The Payslip platform has been helping multinational employers around the world view, manage and control their multi-country global payroll with a greater level of operational efficiency. The platform was purpose built and designed for this very purpose- the global payroll landscape has been filled with complex pain points that have required a technology solution for several years now.
We built the platform because there was a pressing need for more innovative technology solutions to meet the new demands being placed on payroll professionals in multi-national companies. Traditional models are no longer best positioned to meet these needs and the current trend is away from the limitations of legacy systems and toward a new, modern technological offering – a platform housed in a secure cloud-based environment and one that gives back control of international payroll to the global employer.
In this article, we will look at five key pain points suffered by global employers and stakeholders around the world when it comes to global payroll and we’ll describe how the global payroll solution that is the Payslip platform immediately addresses and fixes these issues.
1. Lack of visibility and control in global payroll
The Issue
Global employers operate with multiple local country payroll providers to deliver multi country payroll. Payroll operations and calculations happen in different payroll systems, different time zones and different currencies- it is hard to monitor and control what is happening in each individual country. There is no centralized process or methodology enabling global payroll managers to get visibility and control over their international payroll.
The Fix
Payslip gathers all of your data, across all of your payroll countries and local providers, then consolidates all of this data onto a single platform and delivers a single dashboard view of multi country global payroll to the employer. Visibility and control are returned as the employer can access view and manage their global payroll from a single platform. They can see all of their data, all of their countries and all of their local providers in one system. This way, they know what is happening with their global payroll at all times.
2. No standardized data or processes
The Issue
The lack of standardization when it comes to payroll data and payroll processes is a major obstacle to efficiency at global payroll departments. Payroll calculations across countries are carried out in different formats, via different software. this makes like for like comparisons across countries very difficult. It also means clear and consolidated reporting is very difficult to extract, so crucial data and insight ends up hidden are hard to reach.
The Fix
Payslip operates with the data first approach and looks to standardize all of your multi-country global payroll data into a single format and make it available on a single platform. When you operate with the same global payroll data and processes across all of your countries, things quickly become much easier. Payroll professionals can swap tasks with professionals in other countries because everybody is operating with standardized data and processes. Comprehensive and detailed reporting is much easier to run when data from each country arrives in the same format to a single location. Our standardization playbook helps global employers to achieve centralised governance and control of data, people, and vendors.
3. Limited or not fit for purpose reporting
The Issue
The pandemic has resulted in a surge of reporting requests coming into the payroll department as leadership teams struggle to get a handle on payroll costs-more detailed, comprehensive, and consolidated multi country reporting has become essential. Many organizations are not in a position to deliver the kind of detailed and comprehensive reporting that is required to give sufficient levels of insight and analysis. This is largely due to legacy technology or payroll platforms that were simply not designed to facilitate detailed and nuanced reporting across multiple countries, on a comparative basis. Basic and high-level reporting around the amounts paid to employees is not enough -multiple stakeholders across an organization from HR manager right up to the CFO have important questions that require in depth payroll data analysis for answers.
The Fix
The Payslip global reporter tool lets you run detailed and comprehensive reports to meet a range of different reporting requirements. Global employers can then view, understand and compare payroll costs, trends and variances across all payroll countries while also customizing their reports to suit individual stakeholders via a range of dynamic filters for more detailed and granular analysis. Our cloud-based platform means these reports can be pulled in a self-serve capacity, from any device in any location, 24/7. The software lets you filter by country, region, employee or pay element, providing you with real-time access to consolidated pay and cost data.
4. Multiple disparate systems - no integrations
The Issue
Due to the complex nature of global payroll, delivery of this busines- critical service relies on local expertise and a network of multi country payroll providers. Global employers end up with a complex ecosystem featuring multiple vendors and disparate systems across their international payroll network. They are looking to unify disparate groups including payroll, HR, and IT to create a cohesive global eco-system to reduce this level of complexity and centrally manage their global payroll operations. Digital platform integrations are needed to make this wish a reality.
The Fix
The Payslip platform is designed to bring all the key players in the global employer ecosystem onto a single manageable platform. Employers and their payroll provider network integrate with the Payslip platform, enabling the centralized management of multi country global payroll. Key data flows related to global payroll coming from HR and the finance department are integrated and standardized into the platform. All data, communication and exchanges flow through the platform creating an audit trail to enable performance management. Payslip’s integration technology connects people, process, vendors, and existing technology.
5. No employee self-serve access to data
The Issue
Global payroll departments are busy and demanding environments to work in and global payroll professionals are not best served by having their time consumed with employee pay related data queries. Employees without self-service access to their data have no option but to send queries into the human resources or global payroll departments. The lack of digital innovation represents a poor employee experience -their expectations around access to their data and digital tools have risen significantly in recent years.
The Fix
Payslip provides an Employee Self-Service portal- an innovative tool for easy employee access to their personal payroll data, anytime they want to. The portal can be accessed 24/7 via desktop, smartphone & tablet and ensures a cohesive experience where employees in all international locations have the same level of access and control over their personal and payroll data.
">Employees can access, view and download their data and information whenever they need it in a secure cloud-based environment. The portal empowers employees with self-serve access while eliminating the need for HR or global payroll professionals to respond to time consuming employee data queries.
Global employers can quickly solve all five of these very common payroll industry pain points by integrating with the Payslip platform. The entire goal of the platform and payroll software is to enable multi-national employers and payroll professionals to transform their global payroll operations so that they get to see, manage and control payroll from a single system. You can be up and running on the Payslip platform a lot quicker than you might think -our team is ready and waiting to help you transform your global payroll, talk to us today.