More than 50 years ago, Bob Dylan coined the phrase with his musical hit, “The Times They Are A-Changin’.” I’m sure Dylan had no idea of the changes that were ahead, nor how quickly they would happen. He certainly had no interest in global payroll processing, or that it would not change with the world for years to come. Never the less, the phrase “The times they are a-changin’” now holds true for Global Payroll, and in a big way.
To provide a little background, for years there really wasn’t a lot that changed in the business of processing global payroll. In the 1970s, companies would use local accounting firms to process their payrolls. This practice remained the same until the 1990s when technology allowed these local companies to process payroll on PCs.
The ‘aggregator model’ was then introduced at the start of the 21st century. This change to the ‘aggregator’ provided a little relief with the capability to gather the data from various countries and provide access to the global data in one system. What didn’t change over time is the dependence on In-Country Providers (ICPs) to process the gross-to-net calculation. So in reality, the ‘aggregator’ became like applying duct tape to a leaky faucet – it’s a good ‘fix’ and will work, but it’s not what you want or need as a long-term solution.
As long as companies have to rely on ICPs to process the gross-to-net calculations, global payroll will remain fragmented. If you have a global footprint in 15 countries, you will likely have 15 ICPs and have to deal with multiple companies and people. There is also the added challenge of working through time zones and language barriers. What if there was a better way? Well… there is. And that way is through iiPay.
Since the beginning of iiPay’s existence, we have been focused on improving global payroll by harnessing technology to improve our clients’ bottom line and improving the lives of payroll practitioners. Today, we are the only global payroll provider with technology that calculates gross-to-net payrolls in multiple countries, eliminating the dependence on ICPs. Our model promotes one vendor, one contact, and one database for all payroll details, seamlessly integrating to HCM solutions, and allowing for analytical reporting. We tailor our solution to the needs of the client providing the flexibility and scalability companies are looking for, and should expect in today’s world.
The times they are a changin’
When Dylan sang these lyrics, I doubt he had any idea just how quickly the times were about to change. It can apply to so many areas of life, but think about the status of your global payroll.
“Come gather ’round people
Wherever you roam
And admit that the waters
Around you have grown
And accept it that soon
You’ll be drenched to the bone
If your time to you is worth savin’
Then you better start swimmin’ or you’ll sink like a stone
For the times they are a-changin’”
– Bob Dylan
With all the ways ‘the times they are a-changin’,’ do you find that nothing has changed with the way your global payroll is processed? If so, and “your time to you is worth savin’,’” then it’s definitely time to have a review and see how “the waters around you have grown.”
If you would like additional details about iiPay’s global payroll solution, please feel free to contact your local iiPay team member.
