Payroll Essentials of a Truly Global Work Experience
When it comes to business and professional opportunities, geographical barriers are steadily dissolving. According to a 2019 KPMG GAPP Report, 60% of participants surveyed stated that international assignments are an important part of their talent management strategies. This creates new requirements in the HR and Payroll functions of organizations.
With an increasingly global workforce, human resource practices need to ensure that the organization remains relevant. Apart from cultural integration, a seamless HR and payroll process will enable employees to make a smooth transition anywhere in the world. Outlined below are the key characteristics of a payroll system that can support a truly global workforce:
1. Efficient Data Management
For a company that handles a large number of employees across the globe, maintaining accurate and relevant data throughout their employment cycle is of utmost importance to ensure easy mobility. This will become the basis for all HR processes, from transfers and benefits to payroll management. A well-managed employee database will promote strong HR practices, whether it is local or global.
The Allsec Factor: Allsec’s end-to-end HRO solutions and payroll services in over 35 countries come equipped with wide-ranging features like data sanitization and cloud-based security that ensures seamless data management for an error-free payroll experience.
2. Digital Expertise
Going global mandates an increased reliance on technology. A strong digital and automated payroll system increases efficiency through process standardization, self-service, and improved analytical insight. It can also significantly reduce staffing costs for an organization; an analytical payroll system can help predict the most effective arrangement of human resources to achieve the best results for the company.
The Allsec Factor: Our in-house HR and payroll application, bolstered by robotic process automation (RPA), deep-dive analytics, process reengineering, and employee self-service options has all the functions needed to facilitate a top-notch digital payroll system.
When an organization aims for international mobility, it is important that HR functions are scalable at that level. An efficient payroll system needs to be ready for rollout across different countries and industries for quick integration. A glitch in payroll scalability can put the company’s growth plans on hold, or worse, derail it completely.
The Allsec Factor: We offer robust and flexible processes are designed to be scaled to an organization’s requirement. With different delivery models, expertise in major countries across the world, and services across diverse industries such as retail, engineering, and pharmaceuticals, our provisions are meant to exceed your payroll and compliance expectations.
4. Compliance Accuracy
A key concern with global workforce management is navigating a plethora of international and local laws regarding employee and payroll management. Statutory requirements are often complex and dynamic, differing not just from one country to another, but also over time. Any legal error during payroll processing can cost the company heavily. A good global payroll system will eliminate these inconsistencies.
The Allsec Factor: Our payroll experts have in-depth working knowledge of payroll and taxation laws in 35+ countries across the world. The in-house team, along with strategic partners, ensure that every client’s HR policies are 100% compliant with different jurisdictional laws.
The Final Word
An effective multi-dimensional HR and payroll system is often central to a global work culture. Investing in a good payroll service can ease transitions for employees while supporting a company’s growth vision at suitable costs.