Payroll & Benefits

Is your HR and payroll team feeling the heat this summer? With the weather heating up, most of us want to get out and enjoy the sun or escape on a holiday. However, with more staff members out of the office, this can mean that the payroll team might be running on reduced numbers.

The multinational payroll market is growing at an impressive rate, with the entire payroll services market expected to reach 4.8 billion by 2021. The demand for international payroll services are increasing, due to the heightened need for compliance to local laws and legislations, and a demand for more comprehensive technology.

The HR and payroll industry is in a constant state of change. New laws and regulations are introduced around the world, some of which—including GDPR—change the way the whole organization handles its processes and services.

HR and payroll teams can also face challenges in their own departments, as members of the team are off on holiday—reducing the amount of staff and increasing the workload. Although the heat can get to some HR departments, here’s how to keep payroll cool this summer.

The results of SD Worx’s recent international survey are in! With 1,500 respondents from nine European markets, the survey reveals that up to 87% of business leaders are now asking for employee data to inform business decisions—HR and payroll data is now being regularly used by business leaders.

Payroll data. How often do we stop and think about how important it is to a business? Although payroll is often viewed as a back-office function, it is an essential part of any organisation, and is much more than just payslips.
 

Payroll, and the importance of payroll, is everywhere. Whether in Italy, France, or in Belgium, payroll is a crucial part of any organisation. Employees are the heartbeat of an organisation, so ensuring that they are paid on time and correctly is essential. However, getting payroll right can be a challenge.

With the implementation of the General Data Protection Regulation (GDPR) next month, if an organisation is working with HR and payroll vendors, it will be their responsibility to ensure that these business partners are GDPR compliant. Any external organisation that handles the data of employees or customers must be compliant, otherwise the organisation is also at risk of breaking GDPR regulations.
 

Payroll is a vital part of any organisation, whether it’s a local business or a multinational corporation. A simple payroll error can cause a large amount of damage, so getting it right is essential.

With more and more employees relying on technology and flexible working than ever before, the world is becoming increasingly connected and globalised. However, with this new reliance on global working, what do HR and payroll teams need to consider when implementing payroll for multinational companies?

Updating payroll systems
At the end of the financial year, payroll professionals need to ensure that they are using the most up-to-date rates—otherwise they are at risk of providing false information that will need to be corrected at a later date. To achieve this, payroll professionals should update their current payroll software so it uses the latest rates and thresholds for Income Tax, National Insurance, and student loan repayments.

With GDPR on the horizon, are your HR and Payroll departments prepared? With large fines and serious damage to your business’ reputation at stake for non-compliance, here’s how you can become GDPR compliant in five practical steps: