by Anika Panwar
E&Y’s Global Payroll Survey brought out that, 55% of executives were unsure of the existence of a global payroll vendor that could provide payroll services in all their countries of operation. The market wants a solution that is not only cost-efficient, flexible, and scalable but also makes no compromises on the quality and accuracy. Ironically, despite the quantum leap made in the global payroll practice, the concept of “single yet globalized & localized” payroll service has not made headway against this myth.
The real question when dealing with global payroll lies in – ‘how one administers payroll and stays updated with the changing compliances and laws of the land in all countries that they are present in, and do it accurately?’ To top this off, the dubiety in the availability of a globalized payroll technology solution – which brings us up to the bigger questions – is there really a “single” go-to solution for all your global payroll needs? If so, who and where are these “SINGLE GLOBAL PAYROLL VENDORS”? How does one test their capability? We’ve compiled a few prominent indicators that one could keep in mind in their quest to select a capable service provider.
Necessity is the mother of invention. ROBOTICS AND ARTIFICIAL INTELLIGENCE DRIVEN SOLUTION – No global solution is complete without having in place a software that not only guarantees viability but also ensures a high degree of quality and accuracy. The key is to look for a solution that strikes a perfect balance between technology and user-experience. A system that uses robotics driven automation to focus on the error-prone, repetitive tasks such as input/ output validation, a calculation based on an algorithm, etc. Artificial Intelligence is key for intelligent assistance to end-user through data/ information mining from the database. E.g., Chat Bots.
Go Beyond-. PAYROLL ISN’T JUST ABOUT “GROSS-TO-NET” – Going beyond than just “gross-to-net” processing to a fully managed payroll service testifies the provider’s deep domain knowledge and his ability to provide a global solution. A fully managed payroll service entails input collation, inputs preparation, payroll processing, payroll help desk, data management, and timekeeping. It further includes administering payroll and in-country related compliance with a dedicated payroll help desk and, other HR related services.
Last straw. DON’T IGNORE YOUR SPARSE WORKFORCE–Larger global payroll players tend to provide their services only to those countries where their clients could guarantee a significant employee count or have a “minimum headcount” condition, often ignoring countries with sparse employees. This forces most organizations to look out for local in-country service providers to cater to smaller groups of employees resulting in them having to deal with multiple providers for the same service. Assessing the provider’s ability to serve the underserved markets irrespective of the headcount is a very crucial factor. A single vendor approach results in a uniformed service delivery experience and single-provider accountability for all Global Payroll needs. This also ensures hassle-free process in gathering/ receiving payroll inputs, which might otherwise become a cumbersome task.