Once you have employees across multiple countries, global payroll processing and reporting gets more complicated. Your global payroll provider might ease the burden by managing in-country regulations and deadlines, but do they also make you sign a multi-year contract? Here is what you should know before you sign on the dotted line.
The truth is, you don’t know what you don’t know – so if a provider promises to manage all of the “difficult” details in each country and handle compliance, it sounds too good to be true. But a multi-year contract can lock you in and as your business grows, you may not be able to make changes. There can also be unfair termination options even if you are unsatisfied with the service being provided. While locking in the “best” rate for multiple years might sound good at the time, you can quickly regret that decision when things go wrong.
Global payroll is evolving as the businesses expand all over the world and technology is rapidly changing. If you are locked into a contract with a company that is not investing in technology or service enhancements, your global payroll process can become outdated and lack service or new advancements that other providers offer as standard practice.
If a company is asking you to sign a multi-year global payroll contract it’s time to look somewhere else. Why do you need a contract if the service is so great? Wouldn’t you stay without the contract if you were happy with the capabilities and service? Your global payroll should be seamless and provide customized reporting, in-country experts, and scalable solutions to meet the needs for your organization.
Author – Blue Marble Payroll