Payroll transparency is the practice of offering pay or salary visibility to current and prospective employees. Payroll transparency addresses a critical need for both employees and organizations. Transparent payroll processes not only enhance trust and morale among employees, but they also ensure that companies can manage their financial resources more effectively. By introducing the MyDay Payroll Dashboard, we’re taking a significant step towards revolutionizing global payroll management, offering real-time visibility and enhanced efficiency for our clients.
Why payroll transparency is needed
According to Tech Report, payroll data discrepancies negatively affect 69% of companies. This not only creates repercussions for the company, but it also affects the employees relying on their pay. Overall, there is a heightened criticality of paying employees on a timely and accurate basis. And for companies with international payroll requirements, this challenge is accentuated by the requirement to accomplish a ‘one-company’ standard despite maintaining multiple delivery partners.
Research by EY in 2021 evidenced the reality that “the more countries an organization operates in, the more payroll providers they will generally use” – and for those operating in 30+ countries, the number of in-country providers used averaged 9.1. Moreover, EY determined that “organizations using six or more payroll providers (were) more than twice as likely to cite difficulties in management and global reporting.”
In terms of how the global payroll industry has responded to these needs, NelsonHall reported in late 2023 that, “with payroll being a business-critical function and cash being such a focus for both employees and organizations, payroll agility and transparency are key areas of investment and modernization.”
Introducing MyDay
With a focus on continuous improvement, we launched an internal digital solution, MyDay, in the summer of 2023 to enhance real-time visibility on the payroll milestone achievements of these in country partners (ICPs). “The first iteration of the MyDay solution was developed to empower our teams to proactively manage tasks and workflows”, notes Jenelle Zona, Global Payroll Product Director at Safeguard Global. “The solution has also delivered significant efficiency benefits including the reduction of manual maintenance and tracking for our payroll specialists, and a shift to self-service for the needs of senior and regional management as well as audit teams.”
How MyDay improves pay transparency
Having honed the functionality of the solution internally, access to the digitized MyDay payroll dashboard was extended to Payroll 360 clients with third-party ICPs in December 2023. “As part of the Global Unity platform, the MyDay dashboard seamlessly integrates with our internal tool” Jenelle explains. “Accessed in the navigation menu, MyDay tells you the current status of Payroll Processing for each country, what needs to happen and when.” Client payroll teams can now filter by country and legal entity to view a real-time, time-logged progress tracker on the status of their payrolls, with a color-coded progress bar highlighting the stages of completion. Additionally, they can view the underpinning tasks (and named personnel) that lead to a milestone completed and any critical issues that may have come up. The system also digitizes and aligns the client action logs, replacing largely manual legacy self-reminders and calendar notes.
Key benefits of MyDay
Just four months after MyDay officially launched, clients reported loving the tool. With a Net Promoter score of 9 out of 10, the benefits of MyDay are firmly established. Some key benefits include:
- Online, end-to-end view of your payroll cycle
- Live visualization of completion status and critical issues
- More transparent, centralized communication with payroll partners and specialists, including ICPs
- Improved efficiency and accountability
Jenelle reports, “We are seeing enhanced accuracy and timely execution within international payrolls as a result of internal, client and ICP teams collectively orchestrating payroll milestones through a singular real-time, digitized view.”
“With MyDay recording and timestamping actions associated with payroll milestones”, Jenelle continues, “we have increased the transparency levels on their activities. Moreover, as MyDay aims to become a powerful payroll communication tool and tracker, we anticipate seeing a decrease in ticket volumes from clients requesting updates about their payroll progress."
What's next?
In an increasingly complex global landscape, businesses are seeking ways to streamline operations and ensure efficiency. As a leader in global workforce management, we understand the pivotal role of payroll in maintaining employee satisfaction and operational stability.
MyDay's vision is to be a centralized payroll hub for clients' activities, by offering a user-friendly platform and support throughout their payroll management journey.
In terms of the timeline for additional rollout and further innovations, the solution is now live for all markets served by ICPs, and we’re in the process of a phased rollout to the rest of our clients. The team is also working on a product roadmap for further enhancement releases. “We have exciting plans to iterate, improve and enhance the solution across 2024”, Jenelle reports, “which will swiftly evolve MyDay into a full task management system for all actors in the payroll process.”
To discuss how MyDay is enhancing international payroll – or to arrange a demonstration of the tool – feel free to reach out to our team by filling out the form below. For any questions or concerns, you can reference the MyDay FAQ page here.