For companies looking to expand internationally, keeping most operations in-house may be a tempting prospect. After all, you’ve assembled a great team that has helped your company thrive in your home market – why wouldn’t they be capable of taking care of your business’s needs during international expansion, too?
Some businesses may be able to stick with an in-house team for many aspects of their overseas growth. However, many more find that outsourcing is the way forward in a new market, particularly when it comes to global payroll. A good global payroll outsourcer will have in-depth knowledge of the requirements of your expansion location and will simplify the process of expanding your business abroad. Here are some of the most important things to consider when outsourcing global payroll, so you can compensate your international employees efficiently and experience successful expansion.
Choose the Right Outsourcer
First and foremost, you need to ensure that the global payroll outsourcer you choose has the technical skills and local expertise to do a quality job. Just as you wouldn’t partner with a supplier without performing the necessary due diligence, you must research the payroll provider in question to see if they are the right candidate.
Provide the Right Information
Your payroll is much more likely to run smoothly if you tell your outsourcer everything they need to know from the outset. Communicate your expectations and objectives so that you are on the same page as your outsourcer. These expectations should be measurable and can include everything from accuracy, to query response times, to the kinds of reports you want to receive about your global payroll. You should also find out what HR data your outsourcer needs – it may be more extensive than what’s required for your payroll at home.
Perform Regular Reviews
Just as you would hold appraisals for your employees, it’s important to regularly assess your outsourcer’s performance. Your business is constantly evolving during international market expansion, so your outsourcer must remain agile. Your reviews and check-ins will show any improvements or gaps in performance, ultimately revealing whether the outsourcer is providing value to your business.
Keep It Consistent
Ask if your outsourcer can utilise the same staff members through every step of your global payroll implementation. Having the same people as the key players in your global payroll throughout the process will allow for your outsourcers to develop an in-depth understanding of your business, and it will foster professional relationships.
Your business can save a significant amount of time, money and energy by outsourcing global payroll, as long as the process is handled by a capable expert in the requirements of your target market. Keep these tips in mind when setting up your global payroll, and you’ll be able to manage any potential challenges that could arise in the implementation of your payroll, so you can experience seamless global growth.
Galvin International is an international business expansion concierge service that helps companies through every stage of overseas growth. To learn how they can help you outsource your global payroll or assist with any other aspect of expansion, get in touch.