Data at today’s multinational organizations is growing exponentially, giving companies more and more information for making business-critical decisions, as well as potential for using analytics to gain a competitive edge.
A key data consideration—one that can have significant impact on an organization’s strategic growth plan—is global payroll data. Although making sense of global payroll’s myriad complexities can be overwhelming, understanding its data is central to making sound business decisions.
Global payroll metrics can chart a course for growth
For manufacturing companies that serve clients all over the world, global payroll data can help them make decisions on where to expand production facilities. By examining the total compensation cost for employees in various geographies and comparing it to revenue and efficiency data, organizations can determine the most strategic locations in the world to grow their businesses.
Access to global payroll data also helps organizations model their growth plan in accordance with their strategic plan. For instance, by combining total compensation and employer liability costs, and measuring the total against anticipated gains in a specific geography, organizations can assess whether the investment to grow in a certain area aligns with their long-term financial goals.
When organizations can analyze data such as total compensation cost, workforce spend, and the number of direct and contingent employees in different regions, they can pinpoint the specific effects of these factors on other aspects of their business, including turnover, staff and work environment. The key to maximizing the potential of global payroll data lies in companies’ ability to tap into it.
How to make the most of global payroll data
Capturing and interpreting global payroll analytics can be daunting amid the nuances of global payroll and contingent labor. And compiling financial metrics from disparate sources makes creating accurate, timely reports an arduous undertaking.
A centralized global payroll partner with expertise in managing these challenges can help. With solutions for integrating processes to deliver total workforce analytics, a global payroll partner can support companies that are integrating labor and payroll data into a centralized system of record by providing:
- A global data structure that manages payroll and labor costs globally
- Tools and processes expressly created to integrate with organizations’ existing information systems
- A compliance framework that facilitates adherence to regulatory requirements
A centralized global payroll partner should help manage global payroll data efficiently and economically, and offer organizations rapid, easy access to the essential reports needed for making strategic decisions without losing valuable time-consolidating metrics.