Global payroll transformation is required to keep pace with changing business needs in companies that are undergoing rapid growth and expansion. Payroll needs to deliver on many fronts and is currently not supported by the technology and processes in place at many multinational companies around the world. If a department is asked to do more, then it makes sense that this department be given the tools and resources to deliver more. So, a justifiable business case exists. In the case of payroll operations, this means investing in new technology, software and digital platforms to make this key business function more agile and responsive to trending business needs.
Many global payroll professionals departments today are looking for a global payroll outsourcing consultant that better meets their needs. They have found that the current processes in place are not sufficient to meet the day-to-day demands of global payroll operations. At this moment in 2021, like every business function, global payroll is operating under the additional burdens in place due to the continuation of COVID 19. Delivering global payroll outsource services remotely brings a new set of challenges and some of these challenges have served to highlight again what is not working very well in their current setup. In this article, we will examine a range of things that can be used to create a solid business case for global payroll transformation.
How payroll outsourcing service bringing transformation to payroll
Global payroll process
Consolidating global payroll process operations to a single payroll service provider can be a long term strategy that payroll leaders should consider as far as payroll resilience is concerned. A single vendor who offers a centralized payroll accounting solution can ensure global companies with an expanding workforce are better equipped to manage their payroll operations across all of its countries. Furthermore, a centralized payroll solution offered through a single provider can ensure reliable payroll that works based on a holistic international payroll strategy.
Agile payroll technology
Introducing a new global payroll model to a business can immediately make the payroll department more agile and responsive. Better technology, standardized data and automated processes will save time and money while also introducing a much larger degree of control, data safety cloud payroll system and visibility around payroll operations. New technology will certainly introduce operational efficiencies and allow for more detailed and informed reporting. The right payroll technology platform can empower payroll professionals to do their daily jobs better and add value to the business overall by responding quickly to requests for new or additional reporting. These benefits should form a core part of any business case when it comes to justifying the digital transformation of a global payroll department.
Unified payroll platform
Companies should focus on building a payroll transformation strategy that implements a unified global payroll platform. Such a platform opens doors to collectively working people and processes and real time management of everyday activities even amid uncertainties. When it comes to collaboration and communication, shared workflows can go a long way. They can enable streamlined reporting and validation through built in functionality, irrespective of location. As in this case, the current workload can become fully integrated and automated, there is a higher chance for payroll efficiency to improve.
Motivate employees
Global payroll transformation benefits both payroll professionals and overall company employees. Professionals get to work with technology that helps them do their job better. Employees get to access their pay related data whenever they want to or need to. Also, the employee experience when accessing this data can be the same across different countries and regions if you deploy the right technology. Employees get to feel empowered and in control while payroll outsource professionals are no longer spending valuable time responding to data requests from employees. The business case here is that empowered employees are motivated employees, and this is something that lends itself to increased productivity and better staff retention statistics.
On time and efficient
The payroll department’s primary goal is to pay employees accurately, on time, and in compliance with government rules and company policies. This goal is critical for most small businesses for many reasons. Payroll is often the largest expense of small businesses. The payroll services provided by team are often critical and made payroll mistakes can have a negative impact on employee satisfaction. As doing everything by oneself, reduces the efficiency of the organization, as a lot of things require attention. But when outsources its functions or work, it becomes easy, as part of the burden is shared by the outsource partner.