Payslip and Data First Approach – what do we mean?
At Payslip, we believe that everything starts with the data- if multinational organizations around the world have a system and platform in place that enables them to structure and organize their data in a standardized way, then this can put in place very strong foundations for effective global payroll processing, delivery and management.
The Payslip platform provides automation an integration technology to global employers which helps them deliver and manage their global payroll in a smarter, faster and better way. Our platform design, functionality, and indeed our entire approach is underpinned by a ‘global first data model’.
In this article, we will outline exactly what we mean by this data first approach to payroll processing, what it looks like in action and how global employers around the world are benefiting from the features of our platform that have been enabled by this core foundation around data standardization & structure.
Global First Data Model
This concept is a governing principle of the global payroll solution that is the Payslip platform. Simply put, we start with getting the data right and everything else flows from that. By ‘getting the data right’ we are referring specifically to the process of data standardization.
When data is standardized, it empowers global employers to pursue a country-by-country global payroll strategy. Global payroll professionals are then in a position to work with standardized data across all their payroll countries, and also create and develop best practices and procedures based on standardized processes. This ensures that payroll professionals spread across a range of different countries at a large multinational organization, can all operate from the same global payroll playbook- because steps have been taken to standardize the data across all the countries.
Standardized data goes a long way to reducing the enormous levels of complexity currently associated with global payroll calculation and delivery. It also lays the foundations for effective multi country global payroll reporting – it is almost impossible to extract and compare reports if each individual country is operating with data in a different, non-standardized format.
Standardized data also helps global payroll managers maintain better control over the various payroll processing functions in play – for example, if a team member in another country is suddenly unavailable, another individual can step in and process that payroll because the data and processes have previously been standardized.
Global Framework. Local countries accommodated
The global payroll landscape of the day is defined by complexity and features a range of multiple, disparate systems being deployed by multiple local country vendors. This is all part of the process for global employers trying to get people paid accurately and on time while the business scales rapidly into new countries and regions.
Global employers would ideally like to implement a global framework that is also capable of accommodating local country nuances when it comes to pay elements and deductions. There is simply no one size fits all technology capable of delivering global payroll across more than 20 countries.
What these employers can do, is put in first a global framework using a global first data model. Once the global framework is in place, they can then look to roll it out across all of their multi-country global payroll network. And this is where Payslip comes in, our global first data model facilitates this kind of rollout and is also specifically built to cater for local country nuance- on our platform, clients can build and configure an unlimited number of pay elements, thus ensuring they can cover any specific local nuance in their monthly pay runs and remain compliant.
To run global payroll as a globally managed function, it requires a common standard or framework across countries. Within country, flexibility is needed to accommodate local country requirements. The Payslip platform facilitates both, enabling global employers to deliver, manage and control global payroll in the way that suits their business model.
Fast, repeatable processes for scalability
The data first approach means that the platform can provide a basis for standardization and a predictable, repeatable process globally, as companies build out their multi country payroll strategy. Standardizing the data and processes, enables employers to put in place a system for one country that can quickly be rolled out to a range of other countries because it is predictable and repeatable.
This can save quite a lot of time and enable multinational organizations who are scaling quickly, to set up global payroll processes quickly in new countries. Predictable and repeatable processes can enable rapid scaling and we know that multinational companies are currently scaling faster than ever before. They are expanding into new countries and markets and competing for new hires, new customers, and market share. They need a global payroll software solution that can help them scale in line with their ambitions.
Using our platform for global payroll management, it is the process that scales instead of the actual team – so instead of having to hire large numbers of new people to handle global payroll, you simply scale the process instead because our platform has built in capability for this level of scaling.
Essentially, once a user is familiar with the system, they will be able to process and manage payroll for new countries, thus increasing payroll staff capacity. Payslip helps scale the global payroll system, not the manhours. On our platform, companies can build global payroll process scalability and flexibility, to support international growth.
Data for reporting
A data first approach that standardizes and houses all the data in a single system first, helps set an organization up for the kind of global consolidated reporting they will need for effective global payroll review and strategic decision making.
There is a lot of hugely valuable insight and statistics hidden in global payroll data- these insights can be released via smart reporting tools and analytics. The Payslip reporting suite provides real-time access to consolidated pay and cost data, delivering analytical insights on entity, country, payroll, or employee level. The rich consolidated payroll data base enables our clients to pull useful cost, performance, and audit trail reporting, helping them identify opportunities for cost management.
Benefit from data first now with Payslip
As soon as you integrate with the Payslip platform, we start work on your data. We immediately house it in a single system and apply standardization. Once this is complete, you will be empowered to view, manage and control global payroll in the way that you want.
You can implement a country-by-country global payroll strategy, and then monitor and control this strategy using the innovative digital tools and reporting capabilities of our platform. You will be able to introduce a global framework that accounts for all local country nuances while also developing fast and repeatable processes which support scaling into new territories.
You will also be able to run a variety of different consolidated global payroll reports on a self-serve basis and analyze this data in real time. Talk to our team today and find out just how quickly you can be up and running on the Payslip platform.
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