This proprietary RIVeR framework brings all payroll stakeholders on one platform and ensures that payroll is managed through one system and one dashboard
HYDERABAD, India, Sept. 17, 2024 -- In an industry first-move set to redefine payroll management, Darwinbox, a leading HR tech platform, has announced the launch of the next-gen payroll platform with the RIVeR (Review, Initiate, Verify & e-approve, Release & Report) framework. It is a modern 4-step approach to payroll management that promises to make payroll 100% online, easy, accurate, and audit-ready. With one system, one process, and one dashboard for managing payroll across diverse geographies, the idea is to make global payroll processes more streamlined and efficient.
Existing Payroll systems in India are often burdened with broken views of the entire payroll process. This leads to more manual intervention, high payroll errors, increased audit risks and wastage of time in validating and reconciling payroll inputs. Reconcilation and Verification are still done manually, which leads to scope for leakages that amount to significant financial loss. These challenges aggravate as businesses scale, especially across geographies.
The integrated payroll offering, built on Darwinbox's modern HCM platform that covers the entire employee lifecycle from hire to retire, is designed to address the unique and complex payroll needs of enterprises. With over 1.2 million payslips processed monthly across geographies, this solution will redefine payroll management, offering a transformative experience for organizations.
Darwinbox's enhanced payroll solution solves a lot of these problem statements for organizations:
- Automated Data Flows for best-in-class Accuracy: With integrated CoreHR and workforce management, there is automated data flow of attendance, reimbursements, transfers, promotions and other employee life cycle events directly into Payroll. It ensures unparalleled accuracy in payroll processing, minimizing errors and discrepancies.
- In-the-Flow Reconciliation & E-Verification for 100% digital payroll: The platform facilitates reconciliation and variance analysis, along with e-verification and approval capabilities for reviewers, auditors and approvers – all on one single online dashboard. This eliminates the need for data extraction and simplifies the application process.
- Robust Control and Compliance: The new framework and payroll platform are embedded with exhaustive audit trails, tighter data control and tracking of all approvals, with which organizations can maintain strict audit controls and compliance standards, control over data, flexibility in process variations and no hidden payroll costs.
Expressing his confidence upon the transformative impact this new offering will bring, Chaitanya Peddi, Co-Founder, Darwinbox said, "The existing payroll systems in market needed an upgrade to meet the evolving needs of large enterprises, which still face complexity and leakages in managing payroll. With this latest innovation, organizations can now consolidate all payroll operations into a single system and dashboard, streamlining processes across geographies and involving all stakeholders. In an industry first, payroll processes like verification and approval are now fully online."In addition, Chaitanya mentioned "We've developed this new payroll platform on a powerful processing engine and reporting framework that seamlessly supports geo-specific localization. This same framework will soon be extended to other regions across Southeast Asia and the Middle East, where our customers operate."
For businesses looking to streamline their payroll processes and stay ahead in the competitive Indian market, Darwinbox's enhanced payroll solution offers a compelling opportunity to achieve accuracy, ease, and control in payroll management.
About Darwinbox:
Founded in 2015, Darwinbox is a global HR tech leader that empowers enterprises to better manage their talent with new-age employee experiences and disruptive AI-powered technology. Its cloud-based Human Capital Management (HCM) software caters to an organisation's HR needs across the entire employee lifecycle. Darwinbox is trusted by over 900+ enterprises across 130 countries. Darwinbox has been backed by global investors like TCV, Microsoft, Salesforce Ventures, Peak XV, Lightspeed and Endiya Partners among others.
More at www.darwinbox.com
For media inquiries, please contact: Rishita.chiranewala@darwinbox.in
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