Why integrate your Global Payroll with your HCM Technology?
As companies globalize and workforces expand, it is common for their systems and processes to hold them back. Companies are stagnated by the need to manage multiple providers, the inefficiency of repeating mundane data entry tasks and the inaccurate data that this workflow creates. Despite running a multinational business, there is no uniformity between what happens in each locale.
And the problems spread way beyond efficiency and uniformity. Without a globally integrated system, reporting is time consuming, inaccurate and confusing. Teams have no foundation on which to make sound strategic decisions for the future of the company. Plus, there is no strategy or structure for scaling. With separate, jarring systems, onboarding and company growth into new markets or territories is a huge logistic and administrative headache.
What does integrating global payroll services with HCM technology mean?
Integrating a global payroll solution with your existing ecosystem of HCM technology unites the HR function across countries, silos and management spheres. The system is standardized globally for a unified user experience and collaborative decision making. Every employee has real-time, self-service access to their own payroll data, stored safely in a central repository. The system can provide reports that enable business functions, and even reportage on other providers’ performance. Finally, the system is scalable. It grows with your business smoothly and effortlessly.
What can you integrate?
When we talk about global payroll integration, there are both system integrations and offline integrations. The payroll software draws data from other providers, from existing HR systems, accounting software, bank files and even “offline” sources such as computer files of spreadsheets and company documents. Data is streamlined and stored in the cloud for safety and ease of access.
What are the benefits of integrating global payroll with HR systems?
From the outset, employee relations will improve under an integrated HR and payroll system. The system stores employees’ data securely, but also readily available for them to check independently. Payslips, benefits, tax deductions and sick leave are visible and up to date in a self-service solution. They will witness a more streamlined service delivery and cohesive employee experience regardless of the territory or function in which they operate. Employee data management is one of the key ways to improve employee engagement, and engaged employees are productive employees.
For HR and Payroll
An integrated payroll function means that more payroll operations can be automated. This decreases the HR team’s workload as data is only entered once before being stored centrally. With automated workflows, the system reminds employees about payroll processes that need to take place so the whole business becomes more accurate, punctual and streamlined. Even interaction between the integrated global payroll processes is automated. For example, to guarantee paying employees on time, Payslip finds out how long it takes your external and internal participants to prepare their section of the workflow and a timeline is customized in accordance.
After integrating their HCM system with Payslip’s global payroll software, tech firm Nitro said:
“With business and employee growth rates above 50%, we rely on our vendors to deliver on time, every time. Payslip’s workflow automation has enabled us to manage our payroll provider process and gives us data-driven, real-time metrics. Payslip saves us time so we can focus on our business growth.”
Another benefit of automation is the elimination of repetitive tasks. New technology in the fields of smart automation and machine learning means that mass data entry tasks become a thing of the past. The result of this is that manual data entry errors are prevented and productivity improves. Integrated systems allow for an optimized workforce across the world. HR professionals are no longer wasting hours completing tasks that a machine can do for them. Though this is invaluable within a small business where business needs are met by smaller HR teams, it is also beneficial to huge corporations.
Airbus integrated with Payslip’s payroll services and found that:
“Using the integrated portals with the payroll providers has reduced the manual interaction with them, there is no need for emails or spreadsheets exchange. We believe Payslip has eliminated approximately 60% of our manual processes.”
With automation eliminating data entry tasks, overall data value and accuracy improves. Integrated systems create a clear pathway for the data from payroll to HCM, the finance function, and accounts. This eliminates the data entry involved in transitioning data from one system to another, improving data accuracy. The system pulls and cross-checks data from online and offline sources, spotting and flagging errors automatically. As a result, teams spend less time finding and correcting mistakes, improving efficiency once again. With one integrated system, there is a reduced need for training as the HR department only needs to learn one system. And with more people across the business trained to operate it, fewer inaccuracies arise as a result of inadequate training.
All of this has a significant impact on cost. There are fewer payroll processing costs as providers are streamlined, making the HR department instantly more profitable. Additionally, less money is spent on human resources. Some studies suggest manual duplicate data entry costs organizations around 32 hours a week. Nelson Hall estimates that the labor cost saving following integration is around 50 percent. Finally, with fewer errors, multinational companies are less likely to encounter data compliance breaches and the accompanying fines. Again, delivering HR leaders the improved bottom line they seek.
For the business
At a time when every business is trying to reduce their environmental footprint, it will come as good news to know that HRIS and the integration of HR and payroll functions result in a greener company. HR departments use less paper, digital payslips replace physical ones and far fewer emails are and received as the system handles all communication.
Security and compliance
With a simplified data flow, there is only one source of data for HR professionals to manage, update and secure. This protects sensitive data and allows for global reporting to be made under controlled conditions. Given the growing trend for strict data privacy laws, such as the GDPR in Europe, international corporations would be wise to safeguard themselves against non-compliance. By removing back and forth on emails, paper documents and files saved to users’ desktops, all data is far more secure in the face of cyberattacks or security breaches. The system ensures that only authorized staff members have access to the appropriate data. Their actions within it leave a clear and traceable audit trail.
With all data stored in one format in one language, control over international payroll through reporting and metrics will drastically improve. The system can call up reports from global or country payroll that detail total payroll costs in any currency, employee changes over time, KPI and performance reports, payroll provider performance reports and variance and validation reporting. Everything is easily customizable by country, department, leadership level, and many other metrics.
This evolved level of reporting saves time as they are quick to call off and analyze. They offer unparalleled visibility over payroll costs and headcount. This allows HR leaders to optimize human capital and local payroll according to received data. This increase in strategic insights improves the functionality of the global HR department as a strategic mind within the business.
Working with Payslip’s SaaS offering integrated payroll technology, Fyffes found that:
“Payslip has given us central visibility of our international payrolls and have reduced the amount of manual intervention on behalf of our payroll and finance teams. We estimate that this workload has decreased by 50-60 percent since implementation.”
All reporting is fully customized to your HR needs and business processes. Bespoke dashboards and flexible reporting for each country and purpose allow users to view the data they require with efficiency.
As well as being customizable, payroll integration is scalable. With global payroll software, onboarding new hires and entering new markets is streamlined. With such effortless onboarding, your company has the room to grow without having to worry about HR administrative setbacks. Payslip has over 100 payroll providers already integrated into the system.
With more time to spend on strategy, improved visibility and tools to execute decision making, the HR department stands to develop a stronger, more influential position within the business. HR professionals who have employed the use of analytics are six times more likely than other employees to have the chance to scale the career ladder.
To learn more about Payslip’s global solution and how it’s putting HR departments back on the map, download our webinar and find out what integration could add to your bottom line.
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