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1、Addressing the complexities of Human Resources&Payroll in 2024 Global Business Complexity Index 2024 sub-reportHuman Resources and Payroll2AN EMPLOYEE-FOCUSED FUTURE Human resources and payroll services remain a pivotal aspect of business operations in 2024,with the range of areas covered by HRP con

2、tinuously expanding and the overall landscape undergoing numerous drastic shifts in just the last year.For multinational businesses,reputation is key and that means the delivery of standardised HRP services on a global scale.On-the-ground input and local expertise are essential too,if a business is

3、to successfully navigate complex legislative changes.But balancing global standards with local compliance can be a challenge and with HRP regulations set to become more complex for multinationals over the next 5 years,it is vital that businesses prepare for the obstacles ahead.Even now,employees are

4、 demanding greater flexibility around both benefits and payments,while at the same time,jurisdictions are placing further restrictions on businesses looking to hire.There is also the ongoing need to comply with multiple conflicting central and local government requirements,with global mobility set t

5、o complicate the hiring and retention of employees.Nonetheless,these challenges are not insurmountable.Building on the findings unearthed by the latest edition of TMF Groups Global Business Complexity Index(GBCI),this sub-report not only explores how jurisdictions are evolving in this context to boo

6、st foreign investment from digitalisation to reduced bureaucracy but also what businesses can do to both adapt and thrive within these changing workforce dynamics.IntroductionThe employee-centric model and its impact on operations4AN EMPLOYEE-FOCUSED FUTURE The majority of global jurisdictions(54%)p

7、redict global regulatory requirements will become increasingly complex in the next five years.Many jurisdictions even identify difficulties in the regulatory environment as the predominant trend causing complexity for foreign investors.It is the combination of an ever-expanding set of rules and regu

8、lations,accompanied by more stringent penalties for non-compliance that drives this sense of complexity,creating the need for adaptable and forward-looking compliance frameworks.The following sections of this sub-report will outline how this complexity manifests itself across a range of reporting re

9、quirements.According to GBCI 2024,almost a third(29%)of jurisdictions expect HRP to become more complex over the next five years.This is a notable increase from the 25%of 2023.When asked why HRP is so complex in their jurisdiction,TMF Group experts pointed to changing tax frameworks(33%),changes in

10、labour laws(25%)and changes to compliance requirements(19%).Multinational businesses Human resources and payroll regulations are predicted to become more complex over the next 5 yearsBusinesses operating in multiple states need to navigate and comply with a patchwork of state-specific regulations,wh

11、ich can be time-consuming and challenging.For example,while a federal paid leave law is still pending,several states have passed their own paid leave legislation which differ by state.TMF USA expert HR and payroll-next five years complexity of service lines operating in several jurisdictions not onl

12、y have to navigate diverging requirements but there is also increased confusion when these requirements undergo frequent changes.Complexity increases,with organisations struggling to keep up with said pace of change.The landscape is set to shift further throughout 2024 and into 2025.Several jurisdic

13、tions surveyed within this years GBCI mentioned how HRPs increasing complexity was heavily linked to a changing accounting and tax environment.Whilst some jurisdictions benefit from simplified procedures when it comes to payroll calculations due to limited personal taxes-such as in Qatar or the UAE-

14、other jurisdictions are seeing increased tax legislation add to the complexity of payroll calculations.For example,Croatian experts are expecting their imminent tax reforms to have an impact,while Belgium has already seen a tax shift to support environmental protection measures.Reasons that currentl

15、y cause operational complexity for foreign businesses38%30%35%25%29%33%25%19%15%12%10%Jurisdictions agreeing over the next five years,HRP will become more complexChanges in tax frameworkChanges in labour lawsChanges in compliance requirementsIncreasing regulatory environment Social security requirem

16、entsChanges in legislation202020212022202320245AN EMPLOYEE-FOCUSED FUTURE An increase in progressive benefits equals complications for HRP teams Benefits legally required to permanent employees(overall yearly)20202021202220232024Minimum wage/minimum hourly rate91%92%94%94%92%Paid vacation/time off88

17、%94%94%92%96%Paid maternity leave87%87%86%86%84%Severance/redundancy pay84%83%86%88%87%Paid sick days84%87%83%83%85%Overtime pay81%78%83%82%85%Paid paternity leave64%61%62%62%70%Health insurance57%58%58%56%58%Pension fund58%48%57%55%57%Compassionate leave46%51%52%51%58%Shared maternity/paternity lea

