Increasingly companies are seeking to expand their global footprint to chase new revenue streams. This has payroll implications that companies need to consider as part of any exploratory process. As companies become more global, however, the need for greater compliance and standardisation across jurisdictions becomes a critical success factor.
In Ireland alone over 1,000 FDI giants in ICT, Social Media, Pharmaceuticals and Finance have made Ireland the hub of their European operations, with names such as Google, HP, Apple, IBM, Facebook, LinkedIn, Twitter, Pfizer, and GSK.
The trend of Global mobile employees is increasing, included in that the number of short-term business visitors across geographies is on the rise. When planning for international expansion, an organisation’s ability to process multi-country payroll across multiple currencies should be priortised as it has significant impact on employee satisfaction.
Benefits of Multi Country Payroll
✓ Centralised Reporting
✓ Process Ownership
✓ Employee Engagement
✓ Risk Reduction
Centralised global payroll systems ensure strict compliance with local and global employment legislations. Amendments and updates to legal guidelines can be tracked and implemented distinctively into local process systems.
Data-driven insights can help local country teams and HQ make data driven performance management decisions regarding the payroll processes, internal resources and service providers.
Gain real-time insights into total payroll costs across the globe and compare fluctuations and trends over time. Comprehensive reporting tools allow employers receive consolidated global reporting to help make informed decisions regarding headcount, costs, and performance.
Centralised control with local country empowerment increases opportunity for improved accuracy through smart and integrated data flows. Automated process and relevant validations empower global employers to achieve control of the payroll processes, people, data and reporting.
Providing employees with a cohesive global payroll experience will help provide a positive social outcome with stronger feeling of inclusion in the global body corporate. Global payroll platforms who provide tools such as Employee Self Service Portals promote positive employee engagement. Functions such as readily available payslips and options for localisation into employee local language all contribute to employee satisfaction.
With centralised control for global payroll, there is reduced risk for critical sensitive data to be disclosed. Global payroll operations can be accurately monitored and readily accessible to the HR and Finance departments. Global Payroll software eliminates manual input, reduces error rates, automates validations and integrates into HCM & ERP’s.
Multi country payroll enables consistency across countries, the company payroll process can scale without requiring additional staff resource providing cost efficiencies. As the global process is very structured the onboarding of a new country can be an easy process.
How can you ensure your Multi Country Payroll is successful?
With the benefits considered, the next question is, how can you make sure your Multi Country Payroll is successful?
One of the key factors will be building a strong payroll team either in-house or outsourced. The payroll team should be supported by local experts who manage risks such as local taxes, social security, pension and benefits. With significant importance being placed on staying ahead of changing local regulations.
Housing key payroll data on one scalable platform which allows for future expansion. Automation needs to happen at the start of the process, beginning at the data input stage right through to the actual processing of the international payroll.
Whether an organisation chooses to outsource its payroll operations or manage it in-house, it needs to ensure that multi-country, multi-currency payroll processing is seamless, error-free and on time. Integrating the right platform that fits the global payroll strategy at the right time is critical.
Payslip is a global payroll management platform designed for multi-national employers. The cloud-based solution enables employers to manage the entire payroll processes, data, operations and vendors from a single unified platform.
Using Payslip, multi-national employers gain global visibility over their multiple payroll operations across all countries, while supporting local country teams in the end-to-end delivery of payroll services.
Consolidated global reporting empowers employers enjoy central governance, monitor local and global payroll performance as well as control costs, simplify data flow and protection, while providing flexibility to onboard and manage in-country providers.
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