Multi-Country Payroll & Global Payroll Outsourcing Services – Top 5 Advantages
In its inception, payroll processing was all about manual work, but as the market for outsourcing grew it was amongst the first few business operations to be contracted out to vendors. Globalization has led to several cross-country collaborations and acquisitions. The opportunity for global operations grew momentarily and so did the demand for Multi-Country Payroll Outsourcing (MCPO). With corporates establishing their footprints across geographies, the ability to maintain local competencies with government regulations and monitoring currency variants grew past organizations’ capabilities as a lot of effort needed to be put in to maintain consistency, this opened up the need for MCPO. Over the years the demand for MCPO has increased significantly. An analysis conducted by The Everest Group revealed that in the year 2014 the market for MCPO grew 20% and is potentially seen to be one of the fastest growing markets ever. As the scope for outsourcing flourished, business partners stepped up their process offerings with integrated systems covering a wide range of outsourcing solutions along with payroll. Modern day payroll technologies revolve around advanced automated processes and cloud systems that comprise innovative technologies and contemporary technical skills that can produce reports and charts instantaneously. Outsourcing partners are covering a wider realm of services to gain a competitive advantage and a top spot on the value table amongst clients.
Multi-country payroll outsourcing can:
• Reduced Cost and Time Investment
Managing multiple payrolls across different countries would on its own require additional expertise that can be highly demanding. Unified systems significantly reduce investment costs, technology support and workforce interference. Also, outsourcing business partners provide pre-defined templates that can reduce time spent on implementing and executing process and compliance changes.
• Apprehend Local Regulations and Compliances
Centralized payroll systems ensure strict compliance with local and global employment protocols. Amendments and updates to legal guidelines can be tracked and implemented distinctively into local process systems.
• Enable Unified and Consistent Processing across Borders
Integrating multiple country processes into a single user system (that essentially handles the fundamental payroll process) can maintain consistency throughout the global payroll framework. Updated software tools and technologies can be implemented universally to streamline business operations.
• Reduce Risks and Increase Security
With a centralized control for employee payroll, there is reduced risk for critical data to be disclosed. Global payroll operations can be accurately monitored and made user-friendly and readily accessible to the HR department.
• Improve Overall Performance and Employee Satisfaction
Along with all the other benefits, an optimized and more efficient business process can be obtained. Outsourcing partners also customize individual organizational requirements to improve the overall payroll processing experience with standardized practices across countries.
At Zalaris, we leverage our ability to customize solutions to optimize local and global payroll solutions that are all certified and compatible with SAP’s standards. With our expert industry knowledge, we enable your organization to maintain standardized HR and Payroll functions across the globe through one common IT solution. We at Zalaris are investing in the most innovative technologies to deliver solutions that ensure our customers have all the tools they need to solve tomorrow’s challenges today.