Power from payroll for the financial services industry
How ADP’s payroll can drive efficiencies, deliver smart reporting and help ensure compliance
Respond to change quicker while growing your financial services business
As you probably discovered since the COVID-19 pandemic, gone are the days when payroll is merely a back-office function. The spotlight is on payroll like never before. However, with ADP’s global payroll solutions, payroll can become a strategic asset to your financial services organisation, helping you:
- Surface data analytics and workforce reporting to inform your business strategy
- Stay compliant with tax and other regulations wherever you’re headquartered
- Streamline payroll and HR operations, generating cost savings and greater operating efficiencies
How ADP helped Standard Chartered bank take payroll to the next level
How ADP fixed PayPal’s global payroll, fast
99.9% of our employees are now paid on ADP, and our payroll problems are at an all-time low … Our recent employee survey saw significant improvement.
Traci Memmott,
Global Head of Payroll
PayPal
How global payroll helps you scale at speed
We live and breathe payroll, carrying out research to better understand how to help our customers. Our 2022 survey1 highlighted that what’s needed more than ever is an efficient, streamlined global payroll solution that can scale quickly to help financial services companies like yours enter new markets.
Understanding your pain points
You’re no doubt aware of the need to transform payroll globally, given the following factors:
- Remote and flexible working is now mainstream - but 56% of companies can’t access reliable data on staff performance or accuracy
- Global tax and employment regulations continue to increase – while 40% of respondents inconsistently track compliance performance worldwide2
- The COVID-19 pandemic ruthlessly exposed staff shortages and inefficient working practices – yet only 46% of respondents have a contingency plan to combat a potential global security breach
So we asked finance and HR executives what aspects of global payroll did they want to improve over the next three years?3 They responded with a wish list.
The wish list for global payroll:
|
Planned improvements |
Global level |
Regional level |
|
Data security |
44% |
44% |
|
Accuracy of employee pay |
36% |
35% |
|
Reporting capabilities |
32% |
33% |
|
Regulatory compliance |
32% |
30% |
|
Timeliness of employee pay |
31% |
31% |
|
Invest in new technology |
31% |
29% |
|
Implement shared services |
28% |
27% |
|
Increased integration with payroll and other business-critical systems |
25% |
26% |
Why ADP’s global payroll solution makes business sense
Our cloud-based platform for global payroll gives your teams visibility of all your processes and data, both locally and globally, leading to the following benefits:4
Staying on top of regulatory compliance
- Compliance fee reduction of 10% (for companies with over 1,000 employees), rising to 50% for smaller firms5
- Detects compliance risks that could potentially trigger penalty fees
Enhancing efficiency via a single, unified platform
- Reduces integration and direct labour costs with automation
- Updates legacy solutions to regenerate saving of around 25% in countries with a large presence (over 1,000 employees), and 50% in countries with a smaller employee presence
- Reduces payroll efforts by 30% and 75% in small and large markets respectively
- Increases agility and speed up decisions with more accessible data
- Improves employee experience for better employee retention, reduced absenteeism, better customer experience and higher revenue
Accessing insights from payroll reporting efficiencies
- Improves staff retention with fewer payroll errors — a 1% decrease in voluntary turnover means significant savings in recruitment and onboarding
- Reduces the number of days spent on reporting by at least 50%
- Delivers insights through a single, simple portal
- Quickly integrates new territories and addresses payroll parity
Discover how ADP Global Payroll can boost your return on investment
We understand that moving across to a global payroll solution requires a serious investment in time and money. That’s why we commissioned Forrester Consulting to carry out an independent Total Economic ImpactTM (TEI) study. They examined the potential return on investment (ROI) for international financial services organisations like yours who use ADP Global Payroll. They discovered the following benefits:
Compliance cost avoidance
$1.8M
Direct cost avoidance
$822.5K
Improved staff retention
$951K
Payroll process efficiency gains
$1.4M – small country
$718.1K – large country
Payroll reporting efficiencies
$147.3K
Considering outsourcing your global payroll?
Three questions to ask a payroll partner
Ask a potential global payroll services provider the following questions:6
- How will this new system improve efficiency across our current payroll operations?
- Has the vendor designed their payroll platform to improve business growth efficiency?
- How will they help our financial services organisation hit the ground running in new markets?
Request a demo
By submitting this form you are informed that ADP may contact you about its products, services, and offers, according to our Privacy statement for Business contacts.
2. As above.
3. As above.
4. Cost of Payroll, ADP, 2022.
5. Cost of Payroll, ADP, 2022.
6. ‘Could inefficient payroll processes hinder your company’s growth plans?’, ADP, 2022.