In a post-pandemic world, the modern workforce has become extremely diverse. There is a new workforce model in operation that involves the new normal of hybrid and remote working as well as the recruitment and onboarding of remote workers globally.
The workforce dynamic has changed, the manner in which work is delivered has changed and the attitudes of global employees has been significantly altered by the ramifications of the global pandemic.
It is now quite logical to assume that this new workforce will have a different outlook in terms of how they work and how they get paid. Pulse surveys and exit interviews from human resources teams are confirming this. There is likely to be a demand for modernization and innovation in one of the most crucial aspects of the employee journey, the paycheck. In this article, we are going to take a look at a number of reasons why the modern workforce will demand payroll innovation when it comes to their choice of global employer.
A digital lifestyle
The reality of many global workers today is that they have become accustomed to an innovative and powerful level of digitization in their personal lives. They are bringing expectations of a similar experience into the work environment and while global employers may argue correctly that this should not necessarily be the case, it is simply how it is. They want a positive employee experience.
Global employers are not in a position to shrug their shoulders because the war for talent is intense and the battle for recruitment of top talent is hugely competitive. Global employees have become more selective in what kind of employer they choose to work for, they know they have more options than ever before due to the nature of remote working so they can apply globally for a range of different jobs and stand a very good chance of being successful in a remote interview.
It is therefore necessary that the global employer and surrounding leadership team goes some way towards meeting employee expectations around digital innovation and a range of new technologies to be working with. Inevitably, there will be a focus on collaborative technologies and communication smart tools, but there will also be a strong expectation for innovation when it comes to employees getting paid. This may be around the timing of payment as earned wage access is becoming increasingly popular, but it may also be about the speed, efficiency, and transparency around the payroll process. This could take the form of access to their data via an employee self-service portal. Having such self-serve technology in place could be crucial when it comes to the employee experience, employee engagement and even the retention of workers. It's an on-demand world and an on-demand lifestyle, global employees expect to be able to view their personal and pay related data from any device in any location 24/7. Global employers who fail to offer this service may be considered old-fashioned, traditional, or even antiquated. Such a view will not align with employee’s assessment of what an ideal employer should look like.
A digital reputation
The global workforce today has access to more digital communication tools than ever before. The internet is filled with online forums and there are opportunities for global employees to share their views and feelings about employee satisfaction and their employer online in various forms.
This means that interview candidates have access to a wide range of information about a global employer that they may not necessarily get anywhere else. Of course, you have to recognize that this is a somewhat flawed process as it is difficult to gauge the accuracy of the information but nonetheless this is the digital world of opinions that we all live in, and we have to work within it. If a company is deemed traditional and has failed to move with the times, they can develop an online reputation for being behind the curve and slow to react. This may not necessarily be the case and can often be wrong, but first impressions count, and global employees will be looking for reasons to accept an offer but also be looking for reasons to reject an offer. Employee turnover impacts business performance, so this matters.
The modern workforce wants to feel that they are working within a digitally focused organization, one which is nimble and flexible, and in a position to accommodate their digital preferences which can help them achieve the kind of work life balance they desire. These employees are not looking to become digital nomads and demand the very latest in smart technology and collaborative digital tools, but they certainly don't want to work for an organization that they feel is stuck in the past or unable to sense the mood of the global workforce when it comes to digital initiatives. A reputation for digital innovation, flexibility and forward thinking can go a long way to securing the interest of a candidate who has several options in front of them.
Digital security, privacy, and transparency
The modern global workforce has a healthy interest in data privacy, data security and information protection, especially when it comes to their own valuable data. This is a hot topic in the media and the social media world, so they have no shortage of information when it comes to hearing horror stories about data breaches, leaks of personal data, ransomware attacks and other cyber security issues.
Global payroll data contains a huge amount of sensitive information that they would never want to fall into the hands of the public or the online world. They will therefore have a vested interest in the digital capabilities of the organization delivering their payroll especially when it comes to data protection, information security and global compliance.
A digitized global payroll process can go a long way to reassuring global employees that their data is safeguarded in line with industry best practices and the organization has moved decisively to ensure digital protections and cyber security measures are in place to protect their data. A few years ago, this may have been considered innovative but now it has become an expectation and a demand. When data leaks happen, they tend to become very public news and they cause reputational damage, which to the global employer seeking to recruit a range of different candidates can be very damaging.
Employees need to know that their payroll data will remain private and that the digital security protocols in place are at a very high standard – implementing a modern SaaS payroll platform could be crucial when it comes to this issue. Employees will also welcome some transparency around how payroll is delivered and what cyber security practices are employed inside the organization’s payroll systems to protect their data.
A demand for payroll innovation is now an expectation of the modern global workforce. Global employees are accustomed to innovative technology in their personal lives and now expect the same thing when it comes to their work life. Global employers who have a reputation for being focused on digital initiatives and modern technology could stand a better chance in the war for talent and the recruitment of new employees. As well as this, innovative technology in payroll operations can be crucial when it comes to data security, performance management and employee data privacy.
For more information about our Global Payroll Control Platform contact us today.
