In the increasingly global business landscape we live in, international operations and business expansion is becoming more and more common. Often this can significantly increase the workload of the HR and payroll department: with international business expansion comes international admin and regulations.
As a business function that is specifically involved in handling employee data—from internal employee information to sensitive personal data—staying on top of compliance and the legality of payroll is paramount. With uncertainties such as Brexit affecting regions around the world, it can often feel as if payroll professionals are left drowning in the detail of the compliance conundrum.
Although adhering to different legislative compliance around the world can be difficult, this is where international payroll providers can help.
Smoothing out the payroll process
A disparate collection of local payroll providers can create a pile of admin for payroll professionals, as they are left to collate the data from multiple regions. On top of this, each region will likely have its own specific payroll processes and legislations which must be understood and adhered to.
In addition, as the world becomes ever more conscious of data privacy, legislations are constantly being updated and introduced – it can be a never-ending job. For example, as well as the introduction of GDPR in 2018 that changed the way payroll teams handled European data, not just in the EU but around the world, many other localities and countries introduced their own new laws. These included changes to the way PAYE works in Northern Ireland, as well as updates to the way businesses provide payslips in the UK.
Yet, an international payroll partner can ease this complex process. Local experts can take away the obligation of a single department staying on top of compliance and the ever-changing regulations, ensuring compliance at a detailed local level, while the payroll provider connects the dots on an international scale. As organizations expand into new regions, the payroll provider can therefore provide a flexible service that matches the needs of the business.
Unlocking the Power of Payroll
Not only can payroll teams rest assured that they are internationally compliant, but working with a global payroll provider can empower the department in other ways: far from drowning in compliance admin, payroll can swim to the top.
Rather than collating a report from all of the local data, the global payroll provider is able to present all of the information on a single platform making it easy to extract vital business insights and streamlining the whole process. Not only does this allow the payroll professionals within the department to focus on more important tasks rather than becoming swamped by compliance admin, it also enables the business as a whole to unlock the power of payroll and introduce the insights into the boardroom.
Payroll data, when utilized to its full potential, is too valuable for the business to ignore and, when efficiently used, can provide useful insights on everything from performance, retention and employee churn.
To learn more about SD Worx and its Power of Payroll campaign, download its white paper on unlocking the power of payroll here.
Communicated by SD Worx
Publié le 26 mars 2019