Despite being a routine process, payroll management is not a core function for most businesses. However, it is a necessary and time consuming as well as expensive task that has to be carried out with perfection month-after-month. For companies that have employees located in different parts of the world, management of payroll functions becomes even more challenging. Irrespective of what sector you are in, it is absolutely crucial for all multinational companies to make payment of the right salary at the right time to all the employees.
For a multi-national company with offices at different locations and thousands of employees to take care of, the option of payroll outsourcing is a great choice. No matter how big an organization is, by benefiting from a payroll outsourcing company’s expertise can not only make the payroll processing seamless, speedier, but also more enjoyable for the employees and the company HR personnel alike. Since the payroll outsourcing company would have the right resources, technology and expertise, it will be able to handle all the complexities of the payroll processing with least involvement of your company HR. A third-party service provider would offer cloud-based online payroll services that will take the burden off your HR teams by offering single window holistic HR management.
All over the world, the payroll outsourcing industry is growing steadily and in the post-pandemic scenario with most of the workforce operating remotely, online payroll services make perfect sense. As per an estimate, the global payroll outsourcing market would cross the $10 billion mark by 2023 with nearly 70% of the Fortune 500 companies relying on third-party payroll management.
Now that the COVID-19 pandemic has further complicated the scenario and made it necessary for all organizations across sectors or size to digitally transform their operations, it is imperative that a non-core yet important activity such as payroll management should be outsourced. There are a lot of benefits that third-party online payroll services can provide apart from saving a lot of time for the in-house HR personnel.
Leading international payroll outsourcing companies use cutting-edge cloud software to automate the online payroll services. These will include an employee-facing online portal as well as an integrated smartphone app which the employees can access anywhere, anytime. AI chatbots are deployed to address employee queries related to payroll details, leave management, approvals and expenses etc.
The automation of payroll through such cloud software would ensure that the human errors in calculation are eliminated. Thus, your employees will be paid the right salary at the right time, every time. This can boost employee morale and loyalty towards the organization.
The integrated data analytics tools can generate actionable insights from the employee data to enhance employee satisfaction, improvement of the payroll process etc.
Role-based segmented access offered by online payroll services not only ensures access to the right information at all times, but only to the relevant people. Thus, your business functions are not hampered and data security is not compromised.
An international payroll outsourcing service provider would offer seamless coverage across all operational territories by taking differences in payroll regulations, practices and local cultures in mind. It will offer a multi-decimal, multi-currency solution that would ensure uniform and centralized payroll management for all employees. This is why it is an ideal option for all multinational companies.