[Global] Could standardisation end payroll complexity?

Global payroll processes have been outdated and complex for quite some time with old-fashioned, manual processes of payroll data often leading to duplication across multiple internal and external systems, Benefits Pro reports.

The United States ranks among the top 11 countries with the most complex payroll systems, alongside the UK, France, Italy and Belgium. A lack of standardised processes inevitably means that every country a business delivers payroll in has a different structure and format for payroll data calculations, so there is no single way of working. This, in addition to siloed teams, creates barriers within the payroll department that only increase both complexity and poor visibility.

Payroll systems that are not standardised cannot support the growth and scalability of a business. A company may be ready to expand and rapidly hire but complexities across different countries create hurdles that can be both costly and time-consuming. Compliance concerns can also impact data security and protected information; if a payroll department cannot see what is happening in each country, they cannot be compliant. A lack of standardised processes across countries also forces them to endure time-consuming manual processes, where proper technology can help remove tedious (but esssential) tasks from their workload.

Standardising the payroll data and process across countries could end such complexities. When there is a standardised payroll process in place, each payroll professional is able to operate within the same payroll data and process and work in a standardised way. If a payroll professional functioning in one country unexpectedly needs to take over a colleague’s duties in another country, the same policies and procedures from the original country will still be followed. This allows the payroll professionals to take over responsibilities without skipping a beat. A single way of working makes payroll faster, more efficient, and more manageable than ever before.

Hybrid and remote work have altered the way global payroll functions. Businesses in different countries require employers to work with local payroll providers to ensure new hires are being paid correctly and on time. However, this can increase compliance complexity, data security, and cyber security concerns if a business does not have a standardised payroll process in place. A single payroll process across a business also allows for more flexibility while adding new local payroll providers and onboarding them easily on the standardised platform.

Without standardisation, payroll experts must become familiar with a new system, new country data, different formats, currency, and a new language. Benefits Pr says the flexibility that standardised processes offer is advantageous to both seasoned and inexperienced payroll professionals becasuse it makes the transition smoother and reduces the ‌time needed to get up to speed.

Standardised data also allows for comprehensive and detailed reporting when comparing country costs often requested by business leaders. This allows employers to see the story behind global payroll data and helps with decisions for further investment or changes across the globe. Auditors can read what is happening in each country thanks to the digital and transparent audit trails that are organised in the same format. These reports are quick to pull and are available on a global and local country level thanks to the use of standardised data across countries.

Standardised payroll processes generate a way of managing and delivering multi-country payroll that applies to all countries, territories and geographic areas, eliminating the complexities and providing a more efficient way to deliver and manage multi-country payroll. Companies not currently using standardised data and processes would benefit from considering implementing technology in order to manage all payroll data in one place.

Source: Benefits Pro

(Links via original reporting)

Global payroll processes have been outdated and complex for quite some time with old-fashioned, manual processes of payroll data often leading to duplication across multiple internal and external systems, Benefits Pro reports.

The United States ranks among the top 11 countries with the most complex payroll systems, alongside the UK, France, Italy and Belgium. A lack of standardised processes inevitably means that every country a business delivers payroll in has a different structure and format for payroll data calculations, so there is no single way of working. This, in addition to siloed teams, creates barriers within the payroll department that only increase both complexity and poor visibility.

Payroll systems that are not standardised cannot support the growth and scalability of a business. A company may be ready to expand and rapidly hire but complexities across different countries create hurdles that can be both costly and time-consuming. Compliance concerns can also impact data security and protected information; if a payroll department cannot see what is happening in each country, they cannot be compliant. A lack of standardised processes across countries also forces them to endure time-consuming manual processes, where proper technology can help remove tedious (but esssential) tasks from their workload.

Standardising the payroll data and process across countries could end such complexities. When there is a standardised payroll process in place, each payroll professional is able to operate within the same payroll data and process and work in a standardised way. If a payroll professional functioning in one country unexpectedly needs to take over a colleague’s duties in another country, the same policies and procedures from the original country will still be followed. This allows the payroll professionals to take over responsibilities without skipping a beat. A single way of working makes payroll faster, more efficient, and more manageable than ever before.

Hybrid and remote work have altered the way global payroll functions. Businesses in different countries require employers to work with local payroll providers to ensure new hires are being paid correctly and on time. However, this can increase compliance complexity, data security, and cyber security concerns if a business does not have a standardised payroll process in place. A single payroll process across a business also allows for more flexibility while adding new local payroll providers and onboarding them easily on the standardised platform.

Without standardisation, payroll experts must become familiar with a new system, new country data, different formats, currency, and a new language. Benefits Pr says the flexibility that standardised processes offer is advantageous to both seasoned and inexperienced payroll professionals becasuse it makes the transition smoother and reduces the ‌time needed to get up to speed.

Standardised data also allows for comprehensive and detailed reporting when comparing country costs often requested by business leaders. This allows employers to see the story behind global payroll data and helps with decisions for further investment or changes across the globe. Auditors can read what is happening in each country thanks to the digital and transparent audit trails that are organised in the same format. These reports are quick to pull and are available on a global and local country level thanks to the use of standardised data across countries.

Standardised payroll processes generate a way of managing and delivering multi-country payroll that applies to all countries, territories and geographic areas, eliminating the complexities and providing a more efficient way to deliver and manage multi-country payroll. Companies not currently using standardised data and processes would benefit from considering implementing technology in order to manage all payroll data in one place.

Source: Benefits Pro

(Links via original reporting)