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Payroll teams are usually overwhelmed by global payroll due to keeping up with local regulations, lack of reporting, and no control over the monthly process. In order to manage payroll effectively in any country, access to information is the key to success. If you don’t have the tools and reporting to view payroll in real-time, things can quickly get out of control.
If you look at all of the components of managing a global business at once, you can quickly be overwhelmed with the logistics, plans, and compliance issues. With the right research and tools, your global operations can easily run smoothly within the local in-country requirements.
Technology is changing the way people look at work today. Digital technologies have led to remarkable flexibility in how, where, and when we work- especially during times like the present when the entire world is going through a global pandemic requiring flexible work policies.
Digital goods and services make up a large portion of modern-day consumers’ life. From Netflix to complex enterprise software, we are all using digital products more than ever before. As the focus shifts from traditional, physical goods and services, businesses have to adapt. Naturally, the government has to adapt to this new environment as well.
Companies that manage global employees and payroll sometimes believe that the status quo is better than making any changes. But when you’re talking about global operations and payroll, what you don’t change could be hurting your organization. Evolving regulations and in-country requirements not only put your company at risk for fines and penalties but mismanaging global operations could also make your employees leave due to inaccurate payroll or benefits.
Multinational companies face many challenges as they begin and maintain operations in new countries. Language barriers, business customs, and hiring new employees are just a few of the hurdles. Managing costs, maintaining compliance, and having a clear view of the overall operations is an ongoing struggle for most companies. But what makes global companies unique is the desire to look beyond current operations and see what potential is ahead in unknown territories.
The majority of my career has been in business-to-business sales. While I have worked in more than one industry, the one constant has been a continual evolution of how we interact with our prospective and current clients.
On a scale of 1 to 10, how satisfied are you with your global payroll operations? Do you have real-time access to your payroll data across all countries and currencies? Is your multi-country payroll all on one platform? Is there help available when you need it?
Following the guidelines of GDPR in the EU, China has made new updates to the draft of the Personal Information Protection Law (PIPL) for processing and transferring personal information across Chinese borders. This new legislation will regulate personal information processing and transfers to regulate entities across borders as well as within China.
Setting up new operations in a new country can be a very exciting time for your organization’s growth; It can also be incredibly challenging. Here are a few best practices when moving into a new market or country:
