Neeyamo to Expand across 35 Countries with Unique Global Payroll Technology

Rangarajan Seshadri, CEO, Neeyamo, mentions that the company is expanding overall as an organization and consolidating to be the unique provider of Global Payroll technology. It plans to expand in Egypt and Eastern Europe with employee count to increase by 70 to 200 percent

Please talk about your journey so far.

We started in the year 2009 focusing on providing transformational services to pretty much underserved markets such as Latin America, APAC and parts of Middle East Africa. There are specific payroll products available for large markets, maybe like US, Canada, UK, but if an organization wants to transform their payroll across 100 plus countries, we realized that this could be a huge opportunity. We started building this whole Global Payroll Hyperloop in 2014, and today we are at about 80 percent completion of that. We have close to 2500 employees globally. We have a full ecosystem today to run Global Payroll as a single platform across 100 plus countries. We have more than 100 customers who are Fortune 500, Global 1000, for whom we have implemented this technology and providing service as well. And we’ve had a fantastic run over the last three-four years. We are growing at more than 100% year on year, and in the next 24 to 36 months we are poised to become the only Global Payroll platform or product provider globally. So, we are clearly poised to be there, and we are sure in the next 24 to 36 months we will create an industry called Global Payroll technology which didn’t exist and put us there as the only provider who can provide payroll as a platform for 100 plus countries globally.

Please talk about the highlights of your achievements in terms of business growth, customer acquisitions and new innovations in 2021.

Covid-19 accelerated lot of digitization. In Global Payroll came into limelight as a lot of business leaders wanted a better technology to drive payroll across all their countries of operations. Hence, we got a lot of attention in the last two years, and specifically in 2020-2021, we almost doubled our headcount and our customers with over 100 percent revenue growth. Today, we do about 12 to 13 million pay slips using our product and we’ve seen a fundamentally different shift in growth in the last two years, and specifically in 2021.

Please talk about a few major developments in your business process/model which enabled improvement in business in 2021.

Payroll has multiple challenges from a business process standpoint like multiple systems, employees across different countries, complex rules of calculation, complex rules of compliance, in fact keeping up to the compliance changes that happens, allied systems that feeds into payroll, like your time and absence, which are a core part of payroll processing. So these are some of the challenges not only in 2021, it existed before, and to our Global Payroll Software, when Pam and allied systems like our time absence, expense system, mobility, payroll, accounting, and bringing all of that integrated into client’s existing portfolio of products, for example, the client could have had an HRIS implemented in few systems and in few countries, they already could have had time and absence implemented. What we did is we took the client’s existing technology portfolio, bought in all the products from our side, integrated them and deliver a seamless payroll. That’s quite a bit of a transformation that we did for a lot of customers, which was a challenge.

What are the top Global Payroll tech trends that will shape the technology industry in 2022?

One of the very important technologies that will shape payroll as an industry is what we are working on called straight through processing. What we are aiming to achieve through the payroll hyper loop, which is very transformation difference is taking it real time. I’m sure by 2023 or early 2024, we would have literally moved payroll from a batch into what we call real time through our straight through processing technology. So that’s something that will definitely happen in the next 24 months.

What is your outlook for the Global payroll technology industry over the next 2-3 years?

Like every organization was wanting to do HR transformation, today every Global Fortune or multinational companies are looking to do global parallel transformation. They have started the journey, or they are thinking of the journey across the countries they operated. They are looking for innovative solutions, they are looking for solution which will completely digitize their payroll services to their employees, they are not looking for manual intervention, they are looking for something which is forward looking, which will solve a lot of their problems, multiple systems. Employee experience is a key of all of this. They are looking for companies which provide innovative solution which they can adopt through technology. So that’s the big paradigm shift that is happening, and lots of Global Fortune have started their journey of Global Payroll transformation, which will only continue in the years to come.

Please talk about your expansion plans.

We are looking at 75 to 100 percent growth of our revenues of adding our customers or employees. We are also expanding our service centers outside of India; we already have four centers in India, one in Manila and one in Mexico. Now, we are adding Egypt and Eastern Europe to that. Our employee count will increase by 70 to 200 percent. So, we are we are very buoyed by this growth. We are present in about 16 – 17 countries and we will be taking it to about 35 to 40 countries. We’re also expanding our sales team from 16 countries to about 30 countries. So, we are looking at expanding overall as an organization and consolidating ourselves to be this unique provider of Global Payroll technology.