2023 Vendor and Product Assessment
Global Payroll
The payroll preparation process has long been an inefficient, labor-intensive set of administrative tasks designed to ensure that everyone is paid correctly and on time. Historically, it has been a transactional- and compliance-centered function involving manual adjustments, reconciliations and the answering of repeated routine questions. Now, advances in digital technologies and delivery models have rendered the payroll function considerably more efficient with the added bonus of delivering new value to the business through automation, data-driven decision support and direct contribution to an enhanced employee experience.
Nowhere is this more important than in the delivery of global payroll. Managing payroll on a global scale presents a multitude of complexities and challenges that demand meticulous attention to detail. The first and most apparent obstacle is the sheer diversity of local regulations, tax laws and labor practices across countries. Each jurisdiction has its own unique requirements for payroll calculations, deductions and compliance, making it a daunting task for organizations with a global workforce. Additionally, currency exchange rates, language barriers and varying payment methods add further layers of intricacy to the process.