New Research Reveals Visibility And Transparency Lacking In Payroll, Minimizing Its Business Impact
A recent study conducted by Everest Group, with the support of CloudPay, a global payroll provider, sheds light on the obstacles faced by payroll teams as a result of limited visibility and transparency. The report, titled "Harnessing the Advantages of Integrated Pay Solutions," reveals that 80% of participants surveyed are unable to utilize payroll reporting to make informed decisions, while 45% lack visibility into their payroll operations.
This lack of visibility carries significant consequences, as organizations are unable to deliver accurate and timely payroll, thereby impeding their ability to contribute strategically. Without an optimized payroll solution, organizations miss out on valuable strategic insights that could greatly impact their growth and productivity.
The research, which gathered insights from more than 100 senior leaders in payroll, finance, and HR, also highlights notable geographical disparities in payroll approaches. While the globalized nature of business necessitates a payroll solution that transcends geographical boundaries, only 33% of survey respondents have implemented a unified system. This discrepancy is particularly pronounced in APAC and EMEA, where merely 6% and 27% of businesses, respectively, opt for a global payroll solution, in contrast to 47% in North America.
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