Founded in 2011 and headquartered in Hong Kong, Privé Technologies is a leading innovator in the financial and wealth management industries with over 60 financial institutional clients globally. Recognized as one of the fastest growing technology companies in Hong Kong, Privé provides end-to-end award-winning technology solutions for banks, financial advisors, independent asset managers and insurance companies.
“With more than 50% of processing time saved, running payroll has never been so easy and straightforward! … It directly and indirectly opens up more value-producing opportunities and helps us focus on crucial business matter from the time freed up!”– Charles Wong, Chairman & Co-Founder, Privé Technologies
As a company that promotes digital transformation and strives to help businesses capitalize on the full potential of digitization, Privé led by example and took a decent look into their internal workflow to see how they could optimize the digital experience for its valuable employees, not only for their customers. In an attempt to find the bottlenecks of the HR team, they realized HR processes were primarily manual driven and maintained via Google or Excel spreadsheets.
Take leave application as an example, every employee had access to the same Google sheet and when one applied leave as a single line item, manager had to go to the document and manually approve the application. Similarly, expense spreadsheets were to be filled up manually by staff and sent to Accounting department for processing. At the end of the day, document tracing and human errors like wrong data entry and missing attachments complicate a supposedly simple administrative process.
“There’s got to be a better way to manage all the unnecessary back–and-forth emails and my staff could have spent all these time on value-added tasks,” Charles Wong, Privé’s co-founder shared.
It is equally frustrating for both HR and employees when situations like payroll miscalculations, missing or duplicate payments happen.
”It is hard to keep track of employees’ leave entitlements. Things get even messier when staff resigns since HR needs to manually work out the leave encashment before last payrun, which mis–payment or human error may incur,” he added.
Almost immediately the management team decided that automation was key, and an integrated cloud HR system would make everyone’s life easier. It simplifies leave and expense application process, helps improve the transparency and standardization of HR policies, which drastically reduces significant amount of time HR spent on consolidating discrete data and tedious adjustments.
The ability to manage payroll, leave and expense all on one single platform enables HR to get meaningful information conveniently based on the connective data, and in a timely manner. Charles mentioned, “I can track where my staff are working at, from home or in the office at a glance. HR team can process payroll and expense uninterruptedly regardless of their physical locations, and I have all the visibility that I need. One more item ticked off amongst all the operational obstacles arouse due to Covid-19!” As Privé adopts Work–From–Home arrangement, the benefit of managing manpower on cloud is truly manifested.
”JustLogin helps formalize leave policies including leave rollover to ensure employees are consuming leave within certain period, this is helpful during COVID-19 period even though staff wouldn’t want to take leave because they are working from home every day, and travelling is impossible,” he further explained.
“It used to take our team 3-5 days a month on average to run payroll, more time-consuming if there were discrepancies or staff arguing over multiple spreadsheets. Now with more than 50% of processing time saved, running payroll has never been so easy and straightforward,” said Charles. Having all the modules connected with one an other, no pay leave and leave encashment are automatically calculated, claims that are approved under Expense module can also get picked up and get reimbursed together with payroll.
Not only the management team that has been enjoying the transformation, Privé’s employees’ experience has been enhanced with the efficiency provided by the mobile application where they can check payslips, apply leave and submit expenses at the fingertips. As the government encourages electronic filing of tax form IR56B, JustPayroll empowers Privé to further digitize the operation by allowing generation of required data file for e-submission.
As Privé assists their clients with technology adaptation, their internal team is also turning to digital channels aggressively and endeavor to works smart with a streamlined process, basically, to accomplish more in less time.
“It directly and indirectly opens up more value-producing opportunities and helps us focus on crucial business matter from the time freed up!”