Are you a business interested in hiring employees from around the world? In a global economy, the best employees can live and work almost anywhere – and that means that many businesses are expanding their payrolls to include global employees. With that idea in mind, many businesses, companies and corporations want to know – what are the global payroll best practices? Here is a quick look at how you can update and change your payroll practices to meet the needs of a global workforce provided by TRUSS.
How To Update Your Global Payroll Practices in 2023
The payroll process is complicated in its own right – and may prove to be even more complicated when you cross borders in a global economy. The end goal is a simple payroll process that is compliant with local laws and provides a positive experience for employees from start to finish. Here are global payroll practices that can improve your payroll functions when implemented.
1. Universal Rules, Policies and Procedures for the Entire Payroll System
When you establish a payroll system, it is important to have outlined payroll rules, policies and procedures that can create a standard for your human resources or payroll department. Policies and procedures should include the schedule, deductions, methods, benefits, data entry, reporting and more.
2. Create a Global Payroll Calendar for the Year with Notifications
Get ahead of the game and create a payroll calendar with all of the important dates and events included with your payroll based on location. Dates that should be included on the annual calendar include paydays, important tax dates, dates when local banks are closed and more. Use a payroll calendar or collaborative tool – like Slack or Google Calendars – to provide notifications when important payroll events are upcoming.
3. Understand Global Employee Payroll Classifications
It is important to have an understanding of how payroll affects each employee based on their employment classification. Are they full-time or part-time? Are they an independent contractor? Are they exempt or non-exempt? These questions and classifications will have an impact on how taxes and forms are filed and how employees are paid. Errors can cost time and money.
4. Automate Your Global Payroll
In this day and age, payroll can be automated and simplified to meet your business needs. Human resources software will help you streamline the payroll process and will help you complete important tasks like tracking hours, filing taxes, calculating taxes, reporting costs and calculating overtime.
5. Use Software to Track Payroll Data and Analytics in Real-Time
Tax codes and tax laws are always changing and impacting payroll – and those changes are even more important when you have a multinational business. Implement a platform that can track and analyze payroll and employment data in real-time to help you make decisions on the future of your company.
6. Provide Flexible Payment Options for Global Employees
When you have a global team, one form of payment may not work for all members of your team. Provide flexible payment options for all members of your team, no matter where they may be located. Payment options to consider include paper checks, direct deposit and online payment providers like PayPal.
7. Use Global Payroll Software with Self-Service Options
A global payroll software platform like TRUSS, can help simplify the process for human resources and payroll departments by giving employees mobile self-service options. These platforms allow global employees to input hours, review pay stubs and submit necessary tax information on their own time from their mobile devices.
8. Protect Global Employee and Payroll Data
When you choose global payroll software, it is important to employ a strong data protection policy to protect personal employee data and important payroll data. This data is sensitive and can be a target for fraud, theft and worse. Determine a safe option to protect payroll data and implement it in your business plan.
9. Outsource Global Payroll for Additional Resources
Maintaining a global payroll and ensuring that everything goes according to plan can be a strain for some businesses and may not be the most effective and efficient way to perform payroll duties. You can consider outsourcing the payroll to companies like TRUSS with more experience in international employment to reduce costs and save time.
10. Ask Your Global Employees for Feedback
When you have employees across the globe – their payroll experience may differ dramatically from employees in the United States. Ask those employees for feedback and input to help you determine what works best and what does not work. With this information, you can find more creative global payroll solutions to fit your business plan.
How Can TRUSS Help with Global Payroll?
Are you interested in a global workforce with employees in Uzbekistan, Georgia or Kazakhstan? TRUSS provides the platform you need as a global employer. The TRUSS platform can help in a variety of ways:
- Help you create competitive salary and benefits packages for global employees.
- Help simplify your global payroll.
- Help provide employment contracts specific to your region or country.
- Help ensure employment compliance.
- Help with employment onboarding assistance.
- Provide you with an account manager to help answer any questions you may have.
READ MORE: How To Hire a Remote Team From Central Asia
Do you need to update your payroll practices in 2023? You may ask – what are the global payroll best practices – and we can help every step of the way at TRUSS. Contact the TRUSS Team today for more information on how our global platform works, how much it costs and how we can help make your business more effective in the global landscape!