How Can Global Payroll Enhance the Future of Work?
Much is made of the changing workplace, as technology evolves and the first generation born of the Information Age continues to redefine how, where, and why work is performed. Around the world, international companies are making moves to adapt, primarily relying on technology to provide a path forward.
Along with an increasingly global workforce come new regulations around data, labor, and financial management, often with conflicting requirements across regions. The nascent gig economy means more companies hiring or considering hiring contingent workers, complimenting the rising need for a multinational company to scale fluidly in response to changing needs.
While the new working world may look and sound different, it remains reliant on the same essential business functions, including human resource management and global payroll. Shifting expectations and possibilities mean these departments and the systems they rely on are also due for change. Luckily, leading service providers have stayed a step ahead.
Whether they deal in goods, services, or information, multinational organizations are increasingly concerned with meeting compliance requirements across locations. Besides varying from and even contradicting each other in different countries, compliance regulations are changing, repeatedly and independently of one another, exacerbating the challenge for multinationals and their payroll partners.
Regulations around data security and visibility are of particular concern, with widespread and sweeping changes impacting major markets, such as GDPR across the European Union and eSocial in Brazil. Data protection requirements and compliance regulations may be seen as a challenge to the common goal of increased agility, which many companies consider essential to navigating the changing nature of work.
With Global Payroll
While the ubiquity of technology may complicate things on one hand, it also offers solutions—particularly when applied strategically within a company’s largest cost center: payroll.
Truly global payroll is now possible with a single unified platform, and a few multinational payroll solutions include means of addressing emerging challenges.
Robotic process automation (RPA) is key to the revolutionary role international payroll can play in companies’ future strategies. In our recent webinar we showcased that up to 40% of the time spent on repetitive manual payroll tasks can be reclaimed by automating those activities, which frees up significant time for employees to focus on higher value activities and tasks that require a human touch.
Automation also helps to streamline payroll processes and collect data in a consistent format, accurately and on schedule. Process standardization minimizes errors and saves resources, and is essential when managing multiple payrolls around the world. While outdated payroll models give a similar look to data taken from disparate systems, the unified model stores all payroll data within a single platform—so it doesn’t just look like it’s coming from the same place.
Standard processes and secure, centralized data management allow for greater visibility and better protection of company and employee information. By managing global payroll in the cloud on one unified platform, companies have access to a single source of truth for payroll information. This data is maintained in real-time, allowing business leaders to access current numbers and performance metrics right when they need them. When such a platform is integrated with Workday payroll, that single source of truth encapsulates all essential human capital data.
From there, predictive analytics can yield significant, actionable insights into not only payroll but overall company performance. Suddenly global payroll data becomes a strategic advantage that can benefit workforce planning, resource management, expansion strategy, and more.
As the very nature of work changes around the world, multinational organizations have the opportunity to apply advanced technology to not merely address challenges, but capitalize on them. The use of robotics and automation to standardize processes, improve data management, and increase visibility and confidence will empower companies to make better decisions, based on better information.
The future of work is here, and it is evolving. As data and compliance regulations change, multinational companies respond by adjusting their primary goals and concerns. The key to navigating future developments is recognizing the similarities in workplace changes and business objectives, and finding ways to realize both. Because it holds a wealth of practical information and potential insights, global payroll is an excellent place to begin looking for a new way forward.
Want to learn more about what the future of work means for multinational organizations? Register for the webinar on November 13 with CloudPay, OneSource Virtual and Aptitude Research.