4 September 2017
It’s a well-known fact that businesses need to continually adapt in line with macro-environmental changes in order to maintain and grow their competitive advantage, but in the fast-moving retail sector, this is especially true. The advent of technology has clearly had a huge impact on retailers across the globe in recent years, with online retail purchases catapulting tenfold and the industry as a whole riding high.
With this fast growth and low barriers to entry comes market saturation, however - and this is what is really driving the need for retailers to innovate and set themselves apart from the competition. As such, companies are having to continually come up with new ways to innovative and stay ahead of their competitors. Encouragingly though, more and more organisations are starting to modernise from within, with business leaders realising that the key to brand differentiation starts with a bottom up approach. This includes optimising back office business functions and operations to improve the employee, and as a result, the customer experience.
So how exactly can a traditionally back office function such as payroll be used as a means of competitive business edge?
In the same way that customer experience dominated retail headlines over the past decade, savvy business leaders are now dedicating more time and resource to improving people experiences with the belief that engaged employees deliver better products and services for the customer. Optimised payroll that delivers a consistent, accurate and user-friendly experience for employees is a key part of this.
Many retail businesses are also expanding their reach overseas and more often than not, these companies have large payrolls that span multiple geographic markets. For retailers using different payroll providers in different markets, this poses new - and increasing - business risks stemming from poor global visibility, growing inconsistency and high complexity.
So, with the global retail revolution well and truly upon us, here are three reasons why multinational retailers need to prioritise their global payroll in order to transform operational efficiencies and long-term business outcomes:
Other than the more obvious economies of scale that adopting one global payroll solutions provider can provide, adopting one system ensures a single source of truth than rings true across a retailer’s entire geographic network – and at any time, and from any device.
The improved accuracy, efficiency and pan-geographic insight that this delivers benefits both the business and the end employee. Firstly, the retailer is much better positioned to analyse its global payroll data as a means of identifying how employee spend is being allocated across the board, but also – and more importantly, how this fares in ROI terms when compared with sales data
From a planning point of view, retailers can then adjust country staffing levels in line with customer demand. This enables for improved ongoing cost control by reducing over-spend and lost profit, and informing better future business decision-making.
What many business leaders fail to recognise is that modern global payroll solutions can also provide data that extends to time and absence tracking. Armed with this pan-geographic insight, business leaders can even identify unusual employee behaviour patterns, allowing the employer to take action with the employee if appropriate, or even start to put succession plans in place.
This foresight can pay dividends in terms of competitive advantage by enabling businesses to remain one step ahead of the curve so that customer experience is never negatively impacted by a retailer’s staffing issues. Simply put, retailers that are not using payroll and HR analytics to inform decision-making are missing a trick and will suffer from reduced agility and business growth.
Global payroll systems can provide some very tangible business benefits as outlined above, but what is less widely considered is the fact that giving employees anytime, anywhere access to their payroll history can actually improve the people experience too. And, when combined with other employee-focused HR and business initiatives, payroll can be a key contributor to increasing staff retention levels. Given the costs to replace trained retail staff can be significant when employee turnover is high, businesses are getting wise to the fact that retention, rather than replacement, spells much better news for business performance.
As with many other industries, the retail sector is constantly evolving and business leaders must seek new, out-of-the-box means of strengthening competitive stance via their internal systems and processes. Only then will retailers around the world enjoy the business benefits that prioritising people and process can deliver.
Peter Van Ostaeyen, Retail Business Manager, SD Worx
In an increasingly globalised world, there is a vast array of opportunities for businesses to explore. For companies looking to expand their international reach, payroll is one of the biggest consideration factors. Operating in multiple countries has its fair share of challenges: each region has its own local legislative requirements, and complying with these is crucial in maintaining both reputation and revenue.
Here are the five advantages why outsourcing your payroll should be your next move20 January 2021
Managing an international workforce involves various specialist tasks, such as declaring taxes to foreign administrations, monitoring complex labour laws and elaborating attractive reward systems. That’s why most companies outsource these error-prone tasks. Both local and global HR providers can make a big difference, but remember to make well-considered choices. If you’re looking to truly bridge literal and figurative language gaps, a global partner with vast local expertise is your go-to option. Here’s why.17 June 2020
The SD Worx team has been busy! Not only did the team exhibit and present at UNLEASH Paris 2019, but we also launched our brand new Global People Services offering for the mid-sized market across Europe.
Global People Services is the first integrated HR and payroll service focusing on the mid-market in Europe.
