Global Time and Gross Pay: Tackling the Global Payroll Problem (3/3)
As businesses grow and expand beyond their initial locations, gain diverse employee types, and need to comply with varying labor laws, centralized payroll becomes a challenging issue with respect to driving growth. And by extension, global time and gross pay — which directly contributes to 60% of time and effort in payroll — becomes a high priority item on any company’s list. Still, addressing the payroll challenges of multi-location growth isn’t always easy.
In Part 1 of our three-part Global Time and Gross Pay blog series, we discussed the pitfalls of partial compliance, in Part 2 we covered common challenges in global payroll, and today in Part 3 we’ll be wrapping up by discussing ways to solve the global time and gross pay conundrum:
Antiquated payroll systems have companies wasting time and settling for less
In Part 1 and 2 we discussed the incomplete compliance, staggering administrative overheads, additional inefficiencies, and inconsistencies in global payroll processes that are often direct results of the continued use of antiquated global time and gross pay solutions.
To be able to effectively tackle these global payroll problems, businesses need to find modern global time, labor, and compliance solutions that offer the following features and qualities:
Global organizations run into specific localization needs. They need a global platform approach to time and gross pay — meaning they can take care of any customization challenges within their own system without additionally investing in expensive, time-consuming custom projects that have them rethinking ROI.
Managing wage and hour compliance can eat away up to 20% of your payroll team’s time. Payroll teams need a solution that offers them a global pay rule library equipped with built-in change management capabilities to minimize issues with ongoing labor law updates. Compliance is too important to get wrong or adapt to reactively — businesses need to be made aware of upcoming changes and given assistance with any transition to new rules.
As businesses work to adapt to the changing nature of the workforce, they need to ensure that their systems and processes adapt as well. This means deploying solutions that their workforce can access from anywhere, at anytime. In addition to including modern mobile apps, solutions need to offer intuitive interfaces that are easy-to-use and feature-rich.
Plug & Play:
A good gross pay platform needs to be built from ground up for scalability and be able to handle global deployments. Additionally it should be able to integrate with major payroll providers and ERP apps to share data seamlessly across a business’s ecosystem.
Agile and Scalable:
One of the main reasons businesses lose out when working with outsourced vendors is the high startup costs and the lack of ROI associated with automating every location. To combat this, the solution they use needs to be elastic and incur very little incremental costs to setup new locations while offering complete scalability to meet the demands of any region. It also needs to offer agility and quick implementation and deployment capabilities to ensure maximum returns.
Streamline your global gross pay operations with a unified platform to manage time, pay rules, compliance, and more with Replicon Time Intelligence®
Replicon believes that time is a valuable enterprise asset and needs to be treated like one by businesses, so we created a Time Intelligence® Platform that helps businesses with every possible use case related to time — including global time and gross payroll. For those looking for a unified platform to manage enterprise time, pay rules, compliance, and more, our Global Time and Gross Pay Automation solution streamlines global gross pay operations across any and all locations. Our GTGPA solutions is a favorite among global payroll leaders for managing their global time and labor needs to achieve gross pay accuracy.