Growth is good for any type of business especially if the company is looking at expanding at a global scale. One of the best strategies to build an international presence is to hire contingent workers. With an increasing workforce, your business needs a global payroll system that will help organise and send all employee payments accurately in multiple locations and on time.
How consistent, compliant and effective is your contingent workforce payroll?
Growth is good for any type of business especially if the company is looking at expanding at a global scale. One of the best strategies to build an international presence is to hire contingent workers. With an increasing workforce, your business needs a global payroll system that will help organise and send all employee payments accurately in multiple locations and on time.
Here are some of the benefits of having a global payroll for your business:
- It enables international payments
- It is scalable and helps the company expand with flexibility
- It standardises and consolidates data through automation
Contingent workforce payroll is a complex process that is three times more challenging than domestic payroll. But, with the rapid development and digitalisation of business technologies, managing the scope of work under payroll is now simplified and more efficient. To simplify the payroll process, companies can purchase cloud-based payroll software if they have in-house payroll operations or hire an international contractor payroll provider to assist them in navigating compliance and other administrative functions. CXC provides contractor payroll solutions to organisations, partners and contractors in over 50 countries globally.
CXC manages global payroll on behalf of an organisation
With over 30 years of experience in workforce management, CXC’s expertise can help your business avoid risks, especially with the increasing complexity and constant changes in regulatory requirements, data security, and reporting.
- CXC has efficient and fully compliant processes and systems.
- We consolidated all contingent workers’ invoices into a single client invoice.
- We distribute payments to contractors and external workers on behalf of the company.
- We deliver payments to contingent workers on the schedule agreed upon with your company.
What is global payroll?
Global payroll does not only function to pay employees. It is a system that involves calculations of an employee’s total salary, bonuses, commissions, withholding deductions, and more. Keeping employee records such as paid time off and the number of hours worked is part of the process.
The payroll cycle for contingent workers and contractors varies depending on their agreement as well as the country or location where the worker is based. Here is the typical payroll cycle followed globally:
| Payroll Cycle | Number of Payments in a Year |
| Weekly | 52 |
| Bi-weekly | 26 |
| Semi-monthly | 24 |
| Monthly | 12 |
What are the challenges in global payroll in Asia?
- Noncompliance is one of the biggest challenges in global payroll teams according to APAC HR payroll leaders.
- Uneven technology in developing countries is the reason why companies rely on in-house payroll.
- The complicated regulations on foreign currency conversions and penalties for late submissions
Today’s global payroll is more than just employee management. Valuable data such as payroll and analytics inform payroll leaders with information about resource allocation and investments that clients need. CXC ensures that our teams can support multiple cultures, regulatory and compliance requirements, and laws to help your business navigate global payroll successfully.
Contact us and get in touch with our team of specialists to learn more about how we can help you with global payroll.
Are you looking to engage with top talent? CXC has been supporting organisations with recruitment, hiring and onboarding services for over 30 years. With offices worldwide, we have the resources and scale to help you recruit top talent from all over the world. Contact us today and find out how CXC can help you fast-track your global success!
