04:05 Issue 6

04:05

ISSUE 6

Furthermore, the data is often provided in various formats from multiple systems, resulting in the absence of a single source of truth. This makes it extremely difficult to accurately track employment costs and compare data across different countries. As a result, making strategic decisions becomes a relentless and tiresome task, as extracting meaningful insights from disparate systems demands significant effort and time. Data protection: Employee payroll data demands high levels of protection due to its sensitive nature and data security breaches. While you may comply with data security regulations at your primary location, it’s equally essential to ensure compliance across all other operational sites. Additionally, data security challenges can arise from managing multiple data streams flowing in and out of your centralized system to various payroll solution providers, increasing the complexity of safeguarding information.

for report filing or tax payments can cost organisations heavily. Statutory compliance is one of the most significant challenges a company can face, according to the Global Payroll Management Institute (GPMI). Choosing a payroll service provider: To address compliance issues, you may consider outsourcing payroll implementation. The next challenge then becomes selecting the right payroll solutions provider. There are many companies delivering payroll implementation services in one or several countries. It is challenging to compare their features and pricing and select the right one. Handling multiple Payroll Solution Providers: Outsourcing payroll implementation to a local payroll service provider can be advantageous. However, this can then lead to additional challenges for global organisations operating across geographies. For example, coordination with multiple payroll solutions providers invariably requires variable processes and systems.

“Outsourcing payroll implementation to a local payroll service provider can be advantageous. However, this can then lead to additional challenges for global organisations operating across geographies.”

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