payroll Archives | Novative https://www.novative.com/en/tag/payroll/ Global HR & Payroll Solutions Mon, 20 Feb 2023 15:58:56 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.1 https://www.novative.com/wp-content/uploads/2018/10/A_novative.png payroll Archives | Novative https://www.novative.com/en/tag/payroll/ 32 32 The 5 Most Common Myths About Payroll Outsourcing https://www.novative.com/en/myths-payroll-outsourcing/ Mon, 16 Jan 2023 16:11:23 +0000 https://www.novative.com/?p=7399 Linkedin Twitter Facebook Introduction Paying your employees is not just about paying wages at the end of the month. Today’s payroll processes can include dealing with medical benefits, employee relations issues to submitting payroll taxes. That is why 12% of companies fully outsourced their payroll in 2019 compared to 8% in 2015. During our journey…

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Introduction

Paying your employees is not just about paying wages at the end of the month. Today’s payroll processes can include dealing with medical benefits, employee relations issues to submitting payroll taxes. That is why 12% of companies fully outsourced their payroll in 2019 compared to 8% in 2015.

During our journey through sponsoring industry-specific events and our conversations with attendees, we were being asked similar questions and myths about outsourcing payroll. Attendees were amazed that these myths are very outdated, and they could benefit from outsourcing their payroll.

In this article, we will share with you some of the misconceptions about payroll outsourcing.

Paying your employees is not just about paying wages at the end of the month. Today’s payroll processes can include dealing with medical benefits, employee relations issues to submitting payroll taxes. That is why 12% of companies fully outsourced their payroll in 2019 compared to 8% in 2015.

During our journey through sponsoring industry-specific events and our conversations with attendees, we were being asked similar questions and myths about outsourcing payroll. Attendees were amazed that these myths are very outdated, and they could benefit from outsourcing their payroll.

In this article, we will share with you some of the misconceptions about payroll outsourcing.

Myth 1: The Entire Payroll Process Must Be Outsourced

This was one of the biggest misconceptions that we came across. Payroll outsourcing does not mean outsourcing the whole process. You can search for a payroll provider that has flexible payroll packages.

Novative’s payroll outsourcing services provides you with flexible and customized options. You can choose only the services that meet your needs, and you will only be charged for those services.

Myth 1: The Entire Payroll Process Must Be Outsourced

This was one of the biggest misconceptions that we came across. Payroll outsourcing does not mean outsourcing the whole process. You can search for a payroll provider that has flexible payroll packages.

Novative’s payroll outsourcing services provides you with flexible and customized options. You can choose only the services that meet your needs, and you will only be charged for those services.

Myth 2: Payroll Outsourcing Is More Expensive Than Managing It In-house

Payroll outsourcing saves you from all the costs associated with the in-house team such as recruitment or training. You will also cut the costs related to the payroll software such as IT support or maintenance.

Of course, choosing between outsourced and in-house payroll depends on many factors specific to your company. You can consult our guide to find out which way is best for your business.

Novative experts will never need to be covered for holidays, and you will not have the cost of training. Time is money, and that is what we will give your company back so you can concentrate on revenue-generating activities and growing the company.

Save money with payroll outsourcing

Myth 2: Payroll Outsourcing Is More Expensive Than Managing It In-house

Payroll outsourcing saves you from all the costs associated with the in-house team such as recruitment or training. You will also cut the costs related to the payroll software such as IT support or maintenance.

Of course, choosing between outsourced and in-house payroll depends on many factors specific to your company. You can consult our guide to find out which way is best for your business.

Novative experts will never need to be covered for holidays, and you will not have the cost of training. Time is money, and that is what we will give your company back so you can concentrate on revenue-generating activities and growing the company.

Save money with payroll outsourcing

Myth 3: It’s Too Much Hassle to Transition to Payroll Outsourcing

Companies are worried that payroll outsourcing will pose challenges. However, it is simply a myth as a good outsourced payroll service provider will absorb any transitional pain.

You might expect implementation to be a time-consuming process. It is not always the case! With cloud-based technology and expert implementation teams, Novative ensures that the transition is quick and smooth, causing minimum disruption to your organisation. Now that the transition is no longer an issue, think about all the positive aspects of payroll outsourcing. You’ll ensure accurate, compliant, on-time payroll every month.

Myth 3: It’s Too Much Hassle to Transition to Payroll Outsourcing

Companies are worried that payroll outsourcing will pose challenges. However, it is simply a myth as a good outsourced payroll service provider will absorb any transitional pain.

You might expect implementation to be a time-consuming process. It is not always the case! With cloud-based technology and expert implementation teams, Novative ensures that the transition is quick and smooth, causing minimum disruption to your organisation. Now that the transition is no longer an issue, think about all the positive aspects of payroll outsourcing. You’ll ensure accurate, compliant, on-time payroll every month.

Myth 4: Payroll Outsourcing Will Lead to a Loss of Control and Complicated Access to Data

Another common myth is that considering a payroll outsourcing solution will lead to a loss of financial control and leave them out of the loop. On the contrary, a payroll outsourcing company provides a flexible, easily accessible reporting system that clients can use themselves.

Considering Novative as a partner ensures you do not lose any control over your payroll processes. We are there to enhance your capabilities, not take them over. You will be provided with a dedicated expert and a powerful unique platform where you will be able to see all data related to your payroll.

