Global Payroll Compliance is the Most Important Factor When Choosing Provider
IRIS FMP Global’s recent survey, in collaboration with GPMI, asked global HR and payroll experts what their considerations were when choosing a payroll provider. With increasingly multinational workforces and the current global economy, we set out to understand the needs of the market across multiple countries, business sizes and industries.
Global payroll compliance
Unsurprisingly, global payroll compliance is the number one factor when considering a new payroll supplier, providing peace of mind to HR and legal teams without comprehensive knowledge of country-specific regulations.
Overall, top considerations when searching for a new supplier include:
- Improved compliance
- Improved service and support
- Improved payroll reliability
- Improved reporting and analytics
Payroll features
Respondents were also asked to share the most important elements that they believe make up the perfect payroll supplier. The most important features that companies need from their international payroll software are:
- A single, centralized payroll database
- Automated processing
- Advanced analytics and reporting
- Integrations to third-party applications
Over half of payroll leaders felt a single vendor couldn’t meet their requirements for payroll and HR.
Reviewing payroll services
The pandemic was not viewed as an influential factor on payroll professionals reconsidering their payroll suppliers. Instead, ineffective service and customer experience fed heavily into the need for evaluation
Reasons to review payroll suppliers
The top reasons for reviewing suppliers are:
- Poor payroll accuracy
- Bad customer service
- Limited functionality
- Limited reporting and analytics
- Overall cost
