Oracle (ORCL) Launches New Basic Payroll Solution: Key Details – September 29, 2021

Oracle (ORCL Free Report) introduced a new payroll solution – Oracle Payroll Core – which is part of its larger Oracle Fusion Cloud Human Capital Management (HCM) offering.

The new payroll solution is primarily designed for intergovernmental and non-governmental organizations (IGOs and NGOs). Oracle Payroll Core will facilitate compliance with various local and international compensation guidelines as well as transfer compensation to employees anywhere in any currency.

By using Oracle Payroll Core, it will become easier for NGOs and IGOs ​​to adhere to any combination of domestic and foreign salary guidelines by aligning their payroll calculations for a diverse set of employees, regardless of their location, noted the tech giant.

The solution will help these organizations distribute employee compensation across multiple currencies.

The new payroll offering will help employees update changes to their personal information using employee self-service. This will ease the burden on administration.

Organizations will also benefit from certain Oracle Cloud HCM features that automatically onboard new employees to payroll platforms and validate data. This will ensure the accuracy of the payroll.

The new payroll offering will also allow management to gain vital information for making informed workforce decisions, as it can analyze both payroll data and HR data such as skills, performance information and demographics, Oracle added.

Many opportunities in the lucrative field of HCM

The global HCM software market is expected to experience a CAGR of 6.7% between 2021 and 2026 and reach $ 24.64 billion, according to a report by Mordor Intelligence.
Companies have adopted HCM solutions to improve human resources (HR) functions and generate actionable insights to make informed decisions and increase employee productivity. The pandemic has accelerated change.

The continued uptake of remote working and the adoption of hybrid work models globally have driven the need for HCM offerings (especially cloud-based) to manage a dispersed workforce. . This gives new impetus to the HCM market.

Oracle is one of the well-known players in the HCM space. The company’s HCM cloud solutions are widely adopted by enterprises as part of an Enterprise Resource Planning (ERP) cloud application suite.

A few months ago, the tech giant introduced the Oracle Dynamic Skills solution to help companies gain a full understanding of their employees’ skills and help staff develop.

Oracle Dynamic Skills, which harnesses artificial intelligence (AI), is also part of Oracle’s larger Fusion Cloud HCM solution.

In the last published quarter, the company’s strategic back-office cloud application business jumped 25% (at constant exchange rates). Management announced that NetSuite ERP and Fusion ERP cloud revenues were up 28% and 32%, respectively, in the first quarter of fiscal 2022.

Nonetheless, Oracle should beware of the fierce competition in the HCM software space from SAP SE (SAP Free report), Working day (DAY Free report) and Automatic data processing (ADP Free report).

Currently, Oracle carries a Zacks Rank # 3 (Hold). You can see The full list of today’s Zacks # 1 (strong buy) stocks here.

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