Myth 4: Payroll Outsourcing Will Lead to a Loss of Control and Complicated Access to Data

Another common myth is that considering a payroll outsourcing solution will lead to a loss of financial control and leave them out of the loop. On the contrary, a payroll outsourcing company provides a flexible, easily accessible reporting system that clients can use themselves.

Considering Novative as a partner ensures you do not lose any control over your payroll processes. We are there to enhance your capabilities, not take them over. You will be provided with a dedicated expert and a powerful unique platform where you will be able to see all data related to your payroll.

Myth 5: Data security is not guaranteed with payroll outsourcing

Many organisations worry that choosing a payroll outsourcing company puts their data at risk. This is because they are concerned about giving someone access to sensitive data, which could expose them to data breaches or loss. This is a normal fear. However, your data is likely to be safer in an outsourced environment. Why ? Because most third-party payroll providers invest heavily in the technology and systems they use to ensure data security and disaster recovery. You just have to look for the right payroll outsourcing provider that considers your data security a top priority.

Myth 5: Data security is not guaranteed with payroll outsourcing

Many organisations worry that choosing a payroll outsourcing company puts their data at risk. This is because they are concerned about giving someone access to sensitive data, which could expose them to data breaches or loss. This is a normal fear. However, your data is likely to be safer in an outsourced environment. Why ? Because most third-party payroll providers invest heavily in the technology and systems they use to ensure data security and disaster recovery. You just have to look for the right payroll outsourcing provider that considers your data security a top priority.

We attempted to debunk and dispel some of the myths surrounding payroll outsourcing in this article. And to ensure that payroll outsourcing certainly has a lot of advantages and can help you through the most time-consuming administrative tasks.

If you get the right payroll provider, you will spend less time thinking about processing your payroll and more time focusing on running and growing your business.

Payroll outsourcing service
I want to outscource my payroll process

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]]> Global Payroll RFP | Best Practices for Creating a Successful RFP https://www.novative.com/en/global-payroll-rfp/ Mon, 21 Sep 2020 09:53:36 +0000 https://www.novative.com/?p=13268 The post Global Payroll RFP | Best Practices for Creating a Successful RFP appeared first on Novative.

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Creating a Successful RFP

A request for proposal (RFP) is usually one of the first steps for an organisation changing its Global payroll strategy and choosing a new provider.

Surprisingly many organisations do not give the process the correct consideration, and use previous RFPs or rush the requirements. These kinds of actions, do not get the project off to a good start and the vendors will not be able to provide a solution that will cover all the needs of the organisation.

Therefore, it is vital to produce an RFP that covers all the information that is required to offer your organisation the correct Global Payroll solution. 

In this post, we look at 4 best practices in creating the perfect RFP for Global payroll.

Create a clear internal project guideline

To execute a successful RFP, it is a good idea to outline an internal project guideline. Outline who needs to be involved in the project from the get-go, therefore, colleagues can prepare for the process. A clear action plan of who needs to be involved in the question and requirement process of the RFP, how the RFP will be published, who will receive the proposals from vendors, how the proposals will be scored and evaluated, who will be involved in reviewing and responding to the proposals. Put time frames on the process will help keep the project together and moving along.

Your Unique Payroll Requirements

Every organisation has unique payroll requirements. When drafting the questions for your RFP, make sure it is aimed at the vendor solving your specific payroll needs. The aim of the RFP is not to ask for general information from your vendors, this should have been covered previously. Structure your RFP to communicate your Global payroll priorities. This will help the vendors respond with the best solution for your organisation.

Draft Your Questions Wisely

Once you have prioritized your payroll needs, it is important that you draft your question in a way that will help you understand how the vendor will solve your needs. Stay away from ‘yes’ or ‘no’ type questions (unless really necessary). This will give you minimal insight into how you will get the best out of the solution. 

Global Payroll RFPBasic Structure Guideline for RFP

  • Project Overview

Give a brief introduction to the project itself so vendors know right away if it’s something their services can meet.

  • Company Background

A brief blurb about your company – not too long.

  • Project Goal

Clearly identify what you hope to accomplish from your Global payroll.

  • Project Scope

The details of the project are essential in an RFP. In the same way, you don’t want to use vague questions, a vague project scope won’t help you find the right vendor either.

  • Schedule

It’s important to give an idea of the go-live date. This will give vendors the opportunity to let you know if they can achieve the time frames you expect.

  • Possible Roadblocks

Be honest about the ongoing issue and potential problems. One of Novative’s core values is mutual trust. In order to achieve this everyone needs to be honest right from the beginning. It will also help eliminate any vendors who think they cannot solve these potential issues.

  • Budget Constraints

It’s also important to be upfront with your budget too. The more you can eliminate surprises, the better for all parties involved.

  • What You’re Looking For in a Global Payroll Partner

Another way to reduce or eliminate surprises is to explain exactly what you’re looking for in a Global payroll partner.

Outline what is important to your project (i.e., time, budget, etc.) and show how you’ll be evaluating their proposals based on that.

Conclusion

The prospect of composing an RFP can be daunting. However, the process can give clear insight to your internal team about what is expecting from the project and what goals should be achieved. Following these simple tips should give you the start that you need in constructing and executing a successful RFP.

Learn More About Novative Global Payroll Services

Click Here

The post Global Payroll RFP | Best Practices for Creating a Successful RFP appeared first on Novative.

