Global payroll is becoming more challenging each year. With so many annual compliance and regulatory updates around the world, maintaining a compliant global payroll process can seem impossible. Making improvements to your global payroll technology is the first step to getting ahead of the changes, ensuring compliance, and managing the regulations changes each year.
The first question to ask about your global payroll process is: how is it working for your organization? Do you have monthly aggregated reporting and real-time access to each country you operate in? Do you have in-country experts that you can call when questions come up? Do your employees overseas have access to make personal or banking changes? These questions can help determine where your global payroll process is not working as efficiently as it should, and can also identify areas where your organization is at risk.
Compliance is a huge issue for companies operating in other countries. Regulations in each country change each year, pensions, benefits, and other statutory requirements are also updated, and there can be significant fines and penalties for non-compliance. Ensuring your teams overseas are being paid accurately and on time is vital to your success, so your payroll technology should be working for you – not against you!
Payroll technology has evolved over the last several years to incorporate features that organizations can use to ensure compliance. Employee self-service portals, real-time aggregated reporting each month, and other compliance features help your teams maintain current regulations and forecast changes in each country. Using technology to manage your teams in the US and overseas benefits the entire organization. Removing manual entry errors, potential for fraud, and regulatory issues gives your organization the freedom to focus on strategic growth initiatives instead of having to focus on cleaning up errors each month.
Using technology to propel your global teams forward will not only help to ensure compliance, but will keep your global teams happy, morale will increase, and your leadership won’t have to worry about compliance risk or penalties. Getting started is simple – identify what is not working for your organization and find the right technology and tools to simplify your global payroll process! Click here for more information on integrated global payroll and HR solutions