Talent as a scale-up currency

October 19, 2021 | David Daly 5 Mins read

Every human resource team at a multinational company knows the value of talent-a huge part of their daily duties are taken up with either recruiting this new talent or managing it for strong retention rates.

Talent has always been key for company growth and development-the need for the right person in the right role at the right time will always remain-as will the reality that it is always difficult to make this happen.A new trend is emerging across the HR landscape, namely viewing talent and company employees as a scale of currency-by this we mean, being able to recruit, onboard and pay employees in a way that supports the high growth objectives of the overall company.

In this article, we will take a look at the reasons why talent most definitely is a potential scale-up currency and what human resources managers and leaders can do to ensure they have the processes in place to recruit quickly and easily, the kind of new talent they need to take the company to the next level.

Growth efficiency

Every company wants to grow, but it’s growth efficiency that really makes the difference in this competitive environment we’re all living in. Growth efficiency is growing with speed and agility via a selection of well-constructed internal processes designed specifically to support the high-growth objectives of the organization.

In this context, viewing the right talent as a scale up currency is an example of growth efficiency. If you have established that talent is needed for growth and expansion, then the next step is to ensure that all the processes are in place to support the rapid recruitment and onboarding of this talent in order to exploit new opportunities

Key to all of this is global payroll-without talent acquisition, there can be no growth and without payroll there can be no talent. Too many multinational companies today are failing to grow at the speed they desire and one of the reasons for this is that they have not prioritized global payroll as part of their recruitment strategy. As a result, they are finding their global payroll technology or payroll business model have become choke points to their growth, when what they really need is for them to be enablers to their growth and give them a competitive advantage.

The visibility you need

All HR leaders should be asking the question, ‘do I have the full visibility into all employees across all countries right now?’. Many will find that the answer to this is no because the reporting function in their payroll technology stack was not designed to deliver this level of comprehensive information across several countries at once.

There is a visibility gap when it comes to global payroll and this problem tends to be further exacerbated by non-standardized data being received from multiple disparate or legacy technology stacks.

HR managers are often struggling to answer basic questions like ‘how many do we currently employ in this country and what is our payroll expense in that country’. It might seem bizarre that this is the case, but the nature of global payroll is complex by nature and a need for multiple different payroll providers to process payroll in countries means several different data flows need to be tied together for bigger picture visibility.
If your HR department is struggling to provide this information or answer basic questions, then they will really struggle to support the organization’s growth objectives. You cannot plan for the future if you cannot see what is happening right now-there is a need for standardized data flows, strong integrations between HR, finance and global payroll as well as much more advanced reporting capabilities to overcome these pain points.

Recruit, pay and scale up

This may seem obvious, but you would be surprised at how many organizations do not have any process or strategy in place to link these three together. Things seem to happen in silos, and some take the decision to focus on recruitment, go out and hire people and worry about payment at a later date. This is a strategy that nearly always fails and is not very forward thinking.

Recruitment and global payroll delivery & management need to go hand in hand as part of a growth efficiency strategy. When planning to move into new countries and territories, it would be negligent to focus on recruitment and not have strong plans and foundations in place to pay these new recruits.

For starters, there is an urgent need to engage with local country payroll providers who have the kind of expertise and local country knowledge that is absolutely necessary to pay new hires in a compliant and legal manner. There is really no getting around this so why not include it in the roadmap from the start?

This is really about making global payroll foundational for growth and there is a strong need for HR managers and global payroll professionals to be included in any conversations around growing quickly into new countries and territories. If they are included in these conversations, then inevitably attention will turn to a global payroll technology platform.

A digital, cloud-based technology platform designed specifically for global payroll is really what you need to recruit, pay and grow on a consistent basis. The reason for this is that a global payroll control platform has an inbuilt capacity for duplication-meaning once a country is set up with standardized data flows, then the same process can be duplicated quickly for any new countries. The implications here are massive-a growing organization who wants to move with speed to capitalize on a gap in the market or a revenue generating opportunity, could be in a position to set up a new country payroll in a matter of days instead of weeks or months.

Manage talent pool on a platform

Payslip is a global payroll control platform, and it has a significant role to play in talent pool management, visibility and reporting along with growth efficiency. It was designed specifically to solve a range of global payroll challenges, and has rapidly become the global payroll platform of choice for companies looking to grow with speed, agility and efficiency.

These companies need a platform where they can see and control everything to do with global payroll. This includes monitoring talent or globally dispersed employees-by this we mean key metrics and reports around the numbers of employees, where they are located, and how much they are being paid. After that, HR managers are using our platform to drill down into specific pay elements around compensation and benefits packages. These metrics are going to become more important and sought after in the coming years as organizations try to get a handle on hybrid working and associated international recruiting. Non-full time employees will enter the mix too in the shape of contractors and independent workers: all of this will require strong management to ensure clear visibility is maintained and that HR managers are in a position to answer queries and supply data.

What HR managers really want to do is have a simple globalized and standardized way of managing all of the parallel processes across their payroll countries and manage it in a unified way. They can achieve this on the Payslip platform, it is designed to ensure that HR leaders and global employers get scalability of process and security of data plus the reporting insights they need for strategic management and growth efficiency. This enables them to recruit new talent quickly and manage them in a way that makes them a genuine scaleup currency and differentiator on the road to growth efficiency.

 

For information on the Payslip Platform contact us today.

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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.

Colin Smith

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.

Julian Fichter

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.

Ana Kelly

International Payroll Manager, Phorest

Payslip positions your team for success, and allows you to onboard hundreds of people when you need them very quickly and efficiently, in the same way for each country. The uniformed approach empowered our payroll teams to keep pace with our business.

Payslip also made our payroll process entirely transparent, which is invaluable to our payroll teams as we continue to grow and scale at such a rapid pace.

Travis Saville

HR Systems Lead, Wave