What You Need to Know
Perhaps nothing defines the first two decades of the 21st century so much as globalization. Well before the COVID-19 pandemic accelerated these trends, we were already seeing unprecedented growth in the number of companies operating worldwide and finding that job markets and workforces were no longer limited by geographical barriers.
There are now hundreds of thousands of multinational companies in business, and each one needs a way to pay its employees, wherever they are in the world. In the old days, this meant retaining local service providers in every region where even a single employee was based—the only way to ensure compliance with, for example, regional tax and year-end processing requirements. Aside from the obvious administrative challenges that naturally occur any time points are added to a chain of communication, this also introduced the challenge of identifying reliable partners from afar.
Modern global payroll solutions help these multinational organizations manage their payrolls centrally rather than turning to a vast array of individual vendors. The benefits to the customers of providers such as CloudPay include reduced risk, improved efficiency, and better reporting, all of which translate to time and cost savings and peace of mind. Beyond this, global employers end up with a significant piece of the puzzle in place to help bolster digital transformation efforts across the rest of HR and the enterprise (3Sixty Insights 3SIRN2195 – “Outsourcing Global Payroll: The Impact on Data Security & Compliance,” October 2021).
About the Participant
Colt Technology Services is a telecommunications company which provides voice and network services to client organizations of all sizes. Still headquartered in London, where the company was founded in 1992, Colt today operates in 23 countries and employs approximately 5,500 people. 3Sixty Insights spoke with Éva Anna Tepliczky, Colt’s global payroll lead, about her team’s experience collaborating with CloudPay to manage a large-majority portion of its global payroll.
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