Now on Workday? Next up is global payroll
Workday continues to lead the digital charge helping multinational organizations solve some of their biggest business challenges. If your Workday implementation journey is ongoing, then digital innovation via a cloud technology platform foundation is already core to your global HR and finance processes. Standardizing processes on a global level is now part your culture and mindset.
Having already implemented Workday to standardize and harmonize HR processes across your international footprint, the next step for progressive, digitally focused organizations, is to ensure the same level of digital standardization across their business-critical global payroll function.
Post implementing a transformative cloud HCM solution, is exactly the right time to fast track the digitization of payroll operations and consolidate multi-country payroll onto a single global cloud platform.
If you are on Workday, Payslip is ideally positioned to help you next move your payroll processing over to a cloud-based digital payroll management system. By doing this, you are continuing the process of globally standardizing your key business functions while solving many of the business management challenges associated with global payroll, via a digital cloud solution.
In this article, we will outline some of the reasons why Payslip technology is an ideal fit for multinational companies who are already on Workday but still require a cloud-based response to better manage their global payroll processes and practices.
Global payroll is the next part of the journey
Being on the Workday platform means you now have a globally standardized way of delivering core HR and finance services. Why is there a next part? Because you have accumulated an international network of local country payroll experts to pay your international workforce. And they need to be organized and managed in the cloud.
A digital process, that sits outside of Workday and finance, is therefore needed to manage global payroll delivery pain points and ensure you can:
As businesses everywhere struggle with COVID-19, it is more important than ever to have in place a digital process that standardizes global payroll. Now is the time to build strong momentum and continuing digitizing connected platforms via powerful integration technology. Prioritizing global payroll transformation right now will ensure that you are in a good place to meet future demands that arise when your company expands into new countries and an urgent need arises to on-board and pay new employees.
Understand your payroll costs with Payslip cost reporting
Global payroll is usually the single largest expense at any multinational organization, so it makes sense to transform it with innovative digital tools capable of generating the kind of global consolidated reporting needed to provide a full picture of what is happening across all of your payroll countries.
Global payroll managers need reporting that helps them identify the total cost of employment- this means insight over and above basic salary cost data. Comparative reporting is needed on a granular level to effectively compare and contrast the cost of employing say, software engineers Lucy in London versus Charlie in Canada. Leadership teams also want reports that help them identify costs and trends on a comparative basis, country by country.
Payslip technology can generate multi-country payroll cost reporting at pay element level and bring this crucial data back into the Workday platform. Payslip reporting can help reconcile global payroll and HCM data. Workday will remain the single source of truth for the employee record at your organization while Payslip becomes your single source of truth for global payroll data and reporting.
Solve your interface issue with Payslip.
Global employers who wish to adopt a country-by-country payroll process, often choose to engage with multiple local country providers. This creates a key challenge in global payroll, namely, how to see, manage and control the multiple payroll providers in use across the individual countries that make up the multi country global payroll network. Maintaining visibility and control over data, people and processes is a constant challenge for global payroll managers everywhere. Workday was not designed to address these challenges.
The Payslip approach of standardizing and consolidating all payroll vendor data in a single location solves this problem. Our technology allows global employers to bring all of their vendors onto a single platform, where they can enjoy clear visibility and control by interfacing with a single dashboard view of multi-country payroll.
This removes the need to contract with systems integrators to build complex, time-consuming integrations for every single payroll provider in your network. Or invest in an expensive, rip and replace global payroll model. Payslip is the ideal solution for global employers who want to have their range of vendors interface into a single system
Choose your own vendors with Payslip
Global employers want flexibility when it comes to their technology stack and global payroll model. It is often the case that they have put considerable time into building strong relationships with local country vendors and suppliers only to find that a recent digital upgrade or integration means their new technology is not compatible with the local vendor technology.
This is an unsatisfactory situation as the employers find themselves at the mercy of the new technology or integration. While they are all in favor of the most advanced HCM & HR systems possible, nonetheless, they do not want these systems to dictate their choice of provider or local vendor.
Employers don’t want to find themselves restricted to only those aggregators who also partner with Workday. Instead, they want the freedom and flexibility to continue working with their preferred local providers, swap them out should they need to or onboard new ones whenever they want to.
Payslip technology is provider agnostic by design so global employers can continue the relationship with their preferred vendors by connecting to the Payslip platform and bringing their providers with them. In this way, Payslip technology supports those global employers who operate a country-by-country payroll strategy and work with a multi-vendor network of local country providers.
Create unlimited pay elements with Payslip
Payslip is designed to support global payroll and our technology has an unlimited capacity for local country pay elements and deductions. This is crucial for large organizations with several countries already in their payroll network and several more to be added in the future as they expand.
Local country nuances play a major role in the delivery of global payroll- it has become clear that there is no technology that can offer a one size fits all approach to global payroll- individual country tax, legal and payroll regulation are simply too unique to make this possible.
Workday is a HCM system specialist, but their platform was not built to cater for all local country pay elements – it was not designed for this purpose and therefore would be unable to guarantee local country payroll and compliance.
Payslip technology allows for an unlimited number of local-country pay elements – we build and configure them on a client-by-client basis as we understand that global payroll needs will vary by employer, country and region. Global employers who need specific pay elements built into their framework can integrate with the Payslip SaaS platform and ensure that data flows for the delivery of their global payroll come from both Workday and Payslip in a seamless fashion.
Payslip complements the Workday cloud platform by enabling seamless data flows and also catering for the specific pay elements that are not built in Workday. Global employers who choose to integrate Payslip with their Workday stack benefit from a comprehensive and innovative HCM system along with global payroll software that allows them to cover 100% of their specific local country pay element requirements.
Complete your Cloud transition with Payslip
The Payslip system puts global employers back in control over their multi country global payroll process. If you have upgraded your finance and human resources functions, the next logical step is to complete this cloud transition and fully digitize your global payroll function via Payslip’s automation and integration technology.
It is important to complete the circle and include the global payroll department in any digital transformation plans. Global payroll after all, is usually the single largest expense at any multinational organization- It plays a crucial role in employee morale, recruitment and company stability so it should also benefit from the same level of attention and investment that other departments receive.
Payslip technology differs from aggregator platforms in that it manages the entire global payroll process- enabling global employers to see all the interfacing data coming in from Workday as well as their multi-vendor network. This lets them review and approve all of their workflows to gain full line of sight on all payroll processes across their countries.
Our platform helps you complete your multi department digital transformation while also addressing four key payroll related gaps in the Workday HCM system:
A big reason to invest in Workday is to prioritize digital platforms and make them the future- carrying this mindset across to global payroll is a great way to develop this mindset and ensure that both business critical functions operate with similar levels of innovation. Payslip is ideally positioned to help organizations achieve this quickly and efficiently.
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Using Payslip, we can manage all our payrolls across nine in-country vendors on one platform. When the global Covid-19 pandemic arose, it was not an issue from a payroll perspective, and critically getting everyone paid. The Payslip platform enabled continuity for our international payroll service including the fast and seamless implementation of the Payslip Employment Self Service during this time.
Payroll Manager, LogMeIn
Payslip as a technology platform has added a missing piece in our payroll set-up. As an international company with offices in 16 countries, it’s important to us that every employee at GetYourGuide has the same great experience when accessing their pay data.
At the same time, we work well with smaller local payroll providers, supporting us with direct local expertise in their countries. We were able to combine those two elements by placing the Payslip platform in the middle, to simplify reporting and communication with local providers, and to have one simple employee-facing solution across all locations.
Head of HR, GetYourGuide
With business and employee growth rates of above 50%, we rely on our vendors to deliver on time, every time. Payslip’s workflow automation, enables Phorest to manage our payroll provider process – data driven, real time and transparent. Payslip saves us time so we can focus on our business growth.
International Payroll Manager, Phorest