Report Benchmarks Payroll Processing Across 15 Countries in Asia-Pacific Region, Spotlighting Challenges and Uncovering New Opportunities
NEW YORK and LONDON, Oct. 05, 2020 (GLOBE NEWSWIRE) — CloudPay today announced the publication of its Asia-Pacific (APAC) Payroll Efficiency Index (PEI), examining payroll processes of the 15 highest-volume countries in the region, sourcing anonymized data directly from CloudPay’s unified payroll platform.
Accounting for nearly 60 percent of the world’s population and spanning 11 time zones and two continents, APAC presents a unique set of challenges and opportunities for multinational companies. The PEI report, which includes a forward by CloudPay partner, PayAsia, considers such implications, using five key metrics to explore APAC payroll processing and provide insight into outcomes, bottlenecks, breakdowns and areas of improvement that might otherwise be missed. Citing examples, explanations and analysis, including local insights from PayAsia, the report includes the following KPIs: first-time approvals, data input issues, issues per 1,000 pay slips, payroll calendar length and supplemental impact. The anonymized data is cross-referenced against conversations with country payroll experts, payroll processors and customers.
Paul Bartlett, CEO of CloudPay, shared, “This year’s APAC Payroll Efficiency Index provides detailed information about critical differences that multinational companies need to understand and overcome when processing payroll here. APAC is a highly dynamic, diverse region, with three of the world’s top 10 economies and several others emerging. It takes local expertise and global technology to support this fast-growing region and its workforce.”
Recognizing the complexity of global payroll, the APAC PEI addresses how both payroll and payments are handled in the region, noting factors such as language differences, cultural sensitivities, data security and uneven technological advancement. In addition to a regional overview, the report offers a detailed look at Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Pakistan, Philippines, Republic of Korea, Singapore, Taiwan, Thailand and Vietnam.
The APAC PEI also covers other APAC-specific requirements for post-payroll activities like lodgments and filings managed by payroll departments, commonly referred to as the “last mile.” These tend to vary across jurisdictions, even within countries, becoming increasingly challenging in complex legislative landscapes like India, with 29 states, and China, with 26 provinces.
Bartlett concluded, “At a time of rapid change and disruption, many companies are looking to maximize the efficiency of enterprise operations, including payroll. CloudPay’s PEI offers a comprehensive view of the APAC landscape, including how to manage processing on a country by country basis. It’s an invaluable resource.”
To download a copy, visit payrollefficiencyindex.com and select the 2019 APAC PEI.
CloudPay provides managed global payroll services to multinational organizations through a single, unified cloud solution. By delivering end-to-end managed payroll services through an innovative platform, CloudPay ensures consistent and compliant payroll around the globe while reducing operating costs and minimizing manual processes. The CloudPay solution is backed by deep industry expertise earned over twenty-plus years, delivering services to thousands of multinational entities. CloudPay’s solution guarantees accurate payroll processing across 130+ countries in more than twenty-five languages.
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