Here are the five qualities to look for in a global time and gross pay platform.
By Talent Economy | June 4, 2018
Most global organizations have solid gross pay implementations for their largest regions but rely on a variety of outsourced and ad hoc solutions to handle the rest. Because of this, dealing with the smallest regions is often the biggest hurdle in achieving global time and payroll visibility — often taking up to 80 percent of the total effort. To further complicate this process, it can be prohibitively complex and expensive to successfully navigate local compliance in these smaller regions.
Solving these challenges without investing significant time, effort and resources requires a modern global time and gross pay solution with the following specific qualities:
A unified view of gross pay on a single platform
Companies need to treat time like they treat money, resources and materials — as a valuable asset. To do so, you must have the ability to understand the ways in which your company’s time is spent through a unified global view of all your data, and directly connect it to your company’s work, accomplishments, events and results. For the best and easiest unified view, your solution needs to be able to:
- Handle the complexity of multiple locations with multiple employee types and multiple local payroll vendors and providers.
- Eliminate Excel and manual ad hoc processes to piece together global gross pay.
- Provide the single source of truth for time and gross pay across your organization.
Compliance management with global governance and local administration
It’s critical to employ a unified platform that can specifically manage wage-and-hour compliance in different geographies. To avoid unnecessary administrative headaches, your solution should be able to automatically comply with the geographic variations in requirements, business policies and local laws that typically can’t be handled by a single vendor. Keep an eye out for solutions with a built-in global gross pay compliance library at their core, which can proactively monitor compliance and notify businesses of any changes. This ultimately eliminates the need to depend on an individual or team to interpret and manage local compliance.
Scalability and complete coverage for all locations
Your solution shouldn’t be limited by geography — it needs to be flexible, scalable and cloud-based to handle global deployments for any location and enable real-time access to time and gross pay data regardless of location. Nowadays, it isn’t enough to only cover the United States, India and Europe — you should be able to add any location, regardless of how small or remote, with zero fixed costs and minimal incremental operating costs and effort. Look for options that enable you to choose different languages based on location.
Flexibility, agility and customization
No two companies are exactly alike, and your global time and gross pay solution should reflect that by being customizable to your business’ unique requirements and supporting your comprehensive end-to-end workflows. Any good modern solution should easily integrate with major payroll, HCM and ERP applications, in addition to offering scriptable frameworks for the adjustments you need to fit your specific business.
A mobile app and non-intrusive data capture
This is a big one. Advanced mobile apps are critical to meeting the self-service requirements of your remote, mobile and deskless workforce. And, for capturing data quickly and accurately, the best solutions offer non-intrusive data capture and modern user interfaces.
Original Source: http://www.talenteconomy.io/
Author: Raj Narayanaswamy