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Seeking a Single Source of Payroll Truth

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Streamlining Global Payroll

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1 | Majority of multinationals yet to achieve one single source of payroll truth

In light of SD Worx’s survey findings, this whitepaper examines some of the pain points that can arise from using multiple payroll systems across different geographic markets, and the steps that businesses can take to resolve these. The paper also highlights the business benefits of implementing a single global payroll system, before going on to discuss what the future holds for payroll operations around the world.

Multiple payroll systems, multiple problemsWith almost two-thirds (65%) of respondents still using different payroll systems across different geographic markets, organisations are exposing themselves not only to increased administration and poor efficiency, but also – and more concerning – greater business risk. More surprising still, is that more than 5% of respondents admit to still having no automated payroll system whatsoever, relying exclusively on manual processes.

Businesses that operate in two or more geographic markets, and which are yet to adopt one global payroll solution, are suffering from a lack of payroll truth – and the negative impact this is having on the bottom line is only expected to grow further amidst continuing globalisation.

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90%

believe in one

global solution

Accuracy, integration, connectivity & improved productivity

2 | Streamlining global payroll

So why do multinationals need a global payroll solution that can deliver coverage across all markets? Using a single global solution delivers better efficiencies and accuracy, as well as greater peace of mind through improved legislative compliance and cross-border consistency.

A successful global payroll solution is reliant on connectivity and communication; breaking down silos and letting employees and data connect in a way which delivers accurate and insightful information. This means integrating hard payroll data with other HR information such as talent management in order to prevent double or triple data entry. HR departments also need to identify trends and patterns that can be acted upon to improve employee experience, engagement and productivity.

For businesses that operate on an international basis, the need for integration of global payroll with other business systems is even greater. Automation and consolidation hold the key to achieving accuracy, integration, connectivity and improved productivity, and the benefits of these combined elements are only set to become increasingly apparent in both competitive stance and bottom line terms.

Global Payroll: The business benefits

Although 90% of SD Worx’s survey respondents believe that having one global payroll solution delivers optimum business benefit, less than a third (29%) of global organisations actually have one single system of record in place. Why might this be? More than likely, it’s due to a lack of understanding around the benefits that a global payroll solution can bring to the table. So, what do these benefits include, and how can they transform perceptions of the payroll department from a back office function, to an altogether more business critical function?

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3 | SD Worx’s Dayforce: Global payroll and HR with local expertise

With SD Worx’s Dayforce HCM solution, organisations can benefit from the best of both worlds – an automated global payroll and HR system that offers cost efficiency and transparency, as well as in-country capabilities that cater to local needs and legislative requirements. This local payroll expertise will enable businesses to overcome the complexity of diverse laws within each country, meaning global payroll and HR managers can rest assured that they’re operating in compliance with all global and local market mandates.

Given the landscapes of international organisations are ever-changing, SD Worx’s ‘Think Global, Act Local’ approach also ensures ongoing flexibility so payroll and HR solution can scale in line with business growth and geographical expansion.

Looking for more effective ways to manage, view, and analyse payroll data across all business functions and geographic borders? Dayforce can help with that too, creating new opportunities to draw out insightful HR and business analytics and improve business decision-making along the way.

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Think

Global,

Act Local

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