According to a Harvard Business Review survey, 63% of international organisations plan to expand their global presence, and 37% plan to enter new emerging markets within the next 12 months.
Payroll is challenging and complex, especially for those organisations operating in multiple emerging markets. By understanding the uniqueness of payroll management, organisations can navigate these challenges more effectively, adapt their approach, scale their delivery model, and ensure compliance with local laws.
There are numerous challenges when processing global payroll, especially in emerging markets however, with correct planning, they can be navigated to provide a seamless experience for both the organisation and its employees.
Working with an outsourced payroll provider removes the challenges and streamlines the process allowing the organisation to focus on its core activities.
- Payroll compliance
Emerging markets often have complex tax laws and labour regulations that vary in jurisdictions. Organisations need to be aware of these regulations to avoid financial and regulatory penalties. Outsourcing payroll can be the best way to navigate these regulations, ensure compliance, and minimize risks.
- Transparency and visibility
Data transparency and detailed insights into workforce costs are crucial for strategic decision-making. Emerging economies usually have limited access to technology infrastructure and data security. Payroll providers can support organisations with solutions to manage data transparently by providing cloud-based solutions with robust security and reporting.
- Multi currencies and Cross border payments
Paying employees in local currency and ensuring funds reach end beneficiaries with minimal disruption is challenging for many organisations in emerging markets. Organisations must ensure salaries are received in full, on time, and seamlessly, but high transaction costs, fees, and delays will not only impact an organisation’s cost structure but also create friction with employees. Organisations can mitigate their cross-border payment costs by working with a specialised emerging market payment provider.
IPT Africa’s cloud-based technology provides you access to over 70 emerging market currencies, real-time transparent pricing, and zero-cost onward payments.
Emerging markets present a significant opportunity for organisations to expand their operations and create new revenue streams. These markets offer many talents and resources, and organisations can leverage these to drive growth and innovation.
Payroll and payment outsourcing companies offer expertise in local payroll regulations and help businesses navigate the complexities of international payroll management.
At IPT Africa, we believe digital payments to be the engine that will drive growth in emerging markets, creating economic opportunities and supporting local economies.
Our integrated payment platform gives you real-time transparent rates across 100+ emerging markets. Our technology ensures payments are credited to end beneficiaries with the total amount with zero transaction fee. We reduce the stress of operating in emerging markets and provide security and monitoring solutions to ensure your payments remain fully compliant.
Contact us for a demo at [email protected]