]]> The 5 Advantages of One Global Payroll Provider https://www.novative.com/en/the-5-advantages-of-one-global-payroll-provider/ Mon, 14 Sep 2020 09:30:57 +0000 https://www.novative.com/?p=12995 the advantages of global payroll provider Linkedin Twitter Facebook Introduction – the advantage of global payroll provider According to the 2022 Gartner Market Guide for Multicountry Payroll Solutions, there’s a growing interest in options that facilitate global payroll. In recent years, new technology has enabled our world to become more connected on a global scale.…

The post The 5 Advantages of One Global Payroll Provider appeared first on Novative.

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the advantages of global payroll provider

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Introduction - the advantage of global payroll provider

According to the 2022 Gartner Market Guide for Multicountry Payroll Solutions, there’s a growing interest in options that facilitate global payroll.

In recent years, new technology has enabled our world to become more connected on a global scale. Businesses have taken advantage of this and expanded into new countries. Expansion for any organisation is an exciting time, and each country offers its unique positives for business.

Though there are advantages, like with any foreign expansion, there are numerous payroll and HR concerns to consider. Generally, employers are held responsible for employee tax withholding, and failing to do so can encompass fines and penalties. Achieving efficiency, effectiveness, and accuracy at an optimum cost would be a challenge for any organisation.

Therefore, outsourcing your global payroll to the right global payroll provider can help you comply with local regulations, keeping your business compliant at all times.

Find out why choosing a single global payroll provider can enable your business to save costs, improve communication, and remain compliant.

One Global Payroll Provider Means One Face to Deal With

Having a different payroll provider in each country of operation results in a large number of contacts. This can easily become confusing and result in an increased workload for your organisation. Many topics require coordination between multiple payroll service providers, as these topics must be integrated across multiple countries.

By only having one global payroll provider, your payroll processes are managed centrally. One contact will take care of all global payroll questions and problems. A new employee in France? A tax issue in the US? One call or email is enough to solve everything within minutes.

This will benefit your entire team, from employees to managers. Everyone always knows who to contact about their payslips and salary inquiries.

One global payroll provider is all you need to manage your pay efficiently, structurally, and transparently.

One Global Payroll Provider for Guaranteed Business Success

Companies with subsidies in different countries or even continents will be separated not only by different locations but also by different time zones. Therefore, it makes it hard to receive urgent information as soon as possible.

Sometimes this can lead to not meeting a deadline and, consequently, cause troubles and possible costs. The same applies when a company hires different payroll providers for different countries. Every provider will follow different processes that you have to be aware of if you want to guarantee a smooth business process.

Outsourcing to a single global payroll provider ensures reliable payroll management, allowing your team to focus on core business tasks. With this solution, you can guarantee the smooth operation and success of your business.

Benefit from Better Data Consolidation

Switching to a single global payroll provider means you no longer have to handle different payroll services, with their own systems and internal processes.

Different payroll providers will offer different HRIS to store your country- and payroll- specific data. This can easily lead to disaster for many companies if they want to update or use the data to receive valuable insights for reports. Data cannot be transferred or updated automatically in all systems at the same time. 

Therefore, manual processes will take up a significant amount of time. Also, the different systems do not allow comparing data from one country with another. The data first has to be downloaded and displayed within a separate programme. This all makes centralised management of payroll impossible.

One global payroll provider will obscure all these issues. You only need to update one HRIS, as your data is securely stored in one system for all subsidiaries worldwide. This allows you to easily access your data, gain data insights, and compare each subsidiary with another.

Take Control of Your Payroll Expenses

Different global payroll providers mean different bills that must be paid on time. This entails an increased workload for the accounting department and more payment conditions they have to be aware of.

By assigning your global payroll to only one provider, you can easily control costs. Your processes and data streams are consolidated and automated. Your accounting department has to manage and oversee only one payroll provider for all payroll costs. Stop fearing hidden costs and start enjoying the global payroll.

Eliminate Hidden Payroll Costs with One Global Payroll Provider

Payroll outsourcing eliminates all of the costs associated with keeping an in-house payroll team, such as recruitment and training. Additionally, consider how much time your managers spend checking and reviewing payroll instead of focusing on growth.

Another hidden cost is the impact of failing to comply with regulations. As an employer, you may not be aware of an employee’s country’s rules and regulations in terms of payroll.

According to the IRS has estimated that around one-third of employers make a payroll mistake in any given year, collecting nearly $7 billion in penalties for 2021.

With a single global payroll provider, your entire global payroll process will be covered with complete transparency, uncovering hidden costs.

Choose the right global payroll provider.

Conclusion - Payroll Trends 2023

In conclusion, having only one payroll provider will most definitely simplify the life of your business and that of your payroll and HR professionals. Expect streamlined communication processes and fewer back-and-forth emails. 

With the help of the right technology, payroll can be completed accurately and effectively, while ensuring timely completion. Novative Global Payroll Services offer a solution to simplify the complexities of payroll, providing flexibility, efficiency, automation, and maintenance.

Compliance is a significant benefit of AI-based tools. Payroll regulations frequently change due to constant market fluctuations, unstable economies, recessions, and other factors. AI enables the Payroll Software to automatically update the rules and ensure compliance.

Introduction - the advantage of global payroll provider

According to the 2022 Gartner Market Guide for Multicountry Payroll Solutions, there’s a growing interest in options that facilitate global payroll.

