Employment Hero, a global leader in payroll processing managing over US$100 billion annually, announces its strategic acquisition of Employment Innovations, one of the largest managed payroll providers in the world.
This landmark acquisition will vastly accelerate the development world’s first fully automated payroll offering through its new Managed Payroll service to the Malaysian market, tailored to meet the dynamic needs of small and medium enterprises (SMEs).
From today, SMEs in Malaysia can benefit from a new, dual approach to payroll: cutting edge automation, alongside human touch. This means pay runs completed with full visibility, all powered by the Employment Hero platform, with dedicated payroll experts on-hand to ensure compliance and accuracy.
AI and automation will do the heavy lifting, allowing humans to put their skills to more valuable work.
“This is an important milestone in our journey towards building the very first fully automated payroll solution and becoming the world’s largest employment management platform. Businesses are learning to embrace technological advancements like AI, but it’s crucial that we meet them halfway.
“Our acquisition facilitates this. Not only does it empower us to train the most accurate AI possible, but it also provides our customers with the additional reassurance of human interaction. Technology is an enabler, it’s not something to be feared. Joining forces with Employment Innovations demonstrates a harmonious coexistence between AI and human expertise.
“Our customers are time poor and under-resourced, providing an all-in-one solution gives them time back to focus on building their business and offering more jobs. It also advances our mission to make employment easier and more valuable for everyone,” said Ben Thompson, co-founder and CEO of Employment Hero.
With 56% of Malaysian payroll professionals spending 3-6 hours per week on payroll troubleshooting, the development of Employment Hero’s fully automated payroll system is designed to transform this time-consuming task into a matter of minutes or hours, depending on the complexity of the payroll.
Employment Hero’s new Managed Payroll services cater to more than 750 clients, processing wages of over RM 1.2 billion monthly for over 60,000 employees. The service is designed to simplify the payroll process for Malaysian businesses seamlessly. This is especially beneficial for business owners who don’t have the budget to invest in multiple technology providers.
With over 30 years managed payroll experience, the acquisition of Employment Innovations will enable the development of the world’s smartest payroll AI. Unlike other solutions, which purely automate the repetitive aspects of payroll, it will be trained to automate the most complex of payrolls by analysing individual pay runs. In doing so, Employment Hero will deliver increased payroll efficiency and accuracy for thousands of businesses across the globe.
