3. How Standardization Helps
Standardizing payroll helps to increase efficiency, reduces costs and ensures that both local and international teams are aligned and operating within the same global framework. Managers have more control over the process, payroll teams are working with the same data, and it is easier to identify and apply best practices across all countries. There is more transparency and visibility, making trending data or information easier to spot. Data arriving in standard formatting and categorized globally helps with anomalies and error spotting and is also useful for country-to-country comparisons. Global consolidated reporting is much easier to produce with standardized data and processes. Standardized data is comparable and enables reporting of bigger picture insights to help inform decision making at the highest level and help with business plans for growth and expansion. Payroll data can reveal a lot if standardized, consolidated and liberated through smart reporting & analytics. With standardization, the global payroll function can become a growth efficiency enabler when it comes to scaling into new territories. Standardization also introduces more control to the process and helps drive new levels of efficiency via a unified process across countries, which really adds value for teams delivering multiple pay runs at the same time.
“Payroll services adoption is being driven by the need to futureproof payroll solutions globally with modern capabilities, and an operating model that supports consistent, compliant payroll results” Next Generation Payroll Services. NelsonHall HR Services, March 2019
Data standardization capabilities are being demanded more and more as global employers switch their focus to technology tools and platforms that can consolidate payroll across multiple countries in a reliable and consistent manner. They also want to integrate with HCMs and the wider company IT eco-system- standardization supports this process and helps multi-national employers to unify disparate groups like payroll, HR, and IT to create a cohesive global eco-system.
| Global Payroll Standardization
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