December is always a good time to reflect on the achievements of the year, while also taking a moment to look forward to what is coming down the line. 2021 has been a game changing year for Payslip, we have been in hyper growth since the summer and have been very busy building out fantastic new tools and features on our global payroll control platform.
We have also undergone an intense period of recruitment and added significant numbers to our global workforce. We are ready to hit the ground running in 2022, helping multinational companies around the world to harmonize their global payroll operations and achieve growth efficiency.
Let's take a look at three key platform features that took shape in 2021
Note:
We recently ran a webinar for an international audience on this topic. Payslip leaders Fidelma McGuirk (CEO), Mary Holland (CCO) and Daniela Barbova (Head of Product) spoke in detail about our platform, you can take a look here:
More reports for bigger picture insights
All of our clients talk about the value of global payroll data and the need for bigger picture insights that tell the story behind the data. The reports on Payslip provide complete data-driven visibility into all payroll elements including salary expenses and taxes. We made a number of enhancements across report types, categories, subsets and additional filter options
“Now it is very easy for us to run a report straight away and spot, for example, if the commission payments went up this month and the reason why. We've saved a lot of time in our month end process”
Senior Manager, International Payroll, Cloudera
Some new additions to drive fully informed decision making, added this year include:
Global Payrun Management Report: which provides comparative data cost analysis across multiple countries and payrolls while also covering larger sections of the clients’ global workforce including contractors.
Changes Log Report: see any changes made to your Pay and Tax elements as well as any general updates to employee payroll information. It shows previous records next to updated records, when the change happened plus the user who made the update. Great for monitoring updates made to payroll.
Employee self-serve enhancements
This module has proven to be a huge hit with our clients and global payroll professionals are reporting a massive reduction in the number of payroll data and payslip queries coming into their teams as a result of self-service employee access to their payslips and personal payroll information.
“90% reduction in queries from employees in relation to accessing their payslips. Now with our Workday integration through Payslip all employees on a global scale have access to their payslips in one location at a touch of a button”
Large fintech multinational
This year, our integrations team were working hard to create seamless connections between the Payslip ESS and any HCM system such as Workday. Payslip clients can now connect to the ESS directly via the Payslip portal or via or via the employer HCM system.
Employee can access, view and download their payslips and payroll information whenever they need it in a secure cloud-based environment. We expect the employee experience to be something that is really prioritized in 2022, as global employers look to counteract the great resignation and ensure the best employee experience possible. Providing them with instant digital access to the information they need is a step in the right direction
Zero touch for faster and better payroll processing
Payslip’s zero-touch approach is achieved via structured and automated data flows across our global payroll control platform, the client’s HCM or HR system as well as any in-country provider (ICP) data feeds. Gross to net validation and authorizations in the platform happen via an automated ingestion and verification process. There is an automatic trigger of GTN mapping upon a bulk GTN file upload. The process involves the automation of multiple source payroll inputs, in-system automated approvals and automated secure data transfers out to payroll providers
This serves to eliminate repeatable manual data handling and automate any recurring and predictable data flows. It also creates valuable time inside the monthly payrun process for global payroll professionals to focus their attention on priority tasks along with more reporting and analysis work. It drives new levels of efficiency so teams can achieve execution excellence throughout the whole payroll process.
You can view some of these platform features in our short video.
“Our objective is to continue to bring innovative automation to global payroll management, in a broader way across the entire workforce, to our customers around the world in 2022”
Fidelma McGuirk, CEO & Founder, Payslip
New Extended Workforce module
The pandemic has really changed the way companies hire as well as the types of workers they need. They now have a greater need for an extended workforce: contractor, Employer of record (EOR) workers and expats.
With this in mind, we created a module on our platform that enables global payroll professionals to classify, set-up & manage payroll an extended workforce.
- Set up different types of contractors
- Standardize your workflow for all payrolls
- Produce, automate and manage invoices. Plus, contractor self- serve access
- Run reports on extended workforce
Global payroll professionals tell us all the time about what a hassle it is to pay an extended workforce using a different system. Their dream scenario is to have one platform for all worker types. They can have this with Payslip!
“The ability to set up, manage and report on a broad range of worker types helps the organization to understand the true costs of labor”
Mary Holland (CPP), CCO, Payslip
Vendor management module
A key new module planned for 2022 is Vendor Management and Marketplace
Global employers want control over who delivers global payroll for their international workforce. They want to select, manage and change local country providers as and when their needs require.
Payslip’s new vendor management module will allow them to search and engage with best performing vendors in the market as well as have greater visibility over their performance. Our clients will be able to review and evaluate vendor performance, helping others to make informed decisions when it comes to selection. Responsiveness, quality, SLAs, task completion and accuracy will be benchmarked in the review process and accompanied by display metrics and reports.
An overall scorecard will be provided for guidance & benchmarking and platform users will benefit from self- serve access to insightful KPI reports showing vendor rating scores.
Look out for these two and lost more in 2022 as we have major development plans in place for our global payroll control platform. If any of the features already live on the platform this year or coming down the line in 2022 look like they could be of great value to your global payroll process, then talk to our team today who would be happy to discuss further and show you a platform demonstration.
