Global Payroll 2023:
Trends & Recession Readiness
14th December, 4pm GMT
Multicountry global payroll delivery and management is entering something of a new dawn as more and more multinational companies come to the realization that there is really no one-size-fits-all solution.
The supposed single vendor services solution option has turned out to be a myth-very much in line with what we have been saying for many years now. This year, Gartner have officially said the same in their recent multicountry payroll services report.
So, there is a general acceptance now the global payroll is essentially local to each country you operate payroll in. You will always need local country providers to access the expertise that only they can advise on when it comes to things like payroll taxes, local labor laws, individual state nuances and regulations.
So, multinational companies around the world are always going to have to engage the services of local country payroll providers. In the past year we have had many global payroll professionals approaching us with questions about how exactly they go about finding and building a network of reliable local country payroll provider partners.
We have good news for them-over 200 local in-country vendors are already connected to our global payroll control platform. Our unique approach to global payroll delivery and management has always been to:
1 Make it as easy as possible for local vendors to connect with our platform- our seamless integration technology and straightforward payroll element mapping process helps with this
2 Make this vast network of international payroll providers available to our global clients- enabling them to select the most suitable vendors for their specific global payroll solution requirements
There are a number of reasons to talk to Payslip and seek introductions to the broad and varied range of local country providers in our network who are already connected to our platform.
You may be dissatisfied with the performance and service levels of a specific local vendor or payroll partner that you are currently working with. Or you may have recently decided to change your approach to global payroll services and discontinue using the aggregator services model, leaving you without any local vendors and wondering how best to get in touch with them, assess their suitability and connect with them in the most efficient and rapid manner.
You are not alone, we talk all the time to global payroll professionals, managers and human resources directors about the best way to create and build a sustainable and scalable global payroll provider and local country vendor network. We recognize that you have needs right now, but these needs may change in the future.
Our global payroll control platform is all about flexibility and putting clients in control of their payroll operations. The platform is scalable enabling you to add pre-connected local vendors in new countries in as little as four days for rapid global expansion. Or you may wish to swap out or change local country providers that are no longer suited to your specific global payroll requirements. You simply select an alternative from our network and connect quickly.
It’s a new dawn for global payroll with more and more companies recognizing the value of the hybrid model. If you have a vast number of countries containing international employees who require timely and accurate payment, then you are definitely looking at a hybrid payroll delivery model.
The aggregator services model has often claimed that they will be able to simplify and take all of this global employment work away from you- but the reality is that no single aggregator has blanket country coverage-they will cover a selection of your countries with their own ICP network- but what about the rest of your countries and global workforce?-you need a plan for them too. What this means is that even if you are with the aggregator model, you still need a second alternative payroll system for your long tail countries or countries that are not covered by your aggregator.
So, it is very common now to have a hybrid model with a mix of aggregator plus multiple local country vendors. These vendors of course need to be sourced and vetted to ensure that they are suitable for your specific multicountry global payroll requirements. Global companies also want the flexibility to swap out and change these local vendors as and when they need to-this option of course is not available with the aggregator services model, which ties you into a long-term contract and does not allow you to interact with the local vendors. You end up surrendering control and choice. On Payslip, you get to take back that control and choice-always being in a position to choose your own local country vendors and manage them in the way that is right for your business. Our global payroll control platform is vendor agnostic, any vendor can connect to our platform, 200+ already have and we are always talking with new local country providers who are looking to broaden their range of payroll connections.
In fact, local country payroll providers often seek us out as they see many advantages to being on our payroll platform. Specifically, they reference the value of clean data. Payslip leverages purpose built next level automation to automate and validate all pre payroll data workflows.
This means that the local country providers receive clean pre payroll data via the global payroll control platform and are not constantly involved in back-and-forth communications with the client trying to resolve data integrity and payroll administration issues. Our automation functionality transforms the speed at which this data is delivered to the local country provider and also eliminates the likelihood of human error. It’s a win-win for both local country provider and global client. Automated workflows mean the end of manual data entry on both sides- who wouldn’t be interested in this!
With over 200 ICPs across 90 different countries connected to our platform, we can help you select and then connect you with the right ICP, for your payroll needs. You get to access, view and control over all your ICPs (and related data) on a single platform. System notes inside the platform can be used for sharing helpful information plus automated system alerts for payroll tasks help both client and the ICP monitor payroll processing activity and respond to urgent tasks. Clients can communicate directly with their local country counterparts inside a secure digital platform. Automated compliance calendars help ICPs track key deliverables which ensure compliance and re-enforce governance.
Payroll Is local and will always remain so- the need for local country providers is never going away so the better access you have to them the better. Talk to our team today and learn more about the range of vendors around the world that we can quickly connect you to.
For more information about our Global Payroll Control Platform contact us today.
1910 Pacific Ave Suite 2000
Dallas, TX 75201
14th December, 4pm GMT