Global Payroll: The consequences of doing nothing
29th March 2023, Wednesday
Global payroll delivery and management at multinational companies around the world is characterized by pain points that require an urgent solution. For too long now, global payroll professionals have been dealing with these pain points but never really solving them, instead their diligent professionalism and heroic efforts are ensuring that global employees are paid accurately and on time every month.
But it has been reaching breaking point for some time now, and as we enter a new year of global payroll, the time has definitely come to address these pain points and look at a payroll solution that can solve them in a way that helps global payroll professionals work in smart and innovative ways.
This is one of those pain points in the payroll process that really should have been solved long before now and we are constantly amazed at the number of innovative multinationals who still process payroll services via excel spreadsheets and manual data entry.
All of this is easy to solve with the introduction of automation. The hyper automation functionality on the Payslip platform automates all aspects of payroll, starting with the pre payroll data, moving into the actual pay run and then automating the outputs into post payroll phase. This is 100% end to end automation, saving huge amounts of time and effort, ensuring that valued global payroll professionals have much more free time in every pay run cycle to focus on higher priority work such as reporting and analysis.
You can automate and digitize your payroll by moving your entire process over to a global payroll control platform, one that is purpose built for global payroll management and is underpinned by hyper automation technology in a cloud-based, payroll software environment.
This is a common problem at many large enterprises and even medium sized companies who have a globally dispersed workforce. Payroll is local so there will always be a need to engage with local country providers to process payroll in each of your countries. It is common for companies to go out and engage with these providers but not think about how to manage them all on a global level.
You need visibility and control into your payroll from a global perspective-therefore there is a need to unify and consolidate all of the data coming from these vendors into a single location or digital platform. When you do this, you can then analyze the data from a global perspective and see exactly what is happening with all of your payroll across all of your countries.
While there is no single services solution that can process payroll in all of your countries, you can apply a single global management solution that ensures you manage everything on a global level: your people, processes, data and technology stacks. You want to be on a vendor agnostic platform, where you can connect all of the key players in your ecosystem: payroll software, HCM and HR systems, local country vendors and their data, and financial software packages. When everything is integrated and connected, and all of the data is flowing into a single location-then you’re in a position to produce consolidated data and reporting that helps you make informed decision about your multicountry payroll delivery.
To see exactly what is happening with your payroll delivery, the data needs to be in the same format for each of your countries-this way you can develop a single way of working across all of your countries.
You need to adopt a global first approach to your data by standardizing and categorizing all of your pay elements in a way that makes them easily visible and comparable.
You need standardized data, and then have it flow into a single location for reporting and analysis. With standardized data and processes, it is much easier for global payroll professionals to do their jobs. You are comparing like with like-you can run reports which let you zoom out for review of the global level but also allow you to drill down into the micro details that explain the story behind the data. This is visibility and control-full awareness of what is happening across your payroll countries, clear line of sight into pay elements that are the same across all countries. This makes it much easier to collect data and produce reporting that can offer real business intelligence and actionable insights.
You cannot control what you cannot see. Everybody accepts that global payroll can be complex and challenging, so it is time to do your payroll professionals a big favor and equip them with innovative digital tools that helps payroll teams to easily access and process information.
Digital dashboards, digital calendars, system alerts and platform communication tools that enable easy conversations with local country vendors can be a huge asset when it comes to smooth and effective international payroll delivery.
Move to a global payroll control platform, where your global payroll professionals can log into a secure cloud environment, and immediately see their daily tasks and action lists in front of them on the digital dashboard. They can quickly and easily prioritize tasks, escalate issues, get a clear view of their working week or month and use digital notes to track and monitor workloads. Everything happens inside a digital platform, no more emails and excel spreadsheets, much more clarity around what is going on and global payroll professionals empowered with digital tools that helped them work in a smarter, faster and better way
Global payroll professionals tell us all the time, that time-consuming employee queries always tend to come in at a time when they are most busy or experiencing challenges or issues. This is usually the last thing they need when working towards tight deadlines for their multiple pay runs.
These queries tend to relate to historic payslips or tax information. There is an easy solution to this, implement an employee self-service portal which gives your global workforce 24/7 access to their payroll and personal data. This way, they don’t need to e-mail the payroll department or human resources department. Instead, they use their smartphones or tablets to log in to an ESS portal, access their historic payslips, see their payroll data and tax information. This would immediately reduce the administrative burden on HR and payroll professionals when it comes to handling employee queries related to their data.
It’s a win win-employees feel empowered as it is a better employee experience, HR and payroll professionals have more time to focus on their core duties and all data is protected by the information security and data privacy features of the digital employee self-service portal. Compliance and data security professionals would certainly be pleased to know that payroll technology is in place to prevent compliance issues and protect employee data.
Payslip’s global payroll control platform immediately solves all of these common payroll pain points and many others too. It is one of the reasons why global companies are choosing to deliver and manage their multi country payroll on our platform. We automate all of the data flows and remove data entry and excel spreadsheets from the process. We apply a global first approach to your data, taking it in from all of your sources (HCM, benefits vendors, finance software, local payroll providers), then standardizing it all at a global level. The data immediately becomes standardized and comparable, facilitating comprehensive and detailed real-time multicountry reporting. We equip your payroll team members with innovative digital tools-dashboards, system alerts, reminders, compliance calendars, notes and more. Your globally dispersed workforce can access the employee self-service portal on our platform anytime they want, so no need for them to send any payslip or payroll related queries to your teams. Talk to us today and find out just how quickly you can be set up on our global payroll control platform.
For more information about our Global Payroll Control Platform contact us today.
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29th March 2023, Wednesday