GLOBAL PAYROLL MAGAZINE
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The intersection of global payroll and HCM The intersection of global payroll and HCM New platforms that unite HCM and payroll can aggregate information, bringing hiring, people management, data security and payment processes together. They manage currency conversion and support multi-country payroll processing. Such innovation permits the swift, safe onboarding that forward-thinking companies seek, granting them the freedom to evolve a truly global workforce of accurately paid and happy employees and to utilise that loyal resource to succeed and grow. The global HCM and payroll market size New platforms that unite HCM and payroll can aggregate information, bringing hiring, people management, data security and payment processes together. They manage currency conversion and support multi-country payroll processing. Such innovation permits the swift, safe onboarding that forward-thinking companies seek, granting them the freedom to evolve a truly global workforce of accurately paid and happy employees and to utilise that loyal resource to succeed and grow.
Similarly, managing payroll involves more than just ensuring employees get paid. Payroll teams are responsible for all aspects of employee compensation administration and related financial processes, including wages, salaries, deductions and bonuses. Whether payroll is managed in-house, via outsourcing or through a partnership with an employer of record, global payroll professionals ensure that employees are paid accurately and on time, every single time. They also play a crucial role in keeping up with the ever-evolving legislation and regulations for every region in which employees are based. The ever-growing appeal of flexible and remote working for employees, sourcing talent from an international candidate base for employers, engaging contractors or incentivising workers with flexible working options makes an The ever-growing appeal of flexible and remote working for employees, sourcing talent from an international candidate base for employers, engaging contractors or incentivising workers with flexible working options makes an unimpeachable payroll function critical. Though they represent different aspects of workforce management, there is a powerful intersection between payroll and HCM. New technologies allow us to tap into the stream of payroll data for broader workforce insights and real-time insights, opening up new possibilities for an interplay between the functions that could be key to keeping in step with the fast-paced changes of the new world of work. opening up new possibilities for an interplay between the functions that could be key to keeping in step with the fast-paced changes of the new world of work. Global Payroll + HCM = Future of Work But, above all, HCM is a holistic function that can and should adapt to the changing needs of employees and the wider organisation to bring out the best in both. Similarly, managing payroll involves more than just ensuring employees get paid. Payroll teams are responsible for all aspects of employee compensation administration and related financial processes, including wages, salaries, deductions and bonuses. Whether payroll is managed in-house, via outsourcing or through a partnership with an employer of record, global payroll professionals ensure that employees are paid accurately and on time, every single time. They also play a crucial role in keeping up with the ever-evolving legislation and regulations for every region in which employees are based. But, above all, HCM is a holistic function that can and should adapt to the changing needs of employees and the wider organisation to bring out the best in both. unimpeachable payroll function critical. Though they represent different aspects of workforce management, there is a powerful intersection between payroll and HCM. New technologies allow us to tap into the stream of payroll data for broader workforce insights and real-time insights,
The global HCM and payroll market size
$29,477.65 million 2031 $29,477.65 million 2031
$16,380 million 2021 $16,380 million 2021
6% CAGR
projected
6% CAGR
projected
Source: HCM and Payroll Market Report
Source: HCM and Payroll Market Report The increasing size and complexity of the market reflect the growing need for effective payroll management. Payroll professionals, who have long been tasked with managing multiple entities across different regions; however, our new working landscape, and the uptick in remote working, now face a new challenge. 3 management. Payroll professionals, who have long been tasked with managing multiple entities across different regions; however, our new working landscape, and the uptick in remote working, now face a new challenge. The increasing size and complexity of the market reflect the growing need for effective payroll
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Global Payroll + HCM = Future of Work
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