Multi Country Payroll Outsourcing (MCPO) is at a tipping point in Asia Pacific. This is a result of more Multi-National Corporations (MNCs) expanding their presence into the region. They’re looking for a scalable solution that gives them control, compliance, cost efficiency and provides increased visibility into all of their HR and payroll processes. We’ve explored these benefits in past articles however there are other benefits that are equally as important, namely the employee experience. A successful implementation can contribute to employee satisfaction, engagement, retention and improving your employer brand. In this article we’ll discuss how that’s achieved.
Managing your payroll so that employees know they can rely upon you to pay them the right amount, and on time, will contribute to employee satisfaction. Although remuneration is not the sole link to employee satisfaction, getting accurately paid on time, every time certainly helps.
Another aspect where MCPO contributes to employee satisfaction is when workers can access their payslips through Employee Self-Service (ESS) portals. Having this information easily accessible at any time is big step forward for organisations that haven’t had this functionality before.
An employee that has a sense of security in their job and trusts their employer is an engaged employee. They feel they’re being paid fairly and are receiving all of their entitlements. Those who are engaged are more purposeful and productive for your business, which is a win-win for both parties.
There are circumstances throughout the Asia Pacific where payroll is still completed manually on paper or via Excel spreadsheets. MCPO introduces new technology that streamlines processes that may have taken hours or days to complete, such as:
Giving employees the ability to update their own payroll information, either via an online employee portal or mobile phone application, provides a sense of ownership. This contributes to employee engagement as you're giving staff some level of control over their personal information. It also alleviates your HR staff, as they are no longer required to manually update all staff details company wide.
Employee satisfaction and engagement contributes to strengthening your employer brand. How? When you treat your employees well, your retention rates will increase, as the level of trust that is placed in your organisation grows. Your employees will become advocates of your brand. By providing a sense of stability, employees will be encouraged to share positive comments about your organisation with their wider network.
MNCs building a business case to implement MCPO shouldn’t just be thinking about the strategic benefits mentioned at the beginning of this article. Another important benefit to take into account is the positive effect it can have on the overall employee experience. High levels of employee satisfaction, engagement and retention helps develop a strong, motivated workforce. One that will want to contribute to the business’ success as it grows because they know it will also benefit them.
Are you part of an MNC in the Asia Pacific wanting to learn more about Multi-Country Payroll Outsourcing? Download a free copy of our white paper ‘Multi-Country Payroll Outsourcing: A Must-check Buffet for MNCs in Asia Pacific’. It will provide valuable insight into: