Every multinational company in the world has growth objectives-but not all of them are thinking in terms of growth efficiency. By this we mean, growing with speed & agility with the full support of connected technology stacks which are purpose built with scaling activity in mind.
Too many organizations today are purchasing a technology stack with a single goal-to service a specific function. But scaling activity at high growth companies requires technology stacks for business-critical services to share data and be connected in a way that facilitates business growth.
This is particularly important for business units with obvious connections-a good example would be human resources, financial operations and global payroll. There is a clear and obvious need for these three departments to share data and implement seamless technology integrations which benefit all three departments at the same time. This kind of thinking can help with growth efficiency, it is a smarter approach to technology that focuses on the bigger picture- this bigger picture revolves around the question of how can we grow with scale and take advantage of opportunities in new countries and markets?
In this article, we will explain how our global payroll control platform is a technology platform for growth efficiency that should be of major interest to high growth companies who are currently experiencing choke points related to either payroll or a lack of connectivity between payroll and HR.
Purpose built for growth
Global payroll is a business-critical service that needs to be delivered on time and accurately every single pay period. There is really no room for complacency here, especially now that global employees have so much choice when it comes to the company they choose to work for.
Payroll failures are a reason to leave, the great resignation has swept the globe and a new hybrid working model is in play at companies everywhere. These are valid reasons to focus attention back on payroll and make sure that this business-critical service is supported with appropriate and innovative technology stacks or platforms. Any payroll system has a significant role to play in the employee experience over the next couple of years as the working world gets used to a new normal culture of hybrid working and remote delivery of services.
Payslip is purpose built to help high growth companies manage the complexities of global payroll in the here and now while also facilitating their expansion into new countries in a fast and efficient way.
Companies are starting to recognize that they need a platform that can help them grow, while also more effectively handle the day-to-day complexities of payroll management. They also want a technology driven solution, that leverages smart technology for payroll services and operates in a cloud environment. They now understand that this is the future of global payroll, and they need to invest in a global payroll control platform right now, because the reality is-the workforce is only going to become more geo dispersed in 2022 due to the changing nature of the hiring process. So, what they really need is a purpose-built payroll solution that can help them hit the ground running quickly at the start of next year-one which can also play a key role in their scaling objectives.
Payroll software for clearing obstacles
It is never really about avoiding obstacles, there will always be problems and challenges in business. It is more about anticipating what they might be and taking proactive steps to ensure you have a solution in place to clear any obstacles while remaining focused on your core growth efficiency objectives.
In the case of global payroll, the obstacles or choke points are payroll related challenges that slow everything down and limit your ability to grow at speed. These include:
- An explosion in compensation and rewards packages
- Remote work and ‘work from anywhere’ concept
- Early and on demand pay
- Local and international tax laws and labor regulations
- Scarce labor pools due to the great resignation
- Demand for pay transparency and gender pay equity
Rapidly scaling organizations with ambitious growth plans cannot expect to overcome these chokepoints or obstacles with legacy systems, outsourced servicing models and manual heavy global payroll processes. It has become very clear that this approach does not work in the present moment and is nowhere near sustainable for the future-so a technology driven solution is needed to overcome these obstacles and ensure that companies can scale with the speed they want to, and in a way that helps them hit the ground running and pay employees in new countries quickly. This is the kind of speed and agility that helps them take advantage of new opportunities and quickly create new revenue streams-this is growth efficiency in action, and it cannot happen without a global payroll control platform.
Automation and standardization
When we talk about our global payroll control platform being purpose built for growth-automation and standardization functionality underpins this capacity for growth.
Simply put, they make everything about global payroll processing, delivery and management easier and faster. When time-consuming manual data entry and an over reliance on excel spreadsheets is replaced with automated workflows and zero touch global payroll processing, an entirely new level of speed and efficiency is introduced to global payroll operations. Payslip leverages robotic process automation to enter, analyze and verify payroll data from multiple input sources, including HR software, accounting software and HCMs. The software can also automatically ingest and validate local country provider’s gross-to-net calculations and tax calculations
A key blocker to operational efficiency in global payroll processing today is the lack of data standardization. With disparate data coming from multiple different sources and legacy systems, it is very difficult to streamline payroll processes and run payroll with efficiency.
On the Payslip platform, our unified, global-first approach to data unlocks and standardizes global payroll data. This enables global payroll professionals to work on payroll tasks using standardized data and processes across all of their payroll countries. Our standardization playbook enables payroll teams to enjoy centralised governance and control of data, people and vendors when processing payroll.
Workforce management for growth efficiency
High-growth companies tend to have a varied employee type and need to hire a range of different workers as part of their scaling activity. They may require contractors or contingency workers for specific or ongoing projects, and they will almost certainly be implementing a hybrid working culture as we speak. Therefore, extended workforce management has become a priority at global employers and there is a growing need to manage a fully extended workforce across several countries on a global payroll control platform.
They simply require full visibility and control over their extended workforce as well as comprehensive and globally consolidated labor cost figures and country comparisons to fully understand the cost of employing various different worker types and new hires.
The Payslip platform now has an extended workforce module, allowing global employers to manage, view and report on various different types of employees; ranging from contractors and contingency workers to expats, Employment of Record (EOR) workers and freelance workers. The data and reporting that comes with this functionality allows leadership teams to make informed decision making about growth opportunities and staffing needs.
A clear need has emerged in the global employer landscape for a technology driven solution in the form of a global payroll control platform to process, deliver and manage multicounty global payroll in order to support growth efficiency objectives. The Payslip platform was purpose built for this very reason, so if your organization has ambitious growth plans in 2022, then right now is the time to schedule a call with our team and discuss your plans.
For information on the Payslip Platform contact us today.