5 global payroll priorities for large enterprises in 2024

Payroll is a critical business process function for large enterprises and multinational global companies around the world. It is essential to ensure that it is managed efficiently and effectively. As we approach 2024, there are several global payroll priorities that business leaders at large enterprises need to consider to ensure that their payroll processes are operating at the highest level possible. In this blog, we will discuss the top five global payroll priorities for large enterprises in 2024.

1. Automate the process

One of the top priorities for large enterprises in 2024 is to automate their day-to-day payroll processes. Automating payroll can help reduce errors, improve accuracy, and save time. Automated payroll management replaces manual data work and excel spreadsheets with end-to-end dataflow automation and fully automated data input and validation at each stage in the workflow. Payroll teams want to operate with digital tools and automated processes for greater operational performance, better accuracy and a more efficient use of their time. ?Automation results in significantly improved data quality, substantial time savings, fewer trial runs with local vendors, and enhanced payroll calculation accuracy.

2. Integrate payroll with HCM and Finance

Another priority for large enterprises in 2024 is to integrate their payroll processes with their human capital management (HCM) and finance systems. Integrating payroll with HCM and finance can help ensure that employee data is accurate and up-to-date, and that payroll is processed correctly. By integrating payroll with HCM and finance, organizations can ensure that their payroll processes are aligned with their overall business strategy. Integration as a service ?functionality has the power to connect all of the key players in your global payroll system and bring an end to important payroll data being held in a number of disparate and disconnected software systems.

3. Consolidate payroll data for more accurate reporting

Consolidating payroll data is another priority for large enterprises in 2024. Consolidating payroll data can help ensure that reporting is accurate and up-to-date. It can help organizations gain insights into their payroll processes, identify areas for improvement, and ensure that they are compliant with local regulations.? It can also provide a crucial breakdown on labour costs and make these figures come parable across countries and continents. Organisations need to invest in digital tools our global payroll control platforms ?to ensure all of the data related to payroll is consolidated in one place. This makes it extractable for detailed, comprehensive and consolidated multicountry global payroll reporting . This can result in the kind of real-time actionable insights that are very much in demand by leadership and C-Suite executive teams today. Enterprises who find themselves unable to supply this level of reporting will struggle to give leadership teams the complete picture when it comes to labour costs across their organisation.

4. Manage local vendors in one location

Managing local vendors in one location is another priority for large enterprises in 2024. Managing local vendors can be challenging, especially for organizations with a global presence. It has now been firmly established that there is no single vendor who can handle all payroll needs globally. Payroll is essentially local and will always remain local-so there will always be a need for local country payroll providers to calculate and pay employees. As companies grow, there is a need to seek out additional vendors in new countries. Pretty soon, you have a management problem-how to manage all of these vendors and more importantly how to consolidate all of the data from these vendors in such a way that it can be analysed.? By managing local vendors in one location, organizations can ensure that their payroll processes are consistent across all locations, and that they are compliant with local regulations. They can then also consolidate the data in this single location, then dive into it to see what kind of story it reveals about the organisation.

5. Introduce a self-serve employee hub

Finally, introducing a self-serve employee hub is another priority for large enterprises in 2024. A self-serve employee hub can help employees access their payroll information, update their personal information, and view their pay stubs. By introducing a self-serve employee hub, organizations can improve employee engagement, reduce the workload on HR and payroll teams, and ensure that employees have access to accurate and up-to-date payroll information. This can serve to create a positive employee experience but also improve the payroll experience. By enabling employee access to their pay and tax information, from any device, in any location in the world-you create a unified and digitised employee experience that matches the digital expectations they have from their personal lives. It can also serve to dramatically reduce the administrative burden on human resources teams who tend to spend way too much time answering payroll related queries via e-mail.

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