Global HR Solutions
The wide-reaching nature of today’s business domain can present serious HR challenges for companies who need to manage an international workforce and need good HR Solutions. In order to meet the demands of a multi-national market place, it’s increasingly common for employees to be located at various locations around the world. To be competitive you need a multi-skilled, multi-lingual team, and it is common place for recruitment processes to take place across borders as corporates seek out the best people to keep their edge.
It’s no secret that the world’s traditional commercial power houses in the West have endured one of the most difficult periods in their economic history over the last few years. With this in mind, acquisitions and expansion into global emerging markets have never been so important for organisations looking to stimulate growth through HR solutions.
At the same time, a trend toward centralising operational processes away from local or regional control has appeared. This development has emerged as businesses (and other large organisations in a variety of sectors) have attempted to enhance levels of transparency and stimulate cost savings. It has meant that HR & Payroll management professionals face a variety of new challenges, some of which are on a global scale.
According to Jeitosa Group International’s ‘Going Global Report’ for 2010-2011, the number of international organisations which are now pursuing a strategy of ‘centralisation, standardisation and efficiency’ has increased from 22% in 2008, to 36% in 2010.
The Simplest HR Solutions businesses
Usually, the simplest way to build and implement a global payroll strategy is to engage a global payroll specialist who can provide guidance, expertise and management of all the local employment, tax and compliance regulations, as well as collate the gross to net figures.
However, a vital part of the international payroll process is often overlooked. Surprising though it may seem, the actual physical act of making the salary, pension and expense payments to employees and pensioners is not always the first thing that is considered. How to get the money to whom and when is often not the top priority when a company starts looking at payroll issues.
“We all know about the problems that not getting your wages on time can cause,” says Alex Sullivan, Commercial Director at World First, the currency broker.
“These circumstances are exacerbated when you are thousands of miles and several time zones away from your company HQ.”
“To respond to this need, we have now developed automated foreign exchange applications that sit within accounting systems to make international payments directly into bank accounts from anywhere in the world.”
“The link between HR and Finance is essential when you’re planning to manage an international workforce. Without a link between the two, there’s usually no communication or co-ordinated processes in place and issues arise when payments go missing and employees have not been paid.
“By ensuring close cooperation, the link between both these areas of the business will help the foundation of a smooth running global payroll, which will benefit everyone, from employer to employee.” HR Solutions
Small Changes Can Make The Best HR Solutions
Sometimes HR Solutions are apparently considered a small things in business that count for a lot, both in terms of operational efficiency and, ultimately, profitability. Taking steps to reduce data entry and improve communication with all parties, both internally and externally, can result in extensive time and cost savings.
The implementation of some well thought out, robust processes, a little forward planning, and strong partnerships with your payroll and payment providers will combine to save your organisation a significant amount of time and money.
Furthermore, by making these straightforward improvements, your workforce will be assured that their salary payments will arrive consistently, helping to create a happy, loyal and productive working environment for everyone, no matter where they happen to be in the world.
These are exciting times for businesses, but the new worldwide landscape means that global operations are not just something that the FTSE 100 companies need to worry about. Fortunately technology is responding to the challenges presented by this new world order. Innovative high speed payment systems will enable entrepreneurial business people to remain competitive by streamlining processes, making international business seem local and they provide the best HR Solutions available today.