November 15, 2021
Why employee experience is a crucial part of global payroll - and vice versa
Lano’s global payroll solution: What’s in it for your employees?
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Providing an overall positive employee experience has nowadays turned into an imperative for businesses, especially for those who aspire to be remote-first or go global. Not only is a good employer reputation crucial with regard to talent attraction and retention, but a good employee experience also enhances employee engagement which, in return, boosts employee productivity and reduces absenteeism. If we define employee experience as the entire journey employees take during their time with a company, this means that every touchpoint they have with the organization has an impact on how they experience their work environment.
While employee experience strategies have so far focused on aspects such as remote employee onboarding, other aspects like the impact of creating a positive payroll experience for employees have only recently caught employers’ attention. Before, the top priority in payroll was to make sure to have an operational payroll system up and running - without paying attention to employee experience. To keep up with recent developments, international organizations should opt for a global payroll solution which not only offers an operational tool for the business but which also provides a satisfying employee experience.
In this article, we will look at Lano’s global payroll solution and highlight its perks for employees. But before we dive right into the advantages of simplifying global payroll with Lano, let’s look at why employee experience in payroll is important.
The link between global payroll and employee experience is a two-way street. On one hand, a smooth payroll process with a low error frequency is an essential part of the overall experience an employee has with your company. The better the experience, the higher employee engagement and the better employee productivity. On the other hand, employee experience should also be one of the driving factors when developing a global payroll solution for your business.
By creating a payroll experience for employees, we mean that global payroll solutions don’t just need to be operational and keep the payroll team happy. Instead, they should be up to date with the latest technology and provide employees with the possibility to consult their payroll data wherever and whenever.
In today’s world, digitization plays a major role. Almost everything in our life is digital. As an essential part of every employee’s life, payroll should be no exemption to that. Employee expectations have changed over the last few years and many workers expect to be able to check their personal payroll information online. Even more so when you have a global team.
Another aspect is, of course, communication. Running payroll for a globally distributed team means having to establish efficient communication processes so that every employee knows how to reach out to their payroll manager or to whoever is in charge of their payslip in case there is a payroll error, regardless of his or her location.
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The advantages of a global payroll solution for employers are pretty straightforward: With a solution like Lano, you can simplify your global payroll by connecting your local payroll providers from all over the world and consolidate data for your global workforce in one single platform. Combine this with the fact that we have a network of trusted payroll providers on hand to help you quickly set up local payroll in over 130 countries and you get a good picture of why companies opt for unified global payroll solutions.
But what about your employees? How will Lano’s payroll solution enhance employee experience - and thus boost morale and productivity among the members of your distributed workforce? Here are the main features of Lano’s global payroll solution for your employees.
Once you decide to simplify your global payroll with Lano, your employees will also get access to our platform. After creating their account, they will be able to view their individual payslips online - no matter at what time and no matter where they are. They can also consult their personal job details whenever they want.
Nowadays, closing a bank account with one bank and opening a new account with another is no big deal. However, what can become a real nightmare is redirecting all the financial streams to the new account. With Lano, employees can easily add and update their bank details to ensure their wages are always paid to the right account.
In payroll terms, a good employee experience is equal to accurate payroll processing, with wages and salaries being paid on time and in the right currency. Errors in payroll are mostly due to human errors. Especially when working with different payroll partners, the manual process of adding all the different data sets to the central HCM system increases the likelihood of errors.
Platforms like Lano solve this problem via automated data consolidation. The result: Happier employees who can be sure to receive the right amount of money at the end of the month.
Unfortunately, it is impossible to guarantee 100 percent accuracy in payroll. In case there is a payroll error, it is vital to have procedures and communication channels in place to fix errors in as little time as possible. Particularly for remote employees based in different countries all over the world, it can be difficult to reach out to the right person to report a miscalculation of their pay.
When using Lano, employees, organizations and payroll providers are connected via a direct messaging system which accelerates communication processes and helps fix payroll errors faster. Employees who have spotted an error on their latest pay check can report it immediately and have it corrected in no time.
Global employment comes with several challenges, for employers as well as for employees. Two major aspects which can significantly undermine employee experience with regard to payroll are late payments or fees on international payments. Cross-border payments are usually slow, exchange fees can be astronomic and conversion rates not exactly what one might call fair. But even so, international employees want to be paid on time and in their local currency - without losing a part of their earnings to fees.
Employees whose employers use Lano for their global payroll can be paid via Lano Wallet, a digital wallet which supports free local payments in more than 50 currencies and guarantees speedy transactions.
Having a globally distributed team involves handling large data sets and transferring them between multiple systems. The moment you start managing a global team, your data security requirements increase exponentially. Not only for your company’s benefit but also for the sake of your employees.
Remote employees working for international organizations want their personal data to be secure, especially highly sensitive payroll data. Using Lano to consolidate payroll data for your whole team ensures you meet the high data protection levels you need, hence ensuring your employees their data is secure.
At Lano, we’re all about creating a great global payroll experience for you and your employees. For us, simplifying global payroll for your business means helping you quickly launch payroll in new markets and get consolidated data for your whole team on one single screen by integrating all your local payroll providers with our platform.
But as payroll isn’t just about company needs, we ensure that your employees benefit from the experience as well. Get in touch with us today to learn more about how you can make the payroll experience for you and your team a great one.
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