The traditional payroll model has long been plagued by inefficiencies and silos. In a typical setup, a company with employees in multiple countries will have to work with local payroll partners to ensure compliance in each location. This results in a fragmented system with data scattered across multiple tools, spreadsheets, and locations. This setup is not only time-consuming but also prone to human error, compliance breaches, and data security risks.
An outdated tradition
The traditional payroll model requires multiple integrations, often with no consistency or framework, making it difficult to retrieve and analyze data. This can lead to compliance issues as companies struggle to meet regulatory requirements. Additionally, the use of unsecured methods to share sensitive employee information increases the chances of a data breach.
Post-payroll reporting can take weeks, as companies have to retrieve payroll data from individual sources, standardize the format, and convert the currency. This makes it difficult to see the big picture and compare costs, limiting strategic decision-making and growth opportunities.
New world, new solutions
The modern approach to payroll aims to address these challenges. A centralized platform allows for consolidated data and streamlined processes. Automated payroll data synchronization removes the need for manual data extraction, interpretation, and reporting. This enables payroll, finance, HR, and executive teams to access up-to-date and accurate workforce insights at the click of a button.
With a fully integrated system, companies can benefit from reduced administrative workload, increased operational efficiency, and compliance. Paystubs can be delivered via self-service, saving time and resources. With ISO 27001, SOC 1 type II & SOC 2 type II audit reports, GDPR compliance, and SSO, the modern approach to payroll ensures security and global compliance.
Real-time business insights are another benefit of the modern payroll model. Standardized payroll processes and outcomes deliver real-time visibility into payroll operations. This allows companies to anticipate upcoming costs, attract and retain talent, and build fairness, diversity, and equity.
Global growth done right
The traditional payroll model is no longer sustainable in today’s globalized world. Companies need to adopt a modern approach that is centralized, automated, fully integrated, and compliant. The benefits of this approach are numerous, including reduced administrative workload, increased operational efficiency, broader appeal for global talent recruitment, and security. With real-time business insights, companies can anticipate costs, retain talent, and build a fair and equitable workplace. Embracing the modern payroll model will help companies stay ahead of the curve and scale globally as they grow. Reach out to schedule a consultation
