Payroll and HR
Our client was a leading technology company specializing in telecom software development and delivery.
Their requirement was SourceOne to handle their employee’s lifecycle including the payroll function, handling all the statutory payments as per the local government regulations. It is absolutely a Process Outsourcing to SourceOne.
They were searching for a reliable, resourceful partnership in Sri Lanka. Our client did not have a legal entity in SL at the beginning of the operation hence they were seeking a dependable partnership.
Our Initial Approach
One of the most daunting tasks for a business is complying with laws, regulations, and mandatory rules, specifically when the company is a foreign entity looking for a local presence, hence first and foremost, we assisted them to register the company for mandatory requirements in local authorities like EPF/ETF, PAYE.
We selected a competent team and delegate the job tasks as per the client’s prerequisite. The selected team was then assigned with tasks such as monthly payroll & leave administration, registering the new employees for EPF & ETF, monthly payments of EPF, ETF, PAYE, EPF & ETF clearance issuing the B cards for resigned employees, sending salary slips, etc.
Our dedicated team was always readily available and passionate about the project which was assigned to them. Our client was delighted about the prompt responses and the level of efficiency they received throughout their onboarding processes from the registration for ETF/EPF to issuing the B card at the exit.
When conducting the operation below phases were followed,
- Agree on terms of engagement
- Obtaining necessary registrations and license
- Acquire necessary employment and business details
- Handling all the documentation parts of the employee entry and exit process
- Process Payroll
- Reporting to client
- Issuing monthly e-pay slips
- Remit taxes and contributions
The client was extremely satisfied with the overall service they received from SourceOne and they agreed on continuing the partnership for years to come. PEO model had helped our client to be benefited from cost savings, time savings, accessing large talent pools, and enhanced compliance.
The client had the benefit of a 60% cost reduction due to process outsourcing compared to in-house operation. By allocating SourceOne to control their employees’ lifecycle thru the HR Administration process, our client had the opportunity to spend their time focusing more on revenue-generating centers. Partnering with the right PEO company will always be a win-win situation and will make all the difference.