Global payroll benchmark surveys are always a source of very useful insight into what leaders in the payroll industry have to say about key trends they are witnessing in day-to-day global payroll operations.
The American Payroll Association recently sponsored a survey run by Deloitte. It gathered more than 1,400 responses across 55 different countries. The global payroll survey questions were broad and wide-ranging and revealed fascinating insight and some genuinely surprising responses.
In a series of upcoming articles, Paylsip will focus on a selection of these responses, examine them in more detail and connect some of the features and benefits of our global payroll technology platform with these responses.
“While largely satisfied with current 3rd party payroll providers, respondents believe there are many areas for improvement, including the top five 1 Compliance 2 Accuracy 3 Self-service 4 Reporting capability 5 Technology integrations”
Deloitte Payroll Benchmarking Trends, September 2020
The question above focused on service level agreements and overall satisfaction rates that multinational employers had with their outsourced, 3rd party global payroll partners. In this article, we take a closer look at the top five areas for improvement and discuss how to Payslip platform performs in each of these areas.
Compliance
The Payslip platform can improve global payroll compliance because it is designed to create more visibility, oversight, and control over global payroll delivery in multiple countries. When global payroll managers can clearly see who is doing what in which specific country, this immediately facilitates tighter compliance controls.
The single dashboard view allows for greater visibility and centralized control over the global payroll process, contributing to a more efficient way to meet compliance obligations at a multinational company.
Compliance, governance, and controls are also pressing drivers on employers, and they are looking for systems and frameworks that enable global frameworks to be applied, followed, and monitored. Payslip enables such a global framework to be Introduced, applied, and then duplicated quickly across all countries an employer needs to pay employees in.
The Payslip platform features automation technology to reduce manual input and the risk of error. Our standardization playbook enables global payroll teams to enjoy centralized governance and control of data, people, and vendors- further tightening compliance controls.
Compliance is further enhanced when everybody is operating from the same playbook and following the same procedures regardless of location. Payslip enables a common standard or framework of payroll operations across countries.
The Payslip digital calendar tool allows you to digitize and set up alerts for key compliance dates throughout the financial calendar year. GDPR and SOX requirements can be assisted via the platform’s automated entries and clear audit trails identifying user access rights to data and outlining who did what with data at various points of the lifecycle. It can also automate the end-of-lifecycle data requirements.
The Payslip platform allows users to create access rights and single sign-on usage for geo-dispersed teams ensuring all access to data and document storage adheres both to GDPR and pre-defined information security procedures.
Accuracy
Understandably, accuracy is a crucial element to global payroll -one additional zero input in an error can have dramatic consequences. Global payroll professionals are only human, and mistakes do happen, so it is important to take measures to mitigate this risk and ensure very high levels of global payroll accuracy. A key accuracy enabler is using automation to automate the input checking and validation of global payroll and HCM data in workflows.
Payslip automates the workflow end to end, captures, automates and protects the data in its original and changing form, delivering single view tracking of data transformation from inputs to outputs and visibility of how it changed, who changed it and when. Automated validations reduce errors and exception investigation requirement, especially post payroll as they are caught earlier before payroll is authorized, payments are processed, or general ledger reports are produced.
Automation on the Payslip platform significantly reduces the risk of human error in the global payroll process. Payslip has a proven model in the automated execution of accurate data input and validation.
Self-service
Global employers are seeking a greater degree of visibility and oversight with the delivery of payroll services from the many payroll providers in their vendor network. Outsourcing payroll services is often necessary, particularly when you have a broad network of employees spread across different countries and continents. Local subject matter expertise is often required to deliver payroll services in these countries but achieving full visibility of who is doing what with these international payrolls has often proved to be a challenge for global employers.
The Payslip platform aims to put the employer in full control of their individual country payroll process. We integrate with the payroll systems used by their vendors and enhance visibility and oversight for the employer via a single dashboard view of their multi-country payroll.
The consolidated reporting tool features of the platform enable global employers to run performance reports that highlight the ability of a payroll provider in their network to meet key SLAs and key performance indicators. The employer can assess performance metrics along with service delivery and benchmark these payroll providers against payroll service industry standards.
The employer can give self-service access to the centralized global payroll team professionals, enabling them to approve payrun data and run performance reporting whenever they need to.
All data, communication, and exchanges flow through the platform creating an audit trail to enable performance management. This allows for full visibility into all information on the system creating equal self-service access for employer payroll teams and providers while facilitating a self-service for ad-hoc requests or general queries. There is also a document-sharing repository where employers can assign self-service access to payroll team individuals to see and control payroll data.
Global payroll reporting capability
Payslip’s Global Payroll Reporter tool provides multinational employers with essential and comprehensive global payroll reporting at the touch of a button. A range of different reporting requirements can be met with the tool which also allows you to automatically schedule or customize the reporting.
- Real-time global payroll cost analysis
- Third-party vendor and external payroll provider reporting
- Multi-currency General Ledger reporting
- Compliance and financial management reporting
- KPI and other performance reporting
- Audit trail reporting
The Global Payroll Reporter helps you achieve visibility and control over your multi-country payrolls. It also enables global payroll teams to respond to requests from business leaders for payroll data, key insights, and trending information. The software lets you filter by country, region, employee, or pay element for greater visibility and the reports are run in real-time
This tool enables multi-national employers to transform their global payroll operations so that they can see, manage and control their employee and payroll data on a single platform. This platform integrates with HCMs, finance software, hr systems, and external payroll providers to support the flow of data between key participants in the global payroll eco-system for enhanced, consolidated payroll reporting on a global level.
Technology Integrations
Payslip software integrates smoothly with the majority of HCM software and local payroll vendor systems. It then automates workflows and standardizes payroll data feeds. This allows international employers to manage their payroll processes, people, payroll data, and reporting from one central platform.
The software integrates and works with any existing in-house payroll solution a global employer may have. The platform is payroll provider agnostic, enabling employers to keep any local vendors they like and on-board new ones when needed. Payslip does not dictate or impose any partner payroll providers on any of our employer clients.
The Payslip platform also helps global employers to unify disparate groups including payroll, HR, Finance, and IT to create a cohesive global eco-system. The platform applies structure and format to standardize the various payroll data inputs from these disparate systems in a way that promotes a more efficient, end-to-end delivery of global payroll while also laying the foundation for global consolidated reporting.