18、ve48%43%43%42%45%Paying a 13-month salary or bonus34%34%32%32%33%Personal leave45%31%29%27%27%Childcare assistance16%30%31%29%28%Housing/social care contributions13%25%27%28%26%Changes to labour laws also impact how businesses provide for their employees.Over the last 5 years,there have been increas

19、es in the legal provision of progressive benefits,with the majority of jurisdictions requiring organisations to provide minimum wages(92%),paid vacation(96%),severance pay(87%)and sick and overtime pay(85%).Whilst these benefits further support employees,this employee-centric system conversely creat

20、es added complications for HRP teams.With the additional elements to take into consideration,payroll calculations can become a large project to tackle.As such,organisations often require local expertise and knowledge to help ensure provisions for employees are met and global standards for the organi

21、sation are kept intact.6AN EMPLOYEE-FOCUSED FUTURE South American jurisdictions lead the way in providing progressive benefits Although providing progressive benefits is a significant global trend in 2024,there are some stark differences in the regional uptake of such requirements.All South American

22、 jurisdictions report that it is a legal requirement to provide minimum wage,paid vacation,severance pay,sick pay,and overtime pay.In comparison,EMEA and North American provisions are much lower,with 85%of EMEA jurisdictions requiring minimum wage and 79%of North American jurisdictions requiring pai

23、d maternity leave and paid sick days.But while South America leads the way in terms of providing progressive benefits,this comes with the added complications that these benefits entail.Changes to benefits and the logistics of providing them causes administrative complexities.For example,experts in A

24、rgentina highlight the difficulties organisations face in staying up to date with labour agreements and constant wage changes.Meanwhile in Brazil,complex labour laws-that seek security in the relationship between employers and employees-add various layers of complexity to the specific rules and agre

25、ements that organisations must abide by.Nonetheless,the provision of employee benefits can improve the quality of the labour environment,which in turn can attract greater foreign investment.The Mexican government,for example,has worked to provide more for its employees in the past year,increasing mi

26、nimum wage,paid annual leave and an initiative to reduce working hours from 48 to 40 hours per week.Whilst North America lags slightly behind in providing paid time off,jurisdictions in this region are also noticing a shift toward employers recognising the importance of employee wellbeing.TMF Groups

27、 USA expert noted how several states were beginning to ensure their employees have adequate time off for personal reasons.So although progressive benefits can mean a greater administrative burden,the focus on employee protection is likely to continue on a global scale.Benefits legally required to pe

28、rmanent employees (by region)100%100%100%85%79%79%86%100%93%100%79%90%93%100%79%100%95%83%85%88%86%86%100%83%64%29%90%80%86%57%50%49%Minimum wage/minimum hourly ratePaid vacation/time offPaid maternity leaveSeverance/redundancy payPaid sick daysOvertime payPaid paternity leavePension fundSouth Ameri

29、caNorth AmericaAPACEMEA7AN EMPLOYEE-FOCUSED FUTURE An employee-centric system means a push toward financial wellbeingWhile it is not yet a legal requirement,financial wellbeing is a trend that HRP experts predict will impact the future of how payroll is processed.Financial wellbeing is about feeling

30、 secure and in control of your financial situation and it can look different for each employee.Financial wellbeing is increasingly important,as employees with poor financial wellbeing are at risk of poor mental wellbeing and therefore,diminished performance at work.To adjust to these needs,employees

31、 are looking for greater flexibility from their employers.In fact,a quarter of jurisdictions surveyed in this years GBCI reported that financial wellbeing is now a standard in some industries.This figure rises to 43%amongst APAC In many regions,financial wellbeing is not just a concept but a standar

32、d that is integral to the overall health and prosperity of communities.It ensures that individuals have the financial security and resilience needed to face lifes challenges.Other regions should take this into consideration because promoting financial wellbeing leads to more stable economies,healthi

33、er populations,and ultimately,more vibrant and resilient societies.For employees,financial wellbeing is crucial as it enhances productivity,reduces stress,and fosters a more engaged and loyal workforce.Investing in financial education and support systems is not just beneficial but essential for the

34、success and sustainability of both businesses and their employees.Veronique Lemaire,Global Head of HR and Payroll Client Solutions TMF Groupjurisdictions.Whilst this suggests,at present,financial wellbeing continues to be a nice to have,there is also evidence of a greater appetite for this benefit.T

35、MF Groups global HRP expert noted that there is an increasing trend towards early wage access,as well as an employees ability to choose when they are paid.The need for this greater flexiblity has the potential to create additional tasks for organisations-namely the need for payroll to be processed m

