15 Things to Consider When Shopping for Global Payroll
In this article I’ll take a look into what you should consider when shopping for global payroll services, broken down into 8 areas of requirement.
If you’re considering a new payroll solution, here are a few questions you might want to ask potential partners as you explore your options.?
As the old adage goes “the only dumb question is the question you don’t ask”.
Coverage
Does the provider provide services in all of the countries where you need or potentially want to provide payroll?
This might feel like the dumbest of questions, but the whole purpose of working with global payroll providers is to lessen the burden. Managing multiple vendors might not be the best option - unless you’re looking for a regional payroll solution.?
If a provider doesn’t provide services in countries where you have employees, you might want to widen your search.
Compliance
Can you trust that the service provider will comply with local laws?
Any global payroll service provider worth their weight in gold should live and breathe local labour laws, tax regulations, and compliance requirements. They should fully understand the intricacies in each and every country they operate and provide services in and where you pay your employees.
Make sure you carry out the necessary due diligence to ensure that the provider has a proven track record (and references). They should be your SMEs when it comes to payroll compliance.
Security
What do data security standards like?
Payroll data is sensitive, and high in value in the wrong hands. Any solution or product you choose must have stringent data security features built into it. Ask if the provider has functionality that complies to all applicable data security standards.?
Does the service have GDPR and CCPA certifications, and is it CSA STAR I, ISO 27001 and 27701, SOC 1 and 2 compliant. Choose a provider with robust security measures to protect sensitive employee and company information.
Functionality
To what extent is the payroll automated?
Greater automation equals less manual effort. The payroll service should offer automation features that streamline payroll processing, such as automatic payroll/tax calculations and deductions.?
Does it integrate with your existing software?
Payroll is one piece of the puzzle, does the service integrate with your HRIS and accounting software. Your chosen solution should integrate effortlessly with your current tech stack. Choosing the right partner and product will help maintain accurate data transfer and minimise the risk of errors.
Scalability
Will the service grow with you?
Many growing businesses are expanding their operations into new jurisdictions. Can the service provider offer a solution in all the countries you may want to expand into, in 6 months, in 18 months..? The service should be able to handle both your company’s increasing growth and headcount.
UX
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Is the platform user-friendly?
Your chosen service should be user-friendly. It might be managing all of your data and? tasks, but it should be simple, intuitive and easy to navigate.
What is the user experience like?
Using the software should be a pleasant experience, it shouldn’t bring you out in a cold sweat every time you use it.
What can employees expect?
A leading payroll service provider will also offer an Employee Self-Service portal (ESS). Employees, as a minimum, should be able to access payslips/stubs and update personal information.
What other services does the service provider offer?
Many providers who offer multi-country payroll services may also offer reference checking, global hiring, onboarding, immigration, benefits management, equity management and more.
Payments
How many currencies can be paid out?
A global payroll service should be able to process payments in the currencies of the countries your workforce is employed.
How difficult are last-mile payments?
Last-mile payments to employees as well as local governments and third-party providers can be complex, especially for companies who operate in several countries. The right payroll service should be able to make the process as painless as possible.?
A poor solution might result in multiple payments and additional work for your internal teams.
Global payments can be a slow process with the wrong provider. Inaccurate? and/or delayed payments can create employee disengagement and even result in them leaving your employment.
Are ad-hoc payments supported?
Payments can sometimes go beyond what is deemed to be the normal payroll cycle. Payments for expenses for example. Make sure your chosen solution can facilitate these whilst adhering with local tax laws.
Can you pay contractors and other types of workers?
The world of work is changing, hiring gig workers, such as freelancers or global contractors is becoming more prevalent. Ensure the solution is flexible and can meet your needs.
Customer support
How good is the customer support?
What does this look like before you sign on the dotted-line? What does it look like during implementation? What does it look like during a normal payroll cycle? What does it look like when things go wrong?
A top-notch CS team is essential for resolving any issues and answering questions you might have during your relationship with the provider.
Conclusion
There are a lot of things to consider when shopping for a global payroll service. Factoring in the above points will ensure you get the payroll solution you are paying for and that it caters to the needs of the business and employees alike.
Head of Sanofi Global People Services | Optimizing Business Operations | Crafting Exceptional Employee Experiences through Digital Transformation
11 个月Sounds familiar ??