Global Payroll Advisory
Published on 02 Aug 2022
With global payroll management increasing in complexity and being ever-changing, businesses that operate in multiple countries are finding themselves struggling to keep up with the latest compliance requirements, tax regulations, social security requirements, and employment laws. This is where global payroll services can help. Transforming to global payroll may seem intimidating, but with the right global payroll management outsourcing provider by your side, your business will reap the many benefits it sows.
The many advantages of global payroll make it a worthwhile investment for companies with employees in multiple countries. Here are the top five reasons to consider a global payroll transformation for your organisation:
With global payroll, organisations can take advantage of economies of scale and reduce the overall cost of payroll processing. In addition, global payroll can lead to increased efficiencies and reduced duplication of effort.
Improved multi-country compliance
An outsourced global payroll process can help organisations ensure compliance with local employment laws and tax regulations. This is especially paramount for global organisations that have to keep track of the changing requirements of every country they operate in. Furthermore, with local compliance obligations getting more demanding, global payroll management can help you to avoid the risk of costly penalties and fines.
Enhanced efficiency and visibility
Global payroll can lead to increased efficiencies by automating many of the tasks associated with payroll processing, reducing duplication of effort. In addition, it provides businesses with greater visibility into their employee compensation and benefits costs which can help managers make informed decisions about where to allocate resources.
Improved employee satisfaction
Businesses are able to attract and retain top talent by providing employees with a consistent and streamlined compensation experience. Global payroll can help improve employee satisfaction by providing them with accurate payments, not forgetting the necessary statutory contributions per their country’s HR and tax regulations. This creates a hassle-free compensation process for employees across the organisation and can significantly improve employee satisfaction as well as loyalty.
A global payroll system provides businesses with the flexibility to tailor their payroll solution to meet their specific needs. This allows organisations to easily adapt to significant events or changing legislation with minimal resources required. Moreover, a global payroll system can be easily integrated with key core systems (i.e. Oracle, SAP, Workday and others) to save up on time spent and provide businesses with a seamless and streamlined payroll process.
These are just a handful of the most notable advantages of a global payroll transformation. While implementing a truly supportive global payroll system may require more upfront cost and initial work, it’s clear that the benefits will be worth the investment.
Global Payroll Management | OS HRS
At OS HRS, we offer a comprehensive suite of global payroll services that can be customised to meet the precise operational needs of your global organisation. Our technology solutions include automated payroll processing, multi-language and multi-currency support, timely and accurate salary output per statutory regulations, up-to-date global compliance expertise, and more.
Learn how our experts can help you transform your global payroll management over on our website.