To learn more about SD Worx and its Power of Payroll campaign, download its white paper on unlocking the power of payroll here.
The Power of Payroll: Unlock its Potential
The multinational payroll industry is set to be worth 4.8bn by 2021, yet, despite the evident power of payroll, only a third of multinational organizations have a global payroll provider. Instead, they rely on a disparate selection of multiple local providers and therefore have no access to collated data or a clear insight into their employee attrition, engagement, or retention.
Outsourcing payroll to one global service provider is key to unlocking the potential of payroll data. Using one flexible package tailored to your company’s requirements such as SD Worx’s integrated three-layer approach, enables organizations to rest assured that they are compliant across the various and ever-changing laws and legislations around the world, combining data from numerous countries into a single, harmonized and accessible system.
With a disparate collection of local providers, it’s very easy for HR and payroll professionals to find themselves at the helm of a disconnected payroll system. Using one global payroll provider will connect the dots and generally smoothen out the running of international payroll for HR and payroll teams. Collecting data from one single provider (rather than having to collate data from multiple localities) ultimately enhances the power of payroll data within the business. Multiple, confusing data spreadsheets can be reduced into one single dashboard, meaning that greater and clearer insights can be drawn.
Working with one global payroll provider will also allow HR professionals to have a closer relationship with their payroll system. The recent SD Worx survey revealed that 40% of HR and payroll professionals found it ‘difficult’ or ‘very difficult’ to provide data to business leaders. Payroll is no longer static data that can be ignored – when utilized correctly and efficiently, it can play a vital role within the business, informing decision on performance, retention and employee churn.
However, it is not only the multiple legislations that can make international payroll a bit of a headache for payroll professionals – HR technology is ever changing too. Working with a single, global provider like SD Worx, with its physical presence in over ten EU countries, can aid the adoption of industry advances such as automation, which can reduce the amount of repetitive admin tasks that slow down and hinder the payroll team from completing other, more important tasks that require their attention.