INFOGRAPHIC: 5 essential steps toward selecting a global payroll provider
The challenges of payroll processing have become far greater for many U.S. businesses in recent years. As more organizations have taken on more of a multinational scope, they’ve encountered many more logistical hurdles along the way.
Running a large nationwide corporation is already a challenge. You have to hunt for talent all over the country, hire people, develop them and maximize their productivity. But when you go international, it’s a whole new ballgame. Every country has its own rules and regulations governing the way people work. Tax codes are different. Laws pertaining to sick leave, vacation time, benefits and many more aspects can vary as well.
What these multinational businesses need, therefore, is a cloud-based solution that makes it easier to track all of these scattered logistical issues. There’s no sense in coordinating payroll for a multinational business using a complicated web of disparate software applications – using one central solution will save everyone many headaches.
There are many, many American companies with a need to consider using such a solution. According to Ceridian’s research, multinational companies within the U.S. employ approximately 34.5 million workers worldwide. That’s a lot of people to pay – often with a lot of complicated payroll laws.
There’s no way around it – if you’ve got global payroll, you need to work with a global payroll provider. To choose the right one, it’s best to do your homework ahead of time and find out what type of solution will work best for you.
Here are five important steps for planning your global payroll overhaul:
Evaluate the current process
The first step is to take a look at your current payroll process and see where you stand. What kind of payroll data access and visibility do you have? How simple, or how complex, is your current workflow for processing the payroll?
Craft your overall strategy
Next, think big-picture about what you hope to accomplish by reshaping your payroll plan. Are you aiming to improve compliance, reduce costs or mitigate legal risks? What about expanding your business to creep into new emerging markets?
Study your geography
You also want to consider the different countries in which you operate. What specific logistical challenges do they present, and how does a potential new solution help you meet those challenges? Every country brings new hurdles to overcome. The best payroll solutions address them all.
Prioritize your business goals
Consider your overall business goals – global expansion, profit, employer branding and so on – and evaluate how a new payroll solution will help you achieve them. For example, if a solution gives you newfound efficiency with employing people in a key international market, it might be worth exploring further.
Ensure visibility and buy-in
The goal when you usher in a new high-tech solution is to get everyone on board to buy in. They should all be willing and able to use the new application, and they should all gain visibility into the relevant payroll data they need. With collective ownership of the payroll process, any global business can move forward.
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