The Secret to Unlocking the Power of Payroll3rd Aug 2018
International payroll is a challenging business—the complexity of operating in a variety of countries with varying rules means that lots of things can go wrong. Payroll has traditionally been seen as an administrative function, yet now it is moving up the agenda when it comes to making business decisions. A recent SD Worx survey found that 87% of business leaders ask for employee data to inform business decisions, with more than half of respondents having used payroll data within the last month.
Payroll is a vital part of any organization and provides valuable payroll data for business leaders. So, how can organizations begin to unlock the power of payroll?
1. Collect Insight
Data is important and can be collected from anywhere in the world, even if employees work remotely or in another country. By collecting this data, including HR and payroll data, organizations can understand more about their workforce, which can ultimately give insight into employee attrition, churn, and engagement.
It can often be seen as difficult to collect employee data from around the world, as international companies might have disparate payroll systems in place. Yet, if an organization uses an international payroll service provider, it is possible to collate and analyse the data much easier, gaining better—and clearer—insights. With insights shown on a single dashboard rather than multiple spreadsheets, the power of payroll becomes clearly evident.
2. Be Flexible
Payroll shouldn’t be a rigid, ‘one size fits all’ solution, rather it should be tailored to each organization, and even each region and office within the organization. By working with an international payroll services provider, each organization can get the individual attention and services it needs, whether it’s SaaS, Managed Payroll Services, or Comprehensive Payroll Services. Outsourcing payroll to a trusted international provider can ensure compliance, reduce complexity, and increase control of payroll, all through flexible and tailored services.
By working closely with the HR department and c-level executive members, HR and payroll teams can share their insight and give the business a better understanding of employee insight, which helps to utilize the power of payroll. Additionally, in collaborating with other departments, including IT and legal, organizations can ensure that employees are covered legally and have all the information they require through intelligently using the insights provided by their payroll data.
The multinational payroll market is growing at an impressive rate, with the entire payroll services market expected to reach 4.8 billion by 2021. With projections like that, it simply doesn’t make sense to ignore the power of payroll. Payroll is so much more than an admin task and, if utilized properly, can truly play a vital role in the boardroom of an international organization.
To learn more about what the Payroll Services Alliance can do for your business, please get in touch.
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