SaaS-based technologies, also known as cloud computing, have changed the way HR professionals are managing their global workforce. Before this revolutionary technology, only multinationals with full ERP solutions rolled out across their global footprint, had the luxury of at least some level of global consistency and process. For most, global workforce management had to be handled separately, with a domestic program and then a regional, multinational or even a country-by-country solution. But not anymore. Now comes an opportunity for HR professionals to manage their entire global workforce with one system of record to manage all of their HR data.
This new HCM cloud comes in many shapes and forms with different functionalities that meet the needs of different global HR footprints. They offer a host of modules ranging from Talent Management to Recruitment and Payroll. It’s a paradigm vertical shift in HR’s approach to workforce management, from a geographic approach to an HR discipline approach, providing HR professionals with a holistic look into each of these disciplines from a global perspective.
One of those disciplines is Payroll. Multinational payroll is a component that’s particularly challenging, with country-specific compliance requirements, global fund transfers and the inevitable foreign currency and language issues. For many, global payroll processes are actually a series of fragmented processes—spread across multiple financial systems, multiple vendors and multiple geographic locations.
With all of that, access to global payroll analytics may seem impossible, but with these transformational clouds, it has become a reality. Today, payroll professionals are using these clouds to transform fragmented processes into a standardized system of record—a unified payroll solution, with easy access to Total Workforce Costs.
Imagine that? Clouds that actually improve HR visibility!