to easily configure a payroll system that meets unique organizational needs and pay their workforce in any location. Natively integrated into Oracle Cloud HCM, Oracle Payroll Core can be configured to automatically calculate payroll according to international or local pay rules, using the most up-to-date information about an employee. In addition, by analyzing payroll data alongside other HR data such as skills, demographics, and performance information, Oracle Payroll Core helps organizations gain the insights needed to make more strategic workforce decisions.
With Oracle Payroll Core, organizations will benefit from:
- Flexible Payroll: Organizations can easily comply with any combination of international and local pay rules by configuring their payroll calculations to support diverse employee needs regardless of location. IGOs and NGOs can even complete complex payroll operations such as splitting pay across multiple forms of currency so employees can keep savings in their home currency, while paying for local expenses where they are stationed.
- Simplified Processes: Organizations can use a single payroll solution to support their workforce worldwide. In addition, they can benefit from features in Oracle Cloud HCM to automatically add new hires to payroll and validate data to help ensure payroll accuracy.
- A More Empowered Workforce: Organizations can save time and resources by allowing employees to make changes to their personal information using employee self-service, which alleviates tedious manual processes. This helps employees focus on strategic priorities and meaningful work.
“Oracle Payroll Core will deliver on our vision to help our customers quickly and easily pay their employees anywhere around the globe. 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, senior vice president, 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.”
Oracle Payroll Core is the latest addition to the comprehensive payroll capabilities within Oracle Cloud HCM. The payroll capabilities within Oracle Cloud HCM support diverse requirements across organizations, workers, and industries to provide efficient, compliant, and configurable global payroll solutions. In addition, Oracle Cloud HCM enables customers to leverage predefined integrations with their payroll providers to further reduce complexity and cost.