In recent years, new technology has enabled our world to become more connected on a global scale. Businesses have taken advantage of this and expanded into new countries. Expansion for any organisation is an exciting time, and each country offers its unique positives for business. Though there are advantages, like with any foreign expansion, there are numerous payroll and HR concerns to consider. Generally, employers are held responsible for employee tax withholding, and failing to do so can encompass fines and penalties. Achieving efficiency, effectiveness, and accuracy at an optimum cost would be a challenge for any organisation.

Therefore, outsourcing your global payroll to the right global payroll provider can help you comply with local regulations, keeping your business compliant at all times.

Find out why choosing a single global payroll provider can enable your business to save costs, improve communication, and remain compliant.

One Global Payroll Provider Means One Face to Deal With

Having a different payroll provider in each country of operation results in a large number of contacts. This can easily become confusing and result in an increased workload for your organisation. Many topics require coordination between multiple payroll service providers, as these topics must be integrated across multiple countries. By only having one global payroll provider, your payroll processes are managed centrally. One contact will take care of all global payroll questions and problems. A new employee in France? A tax issue in the US? One call or email is enough to solve everything within minutes. This will benefit your entire team, from employees to managers. Everyone always knows who to contact about their payslips and salary inquiries. One global payroll provider is all you need to manage your pay efficiently, structurally, and transparently.

One Global Payroll Provider for Guaranteed Business Success

Companies with subsidies in different countries or even continents will be separated not only by different locations but also by different time zones. Therefore, it makes it hard to receive urgent information as soon as possible.

Sometimes this can lead to not meeting a deadline and, consequently, cause troubles and possible costs. The same applies when a company hires different payroll providers for different countries. Every provider will follow different processes that you have to be aware of if you want to guarantee a smooth business process.

Outsourcing to a single global payroll provider ensures reliable payroll management, allowing your team to focus on core business tasks. With this solution, you can guarantee the smooth operation and success of your business.

Benefit from Better Data Consolidation

Switching to a single global payroll provider means you no longer have to handle different payroll services, with their own systems and internal processes.

Different payroll providers will offer different HRIS to store your country- and payroll- specific data. This can easily lead to disaster for many companies if they want to update or use the data to receive valuable insights for reports. Data cannot be transferred or updated automatically in all systems at the same time. 

Therefore, manual processes will take up a significant amount of time. Also, the different systems do not allow comparing data from one country with another. The data first has to be downloaded and displayed within a separate programme. This all makes centralised management of payroll impossible.

One global payroll provider will obscure all these issues. You only need to update one HRIS, as your data is securely stored in one system for all subsidiaries worldwide. This allows you to easily access your data, gain data insights, and compare each subsidiary with another.

Take Control of Your Payroll Expenses

Different global payroll providers mean different bills that must be paid on time. This entails an increased workload for the accounting department and more payment conditions they have to be aware of.

By assigning your global payroll to only one provider, you can easily control costs. Your processes and data streams are consolidated and automated. Your accounting department has to manage and oversee only one payroll provider for all payroll costs. Stop fearing hidden costs and start enjoying the global payroll.

Eliminate Hidden Payroll Costs with One Global Payroll Provider

Payroll outsourcing eliminates all of the costs associated with keeping an in-house payroll team, such as recruitment and training. Additionally, consider how much time your managers spend checking and reviewing payroll instead of focusing on growth.

Another hidden cost is the impact of failing to comply with regulations. As an employer, you may not be aware of an employee’s country’s rules and regulations in terms of payroll.

According to the IRS has estimated that around one-third of employers make a payroll mistake in any given year, collecting nearly $7 billion in penalties for 2021.

With a single global payroll provider, your entire global payroll process will be covered with complete transparency, uncovering hidden costs.

Conclusion - Payroll Trends 2023

In conclusion, having only one payroll provider will most definitely simplify the life of your business and that of your payroll and HR professionals. Expect streamlined communication processes and fewer back-and-forth emails. 

With the help of the right technology, payroll can be completed accurately and effectively, while ensuring timely completion. Novative Global Payroll Services offer a solution to simplify the complexities of payroll, providing flexibility, efficiency, automation, and maintenance.

Compliance is a significant benefit of AI-based tools. Payroll regulations frequently change due to constant market fluctuations, unstable economies, recessions, and other factors. AI enables the Payroll Software to automatically update the rules and ensure compliance.

Global Payroll Service

Introduction

According to the 2022 Gartner Market Guide for Multicountry Payroll Solutions, there’s a growing interest in options that facilitate global payroll.

In recent years, new technology has enabled our world to become more connected on a global scale. Businesses have taken advantage of this and expanded into new countries. Expansion for any organisation is an exciting time, and each country offers its unique positives for business. Though there are advantages, like with any foreign expansion, there are numerous payroll and HR concerns to consider. Generally, employers are held responsible for employee tax withholding, and failing to do so can encompass fines and penalties. Achieving efficiency, effectiveness, and accuracy at an optimum cost would be a challenge for any organisation.

Therefore, outsourcing your global payroll to the right global payroll provider can help you comply with local regulations, keeping your business compliant at all times.

Find out why choosing a single global payroll provider can enable your business to save costs, improve communication, and remain compliant.

