Earlier this month Gartner published their 2021 Market Guide for Multicountry Payroll Solutions and we are over the moon at how the findings align with our mission here at KarbonPay. The need for unified multicountry payroll is becoming ever more critical in the global landscape, and Gartner shared some fantastic insights in their report.
High-level findings
Multicountry payroll data has become an important input for planning and analyzing headcount, budgeting costs and allocating labor during post-COVID-19 recovery
There are early signs that hyperautomation and machine learning are reaping dividends in practical use cases and proceeding toward mainstream adoption in payroll technology
Payroll business process outsourcing (BPO) vendors are replatforming to build their native payroll technology in order to improve integration, reporting and analytics, and reduce dependency on legacy payroll engines
Recommendations
Invest in a unified multicountry payroll strategy to address and mitigate risks around statutory compliances and regulations, and optimize operational costs in the long run
Develop an employee experience strategy to improve self-service and pay-related inquiry resolution
Select a provider that is vigilant on regulatory changes mandated by authorities, and respond to them proactively to be compliant with more frequent and more complex government directives
Prioritize the technical robustness and availability of proprietary technology platforms to process data
By 2024, 60% of global midmarket and large enterprises will have invested in a strategy to unify multicountry payroll using no more than three separate vendors
KarbonPay's automated, global payroll software is a huge benefit to companies looking to unify their multicountry payroll as we directly address these key issues:
Improving efficiency: Advances in technology can improve the efficiency of running both in-house and outsourced payroll. Maintaining a legacy on-premises application can be costly and problematic and is no longer a competitive match in today's landscape
Standardization of processes: Identical processes for global payroll operations support and make it easier to ensure business continuity. Where a central team becomes inoperative, a secondary team in a different geography can ensure continuing operations
Reporting & analytics: Having unified payroll, data reporting and analytics is becoming strategically valuable. It can provide insight into labor costs and may also, for example, be used when planning to increase or decrease headcount based on the average cost of employment by country
Vendor consolidation: Easier vendor maintenance, which should result in more opportunity for cost savings and improved service / product quality
Improved compliance: A network of verified providers backed by automated technology with a central provider provides robust compliance suppor
If your company could benefit from a unified multicountry payroll strategy, reach out to us now so we can begin serving you the best way we know.