Business critical operations like global payroll are facing a growing need for new and better technology platforms in order to futureproof operations and deal with a range of global payroll challenges. These challenges have stemmed from the complexity that currently exists when it comes to the delivery of global payroll services. Multinational companies are scaling at a faster rate than ever before and many are finding that their technology platforms have not kept pace with their ambitions.
In this article, we will look at a new platform option in global payroll - a platform capable of unifying various disparate systems and data flows into a user-friendly single platform that gives back control and visibility to global payroll managers.
Why the need?
Global payroll is faced with a number of issues that require an urgent technology fix - and it is becoming clear that such a fix needs to come in the form of a cloud-based software platform. First, will take a look at some of the issues that have created the pressing need for such a platform and then we will explain why a platform is needed, rather than an individual tool or a selection of separate solutions.
Global payroll professionals working at multinationals today will be able to list a number of inefficiencies and problems they have when it comes to managing multi country global payroll processes effectively. Here are a few things that are making their lives difficult:
- Lack of standardized data and process workflows across multiple countries
- Manual processes or spreadsheet driven data inputs -no automation
- Legacy technology no longer fit for purpose
- Multiple disparate systems and data transfer flows but no integrations
- Difficulty managing compliance and statutory payroll regulations
- No global consolidated reporting for payroll cost analysis
- Difficulty managing multiple payroll partner providers located in different countries
The list goes on and it is clear that there is really no quick fix to the above - a measured, patient approach coupled with investment in a technology platform is needed to stem the tide of complexity and introduce a more controlled process. The major analyst houses out there like Gartner and Nelson Hall all concede that there is no single payroll solution available in the market capable of adequately meeting all of these challenges. Therefore, seeking out a better or more advanced payroll services provider is not the answer -what is needed is a technology partner who specializes in global payroll software & automation and fully understands the industry and its challenges. Paylsip is that technology partner.
A unified global payroll platform
So, what is a unified platform and what does it do? It is the right question to ask when understanding quite how a technology partner introducing a new platform can transform the way you deliver global payroll. A unified platform is one that enables a global employer to process multiple different payrolls and control the entire payrun process from one single platform accurately and effectively.
An integration is required to bring the employer onto this platform and also bring any payroll service vendors that they use to process payroll along with them. Essentially, you are joining or unifying everything to do with your global payroll onto a common platform where you can access, control and see exactly what is happening with your payroll in each country.
While control and visibility benefits are realized almost immediately, this is really just the beginning because a unified platform is a payroll solution that allows you to do so much more. Standardized data flows and processes are badly needed in global payroll and this functionality can be introduced as part of the integration into a unified platform. Automation, used to replace repeat manual payroll processes, can also be introduced at the integration point and this creates a new level of speed and efficiency with the delivery of global payroll.
A unified platform means that your global payroll is operating from digitized processes and utilizing next generation innovative technology like robotic process automation and global payroll standardization. This is digital transformation for the successful delivery of a sustainable global payroll process. The unified platform is deployed in the cloud and comes with all the data security benefits, remote data access and next generation digital tools associated with the cloud.
An integrated global payroll platform
A unified platform is all about effective integrations. Unified platforms integrate with the HCM, external payroll providers and other payroll service systems to support the secure flow of data needed for accurate and timely global payroll delivery. HCM, payroll provider inputs and GTN files should flow securely between these systems via a single platform, and automation can ensure that this exchange happens in the fastest and most efficient way possible.
This level of integration serves to manage and control multiple variables at once, so the platform provides global payroll managers with an effective way to manage complexity and get a clearer view of what is happening with their global payroll operations. Integrations also solve the pressing need to unify disparate groups including payroll, HR, and IT to create a cohesive global eco-system.
Compliance, data security, governance and controls are also pressing drivers on employers, but these challenges cannot be met without first integrating the data flows on a unified platform.
An empowering payroll services platform
Global payroll is a business-critical function and deserves a technology platform and a range of digital tools that can empower individual payroll professionals as well as the wider unit. Unifying a range of vendors, software tools, existing systems and leveraging local in country knowledge onto a single global payroll platform is an empowering initiative that can drive significant productivity gains within the global payroll department.
Progressive, high growth companies with ambitious scaling plans need to be forward thinking and digitally focused- their key departments like global payroll need to be serviced with the technology that helps them do their jobs better. The Payslip global payroll platform is all about creating intelligent standardization, integration & reporting technology to solve problems specific to global payroll management.
Our platform enable multi-national employers to transform their global payroll operations so that they get to see, manage, and control international payroll from a single system.
A platform for global payroll management
We have many conversations with global payroll managers and a common complaint is that multi-country payroll is never particularly easy to manage. These payroll managers often find their department is not equipped with the payroll system or tools to allow them to manage global payroll in an effective way. They are hindered by visibility issues. legacy technology and a complex landscape.
We provide a global payroll platform that helps them manage all these issues, one that
- provides central management control to multinational employers
- enables structured and automated data flows across HR systems, in-country vendors, and post-payroll systems
- introduces a standardization playbook for centralised governance and control of data, people, and payroll providers.
- provides global reporting to inform strategic and predictive leadership decisions.
- Enables HCM/ERP Integration
- Assists with Payroll Provider Management
- Introduces a Self-service employee experience which is the same in all locations
Our platform connects all the key players: Global payroll providers, systems, processes, local SMEs and HCM to help multinational employers to centrally manage their global payroll with control and visibility. Payslip is a comprehensive global payroll solution that solves immediate needs while also allowing you global employers to implement a global payroll management framework that can help a business scale and grow.