Payroll mishaps cost FTSE100 millions each year

Mon 14 Dec 2015

A recent report revealed that payroll mishaps are costing FTSE100 companies up to £30m per company every year

According to a study of 193 global organisations, the payroll problems are arising as a result of the increasingly global nature of today’s workforces, as individuals’ statuses need to be tracked across a variety of different tax regimes.

With 89% of companies surveyed planning to increase the global mobility of their workforce, the problem is set to increase.

Organisations are struggling with the rising complexity of payroll payments as workforces are becoming more and more globalised. Payroll errors are not only costly but can also damage an organisation's reputation.

A study earlier this year discovered that payroll errors have additional implications on organisations, with 35% revealing they would look out for a new job if their employer failed to pay them correctly even once, and 44% saying that being paid late or incorrectly would lower their levels of job enjoyment.

Equiniti International Payments delivers in excess of 65,000 payments every month for both public and private sector clients and consistently delivers 99.9% payment delivery success.

With comprehensive in-country knowledge and automated file uploads to reduce errors and administrative costs, we successfully deliver payments to 180 countries in over 130 currencies.

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