Selecting a global payroll provider
When it comes to selecting an international payroll provider, doing your homework ahead of time can help prevent headaches down the road. Below is a checklist of things to consider when selecting a payroll provider for your multinational organisation.
Evaluate how your current payroll processes operate
In determining where you want to go, it’s important to first assess your current processes. What kind of access and visibility do you have to your global payroll data? Do you have self-service tools that allow a single user experience for your employees across the globe?
Start by considering these questions and other frequent or time-consuming tasks that are carried out, who performs each step and how long each step takes. By reserving judgment and forgetting assumptions, you can objectively evaluate current processes and uncover opportunities for improvement.
Consider your overall business strategy and goals
What are the drivers behind your global payroll initiative? Are you concerned about compliance, reducing multiple supplier relationships, containing costs or mitigating risk? How do you see your business expanding in the future? Are you entering new or emerging markets, acquiring new companies? How might your business and payroll needs change in five years, or in ten?
Consider your business geography
Evaluate the payroll landscape in all of the countries in which you operate. Seek to understand compliance risks and regulations country by country, as well as gather other data and resources to help sort through country-specific payroll processes.
Prioritise your business goals in relation to payroll provider features
How do your goals align with what various providers can offer? Prioritise your business initiatives first and then seek out supplier relationships that support those goals. Be sure to also consider the risks and benefits of working with one provider versus multiple providers versus running payroll in-house. What kind of relationship will most effectively serve your organisation?
Ensure visibility and get buy-in from all key stakeholders
When developing your global payroll strategy, consider how change will affect all stakeholders, and proactively communicate your plan to ensure company-wide support.