One Global Payroll Provider Means One Face to Deal With

Having a different payroll provider in each country of operation results in a large number of contacts. This can easily become confusing and result in an increased workload for your organisation. Many topics require coordination between multiple payroll service providers, as these topics must be integrated across multiple countries. By only having one global payroll provider, your payroll processes are managed centrally. One contact will take care of all global payroll questions and problems. A new employee in France? A tax issue in the US? One call or email is enough to solve everything within minutes. This will benefit your entire team, from employees to managers. Everyone always knows who to contact about their payslips and salary inquiries. One global payroll provider is all you need to manage your pay efficiently, structurally, and transparently.

One Global Payroll Provider for Guaranteed Business Success

Companies with subsidies in different countries or even continents will be separated not only by different locations but also by different time zones. Therefore, it makes it hard to receive urgent information as soon as possible.

Sometimes this can lead to not meeting a deadline and, consequently, cause troubles and possible costs. The same applies when a company hires different payroll providers for different countries. Every provider will follow different processes that you have to be aware of if you want to guarantee a smooth business process.

Outsourcing to a single global payroll provider ensures reliable payroll management, allowing your team to focus on core business tasks. With this solution, you can guarantee the smooth operation and success of your business.

Benefit from Better Data Consolidation

Switching to a single global payroll provider means you no longer have to handle different payroll services, with their own systems and internal processes.

Different payroll providers will offer different HRIS to store your country- and payroll- specific data. This can easily lead to disaster for many companies if they want to update or use the data to receive valuable insights for reports. Data cannot be transferred or updated automatically in all systems at the same time. 

Therefore, manual processes will take up a significant amount of time. Also, the different systems do not allow comparing data from one country with another. The data first has to be downloaded and displayed within a separate programme. This all makes centralised management of payroll impossible.

One global payroll provider will obscure all these issues. You only need to update one HRIS, as your data is securely stored in one system for all subsidiaries worldwide. This allows you to easily access your data, gain data insights, and compare each subsidiary with another.

Take Control of Your Payroll Expenses

Different global payroll providers mean different bills that must be paid on time. This entails an increased workload for the accounting department and more payment conditions they have to be aware of.

By assigning your global payroll to only one provider, you can easily control costs. Your processes and data streams are consolidated and automated. Your accounting department has to manage and oversee only one payroll provider for all payroll costs. Stop fearing hidden costs and start enjoying the global payroll.

Eliminate Hidden Payroll Costs with One Global Payroll Provider

Payroll outsourcing eliminates all of the costs associated with keeping an in-house payroll team, such as recruitment and training. Additionally, consider how much time your managers spend checking and reviewing payroll instead of focusing on growth.

Another hidden cost is the impact of failing to comply with regulations. As an employer, you may not be aware of an employee’s country’s rules and regulations in terms of payroll.

According to the IRS has estimated that around one-third of employers make a payroll mistake in any given year, collecting nearly $7 billion in penalties for 2021.

With a single global payroll provider, your entire global payroll process will be covered with complete transparency, uncovering hidden costs.

Conclusion - Payroll Trends 2023

In conclusion, having only one payroll provider will most definitely simplify the life of your business and that of your payroll and HR professionals. Expect streamlined communication processes and fewer back-and-forth emails. 

With the help of the right technology, payroll can be completed accurately and effectively, while ensuring timely completion. Novative Global Payroll Services offer a solution to simplify the complexities of payroll, providing flexibility, efficiency, automation, and maintenance.

Compliance is a significant benefit of AI-based tools. Payroll regulations frequently change due to constant market fluctuations, unstable economies, recessions, and other factors. AI enables the Payroll Software to automatically update the rules and ensure compliance.

Ready to expand your business globally?

Pay your employees all over the world with complete peace of mind!

Contact us

The post The 5 Advantages of One Global Payroll Provider appeared first on Novative.

]]> Best Practice: Conducting a Pay Equity Analysis https://www.novative.com/en/best-practice-in-conducting-a-pay-equity-analysis/ Tue, 01 Sep 2020 08:00:26 +0000 https://www.novative.com/?p=12380 In our previous article,  we have highlighted the importance of a pay equity analysis and have pointed out benefits for your business. Besides better retention and  compliance with the law, it can also reduce the risk of a bad reputation. But still, the uncontrolled gender pay gap indicates that women earn 19% less than men…

The post Best Practice: Conducting a Pay Equity Analysis appeared first on Novative.

]]> In our previous article,  we have highlighted the importance of a pay equity analysis and have pointed out benefits for your business. Besides better retention and  compliance with the law, it can also reduce the risk of a bad reputation. But still, the uncontrolled gender pay gap indicates that women earn 19% less than men  showing that pay equity is still an issue within the workplace.

According to HR People + Strategy, only a 5% difference in starting salary ($50,000 to $52,000) can result in a $200,000 cumulative pay gap over a 40-year career. And this is exactly where the analysis of pay equity comes into play. It aims to eliminate overall wage disparities based on race, gender or other unjustified criteria.

👉 In this article, we look at how you can conduct a pay equity analysis to eliminate these factors.

 

The Pay Equity Analysis

Conducting an annual pay equity analysis is an important tool for your business. When people hear the word pay equity analysis they automatically assume that it is about paying everyone equally. However, this could not be further from the truth. A pay equity analysis is a method of researching pay rates within your company. It can provide you with the information you need to identify pay disparities and opportunities to assure equal pay for work of equal value. The main objective here is to limit the risk and ensure compliance with federal and state laws.

To conduct such an analysis, it is advisable to set up an audit team of experts in human resources, payroll, finance and legal matters. This will ensure that the analysis is conducted in compliance with data protection laws.