36、ultiple times per month.Factors like financial wellbeing and wage access are therefore turning traditional HRP services into much larger undertakings,with the need to outsource payroll tasks becoming ever more necessary.31%20%25%43%18%TotalSouth AmericaNorth AmericaAPACEMEAFinancial wellbeing as sta

37、ndard in some industries (by region)8AN EMPLOYEE-FOCUSED FUTURE 8AN EMPLOYEE-FOCUSED FUTURE Case study:SignifySignify is multinational lighting corporation,with its Philips products,Interact-connected lighting systems and data-enabled services,delivering value and transforming spaces within homes,bu

38、ildings and outdoors.The challengeAs a result of the corporations carve out from Phillips,Signify needed to establish its own administrative structures and processes for around 38,000 employees in more than 70 countries worldwide.Chief among these processes was ensuring the proper handling of HR and

39、 payroll across a newly-created business.Signifys larger offices inherited the outsourced payroll processing contracts it had in place when it was part of Phillips,backed up with in-house HR admin teams.However,for the scores of medium-sized and smaller Signify offices around the world,the transitio

40、n was significantly more complex.These offices had a patchwork set-up of outsourced payroll provision arrangements,with little or no in-house HR expertise available in most locations.Consistency was a challenge,and the company had even suffered from a local payroll partner closing without warning,le

41、aving it entirely without support in that country.The solutionSignify needed a partner that could ensure continuity by delivering efficient,accurate and timely payroll services around the globe,and could also handle the complexity of ensuring pre-payroll HR admin was in place.Moreover,this had to be

42、 compliant with the widely varying employment rules and regulations in many locations around the world.Signify chose to partner with TMF Group,who now delivers payroll services for Signify in most of these locations too.Today,Signify relies on HRP outsourcing to ensure the continuity and compliance

43、of its multi-country payroll and HR administration.With TMF Group on board,we are able to trust that every office has a solid team in place for HR and payroll,whether it employs one person or one hundred.-Martijn Voermans,Head of HR Services SignifyThe future of human resources and payroll 10AN EMPL

44、OYEE-FOCUSED FUTURE Post-pandemic,workers around the world are seeking more mobility and flexibility-not only in their workplace,but also in the location in which they choose to work.It is becoming increasingly common to have workers who work remotely.Digitalisation,along with a greater number of on

45、line and remote working opportunities,mean that people are now working from just about anywhere.TMF Group experts have found that jurisdictions like Costa Rica are currently benefitting from“digital nomads”,looking to freely work from multiple locations and choosing Costa Rica as a hub.Nations like

46、Singapore,Qatar,Saudi Arabia and New Zealand are also benefitting from workers wanting to relocate.However,due to the complexity of navigating cross-border regulation,some businesses do not provide options for remote working.Within this years GBCI survey,the majority of jurisdictions report that vis

47、a type is the main factor Pushing towards global mobilityPeople dont necessarily reside or live in the same place as their work base.Workers can now be in a completely different country,as people are much more mobile.The next generation of employees want more mobility and to move around.However,this

48、 throws up a huge amount of complexity in areas such as cross-border regulation,as well as the technical and practical aspects of paying people.Mark Rosson,Global Head of HR and Payroll Practices TMF GroupFactors impacting the hiring of overseas workers (by regions)Visa type(e.g.work specific vs.tou

49、rist)83%100%90%86%92%TotalSouth AmericaNorth AmericaAPACEMEAThe workers current salary17%44%49%71%53%that impacts their ability to hire overseas workers(90%).Depending on the type of visa a worker has,employers have to tackle various requirements,such as length of stay,conditions of employment,appli

50、cation fees and administrative work.For example,in South Africa,over the past 12 months there have been increasing delays in visas and permits for foreign workers.Similarly,in Indonesia obtaining a foreign worker permit can be complex,with lots of specific requirements that businesses must abide by,

51、such as obtaining authorisation to hire and needing a residence permit.In this instance in particular,the employers often have to take on these tasks as the documents have to be submitted within the country in question.Additionally,half of jurisdictions surveyed(49%)noted the cost implications of hi

52、ring overseas employees.An increasingly globalised world affects the global hiring market,making it not only much more competitive but also leading to increasingly elevated salaries.As such,greater global mobility means that employers are competing to attract workers against both local and global co

53、mpetitors at the same time.11AN EMPLOYEE-FOCUSED FUTURE Jurisdictions such as South Africa,Hungary,Romania and Italy also highlighted the free flow of workers-particularly those within the EU-who are looking for a new environment but also higher salaries.This is placing more pressure on businesses t

54、o offer competitive hiring packages,including covering for relocation costs.Most of South Africas good talent moves offshore for various reasons like safety,higher salaries,better education,better run governments and reduced corruption.Most of the highly skilled individuals already hold good tier po

