Today on the blog, we have a guest contributor, Brent Skinner, HCM Subject Matter Expert | Co-Founder of 3Sixty Insights | Host of the #HRTechChat Video Podcast.
It is not a surprise that getting global payroll right is a mission-critical activity. What might surprise you is that a significant share of the responsibility for ensuring that an organization successfully accomplishes this falls on the CIO. Why? Because much of an organization’s enterprise software ecosystem is tightly entwined with the intricacies of processing global payroll, it causes significant stress across enterprise software infrastructure every pay period. Plus, there are considerable data security and compliance risks for organizations to consider- most of which will come under the CIO’s remit.
However, there are other often-overlooked considerations. The impact on an organization and its people can be stressful too. According to The Workforce Institute at UKG, 49 % of employees will tolerate no more than one mistake or problem with their paycheck before looking for a new job—making the decision to upend their own lives and placing the unwanted pressure of creeping attrition on the employer. Their decision likely stems from the fact that, according to a 2020 survey by the American Payroll Association, more than two-thirds of employees would experience financial difficulty if their paychecks were delayed by just one week. In other words – the pressure to ensure and maintain a secure, timely, and accurate payroll system is immense.
Where the solution lies for the CIO
One of the challenges for many organizations is figuring out the right time to implement a global payroll solution. The key is to know the warning signs and react promptly. How can the CIO be aware of them and the potential upside of marshaling the organization to fix the situation? Better yet, what are the key benefits of outsourcing global payroll? What should you look for in a global payroll provider? An explanation of the warning signs and a deep dive into the solutions, technologies, services, and the business case for implementing global payroll is available in Outsourcing Global Payroll: The Impact on Data Security & Compliance, research by 3Sixty Insights in collaboration with Immedis.
Our work will enable you to identify when to implement a global payroll solution and give you a better understanding of what the ideal payroll provider offers. We also explore how an outsourced global payroll solution will enable the CIO to meet their responsibilities and develop a more secure payroll system.
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