Crisis, in Chinese means ‘Wei-ji’.
What’s astounding is that – Wei, in isolation, means ‘Danger’ and Ji means ‘opportunity’.
Organizations have begun comprehending the importance of digital transformation of their products and operations after this black swan event. Those that exhibit business resilience and can explore newer opportunities amidst chaos and uncertainties are seen to thrive here. Business cases are found to be radically and rapidly transforming.
The pandemic has been an eye-opener to several companies that have been operating with inherited legacy technologies and processes. Coronavirus has indirectly thrown light on numerous gaps and has urged leadership teams to devise strategies that mitigate risks and treat the crisis as an opportunity to reinvent and realign its org-wide goals.
Global payroll is no exception here. In an attempt to achieve payroll resilience and deliver undisrupted payroll, what are the strategies companies should adopt to drive their payroll transformation agenda? Let’s peruse.
1. Consolidating global payroll
Consolidating global payroll operations to a single payroll service provider can be a long term strategy that payroll leaders should consider as far as payroll resilience is concerned. A single vendor who offers a centralized payroll solution can ensure global companies with an expanding workforce are better equipped to manage their payroll operations across all of its countries. Furthermore, a centralized payroll solution offered through a single provider can ensure reliable payroll that works based on a holistic international payroll strategy.
2. Unified payroll platform
Companies should focus on building a payroll transformation strategy that implements a unified global payroll platform. Such a platform opens doors to collectively working people and processes and real-time management of everyday activities even amid uncertainties. When it comes to collaboration and communication, shared workflows can go a long way. They can enable streamlined reporting and validation through built-in functionality, irrespective of location. As in this case, the current workload can become fully integrated and automated, there is a higher chance for payroll efficiency to improve.
3. Virtualization in payroll
Virtualization and globalization of payroll are closely associated and concurrent. Moreover, virtualization and globalization play the ‘cause and effect’ role as far as payroll is considered; unless your payroll processing activities become virtualized, you might not be able to realize the benefits of a truly globalized payroll working model. The more the cloud becomes a force multiplier and a gateway to consume technologies, greater will be the impact of virtualization. Chatbots, RPA, and straight-through processing are some business cases that evidently prove this.
Perhaps, with the pandemic increasing the chances for discontinuity in services and operations, delivering uninterrupted payroll has never been of more importance. It is equally important to learn how to turn these turbulent times into advantages. In such a scenario, how should companies work around their payroll transformation strategy? What would the global payroll world look like post-pandemic? How are enterprise tech providers taking time by the forelock and responding to this situation?
Industry experts are exchanging views on such thought-provoking questions in the webcast Crisis –An accelerator to drive your payroll transformation agenda. Join Felicia Cheek – Global Payroll Expert and Director – HCM Product Strategy at Oracle, on a webcast where she shares her take on how you can visualize uncertainties as an opportunity to drive your payroll transformation and ensure payroll resilience.