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ISSUE 1
Enhanced Security and Compliance : Reputable cloud providers employ robust security measures and ensure compliance with evolving local regulations , addressing data security concerns and mitigating compliance risks. Expert Insight:
Improved Scalability : Cloud-based solutions offer unmatched scalability, allowing businesses to effortlessly adapt their payroll systems to accommodate growth without the need for expensive infrastructure upgrades.
“Kenya’s dynamic tech ecosystem fosters a culture of innovation in HR practices. Cloud-based solutions empower businesses to streamline payroll operations, unlock valuable data insights, and stay compliant amidst ever-changing regulations,” Sarah Mwangi - HR Director at a leading Kenyan tech company - said. Ms Mwangi points out that the recent government initiative to incentivize cloud adoption through tax breaks further fuels the cloud migration trend.
Nigeria: Formalization and Automation Take Center Stage
Nigeria, Africa’s economic powerhouse, is witnessing a growing emphasis on formalizing the workforce. This trend is fueled by government initiatives such as the National Social Insurance Trust Fund (NSITF) , aimed at promoting decent work and social protection. Consequently, businesses are increasingly adopting payroll automation solutions to efficiently manage the growing number of formal employees.
Data-Driven Insights: According to the International Labour Organization (ILO), over 50% of Nigerian workers are still employed in the informal sector. A 2022 report by McKinsey & Company projects that Nigeria’s formal workforce will balloon by 20 million by 2030.
Expert Commentary: “As Nigeria’s workforce formalizes, payroll automation becomes an indispensable tool for efficiently managing a larger employee base. Automation streamlines processes, minimizes errors, and ensures timely and accurate payouts, ultimately enhancing employee satisfaction,” John Adebayo - CEO of a leading Nigerian payroll service provider - said. Mr Adebayo highlights the recent rise in partnerships between fintech companies and payroll service providers as a significant development, offering innovative financial solutions like microloans and early wage access to formally employed Nigerians.
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