We live in a fast-paced world, where geography is no longer a barrier to prompt and effective service delivery. Social media has heightened user expectations of instant communication and collaboration, and data is fuelling business insight.
Nowhere are these changes more apparent than in the world of global mobility, where by definition instant worldwide access to information and service via mobile platforms is critical.
As companies grow and become more global in scope, employment issues become more complex.
Given this, compliance – be it tax, legal or data security – is a hot topic.
Nearly four-fifths (79%) of respondents in a recent global mobility survey said their company’s focus on compliance had increased substantially over the past two years.
A successful global mobility programme requires businesses to strike a balance between competitive compensation and cost control, always taking care to have effective policies and procedures for regulatory compliance.
Contracts cannot be planned, let alone begun, without addressing compliance issues first.
Understanding the true tax, social security and compliance cost burdens of a job before finalising the bid will help to make sure profitability is key in any decision to move forward.
Early involvement with the appropriate mobility, finance and human resources teams will also help to minimise, rather than increase, the cost burden.
Linked to this is the need to properly track time spent overseas.
Exceeding the agreed number of days or other non-compliant presence can have costly tax implications in th host country.
In order to have a successful global mobility programme, companies need to know all of the burdens they will face when assigning workers.
This means they need to know which employees are the most cost-effective to use and how to minimise ongoing compliance costs.
They also need to be alert to tax trigger points and understand how and when compliance is due in the host location.
So imagine your relief when we tell you there is a tool that can help you manage all of this.
Working alongside your existing software, where appropriate, our solution is bespoke to every client.
We use the data received to manage global payrolls and compliance in approximately 80 countries worldwide on a monthly basis.
Clients can access the interactive dashboard technology on a real-time basis to identify travelling employees who trigger compliance risk for themselves or for the company.
The tool can keep track of tax reporting and withholding obligations and a range of other accounting requirements on an easy-to-view basis
It can also be used to understand burdens at the bid stage, so there are no nasty surprises later.