Payroll is a vital component of global operations that is often overlooked – until something goes wrong. A delay in pay or a widespread payroll error can cause financial impacts as well as undue burdens on employees. When you factor in payroll across multiple countries, vendors, and systems, payroll errors can create serious problems that can be difficult to repair.
A large hospital network in Ontario, Canada recently experienced an “inputting error” that caused more than 15,000 employees to miss their paychecks. The company identified the error and tried to quickly resolve the issue, but the lack of pay caused financial hardships for employees. The company had to reimburse fees incurred by employees as a result of the delay and ultimately had to implement new redundancies to ensure the error doesn’t happen again.
When you’re evaluating your global operations, it’s important to identify potential risk within the payroll process that could cause delays or errors including:
- Having only one employee responsible for the entire payroll process
- Checks in place to ensure accuracy before running payroll
- Backups available if something goes wrong
Knowing the potential risks, avoiding them whenever possible, and having steps in place if an error occurs can protect your company from costly mistakes that often have financial implications for the future.
With the right global payroll software in place, you can view payroll in real-time, ensure compliance with in-country requirements, and ensure payroll accuracy in each country before you pay employees.
Blue Marble has an aggregated payroll platform to access all employee data in one place. You can view employee payroll by country, run customized reports, and view payroll data across countries and currencies in real time. We make it easy to pay employees in 100+ countries and help ensure your process is accurate and in-compliance with local in-country requirements. Talk to our team and simplify your global payroll.