UNLEASH Product Spotlights look at products across the HR technology spectrum and are based on research and member input. Today, we look at Payslip, which helps multinational companies achieve control and visibility over their global payroll process using automation and standardization software.
Global payroll reporting is needed to create a clear view of what is happening both at a country and regional level. Surprisingly, global payroll reporting was left behind when technology leaped and it has largely, up until very recently, missed out on the digital transformation that most other business needs have benefited from.
As the workplace evolves and we witness the extent of change to individual employee circumstances — with so many changes happening in terms of contracts and traditional compensation and benefits packages — we need to be prepared to have so much more payroll information at our fingertips. There has also been a shift to an increased desire for visibility and control over actual payroll processes – to be able to see what is happening with the multiple vendors across payroll networks – and equip payroll professionals with digital tools to help them perform their daily tasks in a better way. There is a big need for technology to be at an employer’s disposal that helps them run the reports they want, when they want.
Why you need to start caring about payroll reporting
Detailed and comprehensive global payroll reporting has become fundamental for operational oversight at multinational companies around the world. It is needed to create a clear view of what is happening both at the country, regional and international levels.
A key challenge facing many multinationals today is how best to extract, collate, deliver, and present global payroll data in a way that it can be leveraged to make actionable business decisions. Oftentimes, high management lacks visibility on specific resourcing costs, and having this data should help them make better and more informed decisions.
Can your current technology and reporting tool answer the following questions?
- How many employees do we have under management in each of our company locations?
- How much does it cost to pay them? Split by individual country/region or pay period?
- How many new people joined and how many have left in the last month/quarter or year?
- Why did global payroll cost the company less/more in the previous quarter?
- How do the country payroll cost figures compare to this time last year?
- What is the total difference in global payroll spend between the UK and the USA?
- How do I know I have met compliance obligations in France?
- What contracts are due to expire and the end of this quarter/year?
- Does my payroll data reconcile to the information in the company HCM system?
Detailed global payroll reporting lets you drill down into the data and filter by key metrics that help to answers questions like these.
Payslip standardizes the data and makes it digestible and accessible, as seen in the dashboard view below:
The Payslip Global Reporter is designed for global employers who demand centralized visibility and consolidated global reporting to inform strategic and predictive leadership decisions. Payroll data can tell many stories if standardized, consolidated, and liberated through smart reporting and analytics tools like this.
Payslip CEO and Founder, Fidelma McGuirk
Innovative and flexible digital reporting tools are imperative
Consolidated global reporting delivered in real-time from a cloud-based global payroll platform is required to help HR leaders, finance teams, payroll managers, and executive-level leadership understand multi-country payroll costs in context.
This type of reporting also enables multinational employers to transform their global payroll operations so that they can see, manage, and control their employee and payroll data in a smarter, faster, and better way.
Payslip as a technology platform has added a missing piece in our payroll set-up. As an international company with offices in 16 countries, it’s important to us that every employee at GetYourGuide has the same great experience when accessing their pay data. At the same time, we work well with smaller local payroll providers, supporting us with direct local expertise in their countries. We were able to combine those two elements by placing the Payslip platform in the middle, to simplify reporting and communication with local providers, and to have one simple employee-facing solution across all locations.
Julian Fichter, Head of HR, GetYourGuide
What can a more advanced payroll reporting system solve?
Accurate payroll data reporting has become an essential business requirement in key areas like:
- Costs – A need for visibility on the full cost of employment, including more hidden costs like taxes, pensions, social charges, deductions, overtime, and sick leave. There is also a need to be able to compare costs across countries at the pay element level.
- Consolidated Figures – Multinationals often have local vendors supplying payroll and reports associated which can make the bigger picture complex and unclear. Additionally, there is a need to consolidate multiple payroll countries and the data coming from local vendors to remove complexity and create a clearer picture around global costs.
- Performance Management – If you have multiple vendors spread across different countries and regions, it can be very difficult to keep track of who is doing what and judge the quality of delivery against service level agreements.
- Compliance and Risk Management – There is a clear need for organizations to provide accurate reporting to prove they are meeting their obligations within employment law, tax regulations, and country-specific requirements where there can be many variables for compliance.
- Employee Self-Serve – A growing need for employees to be able to check their pay element data from any location, any time and empower individuals to manage the information you store as an employer related to their salary, taxes, and other company benenift elements.
The Payslip Global Payroll Report tool can deliver the above by enabling team members to run detailed, transparent payroll reports in real-time at the touch of a button.
It also allows for automatic scheduling or customization to reporting and delivers real-time access to consolidated data and analytical insights.
Learn more with Payslip E-books.