In many aspects, the world is moving toward borderless interactions, particularly in business. However, there are distinct lingering challenges to this, two of which, in particular, affect the universal business need to get employees paid: differing regional legislation and distinct financial markets.
Much of the expertise and detailed attention required to effectively process payrolls for one organization in multiple countries hangs on payroll professionals’ understanding of local regulations and expectations.
The variability among financial markets, including currencies, interest rates, and transfer options, have nowhere near the same impact on payroll. Payments, however, is entirely concerned with these issues.
Unifying global payroll and payments solutions can deliver the process improvement and productivity boost that competitive multinationals seek, while delivering a more responsive and consistent employee experience worldwide.
In this CloudPaper, we explore the widespread division between Payroll and Payments, including the reasons for the split and the challenges it causes for global organizations. Plus, we look at why unlocking the full value of both functions requires greater alignment and a deeper understanding of the supporting role each can play for the other.
A closer connection between Payments and Payroll benefits both teams, as well as their customers, by boosting efficiency, accuracy, and performance. Looking long-term, such a connection helps to better position organizations to adapt to future requirements, opportunities, and workforce needs. Download the full report to discover how.