Global Payroll Management Complexities
Companies face the challenge of shaping their organization to meet the demands of a growing multi-national workforce. The structure and management of global payroll is one of these challenges.
Global payroll delivery and reporting is complex and exposes the organization to difficult operational processes, international payroll laws, local tax laws, and multi-cultural compliance.
The ever-changing environment makes it difficult to stay on top of global payroll management, and the technology must keep up with evolving changes and requirements.
Adding to the challenges
- Decentralized global businesses
- Inefficient cost optimization
- Multiple financial systems and HR platforms to manage
- Ever-changing payroll and tax compliance requirements and laws
Mitigating the challenges
1. Design a strong payroll model. Many of these challenges begin at the core of the payroll policy design. If unaddressed, they will cause downstream impact that will be timely, expensive, and noisy to organizations to clean up.
2. Encourage centralization. With a new payroll policy model in place, global businesses can focus on mitigating compliance risks, decreasing operation spend, and building transparency.
3. Implement the right technology. Companies can support the complex logistics of workforce mobility with the correct software in place. Productivity, Control, and Compliance are some of the key benefits of Servicengine’s core solutions.
Organizations must evolve with the fast-pace, high-demand requirements of global payroll management. Laying the right foundation and having the correct system in place will help companies prepare to manage difficulties of a global workforce.
