New report and KPIs provide multi-national companies with powerful data to benchmark and improve payroll processes across 130+ countries.NEW YORK & LONDON - APRIL 29, 2019 - Global payroll provider CloudPay just released the industry’s first Payroll Efficiency Index in a move to transform how payroll practitioners worldwide measure and optimize their company’s payroll processes.
Working from the premise that established payroll KPIs, monthly SLAs, don’t provide insight required for substantive improvement, the Payroll Efficiency Index (PEI) introduces previously unavailable global benchmarking data for five process-focused KPIs, identified for their ability to help organizations improve payroll operations. The report capitalizes on CloudPay’s unique ability to collect and report granular information about the payroll process in over 130 countries.
“Our unified platform gives our customers unparalleled visibility into payroll processing. We regularly analyze that data and present it to our customers to help them reduce manual processes, improve data integrity, and reduce the cost of managing payroll,” said Paul Bartlett, CEO of CloudPay. “With the Payroll Efficiency Index, we’ve taken some of the data we use to help our customers and made it available to the entire industry - because our passion and mission is to provide tools that elevate the role of payroll professionals and their function.”
The newly published PEI provides anonymized data from 2500 multinational entities for the following efficiency KPIs: first-time approvals, data input issues, issues per 1K payslips, payroll calendar length, and supplemental impact. In addition to providing global averages for each for the five KPIs, data in the PEI report shows averages by region, country and payroll size. For the first time, companies can benchmark their own payroll performance against this anonymized data to see how they compare to companies of similar size, operating across the same countries.
The first issue of the Payroll Efficiency Index, which focuses on the entire globe, includes data from over one million payslips across 92 countries, and is available for download on payrollefficiencyindex.com. The global payroll provider plans to publish updated benchmarks every year, and provide more in-depth region-specific PEI reports each quarter.
CloudPay provides managed global payroll services to multinational organizations through a single, unified SaaS solution. By delivering end-to-end managed payroll services through an innovative platform, CloudPay ensures consistent and compliant payroll around the globe while reducing operating costs and minimizing manual processes. The CloudPay solution is backed by deep industry expertise earned over twenty-plus years delivering services to over 2,500 multinational entities. CloudPay’s solution guarantees accurate payroll processing across 130+ countries in more than twenty-five languages. For more information visit cloudpay.net.