The Future of Global Payroll
Global organizations are continuously adopting technology solutions looking to improve and innovate, meet the demands of their workforce and reduce risk and costs. Changes in payroll departments are a sensitive area so ensuring that payroll keeps pace with the rest of the organization is key.
New technologies are being embraced by the payroll industry to improve the payroll process and efficiency, and reduce the workload of the payroll professionals. Here, we look at some of advantages of automation and how benefits global businesses.
Globalization is a word synonymous with the rise of industry. Modern technology has helped companies expand their operations across borders and find new opportunities and revenue streams. However, global mobility adds complexity to the payroll process and brings challenges like tracking individuals to determine their payroll obligations on a country by country basis. Multinationals are dealing with changing workforce demographics, flexible working arrangements and multi-territory tax withholding rules which makes compliance a major challenge.
A trusted global payroll partner can ensure your global employees are compliant and ready to work. Payslip global payroll software is the complete tool every payroll department needs to manage and control global payroll operations efficiently.
Here are some of the global payroll challenges according to PwC:
*Source: Globalization and the impact on payroll operations | PwC
Cloud migration and system integration
Cloud, and especially Software-as-a-Service (SaaS), is one of the most significant recent developments in global payroll. Programmes are run online, with an app or in a browser, and data is stored securely on remote servers instead of on your own hard drive. You don’t have to worry about backing up your data, running out of storage space or doing manual software upgrades. Cloud-based software is becoming the norm for businesses that are looking for security, efficiency, and simplicity in their payroll solutions.
There are numerous reasons for moving HR and payroll to the cloud, like storing data from disparate sources at a single place, easily accessing global payroll data and preparing multiple reports with ease. Self-service tools enable employees to access their personal information, pay slips, benefits, stock, pension and training-related details 24/7. Cloud data centers also eliminate the need for maintaining local servers which helps organizations reduce the costs and energy required to maintain local servers.
Payslip is a cloud based software platform custom designed to automate the workflow of international payroll management and enable global employers achieve independent control of their payroll processes, people, data and reporting.
While in the past payroll and human resources were viewed as two different functions, with automation and emerging technology the two can be easily integrated. Many multinational businesses are now looking for software solution that fully integrate human resource and payroll systems.
Payslip’s global payroll management software enables international companies to manage their payroll processes, resources and vendors on one cloud platform. Payslip has partnered internationally with numerous payroll outsourced providers and facilitates payroll data integration securely, accurately and efficiently across the payroll providers/ In- country providers (ICP’s).
Advances in data analytics and reporting
Globalization has made key data a critical factor in decision making for business leaders. Real-time reporting in essential for organizations in order to determine the success of their expansion into new territories. Analyzing payroll performance over time can provide accurate forecasts, which can help leaders manage budgets and cash flow in times of change or growth. Through big data analysis multinational companies can easily see where and how often errors are occurring, track trends over time and identify areas for improvement.
Payslip reporting tools can enable international organizations to gain real-time insights into their total payroll costs across the globe and compare fluctuations and trends over time.
Payroll today is not just about paying employees, but ensuring that their personal data remains secure whilst navigating ever-shifting legislation and privacy regulations. GDPR legislation is the most significant change in data protection legislation introduced in the last 20 years. Legislation around payroll is fast changing and accuracy and compliance have never been more important.
The complexity of payroll can now seem even more overwhelming as payroll professionals are expected to ensure accuracy and compliance of the payrolls they process.
Payslip has built additional functionality to enable multinationals report on their data protection management activities and compliance which makes global payroll professionals’ lives easier.
Contact us today to learn more about the global payroll future trends and how Payslip can help your company maximize the benefits of globalization and automation in payroll.
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- PwC: “Globalization and the impact on payroll operations”
- The HR Tech Weekly, Jan Van Mol: “What Does the Future Hold for Global Payroll?””
- Cambridge Global Payments: “Global Payroll – Future trends and driving forces”
- NGA Human Resources, Damien Caldy: “Hack the Future of Global Payroll with Artificial Intelligence”
- HR Technologist, Mayuri Chaudhary: “Benefits of Moving Payroll to the Cloud”
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
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