 

Pay Equity Process

First, you will need to think about why you are doing an analysis. Do you want to stay ahead of regulation and law? Or do you want to improve your overall company policies and system around pay distribution? Writing down the purpose of your analysis will help you in the process of allocating needed resources (personnel, budget, time).

PE Process

The next step is to look at your current compensation model and process. This will help you to find the gaps in your system that may have led to pay disparities. Ultimately, the goal is to close those gaps within your compensation model by developing new pay rates and criteria.

Pay Equity Process

Now you will need to collect all data that is needed within the scope and purpose of the analysis. Data you most likely need are employment status, historical employment, demographic information, job details (level, full-time/part-time/responsibilities, compensation) and performance rate. Since this data contains sensitive & private information, data security & anonymity must always be guaranteed. In addition, it is recommended that certain sensitive data be removed before the data is transferred to another member of the audit team, which is not necessarily required for analysis, e.g. name & birthday.

Pay Equity Process

To gain better insight, group your data into job categories that you consider important for your analysis, such as similar departments, locations, full-time employees or job titles. Once you have grouped the collected data, you can now identify factors that may justify noticeable pay differences.

PE Process

Analyze your data by comparing the job descriptions of the job with the data you have collected about the people working in that job. Then compare employees with similar positions and responsibilities. Also, focus on your gender distribution within the jobs and how they are compensated. An example of a first analysis is to look at entry-level positions and compare the hourly rate.

PE Process

When you have analyzed the data, you may have found some discrepancies in the payment for work of equal value. You should pay attention to differences in the remuneration of people in the same positions, with good performance ratings or with the same experience and skills. You should also look more closely at high pay for an employee with very poor performance ratings. Assess whether these differences in pay are legally justified.

Pay Equity Process

Lastly, report any inequalities identified to the management team and to take immediate corrective action. This should include a discussion on whether the results should be communicated to all employees in public. However, affected employees must be informed immediately. Salary adjustments should be effective immediately to avoid the risk of penalties from the judicial authorities.

 

 

Overall, a regular pay equity analysis is highly recommended ensuring compliance with the law. It is very beneficial for creating a workplace where employees feel valued and have the confidence, that their company wants the best for them.

👉 Contact us & find out more about how Novative’s services and solutions can help you to carry out a simple and efficient pay equity analysis.

 

The post Best Practice: Conducting a Pay Equity Analysis appeared first on Novative.

]]> Pay Equity & its Benefits for Your Organisation https://www.novative.com/en/pay-equity-its-benefits-for-your-organisation/ Tue, 25 Aug 2020 06:34:08 +0000 https://www.novative.com/?p=12281 For years, the legal landscape surrounding pay has become increasingly complex. Employers have to justify salary disparities between jobs of equal value. However, it is no news that women earn 19 % less than men when comparing all working women to all working men. One reason for this is that women often work in professions…

The post Pay Equity & its Benefits for Your Organisation appeared first on Novative.

]]> For years, the legal landscape surrounding pay has become increasingly complex. Employers have to justify salary disparities between jobs of equal value.

However, it is no news that women earn 19 % less than men when comparing all working women to all working men. One reason for this is that women often work in professions that are known for their comparatively low income. As a result, women are clearly under-represented in the best-paid jobs – not to mention people of colour. To change this, human resource departments need to take corrective measures to achieve pay equity within their company.

👉 In this first article, we highlight some of the benefits of conducting a pay equity analysis and how it creates a workplace of trust, enthusiasm & commitment. But first: What is pay equity?

 

What is Pay Equity?

Pay equity can easily be confused with equal pay. However, it is not about men and women earning equal wages in similar jobs. Pay equity means equal pay for work of equal value. This is why the analysis compares the value and pay of different occupations, such as a marketing specialist and IT specialist.

 

What is a Pay Equity Analysis?

When people hear the word pay equity analysis they automatically assume that it is about paying everyone equally. However, this could not be further from the truth. The analysis is a method of researching pay rates within your company. It aims to resolve the issue of undervaluation of occupations typically performed by minority groups of society. In general, this means that the analysis supports the elimination of overall wage disparities based on race, gender or other unjustified criteria.

 

Benefits of Pay Equity for Your Organisation

Pay equity analysis makes the alarm bells ring for many business owners and managers because of many associate costs with it. The result? Wages are not looked at or touched at all. However, when you check and compare the wages of all employees regularly it can provide you with many competitive advantages.

 

PE Benefits_Stay Compliant

 It enables you to comply with the law and avoid penalties and potential wage discrimination lawsuits. In addition, you minimize the risk of employees talking negatively about their payment and treatment within your company. This could result in your brand & company losing its reputation and thus damage your business in case of any discrepancies.

PE Benefits_Positive_Culture

 A regular analysis and adjustment of wages in case of unjustifiable disparities improves work ethics and reduces turnover. Your employees will have the confidence that you will take care of them and ensure pay equity. They will be more committed to the company, which will show in the quality of their work.

Pay Equity Benefits

 During the analysis, you will also have a closer look at your job descriptions and requirements. This will probably lead to revising and updating them for future positions. The greater precision in the definition of requirements and tasks of the various jobs leads to a better match between the profile of the potential candidates and the job requirements. This, in turn, will guarantee competitive pay rates that attract new employees and lead to even higher retention and improved performance.

