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 Raise the bar: What distinguishes top payroll providers

The extent on which payroll is changing is becoming steadily better understood. Beyond conventional fundamental objectives of accuracy, timeliness and compliance, the horizons of payroll are growing at pace towards more strategic, data-driven and wide-reaching value that supports every part of an organization.

This transformation is making payroll an expanding force for good, but it does come with extra complication. So it is no wonder that more and more organizations are looking to payroll services outsourcing, and collaborations with third-party payroll providers to help them in their extended operations.

For example, a recent Payroll Company analysis found that 74% of firms polled are already outsourcing employee payments, which reflects the growing demand for in-house teams to bring in more solutions and experience.

But as payroll has changed, so has the type of outsourced support.

How the goals of payroll and vendor relationships have evolved

The varied nature of contemporary payroll is shown by research from Connect 2 Payroll Processing Company. The number one goal is still the accuracy and timeliness of payroll processing (as confirmed by 91% of respondents). But the next two most listed objectives highlight the greater strategic role payroll currently plays. Improving compliance (with data security and privacy, 84%) and improving the employee experience (80%). It mirrors the rapidly-changing reality of business where new modes of working and new employee benefits expectations mean that payroll has to be fast, flexible, certain and smart.

All of this, while also negotiating a more complicated regulatory framework, is continuously putting increased demands on payroll teams. For many organizations, the complexities of global payroll have become too extensive to manage effectively in-house, particularly if they don't have access to the latest technologies that offer efficiencies via automation and integration. This results in lack of insight into global payroll solution (as noted by 45% of respondents in the payroll firm), reactive problem resolution instead of proactive, and poor employee experiences throughout the workforce.

This is possibly why more and more firms are looking to specialist suppliers to assist cover the gaps in their skills.

Where Payroll Processing Company Suppliers are having the Most Impact

With the complexity of contemporary payroll, it’s becoming increasingly evident that a linked strategy is the best way ahead. This involves partnering with payroll providers to better control pay processes, create time and cost savings and draw on country-specific experience to iron out local discrepancies.

It should also include the implementation of harmonized pay systems that combine global payroll and payments into a single environment to improve data visibility and control while reducing mistakes and global processing times. A single pay platform may also enable innovations like Earned Wage Access and financial wellness initiatives, so that the functional efficiency and accuracy of payroll is augmented by the intuitive and autonomous service employees are increasingly seeking.

    Platform: Automated technology that unites payroll, payments and human resources systems throughout the globe

    consolidation of data to bring together key HR, payroll and payments information for real-time visibility, helping to establish more trust in payroll throughout the workforce

    Expertise: deep understanding of payroll procedures and regulations in countries throughout the world, allowing the organization remain on top of all of its regulatory and compliance responsibilities and generating insights of high strategic value.

In summary: How to select the proper unified payment solution supplier

Partnering with a unified payroll solution provider is one of the most significant and long-term investments any organization will make, and it’s crucial to do it right. One of the crucial things to keep in mind is how the supplier will help your firm future as well as now. They must be able to explain how they will continue to develop and keep pace with the enterprise and the changing demands of the workforce.”

Other aspects that should be explored (but are seldom restricted to) include:

    Technology: One platform for worldwide payroll and payments management, seamlessly integrated with your whole HR system, giving you clear insight of your payroll performance

    Knowledge: knowledge and expertise across payroll legislation in every country, and the capacity to enable Earned Wage Access, payment wallets, international payments and other services and innovations

    Security: strong safeguards to secure sensitive employee data and meet security standards as company and payroll demands grow in the future

Engaging with a supplier who can deliver on the above, and who allows for ongoing tracking and benchmarking of payroll performance, may give the insights, efficiency and compliance needed for contemporary company. What's more, it provides a strong platform for payroll to continue to develop and expand with the organization as it grows into the future.

Payroll Processing Company study to find out more on the advantages of unified pay systems. Find out about the Connect 2 Payroll Processing Company Services in Ahmedabad India strategy here.