What will Brexit mean for the social security rights of UK nationals currently working in other EU states, and of nationals of the remaining 27 member states now in the UK? Will these cross-channel workers benefit, for example, from state pension contributions they made in the UK and vice versa if they return to their countries of origin?22 October 2019
In addition to the launch of Global People Services, we’ll also be running two sessions of our own at this year’s conference – and trust us, they’re too good to miss!21 October 2019
One of the highlights of our UNLEASH calendar is certainly the launch of our one-stop solution for core-HR and payroll’s current and future needs: Global People Services. The offering opens a new category for the mid-size market, with an integrated single source of truth for HR & payroll, rolling out for the 15 countries in Europe.18 October 2019
What happens when you combine payroll and core-HR together with new technologies? The potential insights into business operations become greater and more valuable than ever when informing business decisions across all areas of the business.25 June 2019
September: the month that children dread as they make their return to school after the freedom of the long summer months. But for adults, especially those in the payroll industry, after the quiet summer period September should be a time to be motivated and to adopt that ‘back to school’ thinking. It’s important for teams not to be stagnant. In the ever-developing payroll industry, adaptability is key and so learning shouldn’t stop just because you’ve left school—in payroll and HR it’s all about continuous learning.18 September 2018
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.30 August 2018
Is your HR and payroll team feeling the heat this summer? With the weather heating up, most of us want to get out and enjoy the sun or escape on a holiday. However, with more staff members out of the office, this can mean that the payroll team might be running on reduced numbers. And, typically, less team members results in a higher workload for those in the office. This is where HR and payroll technology can help, giving HR teams a well-deserved summer holiday.3 August 2018
The HR and payroll industry is in a constant state of change. New laws and regulations are introduced around the world, some of which—including GDPR—change the way the whole organization handles its processes and services.26 July 2018
Summer is finally here—and before long it will be over. HR and payroll teams face various challenges over the summer months, from increased staff holiday to keeping track of summer interns and flexible working.16 July 2018
Payroll data. How often do we stop and think about how important it is to a business? Although payroll is often viewed as a back-office function, it is an essential part of any organisation, and is much more than just payslips.5 July 2018
The multinational payroll market is growing at an impressive rate, with the entire payroll services market expected to reach 4.8 billion by 2021. The demand for international payroll services are increasing, due to the heightened need for compliance to local laws and legislations, and a demand for more comprehensive technology. However, even though the payroll market is growing, many organisations still aren’t unlocking the power of payroll.3 July 2018
The results of SD Worx’s recent international survey are in! With 1,500 respondents from nine European markets, the survey reveals that up to 87% of business leaders are now asking for employee data to inform business decisions—HR and payroll data is now being regularly used by business leaders.11 June 2018
Payroll is a vital part of any organisation, whether it’s a local business or a multinational corporation. A simple payroll error can cause a large amount of damage, so getting it right is essential.
30 March 2018
With more and more employees relying on technology and flexible working than ever before, the world is becoming increasingly connected and globalised. However, with this new reliance on global working, what do HR and payroll teams need to consider when implementing payroll for multinational companies?7 March 2018
Technological advancements are helping to turn a vision of digitally accessible, automated payroll processes into reality. Here’s five predictions for the future of payroll:5 December 2017
A recent survey carried out by SD Worx revealed that out of 4,000 European employees surveyed, 44% had been paid late by their employers and 48% of those that had been paid late had also been paid incorrectly. The research exposes several risks for businesses associated with not paying their employees correctly: let’s explore the top three.13 November 2017
Businesses in every industry have been affected by the way that we now rely heavily on technology. Technology is now a part of everything we do – both at home and work—and in order to stay relevant in today’s world, all industries must continue to be innovative and remain up to date with technological advancements, especially in the workplace.19 October 2017
Big data and analytics have now entered numerous industries, including healthcare, financial services and retail. Despite many HR and payroll providers now using big data as part of their services, the industry has predominately been slow on the data uptake, in comparison to adoption within others. HR and payroll is largely an industry that relies on human intuition, rather than data and statistics, however, providers have started to see for themselves benefits of big data and analytics, and thus are beginning to implement these into their services.10 October 2017
If someone was to ask you how much your payroll operations cost, would you know the answer? It seems like a straightforward question, yet the answer for many HR professionals is often hard to pinpoint. Understanding – and therefore being able to make future projections – about how much your payroll costs requires a clear appreciation of various business components.10 October 2017
It’s a well-known fact that businesses need to continually adapt in line with macro-environmental changes in order to maintain and grow their competitive advantage, but in the fast-moving retail sector, this is especially true. The advent of technology has clearly had a huge impact on retailers across the globe in recent years, with online retail purchases catapulting tenfold and the industry as a whole riding high.10 October 2017
The objective for payroll professionals used to be simple: all they had to worry about was paying employees accurately and on time. As organisations increasingly look beyond local domestic boundaries, the complexity of payroll operations has expanded and evolved so that the level of payroll sophistication has increased As a result, the needs and requirements of organisations globally have become more complex.6 August 2017