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In today’s business landscape, organisations are facing uncertainty as they plan for the future. With covid-19 pandemic turning the world upside down, Brexit that has caused political instability across Europe, the rapid development of new technologies and the lure of moving operations overseas to reduce costs, how can we navigate these turbulent times?
When managing this business change, leaders don’t always think to look to the HR and payroll departments for the answers. However, working with a Global Payroll Provider can open up opportunities that could ensure it thrives and grows despite the challenges of today.
Here are five ways working with a global payroll provider can help businesses of all sized prepare for the future:
With visibility of departmental output easily accessible on a single core-HR dashboard, it is possible to have a clear understanding of productivity levels across the business. If these aren’t at expected levels, this may need to be solved – perhaps with additional recruitment. A clear overview of trends in historic onboarding data can outline when departments require new staff to boost productivity with intelligent and targeted recruitment. Additionally, if a business is expanding into a new region due to political instability, this same onboarding data can inform talent acquisition of the ideal candidate profiles to streamline the process.
Productivity and efficiency issues are not always solved with recruitment: informed staff planning is vital too. With a view of all departments and teams, it’s possible to understand those that are performing the best those that aren’t. For example, the introduction of new technologies may require a member of staff with relevant expertise to be transferred to another department during the transitional phase. Knowing that staff are in the best place for both their talents and the organisation’s requirements can ensure that it is operating at maximum potential efficiency.
With a view of payroll for the entire company even across multiple countries and regions, teams can understand what laws and legislations they must comply with. This can often be a complex task as laws are regularly updated – especially with today’s political instability. However, working with a global payroll provider provides access to experts that are aware of any upcoming laws that may affect how payroll runs and how best to adapt operations accordingly. Non-compliance can be costly and, when navigating business change, it’s the last thing the business needs.
If a business is looking to expand or contract, a global payroll provider can ensure that this is a smooth transition. These providers are flexible and designed to individual business needs—regardless of their size—and can easily expand and contract along with its operational requirements. If an organisation is uncertain about the future global operations, being reassured that they have the seamless support of their third-party providers means it is less of a task to coordinate payroll in new territories.
Technology is always adapting, and today it is developing at a more rapid pace than ever before. Having access to the latest technologies such as AI and machine learning will ensure that the payroll is prepared for any future developments in the industry. For example, AI and automation can ensure that data pools across the business are up-to-date and any human errors are eradicated – a vital requirement for data that is used to inform global business planning.
Today, businesses are grappling for certainty as they prepare for how developments in financial, technological and political spheres could impact their future operations. These five examples demonstrate that, with the support of a global provider, business planning in these turbulent times can be streamlined and very effective.