There is a wildly popular “tidying up” method sweeping the US right now. While this generally applies to our homes, can we can also apply this to global payroll? The belief that “if it doesn’t spark joy, then you should get rid of it” really isn’t an option in the business world, but there is a good point to be made. If global payroll is challenging at best, and precise management is a must, why not simplify and unify as much (if not all) of your disparate systems and processes?
New Year = New Strategy
There are numerous global payroll challenges that organizations face, and there are great strategies for successful management readily available. Employers need more insight as their global workforce grows. The beginning of the year is a great time to take a big picture look at how you are managing your global workforce. When reviewing your current processes, here are some common themes you’ll likely be thinking about:
- How do we manage compliance regulations that differ country by country?
- Tax filing deadlines and required documentation differs by country and province. How do you stay updated on annual changes?
- Timekeeping strategies to track hours worked & overtime calculations
- Pay slip requirements in each country – do you have the correct format?
- Cultural/language barriers – is your US team able to interpret reports and data from in-country providers? Do you have strong regional support to manage local laws and customs?
- Data privacy and security – GDPR requirements in the EU are only the beginning of tougher data protection rules around the globe. Is your organization in compliance?
- Do you have a central point of contact for payroll in the US or HR/Payroll leaders in each country? How do you manage payroll teams overseas?
Evaluating your current processes and teams managing payroll is the only way to ensure you are utilizing your employees and payroll solutions strategically and effectively. Global payroll, HR compliance, and data security get more complicated each year, so finding a partner to help manage payroll and compliance is vital to success overseas.
How Technology Can Help
Payroll technology can be a life-saver when trying to “tidy up” your global payroll. Using spreadsheets and email to manage payroll is no longer compliant, so you need a technology solution to safely manage employee data. Using a technology with one platform helps ensure you can see all of your payroll across all countries and currencies. You should also make sure you have access to real-time, customized reporting so you can spot trends, identify issues, and make quick decisions.
If you’re struggling with global payroll, or your technology is not working for you, give me a call! I can help identify solutions to simplify your global payroll and help you ensure compliance for your organization. While “sparking joy” is a bit of a stretch, saving time and money is a definite step in the right direction for 2019!