Global payroll softwares for managing global workforce

The pandemic has changed the dynamics between employers and employees and emphasised the need for care of the the well-being and satisfaction of workers. In 2023 a significant portion of the global workforce was contemplating job changes and companies continue to face the imperative of retaining talent through enhanced employee engagement strategies.

One of the key challenges in this endeavour include managing global payroll efficiently amidst diverse legal, tax, and cultural landscapes, staying compliant with rapidly evolving regulations, and monitoring remote employee time and attendance effectively. Addressing these challenges necessitates embracing centralisation, automation, and talent management strategies to differentiate services and attract clients.

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.

Automated Payment Workflows

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.

Enhancing Customer Stickiness

Our solutions bolster customer loyalty by streamlining processes and minimizing friction.

Bulk Payments in Real-Time

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.