Chennai: Wallet HR, a leading player in the HRM/Payroll market in India, bets on domain expertise to make the automation of HR/Payroll processes efficient in terms of performance and cost. The company is also able to provide unparalleled after-sale technical support, as it has a dedicated team of domain experts.
“Automation of HR/Payroll is a critical step in the digital transformation journey of a business entity. Hence, it is important for companies to do due diligence in choosing the software and the vendors. They should avoid falling into the trap of either low price or brand influence. Instead, they should evaluate a product based on how accommodative it could be to business or regulatory changes in the future,” said Mr. R.S. Raman, Founder and CEO of Wallet HR.
Talking about the trends in adopting HR/Payroll software in India, Mr. Raman cautioned that the money spent on low-quality software and vendors without domain expertise could quickly turn out to be a sunk cost. An expert in product development with over three decades of experience in the HR domain and HR/Payroll software market in India, he said that companies that buy inexpensive software end up spending twice as much in the long run. It happens when they find that they need to replace the software as it has limited features, and it is not easy to accommodate changes in business or regulatory environments. Besides, low-cost vendors also leave their customers high and dry without providing technical support.
Mr Raman said that the best way to spend less on software is to avoid the low-price trap. “It appears counterintuitive, but it is worth remembering what the ‘boots theory’ highlights. The proposed in novel “Men at Arms”, it talks about the paradox that how people who buy expensive and quality pairs of boots afford to keep their feet wet almost forever as their boots last longer, while those who buy cheap boots need to replace them more frequently, as they don’t last beyond a season or two. Ultimately, choosing cheap boots costs more money in the long run.”
On the plight of companies who buy HR/Payroll software, because it comes from a big brand, Mr Raman said that it is the case of a lopsided balance of power where vendors get to dictate the customers. “Large brands do not necessarily have expertise in the HR/Payroll domain. They enter this sector as part of their strategy to leverage their brand strength. Developed without domain expertise, their products are not comprehensive enough and the support they provide may not be effective. They also charge a bomb for customisation and modifications to accommodate ongoing changes in business and regulatory domains.”
He added that replacing a HR/Payroll software involves not only additional cost but there are also indirect costs in terms of demands on time and effort of business owners and managers who are required to be involved in the stages of product evaluation, negotiation, requirement mapping, and customisation. Mr. Raman urged companies to have the right set of evaluation criteria and invest in high-quality software and domain-focused vendors who have strong domain expertise and excellent track record.
Wallet HR software comes with web, mobile, and Cloud-based digital transformation solutions for a wide range of HR/Payroll operations. Developed by professionals with decades of experience in the HR/Payroll domain, Wallet HR helps customers manage recruitments and carry out over 20 HR functions including attendance, payroll, performance appraisals, leave, grievance, HR analysis, and exit management. The highlights of Wallet HR include: user-friendly design, extensive coverage of HR processes, capability to ensure seamless integration with existing enterprise applications, and simplification of steps required for adopting ever changing legal and tax policies.