Pay Equity Benefits

 You may also notice that in the past you have calculated your budget on the basis of wrong assumptions regarding tasks, projects & responsibilities of different departments. With the new insights into the distribution of tasks in the company, you can allocate the budget much more efficiently, because you know exactly who is responsible for what.

 

Overall, a regular pay equity analysis is highly recommended. It not only ensures compliance with the law, but it is also very beneficial for creating a workplace of respect and equality. Wait for the second part of this article on how you can conduct a pay equity analysis.

👉 Contact us now & find out how Novative’s services and solutions can support you to carry out a simple and efficient pay equity analysis.

 

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]]> HR & Payroll Outsourcing – How It Supports You In Times Like These https://www.novative.com/en/hr-payroll-outsourcing-how-it-supports-you-in-times-like-these/ Mon, 10 Aug 2020 11:34:10 +0000 https://www.novative.com/?p=11903 The pandemic has not only completely turned the lives of many people upside down. HR professionals face various new challenges in all aspects of HR. In addition, many entrepreneurs are not HR experts who can easily be overwhelmed by the almost daily changes in legislation. Payroll Outsourcing can support you especially in these uncertain and…

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]]> The pandemic has not only completely turned the lives of many people upside down. HR professionals face various new challenges in all aspects of HR. In addition, many entrepreneurs are not HR experts who can easily be overwhelmed by the almost daily changes in legislation. Payroll Outsourcing can support you especially in these uncertain and rapidly changing times. Discover payroll outsourcing benefits that can help you emerge from the crisis strong and successful.

 

No Headache Because of New Legislation

payroll_outsourcing_headache

The pandemic has brought many changes in legislation, which can vary greatly from country to country or even region to region. This leads not only to a considerable additional workload for the human resources department, but also to an increased risk of overlooking something and making fatal mistakes.

As a result, the company can face substantial penalties and costs.

 

NOVATIVE Payroll Outsourcing ensures that you act in accordance with all rules and regulations. This ensures that you avoid mistakes and minimize costs. Your employees will feel safe and can trust us to manage their time and subsequent payroll efficiently, compliantly and with confidence. NOVATIVE Payroll Outsourcing can take care of your global and local payroll and assures accurate & trusted payroll outsourcing services.

 

Cost Saving

Payroll Outsourcing

The pandemic has put many companies under pressure: sales figures have fallen rapidly; factories & shops have been closed and employees have been put on short-time work or laid off. Many companies are looking for different ways to minimize  costs in order to survive the pandemic.

 

 

NOVATIVE Payroll Outsourcing can be one of the ways to minimize costs. Recruitment, training, benefits, vacation replacement, etc, are only a few costs to consider. With NOVATIVE you do not have these costs. Time is money, and this is what we give back to your company. You concentrate on the revenue generating activities of your business while we take care of the rest.

 

Optimized Personnel Work

payroll_outsourcing_optimisation

The pandemic has shown many companies how important it is to have HR experts for all areas of personnel work. However, if one HR expert has to take care of all areas of expertise, this can prove difficult in the current crisis – where each area requires special attention and more time. This is why it is so important to have many different HR experts on hand.

 

NOVATIVE Payroll Outsourcing can support you here. It helps you to remove the already time-consuming payroll from your to-do list, allowing you to focus on other HR issues within the company. This means that your HR department can concentrate on fewer tasks, thus increasing the quality of their work. This will not only give your employees a feeling of security, but also your company.

 

 

Less Paperwork

payroll_outsourcing_paperworkPaperwork for payroll and social insurance management has always been a very time-consuming and costly task, only made more complicated by the pandemic: Short-time work, reduction of overtime, new laws in one region and again repeal of laws in another. All this can quickly lead to chaos and then ultimately to preventable mistakes.

 

 

NOVATIVE Payroll Outsourcing reduces the operational burden of your payroll for you and ensures that it runs smoothly. So, you can concentrate on the well-being of your employees and other important HR issues.

 

👉 If you are thinking about outsourcing your payroll or you have any further questions, please contact us. We are happy to find the right solution for you, whether it is software, outsourcing or both.

👉Would you like to learn more about payroll outsourcing? Then read our article ‘Payroll Outsourcing – Myth Buster‘.

 

 

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]]> The APA Congress Xstream: a Rewarding Experience for Novative https://www.novative.com/en/the-apa-xstream-congress-a-rewarding-experience-for-novative/ Tue, 09 Jun 2020 10:37:56 +0000 https://www.novative.com/?p=10086   For the second year in a row, Novative had the pleasure to take part in the Congress Xstream organised by the American Payroll Association. During the four days, we welcomed the attendees on our booth to talk about our solutions, we exchanged with payroll professionals and we attended relevant talks on the challenges and…

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]]>  

For the second year in a row, Novative had the pleasure to take part in the Congress Xstream organised by the American Payroll Association. During the four days, we welcomed the attendees on our booth to talk about our solutions, we exchanged with payroll professionals and we attended relevant talks on the challenges and the future of our industry. Find out more about this amazing experience!

A successful virtual edition!

For several years now, the American Payroll Association has been organising with great success the Congress Xstream, a must-attend event for payroll professionals from around the world. With a strong educational focus, the event has gathered more than 1000 people to discuss payroll challenges. More than 50 exhibitors came to present their solutions… in a digital way! The pandemic certainly put the organisers to the test, and they reacted with unparalleled efficiency by organising a virtual version of the event! Virtual booths, online talks, group chats… everything was prepared to ensure the event that happened to be a real success!

