Global Remote Work and Payroll
Centralized work has proven to be vulnerable in the long-term.
The key benefits of flexible working hours, according to Regus:
Flexible working will contribute more than $10 trillion to the economies of the 16 countries analyzed by 2030
214 Million tonnes of Co2 could be saved annually in emissions by flexible working by 2030
Flexible working could save more than 3.5 billion hours of commuting time across the 16 economies by 2030
5.5 billion trees would need to grow over 10 years to offset the carbon without flexible working hours
Stanford’s, “How working from home works out” (June 2020) found:
42% of US workers are now working from home full time, accounting for more than two-thirds of economic activity
Working from home is here to stay. The US economy is now a working-from-home economy generating 60% of US economic activity
Due to Covid-19, many companies accelerated the development of their remote workforce, normalizing the practice with many companies realizing the cost savings and choosing not to go back to traditional in-office staff.
This reality has opened up cross-border hiring like never before seen. The cost savings compared with the efficient offshore workforce has created an equation that has resulted in more companies turning to offshore labor. This trend is likely to continue.
As Oxford Economics’ Global Talent 2021 survey shows, 54% of college graduates will be produced by the world’s top emerging markets: Brazil, China, India, Indonesia, Mexico, Russia, and Turkey.
How does KarbonPay fit in?
As technology and cost/benefit analysis allow more and more workers to work from “anywhere”, more employers have thought “why not elsewhere?”. One of the first questions employers must ask themselves is how to account for and comply with local employment laws and regulations.
Remote employees are subject to the laws in which they live, and so are their employers, no matter where they live. So compliance, along with speed and accuracy are only available through cloud-based automated means. KarbonPay, integrated with your existing HCM, allows companies to accurately, instantly and compliantly process payroll for multiple teams, in multiple countries.