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Contingent workforce and global payroll services go hand in hand. Learn more about the advantages of outsourcing to a global payroll service provider.
Digital technology has bridged the gap between international businesses and the global workforce. An integrated global payroll service provides numerous solutions to the multiple and challenging functions and processes of HR, particularly with payroll. Businesses expanding internationally need organized, convenient and standardized operations, especially if they hire a pool of international talents.
Every region, territory or country is governed by their own laws and compliance regarding payroll. Therefore, hiring a global payroll service provider is a smart approach to help organizations focus on their business goals without getting distracted by the nitty-gritty of payroll processes.
What international businesses are looking for in payroll services
The world is ever-changing and so are businesses and the workforce. New technologies emerge and unforeseen emergencies may happen, such as the Covid-19 pandemic, which could affect workflow processes and service delivery. By now, organizations should rely on cutting-edge digital technology more than ever to help them move forward amidst disruptions.
According to a global payroll survey, here are some of the things that international businesses want in a payroll service:
Efficient payroll processes
Managing a contingent workforce and delivering payroll in different locations is a complex task. International businesses want a payroll process that’s simplified, error-free and cost-efficient.
- Enhanced data security
International companies need enhanced data security to protect sensitive financial information and other data that could compromise their business. - Faster reporting
Compliance is an important responsibility of payroll departments. They need to produce quick and comprehensive reports with fewer errors when it comes to compliance and other transactions. - Robust data analytics
HR decisions should be data-driven to effectively execute their strategies.
Advantages of having a global payroll service
On-time payment
Employees expect their salaries and compensations to be delivered on time. A reliable payroll makes teams happy and boosts their morale. Delivering payroll in multiple countries is a complex process. A global payroll provider knows the ins and outs of international transactions and can guarantee on-time payments.
Process automation
Manual and low-tech payroll operations can hurt a company’s reputation. Investing in an integrated global payroll service will greatly improve HR and payroll processes. Global payroll providers offer automated processes and a central platform to manage payroll solutions.
Accuracy
Manual data entry and other interventions are prone to a lot of errors. In addition, it’s slow and could affect payroll delivery. Global payroll features such as process automation can conveniently handle the data entry tasks and increase the productivity of HR teams.
Compliance
Compliance is another complex process that global payroll service providers can expertly handle. Apart from dealing with international labor laws, businesses need to comply with local regulations and requirements. Global payroll can track and validate local compliance obligations and changes faster.
Cost-efficient
A global payroll service is efficient and less expensive. In-house payroll operations managing a global contingent workforce can cost more and may cause delays to organize compliance in different locations, payroll processes and other HR functions that operate on an international level.
Accelerated international expansion
Global payroll services exist because a lot of organizations are aiming for international expansion. Global payroll is trained to help businesses reach their goals by applying a global outlook and local knowledge to support their expansion.
Finding the right global payroll solutions
Earlier, we talked about what international businesses are looking for in a payroll service. However, global payroll is not a one-size-fits-all solution. In addition, not all providers offer the same level of services. Here are some specific features that companies should consider when looking for a payroll provider for their business:
Reputation
Partnering with a trusted global payroll service provider with a strong track record will ensure satisfaction. They have the network, tools and solid teams that will handle compliance and regulations in multiple locations. Your business will feel more secure knowing that they have extensive experience in managing global transactions.
Cost
Consider the pricing structure that your business can afford. Read the contract if they’re offering month-to-month or long-term commitments. Ask clear questions regarding the costs and the necessary services that your company needs.
SHARED SERVICES
Integrated payroll services with a centralized platform will greatly improve the whole HR process. Aside from payroll, determine if they offer contingent workforce management including onboarding, employee self-service, health and safety, and more.
SUPPORT
Does the global payroll service provider have a dedicated support representative that is always available when you need assistance? Ask for a point of contact that will assist you in your global payroll concerns.
Local expertise
Failing to understand local regulations and compliance can put your company at risk. Make sure that you’re choosing a global service provider that has strong local knowledge about government requirements, labor laws, tax compliance and other related matters in different locations.
A contingent workforce and global payroll go hand in hand. When it comes to managing both, CXC provides high-quality integrated solutions to talent sourcing, global employer of record, compliance and payroll outsourcing services.
CXC is a global HR outsourcing organization with 30 years of experience in workforce management. Our innovative and cost-effective solutions help companies gain a competitive advantage by improving efficiency while reducing risks.
Contact CXC today to start enabling your future workforce.
