Your business is branching out into exciting new markets. Some of them seem familiar, while others present bold new worlds. All of them come with a unique set of rules and challenges.
Some of those challenges are undoubtedly related to payroll. Employment law can be vastly different between countries. It might be daunting to pay your employees, especially when you’re unfamiliar with the rules.
As you’ve expanded to new markets and consider expanding yet again, you’re wondering about transferring your payroll activities to a provider who can handle it all. There’s one question on your mind, though, and that’s how you can go about choosing a global payroll provider. This guide will help you get started on the right foot.
Look for Scalability and Expansion
The first thing you should do when you consider any global payroll provider is consider how much or how long they can assist you.
It may make sense now to hire someone who focuses on your chosen market. What will happen when it comes time to expand to the next market? You could hire a payroll provider in each separate market you enter, or you could choose a provider who offers service in more than one area.
Look for providers who offer services beyond one market. Partnering with someone who has expertise in multiple markets can help you as your business continues to grow and expand. You won’t experience the slow down of onboarding a new company every time you enter a new market, and you don’t need to spend time researching and coordinating multiple payroll providers.
Think about Customer Service
There are many global payroll providers out there, but only some of them provide superior customer service.
Many of the large providers are known for low prices, but their customer service is considered less than stellar. While the prices may be attractive, you might end up paying more in the long run.
Why? Many larger companies offer bundles, which include services you don’t truly need. These bells and whistles only end up costing you. Others will offer low prices for basic services, then charge high fees for “add-ons” you require.
Finally, many of them lack the expert teams, and high turnover rates make it difficult to establish relations with anyone on the payroll team.
Instead, look for a smaller provider who prides themselves on expertise and excellent customer service.
Go Beyond Payroll
When payroll is on your mind, it’s tempting to hire someone to look after payroll and payroll alone.
This could be a misstep. Other aspects of HR are often difficult to navigate in global markets, due to differences in employment legislation. At some point, you may find you require help not just with payroll but with your entire HR operation.
Much like you want a global payroll provider who can continue to grow with you into new markets, you want someone who can provide you with the services you need as you need them. If the provider you pick offers only payroll assistance, you’ll have to turn elsewhere for those HR services.
Test for Tech
Another key question to ask of any global payroll provider you consider is what technology they’re using. Global payroll is easier every day with more advanced technological solutions, so look for a provider who stays on the cutting edge with the right tools and software.
Don’t forget to ask about security and data management. A good provider should be able to tell you where they store their data and the steps they take to keep your information safe.
Team up for Success
Choosing the right global payroll provider is a key step in a successful expansion. Whether it’s your first expansion or one of many, building partnerships now makes for a successful future.