Managing payroll for your remote team
According to Ladders, by the end of 2022, 25% of all professional jobs in North America will be remote. Technological advancements over the last decade have simplified efficiently working remotely. With the world becoming more remote-friendly, every organization must optimize its payroll and payment processes to cater to a global remote workforce.
While technological advancements may have played a significant role in the seamless transition from the conventional system of work to a remote work system, the onus still lies on the organizations to get their global payroll management right.
Good global payroll management is essential for every organization, regardless of its size. Also, getting payroll done accurately and on time is crucial as bad payroll management affects employees’ morale and productivity. In extreme cases, it affects the organization’s reputation and increases the resignation of workers.
Therefore, you can build a world-class remote organization with efficient payroll management with the right information. This article will outline practical methods of managing global payroll for your remote team.
The type of employees in your remote team
Identifying the employment classification of workers in your remote team plays a significant role in approaching payroll management. In addition, identifying the employment types of workers in your remote team will help the organization handle the compliance requirements regarding payroll.
The utilization of productivity tracking systems
Flexibility with time and work schedule is one of the perks of working remotely. However, there is a possibility of a lack of accountability that follows if policies to measure productivity and track work hours and input are not established. In addition, when work hours are not reported accurately, it leads to payroll management issues. Therefore, organizations should have systems to track employees’ productivity and work hours to reduce timekeeping fraud and ensure straightforward payroll management.
Using a global payroll platform
Manually managing global payroll is time-consuming, challenging, and stressful. Having to compute the information of every employee manually, especially if they are distributed in different countries, is strenuous.
A global payroll system enables you to automate payroll processes with no hassles. It takes the burden of managing and processing payroll for your employees regardless of the organization’s size.
Skuad as your global payroll platform
Skuad is a global HR platform that enables organizations to hire and onboard contractors and full-time employees in over 160 countries without setting up a subsidiary. The Skuad platform also simplifies payroll management for organizations.
With Skuad’s global HR platform, organizations can manage, pay, and automate payroll with just a few clicks.
Here are some of the features that employers can perform with Skuad’s payroll platform.
Pay employees in multiple currencies
Whether your employees are in California or Singapore, you can make accurate and timely payments in multiple currencies and the currency of their choice.
Put payroll on auto-pilot
With Skuad’s payroll platform, you can manage and automate payroll for your employees wherever they are. In addition, Skuad’s platform enables you to administer benefits and manage taxes and insurance with just a few clicks.
Access invoices and payslips with one click
Skuad enables you to track all payslips and invoices with just one click on Skuad’s Global HR platform.
Avoid exorbitant exchange rates.
Skuad grants you access to the best exchange rates in any currency for your payments and allows you to save on extra fee charges.
Remote work is here to stay, and paying your global remote team can be done effortlessly. With a global payroll platform like Skuad, you can implement efficient global payroll management for your remote team, vital to scaling business operations.
To know more about Skuad’s global payroll, contact Skuad today.