Every business has to run payroll for their employees, whether they have two employees or 200,000 employees. The challenge of ensuring that employees are paid on time and accurately is common amongst all organizations.
Synchrony Payroll, a Rizing solution, is our answer to the ever challenging environment of Payroll Management. Synchrony Payroll, along with the Core HR module of Synchrony People is a fully scalable cloud based solution that is designed to be used by everyone, everywhere. Provided through one of three flexible service tiers, you control how much of your HR and Payroll Operations you retain in-house versus outsourcing to Rizing.
By packaging our pre-built accelerators, processes, and localization with the industry leading SAP SuccessFactors HCM Suite, the solution allows you to reduce time to go live, ensuring that you realize business benefits in an accelerated manner, minimizing your HR and Payroll Departments focus on transactional “back office” tasks, while providing them the ability to focus on truly strategic initiatives such as attracting, hiring, developing and retaining your most important asset, your people.
Why Synchrony Payroll?
SCALABLE & MULTINATIONAL
Synchrony Payroll grows with you, from startup to a large multinational player and every size between, our solution will scale with you throughout your organizations growth.
FULLY INTEGRATED END-TO-END SOLUTION
Employee master data and compensation adjustment data flow directly from your core HR Employee Central system to Employee Central Payroll seamlessly, creating timely updates and avoiding the need for dual data entry. The payroll process includes automated payments, financial postings, third-party remittances, garnishments, year-end processes and legal reporting.
Your core HR and payroll processes will be enabled by our cost-effective subscriptions and accelerated time to go live leveraging our pre-packaged accelerators. We have done the heavy lifting by developing a comprehensive solution that provides for 70 to 80 percent of common requirements, focusing the implementation effort and investment on accurate and complete migration of your unique business requirements.
Smaller organizations are often faced with having lower quartile performance when it comes to HR and Payroll operations with the Key Performance Indicator being Full Time Equivalents per 1000 employees. This is largely due to lack of standardized processes and HR and payroll software that does not provide a high-level of automation. By choosing the right fit of outsourced processes with the level of automation provided by Synchrony Payroll, major efficiencies are achieved and the total cost of your HR and payroll operations will be significantly lowered. Also, with its unparalleled automation of retroactive payroll accounting covering all scenarios, a significant amount of transactional work is eliminated (between 25 and 50 percent of manual calculations related to corrections of omissions from previous payroll runs).
The cost for non-compliance can be significant, yet most companies underestimate the level of risk they currently hold in their organization due to aging payroll software, 33 percent of employers make payroll errors annually according to the IRS. Typical error rates are between 1 to 8 percent of total payroll when companies do not use robust payroll solutions. With Rizing’s solution, you benefit instantly from the responsibility of tax, pension and social insurance accuracy along with associated reporting, out of the box, with ongoing compliance assured as part of the Synchrony Payroll Service. Synchrony Payroll is compliant with local legislation across 45 countries, which means that you can focus on running your business effectively whilst our team ensures that your payroll is accurate and stays that way.
A little-known fact is that 24 percent of employees will look for a new job after a single error on their pay. Our solution is fully integrated with the Core HR module of Synchrony People, ensuring that payroll related master data is always accurate and up-to-date. Using the Payroll Control Center, payroll can be simulated multiple times, regardless of your payroll cutoff date, before it is finalized so that you can monitor and correct errors, ensuring accurate results. In addition, our solution is unique in that it combines the ability to enhance the auditing capability to design your own simple reports for added validations of payroll accuracy to complement the controls that are delivered out of the box. No coding required.
Global Reach, Local Compliance, One Solution
Synchrony Payroll is compliant out of the box in 45 countries, with enhanced localization for 11 countries (Australia, Canada, Hong Kong, Ireland, Malaysia, New Zealand, Philippines, Singapore, United Arab Emirates, United Kingdom, United States). Enhanced Compliance includes packaged payment and deduction catalogues, local absence management, best practice reports, interfaces and pre-built calculations for new hires, leavers and overtime rates.
Implementing Synchrony Payroll, Simple and Efficient
Synchrony Payroll coupled with Rizing’s leading IMPACT methodology can be implemented in as little as three months, depending on size and complexity if your requirements. This is achieved with our robust template that provides a global template, with country specific pre-configuration and robust reporting tools, that will typically result in approximately 30 percent lower efforts across the program.
Synchrony Payroll is built on top of the world’s most robust payroll solution, SAP SuccessFactors Employee Central Payroll, Our template can even be deployed as a pure implementation accelerator. The only pre-requisite is that you either have SuccessFactors Employee Central live or are looking to implement Employee Central along with SuccessFactors Employee Central Payroll.
Our IMPACT methodology ensures a risk free, high quality implementation with flexible deployment models ensuring that your implementation is as simple as possible, directly resulting in a reduced cost to implement with a lower risk timeline.
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