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what's involved in a global payroll solution

Understanding the Benefits of a Global Payroll Solution

Picture this scenario: Your product development team has a plan for a great new project, and you’ve found the perfect team to build it. However, that team is based in a country that is 3000 miles away. You want to work with the best people available for the job, but it doesn’t make any sense to relocate the whole company for one project. In an increasingly connected world these kinds of situations arise all the time, and which why solving these issues by hiring teams to work remotely has become so popular. But alongside the many advantages to hiring remote workers there are several challenges. For starters, there are complicated taxes, benefits and other local labor laws. On top of that, trying to plan a future budget spread across 4 continents in one unified overview is quite the challenge.

No one wants to be caught between losing a competitive edge by settling for lesser teams or the massive headaches associated with trying to manage teams around the world using excel sheets and email. Global payroll solutions ease the process for  businesses going international to manage payroll, without the need for a local entity. Such a solution aids the management of a global workforce while remaining compliant with international tax and labor laws.

Why a Global Payroll Solution Makes a Difference

What’s the policy on early termination of employees based out of Sweden? What about the tax laws for workers from the Philippines who have worked longer than 30 days? It’s unlikely that you or someone on your team has  knowledge of every nation’s tax and labor laws which are constantly changing. With unique policies in every country on everything from taxes to vacation days, pay dates, employment cost, termination laws, and other labor laws, there are far too many complex and important factors to leave to chance. Global payroll solutions provide an automated system with actual knowledge eliminating costly human error, keeping you compliant with international laws you might not have even known existed and out of legal trouble. Papaya combines the technology of our platform, with long time expertise and our vetted suppliers network in over 80 countries worldwide.

Capitalizing on International Payroll Services

Your goal is to keep your company focused, productive, and headed in the right direction – not getting bogged down in tax laws and payroll. International payroll services help you focus on the former and avoid the latter. On average, it’s estimated that payroll mistakes cost companies on the FTSE 100 between 12 to 38 million dollars every year. By capitalizing on automated international payroll services, companies with remote employees can greatly reduce or eliminate their payroll mistakes – returning that lost profit to their bottom line. Set-up for such an advanced system might seem like a daunting task, but choosing the right company ensures that your transition is smooth, quick, and diligent.

Advantages of International Payroll Solutions

Global payroll solutions are vital in the modern workplace. The advantages they provide to companies with teams around the world are invaluable:

  • Cutting edge technology – High-tech software automates payroll, keeps you compliant with international tax/labor law, and manages all your HR data allowing for easy analysis
  • Simplicity – Papaya’s all-in-one dashboard is designed to be simple and easy to use, reducing both the onboarding time for new hires and headaches for senior staff
  • Peace of Mind – Automated and auto-updating, global payroll solutions ensure you’re always on top of changing tax and labor laws
  • Step-by-Step Assistance– Experts are always ready to help you with set-up and answer any questions you have both about the platform and global expansion in general
  • Streamlined Organization – Regardless of timezone and location, you have all of your employee’s important HR data sorted, organized, and available at the touch of a button

With a constantly growing international economy, international employment solutions are the optimal choice to manage your company’s international human resource elements. The transition from managing your HR operations in-house to a more high-tech solution is an adjustment, but once you get your new system up and running your company will be faster, more efficient, and you will be able to enjoy the full benefits of having remote workers while avoiding the major pitfalls.