As small and medium-sized enterprises (SMEs) grow in size and scale, the complexity of their payroll process changes.
This briefing paper looks at some of the major trends and challenges that SMEs in Asia Pacific can face when managing payroll, advising on best-practices for those companies seeking to partner with a third party supplier in order to manage this function.
The Asia Pacific region is vast and varied; it is home to two-thirds of the world’s population, with a myriad of currencies, languages, and cultural norms and a heterogeneous mix of developed and emerging economies. With a decade of rapid growth continues and more free trade agreements being signed, many companies consider an expansion in this region is key to growth in the years ahead. However, this will demand a high level of expertise and local knowledge of the changing regulatory environment.
In a function such as payroll, which relies heavily on process, it’s easy to forget about the importance of observing cultural sensitivity and the related complexities such as expatriates’ work permit issues, employees’ rights and benefits and compliance changes. But in order to have a successful global impact, it’s important that cultural sensitivities are not just observed but fully embraced.