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In today’s world, companies have to go global in order to stay competitive. The race for entering new markets is fiercer than ever and getting access to a global talent pool has turned into an imperative for businesses and organizations of any size. Despite being quite an exciting venture, international business expansion also comes with various challenges such as compliance and getting all the members of your globally distributed team paid on time.
Running payroll in multiple countries is one of the major hurdles organizations face when going global. Different local regulations, different compliance requirements, cultural differences and managing a whole fleet of local payroll providers are just some of the factors that make global payroll a difficult and complex process.
Luckily, there are platforms like Lano which offer businesses a way to simplify their global payroll by automating data flows and consolidating payroll data for the entire team. Interested in knowing more? Then read on as we highlight the different features of Lano’s global payroll solution.
In contrast to HR, payroll systems have struggled to keep up with technological advancement and digitization. The result: In the case of many organizations, multi-country payroll is still a very slow, manual process which largely relies on spreadsheets. What’s more, the payroll process is often fragmented as businesses work with several different local providers from whom they receive large sets of payroll data in various different formats - which then have to be manually entered into the centralized HCM system.
Not only does this entail a high risk for data breach, but it also means that there is more room for errors and that your payroll and HR teams waste valuable time on dull administrative tasks. Plus: With your global payroll data being dispersed on multiple different systems and in various different formats, it is nearly impossible to gain reliable insights into workforce costs and get the information you need for your reporting.
Having a global team requires a global payroll solution which tackles all the challenges that come with multi-country payroll processing. By introducing automated and standardized payroll processes to efficiently consolidate global payroll data, companies can significantly increase the visibility of their data and free up resources to keep focusing on what really matters: growing their business.
Running payroll in multiple countries all over the world is far more complex and challenging than payroll processing in one single country. There are numerous global payroll challenges companies face once they decide to roll out their payroll processing across various geographies. Among the most pressing issues in global payroll which companies need to solve are challenges such as data standardization, consolidation and automation as well as managing multiple service providers and paying remote employees. At Lano, we have developed a solution which allows you to face all these payroll challenges. Here’s what our platform can do for you.
Finding the right payroll provider can be a daunting and time-consuming task - and there is no guarantee that you will end up with a provider that really suits your business’s needs. Therefore, we have built a network of top tier local payroll providers which cover more than 130 countries. Just tell us where you want to set up local payroll and we will put you in touch with the service provider that matches your expectations. With the help of local experts, you will be able to get your payroll running in no time.
We know that each company is individual and that business needs change throughout the global expansion process. Maybe you are only just starting to hire new talent all over the world and need help setting it all up. Or maybe you already have a globally distributed workforce and multiple local payroll providers you are working with. No matter how satisfied you are with their services, managing various vendors in different geographies is hard. That’s why you can easily bring them along and integrate them into the Lano platform. Keep your trusted payroll providers and make managing them easier by communicating with all your partners via Lano’s messaging system.
However, managing your different payroll providers is only half the work that comes with having several service partners. Another, far more challenging task is collecting and consolidating all the payroll data you receive from them at the end of each pay period. Normally, every provider will have their own data format and systems. This means that you then have to gather spreadsheets full of payroll data from each provider and enter it into your central system, a process which is prone to errors. When using Lano’s global payroll solution, you can skip the manual data handling thanks to our data automation flow and directly access all your payroll data in one standardized format.
Chances are that your global workforce is not just made up of full-time employees. With the gig economy on the rise, freelancers and contractors have become an essential part in the daily work of businesses of any size. Depending on the number of remote employees and international freelancers you have to manage, it can be very annoying to have their data stored separately in different systems which makes it hard to keep control of your overall workforce cost. With Lano, you get payroll data for your entire global team on one single screen, including your freelancers and contractors.
So, your payroll provider has wrapped up the payroll process for this pay period and all that’s left for you to do is to issue payments to your employees. Easy, right? Well, not so much when you have a globally distributed team. Cross-border payments are a hurdle faced by many international businesses. Not only because they are slower than usual transactions - which means you will have to allow additional time for the payments to go through - but also because managing exchange rates can be quite a pain in the neck. Not to mention that commission and transaction fees quickly sum up as you regularly issue payments to remote employees all over the world.
With Lano Wallet, you can pay remote employees - and international contractors - in over 170 countries worldwide, with free local payments in 28 different currencies. And if local payments aren’t available for your transaction, we will automatically convert the amount you want to send into the desired currency - at lower exchange rates than those offered by traditional banks. What’s more, you can also use our digital wallet to make payments to your local payroll partners. All they need to do is to send you an invoice via our platform and you can pay them in one single click.
Interested in knowing more about the Lano Wallet? Then check out our overview of the different payment solutions offered by Lano.
There’s more to managing a global team than just processing their payroll correctly. Organizations which operate on an international level usually have a whole stack of different tools to help them manage their globally distributed team - some of them either directly or indirectly linked to payroll processing. However, logging in and out of different softwares can be really annoying - not to mention that it can really interrupt your workflow. Luckily, there is a solution to this as well. The Lano platform allows you to integrate all your favorite workforce management tools into your account.
Making sure your remote team is paid on time is the first step to gain - and retain - their trust. However, in today’s world, timely and accurate payroll isn’t enough. Today, it’s all about employee experience. That’s why all your team members will get a free Lano account where they can visualize their payslips, consult their job details and update their bank information. Read more about how our global payroll solution enhances employee experience in our related blog post.
Whether you already have multiple payroll providers and are looking for a way to consolidate your global payroll or whether you need help setting up local payroll in a new market, our experts are here to help. Get in touch with us today to get a free quote for your global payroll solution.
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