Everyone loves payday. Except, that is, those running global payroll. From different currencies to different time zones, different payroll regulations to 13th month pay, international payroll can feel like a barrage of obstacles.
Have a read of our latest article to help you fall in love with your global payroll strategy.
The benefits of a global payroll strategy
First things first, it’s important to be aware of the benefits of a global payroll strategy.
Most employers know the importance of paying their employees on time and correctly. However, this point cannot be understated. Incorrect or late payments can frustrate employees and even lead to them looking elsewhere for employment.
Adding to this, global payroll requires compliance with an array of regulations. Implementing a global payroll strategy can help you to remain compliant and avoid any nasty fines or legal proceedings.
Last, but certainly not least, a global payroll strategy can hugely streamline your processes, freeing up time, resources and budget so you can focus on your business growth.
These are just a few of the benefits of a global payroll strategy that really reinforce its importance. Read on to see how you can execute a global payroll strategy and reap these rewards!
How to execute a global payroll strategy
Clearly communicate with employees
As with any aspect of your global expansion, communicating payroll with your employees should be of paramount focus.
Clearly outline when employees can expect to be paid, how they will receive their payslip and perhaps most importantly, any delays they can expect. If any problems or delays are communicated clearly and swiftly, there are less likely to be any grievances and issues can be resolved with minimum disruption.
Keep compliance in your heart
Running payroll in multiple locations, means complying with multiple regulations. While compliance can feel laborious, taking a shortcut in this department is a no-go.
Instead, ensuring that your global payroll strategy is compliant through and through, will actually save you time, money and any potential legal disputes further down the road.
Use a Human Resources Management System (HRMS)
As we have already mentioned, compliance is crucial when it comes to global payroll. However, it isn’t just employment laws that need to be considered.
When running global payroll, employers need to ensure that they are keeping employee data safe and secure. A reliable and trusted human resources encrypted software stores sensitive employee information and protects it against theft, ensuring you comply with ever-enhancing data protection laws.
Meanwhile, a HRMS will also eradicate the risk of human error during global payroll by automating repeated tasks and administering payslips. Thus, helping you to keep employees happy with timely, correct payroll.
Work With an International Payroll Provider
As well as running global payroll, international employers also have to consider employment contracts, visas, taxes and insurances. It is therefore understandable that planning and executing a global payroll strategy can feel overwhelming, especially when compliance and employee satisfaction is at stake. This is why many expanding businesses choose to outsource their international payroll.
At Leap29, our international payroll service maximises your payroll efficiency, keeps costs controlled and low, ensures compliance and relieves you of needless stress. Plus, via our Human Resources Management Software (HRMS) we can facilitate enhanced data security, country-specific compliance and a reduction in human error, as well as providing relevant contacts with access to payroll and employee data.
Contact the expert team at Leap29 to discuss how international payroll services can help you, and your employees, fall in love with your global payroll strategy.
