The pandemic has been testing the limits of the relationship between employers and employees. Today, companies are being called upon to support workers’ livelihoods, health, and dignity on an unprecedented scale, and their efforts to do so are being scrutinised too. Employee retention is challenging even without a pandemic, given that 41% of the global workforce contemplates leaving their current jobs by 2022.
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 for your company, having a centralised payroll system to create global reporting capabilities and achieve better insights about international payroll requirements can be a huge advantage.
Embracing centralisation, automation, and addressing talent shortages is important to retain clients. According to a recent EY survey, more than 68% of companies cite the need for a single payroll system, yet only 34% believe that a single vendor can provide services for international payroll needs.
So, if you can leverage new operating models, you can differentiate your payroll services from those of your competitors and attract new clients. At Fyorin, we help you achieve that. But before we get into that, let’s look at the problems that as a payroll company, you may be facing today.
Developments in geopolitics, taxation laws and other compliance rules 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.
Against this backdrop, your business will need to be agile to meet deadlines so that your clients can avoid penalties and reputational risks. A lot of this becomes difficult in the absence of payroll expertise. The talent shortage is at a 15-year high in 2021, and globally, 69% of companies are facing difficulties in hiring the right employees.
Monitoring Employee Time and Attendance
This type of monitoring has become increasingly complex since the pandemic, as companies have shifted to remote work arrangements. It isn’t that these arrangements didn’t exist before, but never at such a scale. Proactively monitoring your employees’ work hours, overtime and leaves is quite a task now. Flexible payroll management systems are, therefore, more important than ever before. 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 increases, as do delays in pay-outs.
Account Reconciliation and Managing Multiple Businesses
International payroll services means that you need to handle 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 your company manages. So, what’s the solution?
What Fyorin Brings to the Table
At Fyorin, we help payroll management companies provide compelling customer experiences through our cutting-edge solutions. Take a look.
Automated Payment Workflows
You can continuously calculate and update data across different jurisdictions, through an automated compliance system. This leads to less wastage of time and effort while ensuring data accuracy. We can help you to automate your entire payments workflow, by creating roles and permission structures at different organisational levels. This speeds up disbursement and reduces the reliance on employees. You will also be able to provide automated reports to clients and their employees.
Create More Stickiness among Customers
We help payroll technology companies create more stickiness with their core product. This is because we make the entire process frictionless and fast.
Bulk Payment in Real-Time
Through a developer-friendly API, we provide the facility for you to create multiple currency accounts for free and conduct payroll transactions in 41+ currencies on behalf of your client. These multiple currency accounts will be created under the name of your client.
This also helps automate bulk payments in real-time, and circumvent the costs due to fluctuating FX rates and bank charges. With Fyorin, you can execute mass payments containing all your clients’ pay-outs, with every client being able to pay through their preferred mode of payment.
At Fyorin, we are committed to helping international payroll services providers to shift from siloed operations to an integrated system, programmed around processes. This is the new way to cut costs, improve transparency, and drive value for clients. If you would like to know more about how we can support you to streamline your process, contact us today.