As a company grows and expands internationally so to must is processes. Growing internationally means implementing a new global payroll process. In some cases, the company may have grown through acquisition increasing its international headcount overnight or as part of a strategic growth decision. Whatever the situation is, a global payroll process that works for the key stakeholders is vital to international success. Payroll is a core part of any business and effects people’s lives directly, so it is imperative it is done correctly and on time.
At Payslip we have helped companies in a range of different stages of international growth, from those who are embarking on their first multi-country payroll experience to the larger multi-nationals who have expanded at a rapid rate and need to implement a process to suits their expanding workforce.
As a result, we have put together a list of the top 5 tips for successful global payroll implementation.
TIPS FOR SUCCESS
1. Be Prepared
When setting up your first overseas location there is a large amount of paperwork involved, every country has different rules when it comes to registration, setting up bank accounts, tax ID’s etc. To avoid pitfalls and expensive mistakes get prepared in advance, research the countries specific employment legislation and company registration rulings.
2. Build a Implementation team
Appoint an implementation project manager or team, it is important to dedicate resources to the implementation project to ensure a smooth transition and successful implementation.
3. Gather all relevant documentation
One of the initial jobs for the implementation team should be to gather all the information needed such as payroll reports, costings, gross-to-net figures. Access to reporting is key for success.
Clear communication throughout the organization for any new change is important. Communication within the project team on the agreed plan to ensure end goals are met.
5. Choose wisely
Choosing a global payroll solution that suits your companies’ needs and best equips you to be compliant in the country you are entering is a key success factor. The chosen solution should suit your technology needs, be transparent and integrate well with your HCM.
Investing time and resources into your global payroll implementation will bring organization success. Payslip can help you no matter what stage of your internationalisation journey you are at. Contact us today for more information.