Novative's Booth at the APA Congress Xstream

Novative’s Booth at the APA Congress Xstream

 

The Congress Xstream: an event that cannot be missed

The American Payroll Association is the American leader in payroll education and training. The APA has been working since 1982 to strengthen the skills of payroll professionals and to create bonds between them. Most people who work in payroll would tell you that the Congress Xstream is an event that cannot be missed as it is a perfect opportunity to discover all the subtleties of a field that is constantly changing. From the new challenges that brought 2020 to technology advances or expatriate payroll management, we had the chance to attend a series of interesting talks and to share our vision of the industry with many professionals.

Make your HR and payroll processes easier with Novative!

During these 4 days of exhibition, more than 250 people visited our booth and we were happy to welcome them and answer their questions! Novative were exhibiting in the Global Expo area, and showcasing our Global payroll services. Novative’s HQ is in Switzerland and have offices in Europe, the Middle East and the USA, bridging the gap between the USA and Europe. Operating in more than 20 countries, we offer payroll and HR outsourcing solutions to make you save time and ensure compliance! Do you want to know more?

 

Find out more here!

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]]> NOVATIVE USA Joining Payroll Professionals at the APA Congress Xstream https://www.novative.com/en/the-apa-congress-xstream/ Tue, 12 May 2020 10:57:02 +0000 https://www.novative.com/?p=9899 Industry Event: APA Congress Xstream   NOVATIVE USA are excited to announce we will be joining Payroll professionals at this year’s APA Congress Xstream, taking place virtually 2nd June – 5th June 2020.   About the APA Congress Xstream Payroll professionals convene at Congress Xstream to share how they shape the world. This educational event…

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]]> Industry Event: APA Congress Xstream

 

NOVATIVE USA are excited to announce we will be joining Payroll professionals at this year’s APA Congress Xstream, taking place virtually 2nd June – 5th June 2020.

 

About the APA Congress Xstream

Payroll professionals convene at Congress Xstream to share how they shape the world. This educational event allows attendees to build a customized education program from a wide variety of workshops covering topics pertaining to domestic and foreign payroll, accounts payable, human resources, management, benefits technology, and career development.

Congress Xstream provides unparalleled networking and the opportunity to hear the latest legislative and regulatory changes directly from government representatives and industry experts. Plus, it features the industry’s largest payroll, AP, and finance Expo. Join us this year to be part of an unforgettable event!

 

NOVATIVE USA at the APA Congress Xstream

NOVATIVE USA will be exhibiting at our very first virtual conference. We are excited to experience this amazing conference virtually. Congress Xstream is the perfect place to up your payroll skills and network with like-minded people. Novative USA we’ll be offering our expertise in Global payroll and HR.

If you have any Global payroll and HR challenges, pop by our virtual stand and explore how our services can resolve them.

 

Our services cover:

  • Uncomplicated Global Payroll Outsourcing
  • A powerful all-in-one HR platform
  • Compliant and efficient HR Outsourcing

 

Ways to Connect at The Congress Xstream:

 

APA Congress Xstream APA Congress Xstream

 

Book 1:1

 

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]]> Industry Event | Novative at The GPA UK Payroll Summit https://www.novative.com/en/gpa-uk-payroll-summit-2020/ Tue, 04 Feb 2020 16:09:41 +0000 https://www.novative.com/?p=9187 NOVATIVE Attending the GPA UK Payroll Summit   When and Where Will the Event Take Place   GPA UK Payroll Summit is returning for its 10th annual conference. The event is taking place on Thursday 12th March at The Victory Services Association in London.   The Event Promises This action-packed one day conference led by…

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]]> NOVATIVE Attending the GPA UK Payroll Summit

 

When and Where Will the Event Take Place

 

GPA UK Payroll Summit is returning for its 10th annual conference. The event is taking place on Thursday 12th March at The Victory Services Association in London.

 

The Event Promises

This action-packed one day conference led by experts in their field returns to cover all the challenges facing employers from 2020 onwards. The energetic one-day conference breaks new ground in the payroll industry. We will be looking at the latest developments in the UK

 

 

NOVATIVE are proud to be sponsoring the event this year and look forward to meeting like-minded people in the payroll industry.

Our team will be exhibiting, they will be on-hand to discuss any Global payroll challenges you are experiencing and explore how our services and HR solution can help resolve these challenges.

 

Join Us at the Event

Register

We look forward to seeing you there!

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]]> 5 Benefits of Mobile Expense https://www.novative.com/en/mobile-expenses/ Fri, 31 Jan 2020 10:34:49 +0000 https://www.novative.com/?p=9171 Expense Made Simple – Snap it & Click to Submit Managing expenses with inefficient processes not only waste employees time but keeps them from focusing on their actual job. Going through endless receipts and matching them up to cost centres, is not enjoyable for anyone. NOVA Smart NG makes this process quick and easy and…

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]]> Expense Made Simple – Snap it & Click to Submit

Managing expenses with inefficient processes not only waste employees time but keeps them from focusing on their actual job. Going through endless receipts and matching them up to cost centres, is not enjoyable for anyone.

NOVA Smart NG makes this process quick and easy and with the mobile app, it’s even better.

Your employees will appreciate using this tool, while your business will benefit, with an accurate and efficient method which takes less time.

Learn More

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