Paying your global employees is one of the core functions of your business. Without accurate payroll, you can face strict fines and penalties in many countries. But what about the effect on your employees? Companies often overlook the hidden effects of payroll errors, and it could be hurting your bottom line.
There are many types of payroll errors – incorrect employee information, withholding or pension miscalculations, and incorrectly logged hours. These small mistakes get exponentially larger when you factor in manual entry errors as well. While we’re all human and mistakes happen, when it comes to payroll there is no room for error. A recent study showed that after just one payroll error, employees start looking for new employment, and after two payroll errors up to 49% of employees would begin job hunting.
If you have payroll issues, or have experienced errors in your payroll, your employee morale is already suffering. If you are managing a global workforce, this could be especially damaging, as it is difficult to hire and maintain talent if you are not present in each office overseas. Payroll is the most expensive line item on any budget, and a core function of the business. If your payroll is not running smoothly, this could be an indication of other issues company-wide.
Getting your global payroll under control should be a top priority for any company with overseas employees. Without your core business function running error-free, your employees are at risk of leaving, and your morale can suffer. As you look at your global payroll, is your technology working for you? Do you have real-time access to payroll in all countries in the same system? Do you have aggregated reporting that shows all countries and currencies? If your technology isn’t giving you an overview of all of your payroll across countries, there is a better way to manage global payroll. Contact us today to learn more about our simplified global payroll solutions with aggregated global reporting.