How efficient is Global Payroll
Manoj Kumar, Partner
Managing a company’s payroll might seem like a simple and straightforward process. But it may not be as easy as you believe. A small mistake is all it takes to cause reputational and financial damage.
If handling the payroll of a company with a single office is this crucial and risk worthy, have you thought about companies with multiple branches spread across the globe? Multi-country payroll (MCP) comes into play here. It enables employers to manage their regional payroll operations efficiently, mitigate operational risks and overcome other challenges faced.
International payroll outsourcing enables consolidated reporting and analytics, thus providing better control and visibility of payroll operations across diverse nations. Compliance with different countries’ laws, currencies and time zones are some of the many benefits of MCP.
Why to opt for multi-country payroll
- Unified Service
Provides with a common reporting and governance framework across all geographies that allows unified service levels.
- Standardise Process
Standardizes processes within an enterprise, ensuring a productive and efficient workforce.
- Single point of contact
Helps in maintaining a single point of contact for employees across the globe, saving a lot of time and effort.
Out of the global human resource outsourcing markets, international payroll services outsourcing is the fastest-growing. According to a study by Everest Group Research, the MCPO market has grown rapidly at a CAGR of 19-23% from 2014-2016 to cross US$1.5 billion.
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