Technology, data security, and compliance will reshape global payroll in 2021. Multi-national companies faced unprecedented obstacles in 2020 and have had to make accommodations for employees around the world to keep up. New sick leave, furlough policies, and working environments have changed drastically over the last year and will continue into 2021. How can you stay ahead of global payroll changes and maintain compliance?
Technology
Using manual processes and spreadsheets to manage global payroll is a recipe for disaster. Not only is it not compliant, but there is so much room for error. Cloud-based technology is a necessity to manage global payroll in 2021. With cloud-based technology, you get automated updates for each country when payroll changes are made, you can create customized payroll reports across all countries and currencies, while ensuring payroll compliance in each country.
Data Security
Email has never been a secure method of sending employee data to your payroll provider, but in many countries, you could also face fines for non-compliance for security reasons. Unsecured employee data should never be sent via email, and your payroll technology should provide one portal to enter all employee data with employee self-service portals to allow employees to make simple changes like address or bank account information. Securing your company and employee data should be a priority in 2021 as more countries begin handing out compliance fines and penalties for data breaches.
Compliance
How is your payroll team managing regulations changes each year in each country? Do you have a dedicated team member for each country? Knowing the unique payroll laws and how they are changing each year can be a full-time job. Let your payroll technology handle it without wasting important employee resources. Start with cloud-based payroll technology that automatically updates with each change so your employees are paid on time and in compliance with the most up to date regulations in each country.
Every year brings new challenges – 2021 will be a year of recovery, growth, and opportunity. Don’t let your payroll compliance get in the way – start the new year with cloud-based technology, data security and compliance under control.
Author – Julie Gaertner – Blue Marble Payroll
