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Lano has been listed as Representative Vendor in the 2021 Gartner Market Guide for Multicountry Payroll Solutions. We believe this is a powerful step forward in our mission to build the infrastructure for the future of work by offering businesses everything they need to successfully manage and pay their global teams.
The Gartner Market Guides provide business leaders with strategic insights into emerging markets in order to enable them to make well-informed business decisions. In this year’s report on multicountry payroll solutions, the Gartner analysts
highlight key market trends
give an overview of available global payroll solutions and
offer recommendations as to how to approach multicountry payroll transformation
According to the report, the latter has seen a significant increase in investment over the last year as organizations attempt to root out the inefficiencies in global payroll operations exposed by the COVID-19 pandemic.
Given the increased interest in multicountry payroll solutions, we will take a look at the global payroll landscape in 2021. Below, we have summarized some of the Gartner report’s key findings and provided details on how Lano’s global payroll solution helps you follow the latest payroll trends.
Gartner’s latest Market Guide confirms that the interest in global payroll has significantly risen ever since the outbreak of COVID-19. According to the analysts, payroll-related interactions between Gartner experts and organizations have risen by 13% from 2019 to 2020.
The reason behind this: The coronavirus pandemic has revealed a number of inefficiencies in multicountry payroll processes as well as a general lack of consolidated real-time payroll data which have their cause in traditional “one payroll vendor per country” models.
Yet, in the post-pandemic recovery, organizations have expressed a growing need for consolidated global payroll data to make better strategic decisions for the future. Hence the augmented interest shown by business leaders and decision makers to unify their multicountry payroll.
The Gartner report identifies several trends that can currently be observed in global payroll management. One of them is the increased importance of integrating payroll solutions with other workforce management tools, both on the client and the vendor side.
It also becomes more frequent for vendors to combine multicountry payroll solutions with PEO services or Fintech features in response to the rise in remote work and the growing need for businesses to tap into a global talent pool. We are proud to announce that the Gartner Market Guide names Lano a Representative Vendor in this category.
Another trend among vendors is an increasing overlap between software solutions and managed payroll services which aims at addressing a larger range of customer needs and preferences. While payroll business process outsourcing (BPO) providers are rebuilding their platforms to enhance user experience, reporting and integration, software vendors are expanding their offer to include managed services.
As for the future, the Gartner experts identify several emerging trends in global payroll processing, including hyperautomation - which could be used for analyzing sick leave and overtime patterns among others - and Flexible Earned Wage Access (FEWA). The demand for alternative payment methods such as digital wallets is also expected to increase, along with the need for detailed reporting for benchmarking purposes.
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In addition to providing a detailed analysis of the direction in which the multicountry payroll market is headed, Gartner also looked at the main drivers for organizations to invest in the transformation of their multicountry payroll.
According to the analysts, the prime reasons for investments in global payroll solutions are to improve overall process efficiency via automation, to streamline payroll processes across geographies and to improve data visibility and reporting. Enhancing compliance and system usability for payroll teams and consolidating multiple payroll vendors are also on the list.
Being featured as a Representative Vendor in Gartner’s 2021 Market Guide for Multicountry Payroll Solutions is an important step forward in Lano’s mission to build the infrastructure for the future of work. We’re pleased to see that the global payroll trends which have been identified by the Gartner analysts are in line with what we’re striving for with our global payroll solution.
Lano clients get access to a network of experienced local payroll experts who can help speed up your payroll set-up process in over 130 countries while ensuring that all compliance requirements are met. Our software solution allows organizations to simplify their global payroll by integrating all their local payroll providers - Lano partners as well as their existing providers - into one smart tool. Thanks to automated data flows between the different vendors and the Lano plattform, our customers are able to see payroll data for their globally distributed team on one single screen - including freelancers and contractors.
What’s more, Lano already offers a fully functional digital wallet which can be used to issue international payments to employees, freelancers, contractors and in-country payroll partners in around 180 countries. With free local payments in over 50 currencies and the best exchange rates around, paying your remote teams has never been easier.
The 2021 Gartner Market Guide for Multicountry Payroll Solutions emphasizes the growing need for unified global payroll solutions in order to overcome the inefficiencies shown by current payroll operation models, such as poor data visibility, low process automation and a lack of standardization. In order to live up to the expectations, future global payroll solutions must allow global organizations to consolidate their payroll processes to maximize compliance, efficiency and transparency.
As a 2021 Gartner Representative Vendor, Lano offers businesses a multicountry payroll solution which reflects current and future payroll needs. Get in touch with us today to start simplifying your global payroll.
Gartner, Market Guide for Multicountry Payroll Solutions, Ranadip Chandra, Ron Hanscome, Sam Grinter, John Kostoulas, 2 August 2021
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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