The Benefits of Global Payroll26th Mar 2018
Today, there are more multinational companies than ever before, all growing and expanding at remarkable rates. However, keeping up with legislations across multiple countries is becoming increasingly complex. With new legislations being introduced this year, such as the EU’s General Data Protection Regulation (GDPR) and America’s tax amendments, managing global payroll is harder than ever.
To minimise the complications of managing payroll in a multinational company, global payroll solutions can be outsourced. But, what are the benefits of using a global payroll service?
If mistakes are made in an organisation’s payroll and HR processes, organisation’s risk frustrating not only employees, but also risk brand damage. However, outsourcing a global payroll service provider ensures that payroll remains easy to navigate by allowing a single provider to manage payroll across geographies.
International expansion is often very expensive, but by reducing the need for multiple local payroll providers, costs are also reduced. Combined with savings made through automation and consolidation, the organisation will be placed in a far better position to globalise.
Global payroll providers are experts on local legislations, as well as on managing international payment processes. Organisations face different tax regulations and payroll systems across different countries, and without automated systems, or internal experts that are well equipped to deal with the complexity of various market regulations, HR and payroll departments may make mistakes.
By using a well-respected payroll services provider, mistakes can be avoided and the payroll service will be accurate and reliable.
For global businesses, retaining details of personnel on file involves potential security risks if this data is exposed to a range of increasingly sophisticated cyberattacks. This risk will have far more consequences for organisations who process the data of EU citizens once GDPR comes into effect in May.
With financial details at the core of payroll and HR department records, it’s crucial that each element of an organisation is prepared and can defend itself against breaches. Outsourcing to a payroll services provider allows organisations to implement the best infrastructure and security technologies. With this in place, attacks are less likely to occur.
It’s essential that organisations stay as compliant and secure as possible, as they handle important information that is potentially at risk from not just local, but global legislations, many of which are due to change this year. Embracing global payroll can help organisations to prevent these risks by ensuring they have the right technology, infrastructure, and system of management in place.
To learn more about what the Payroll Services Alliance can do for your business, please get in touch.
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