Congratulations! You’ve decided to evaluate your current global payroll model and see if it’s still right for the needs of your organization. But now what? What do you need to understand, what information must you possess to ensure you select the model that best aligns with your business needs?
In our previous blog, we explained the 3 key global payroll models and what each offers. Now it’s time to talk about next steps – choosing the right global payroll model and what to consider in the evaluation process. In finding the right fit for your organization, it’s critical that you start by answering these questions:
Compile a list of your short- and long-term goals. Take a look at our recent blog on ‘5 Key Areas to Address in Your Global Payroll Strategy’ for guidance and advice to create the optimum strategy. In the main, the focal point of this should be in defining the future state of your global payroll operations and what success looks like for your organization.
As you design this plan and consider which payroll model best aligns, consider the following:
In order to determine the right model for you and where you’re going, you need to know what’s happening right now. Take time to answer the following questions and build a better understanding of your payroll profile:
Identify your top roadblocks. Some of these might include areas such compliance, global oversight, reporting standardization or in-country requirements.
Once you know where the main issues lie, you can then analyze and examine your current model and supporting solution to more easily decide if this is still the right one for you.
As part of your evaluation, you should also consider your current system capabilities and whether you have the right payroll technology in place. In reviewing your technology ask yourself:
According to EY research, there is a strong preference for the use of a global unified payroll platform. When asked to what extent they agreed with the following statements, here’s what payroll professionals had to say:
Source: 2019 EY Global Payroll Survey Report
In short, the majority of payroll professionals believe the most beneficial solution is one that offers global payroll consolidation.
After completing you’re evaluation and if you find yourself amongst those payroll professionals that believe the global unified payroll platform is for you, be sure it offers the following:
Asking yourself these questions will give you a strong indication as to which model is right for your company and your global payroll team. If the time is right to make the move to payroll consolidation and centralization, I’d encourage you to read our whitepaper on Building a Business Case for Global Payroll Technology which will support you further towards this exciting project.