By Felicia Cheek, Director, HCM Product Strategy
What part of your HR system applies to employee morale, business stability, reputation, career development and recruiting? Payroll. Payroll affects all of these and is a vital part of any business’s success. The workplace has changed more than anyone thought, yet amidst constant change, payroll must be processed, employees still need to be compensated, and payroll professionals continue to work to ensure all payments are paid accurately and on time.
As Oracle celebrates National Payroll Week this year, we recognize the work payroll professionals do to ensure that employee morale remains high, and the business continues to move forward during challenging times. Oracle celebrates National Payroll Week and with this we are sharing best practices companies are turning to for their global payroll models as they look to reduce costs and streamline talent.
Several factors are behind the increasing globalization of payroll, including the movement toward regional and global business services (GBS) centers for finance and HR. Companies are looking for ways to reduce their G&A costs while providing a better employee experience overall. In payroll, leaders are looking to deploy payroll staff in regional or global centers for increased productivity and better backups, controls and audits – while also improving the work environment and creating career paths. For success, the variety of processes must be harmonized by reducing the number of vendors and tools utilized. Regardless of whether payroll reports to HR or finance, leaders are feeling pressure to improve performance. Today, that means doing more with less.
Payroll globalization is being influenced by globalization in other areas with which it interacts, including governance models, shared services, human resources and finance models. Leveraging staff in GBS centers is a proven strategy for gaining efficiencies while harmonizing people and technologies.
To better leverage the globalization trends occurring within and outside the organization, payroll leaders should take these steps: