So how does your global payroll stack up to market benchmarks? Are you keeping up with global payroll innovation or are you lagging behind? Well, here are 10 signs that your global payroll needs an overhaul:
- You are not operating in a shared services structure where all payroll admins are operating out of global or regional hubs
- You don’t have a global dashboard showing you the status of your local payroll execution
- You are submitting information to your local payroll providers / processors in many different ways depending on the country
- You are exchanging payroll information (i.e. change data, gross-to-net calculations) – internally and externally – via email or share server uploads
- You don’t have a consolidated view of the payroll data for all your global employees or you consolidate the data manually
- You don’t have a way of centrally tracking which local statutory filing requirements need to be fulfilled in each country and whether you’ve completed them on time
- You are manually double-checking and validating the payroll calculations coming back from your local payroll provider
- You don’t systematically collect KPIs and track SLAs to assess your local payroll teams’ and more importantly your local payroll vendors’ performance
- You don’t have a way to automatically synchronize your HR and/or Finance systems with your local payroll systems to ensure data consistency across systems
- You don’t provide your employees with a central employee payroll portal where they can access their payslips and other related information (e.g. tax forms) in one place
To find out what a modern global payroll solution should be able to deliver, please be our guest and keep on browsing our website. You can contact Payzaar to connect with us directly and learn about the global payroll innovation we are bringing to the payroll space.
