Finance Industry Payroll Transformation

Industry

Finance

The challenge

In navigating complex payroll regulations across key markets, our client encountered frequent adjustments to meet the specific compliance requirements of each country. Initially, the client managed payroll through a decentralized model with multiple local providers, resulting in high costs, inconsistent standards, and increased audit risks. These challenges underscored the need for a centralized payroll solution to support compliance and reduce operational complexities.

Company Background

Our client, a global financial services leader with a legacy dating back to 1799, provides investment banking and financial services to individuals and businesses in over 100 countries. Our client’s dedication to both innovation and philanthropy has been instrumental in shaping its reputation as a financial powerhouse and an advocate for global change.

The Solution

As a multi-country payroll provider, OS HRS successfully centralized our client’s payroll operations across all regions in just three months. By integrating our customizable payroll platform and leveraging our in-house Statutory Compliance Unit (SCU), we provided tailored solutions to manage the compliance needs of each country. Key achievements included:

Centralizing payroll processing for consistent service across regions

Reducing payroll costs through efficient vendor consolidation

Implementing automatic statutory updates to maintain compliance

Enhancing data security with a single, streamlined payroll platform

Standardizing payroll processes, improving audit outcomes, and reducing risks

Achievements

Compliance penalties were reduced by 60%, reflecting cost savings and risk mitigation

Enhanced process harmonization improved accuracy and audit outcomes

Country-specific regulations were consistently met, ensuring seamless operations

Client satisfaction has been sustained for over 12 years, demonstrating the long-term impact and reliability of our payroll solutions