The way of work is changing, which has resulted in organisations focusing on how they can retain their top performing employees, attract new talent, and meet local and global growth demands.

The “war for talent” has already impacted most businesses across the globe, and as organisations look to attract and retain key employees, employers are increasingly looking at the critical role of global payroll. Global payroll can help with talent retention in several ways. First, by ensuring that employees are paid accurately and on time, regardless of which countries they reside in. Second, global payroll can help streamline the process of offering and administering employee benefits, such as retirement plans and health insurance, which can help make the company a more attractive place to work and help retain top talent. Finally, global payroll can help standardize pay and benefits across different countries and regions, which creates a more equitable and fair working environment, further enhancing employee satisfaction and reducing the risk of talented employees leaving the company.

In addition, as organisations look to grow and expand into new geographical territories by both expansion and acquisition, the need to understand and meet legislative requirements and compliance in new territories, as well as hire and manage employees in those countries, becomes increasingly important. Understanding how to hire and manage employees in countries where an organisation doesn’t currently have an entity or operation set up can be particularly problematic. Understanding how to pay and manage employees in this scenario can often cause significant operational challenges.

Finally, employee experience is a major issue for a lot of global companies, especially when they have different back-office solutions to manage and need to pay those employees. As the world gets smaller, and employees migrate to different territories and countries, it is important to ensure that the employee experience is consistent as well as meets local employment laws and compliance requirements.