I've spent a couple days this week with Global Payroll Leaders in Las Vegas. These payroll leaders oversee global payroll teams for companies like Reddit, Salesforce, Wise, KPMG, Chewy and other big names. I've engaged in the most interesting conversations with these leaders to understand in their own words more about their global payroll challenges.
I wanted to share a few of my learnings:
1. Most, if not all, global payroll teams are still using Excel during critical phases of the payroll process. I asked why - the answer? Their payroll software providers offer limited capabilities and they are forced to process critical parts of the process manually.
2. Case Study: "Our CEO asked for a report of our employee headcount and he wanted to track the number in an ongoing way. Given the disparity of our data across countries, we had to do the following: Every month over a period of 3 weeks, 4 of us would get together to gather data and then scrub, validate, vet and test - all just to provide a headcount report to the CEO."
3. Case Study: "We have employees in 26 countries. We are using 23 payroll vendors. We have no access to master file data for any employee, except in the US. We have no access to data."
4. Case Study: "One of our executives asked us for a YTD report - we had to ask our payroll provider in that country, and it cost us an additional 5,000 EUROS for a simple YTD report."
5. Access to data is a problem for every global payroll team in the world. Disparate systems do not work.
6. Case Study: "Our Sales Lead asked for a Commissions report - I had to go to 5 different sources to ask for the local data which came in different currencies and languages. Then I had to try and consolidate the data to provide an overview."
7. Case Study: "We have employees in 11 locations - we have a PEO for 5 of them, and 6 separate vendors for the other 6."
8. Case Study: "Our provider gives us processed payroll data back in a format that doesn't allow keyword search / vlookup. So I have to manually look through data for 100's of employees to find specific items for checks.
Over and over again, I've heard these astonishing stories that paint a picture of ineffectual global payroll process limitations, caused by a lack of technology and access to data.
As I shared the capabilities of KarbonPay with these leaders, their eyes lit up. The ability to pull consolidate reports in realtime, across locations, in a language of your choice changes the game for global payroll teams of all sizes. We received incredible validation of our product and where we're going, simultaneously backing up the uses of our funds for this raise as we seek to rapidly expand the countries our platform can host.
Our team is motivated after a remarkable event in Las Vegas and we're more committed than ever to solving the real problems of the people we met.
Thanks for reading, folks!
Brad & The KarbonPay Team