Streamlining Global Payroll Services

The pandemic has been testing the limits of the relationship between employers and employees. Businesses are now expected to take care of their workers' livelihoods, health, and dignity more than ever before. This has made keeping employees around very important. In fact, 54% of workers globally are considering job changes by the end of 2023.This means companies need to find ways to keep their employees happy and motivated.

A crucial part of employee retention for companies is paying salaries accurately and on time. For payroll processing companies, this represents significant challenges, as they grapple with different legal, tax, and cultural environments for their globalised clients. If this sounds familiar, having a centralised payroll system to create global reporting capabilities and achieve better insights about international payroll requirements can bring significant efficiency improvements.

Embracing centralisation, automation, and addressing talent shortages is important to retain clients. According to a recent EY survey, more than 68% of companies express the need for a single payroll system, yet only 34% believe that a single vendor can provide services for international payroll needs.

So, leveraging new operating models can help you differentiate your payroll services from your competitors and attract new clients.

The rules about taxes, politics, and laws keep changing. For instance, the impact of Brexit on European workers in the UK, or the impact of modifications in the IR35 laws for contractors in the UK. The pandemic further pushed the government to introduce many stimulus measures, government grants, and other relief programs for workers. These regulatory changes often have to be implemented within tight timeframes.

Faced with those changes, your business will need to be agile so that your clients can avoid penalties and reputational risks which becomes difficult in the absence of payroll expertise. The talent shortage was at a 15-year high in 2021, and globally, 69% of companies are facing difficulties in hiring the right employees.

Monitoring employee attendance in remote settings has become increasingly complex - this includes managing time tracking, overtime and holidays. Flexible payroll management systems have therefore gained some significant interest. It cannot be left to a chance as clear documentation of records is vital from the perspective of audits.

These processes are more complex if your business lacks standardised operating procedures across global regions. When you have to depend on multiple input sources for payroll processing, the risk of errors and delays in payouts increase.

International payroll services means that you’re serving clients across different countries, in various currencies. You need to go beyond manually repetitive processes to reduce data processing errors and compliance issues. For instance, reconciling multiple client transactions in legacy systems is tedious, and so is logging into multiple bank accounts to initiate payments.

Executing mass payments is also difficult if you still depend on uploading spreadsheets for every account. So, what’s the solution?

At Fyorin, we help payroll management companies provide compelling customer experience through our cutting-edge solution, tailor-made for multi-currency transactions.Fyorin introduces automated compliance systems to continually update data across jurisdictions, saving time and ensuring accuracy. This includes fully automated payments workflows, empowering efficient disbursement and automated report generation.Our solutions bolster customer loyalty by streamlining processes and minimizing friction.Fyorin's developer-friendly API facilitates the creation of multiple currency accounts and enables payroll transactions across 41+ currencies. Real-time bulk payments mitigate FX rate fluctuations and bank charges, while accommodating clients' preferred payment methods.

At Fyorin we’re dedicated to help payroll companies move from separate ways of working to one smart system. This brings cost reductions, clarity and greater client satisfaction and retention. If you want to know more about how Fyorin can help your company, get in touch.