55、sitions,therefore it is either difficult to attract workers to move to South Africa at all,with employers having to offer premium packages to compete.TMF South Africa expertThe requirement to provide in-depth reporting on employees continues to rise Gender pay gaps,demographic information and data o

56、n minority groups all serve a useful purpose in monitoring the ESG standards of both jurisdictions more widely and the individual businesses within them.According to GBCI 2024,nearly a quarter(24%)of jurisdictions require reports from all organisations about the personal circumstances of their emplo

57、yees.This is particularly high in South America where over half of jurisdictions(56%)in this region require this form of reporting.Personal circumstances(e.g gender pay gap,disabilities etc)14%56%24%15%23%TotalSouth AmericaNorth AmericaAPACEMEANET:At least once every 3 months25%86%38%0%30%NET:Less f

58、requent than every 3 months75%14%59%100%65%Speed and frequency of reporting is also demanding.Two in five jurisdictions(39%)require reports on personal circumstances every three months.Again,this pressure is higher for South American jurisdictions where 86%have to abide by high frequency reporting.T

59、his level of reporting can place administrative burdens on HRP staff,who have to collect and formulate the data ready for publication in a relatively short amount of time.Timeliness and up to date management of personal data is therefore essential in keeping track of reporting requirements.Reports r

60、equired to government authorities(by region)Frequency of reports(by region)12AN EMPLOYEE-FOCUSED FUTURE Organisations are feeling the pressureAlthough employers have the drive to provide this data,placing requirements on businesses to do so is a source of added pressure.ESG reports and legislation a

61、re becoming more and more important to governments each year,with 40%of jurisdictions surveyed requiring reports on senior executive pay and 32%requiring organisations to report on the diversity of their workforce.Legal ESG reporting requirements by jurisdictionPreparation for new/unexpected ESG leg

62、islation and reportingDiversity of the workforce36%30%32%29%32%Rules around pay of senior executives29%20%40%57%44%Yes,clients are generally prepared but feel the pressure29%0%30%38%36%No,clients are generally unprepared29%50%43%31%51%As a result,whilst a third(30%)report that organisations are prep

63、ared for reporting and ESG legislation,the pressure to comply remains.Additionally,43%of jurisdictions report that organisations are unprepared for new or changing legislation around ESG.Without support on how to navigate these changes and new requirements,organisations could easily fall behind on c

64、ollecting this type of data or worse,risk non-compliance.TotalSouth AmericaNorth AmericaAPACEMEATotalSouth AmericaNorth AmericaAPACEMEAHow to adapt and thrive amidst changing workforce dynamics14AN EMPLOYEE-FOCUSED FUTURE Although the complexities around HRP process are not expected to ease in the n

65、ext few years,there have been efforts made to alleviate pressures namely,in digitalisation,improved assistance from governments and a reduction in bureaucracy.Digitalisation is a widespread trend that has helped reduce complexity across several areas of corporate administration.HRP processes too hav

66、e been positively impacted by the shift toward digital innovation in the workplace.For example,several governments have implemented online HRP portals and platforms for reports to be uploaded and via which payroll taxes can be processed.In Brazil,the eSocial platform has been set up to make the coun

67、try more attractive and accessible to foreign investors.The platform reduces additional obligations by reducing bureaucracy around processes such as sending labour and social security charges.Other jurisdictions-like Mainland China,South Africa and France-are also now able to submit papers,social se

68、curity and employee information online,making processes much more efficient than in previous years.Other jurisdictions have noted that organisations are implementing their own payroll software and automation techniques to help solve HRPs biggest challenges-timeliness and accuracy.And getting these t

69、wo functions right is pivotal in maintaining both compliance and a strong reputation.For example,in El Salvador,organisations use a unified payroll calculation system to streamline processes and to avoid non-payments or inaccuracy.Additionally,jurisdictions in Europe benefit from standardised paymen

70、t Reducing the administrative burdensand billing systems,which produces the necessary files for payments without issue.And while digital improvements have assisted in the simplification of HRP processes,other efforts have also been made to increase clarity.Several jurisdictions reported that in the

71、past 12 months,there has been improved assistance from governments and local authorities surrounding HRP requirements,where previously there had been ambiguity.When asked what changes have been made to reduce complexity in HRP in their jurisdiction,22%of TMF Group experts referred to process simplif

72、ication.For example,in the USA,there have been initiatives to provide certainty regarding independent contractor classification.Having greater clarity has also helped reduce confusion when organisations are looking to onboard contractors.Additionally,some states in the US have simplified payroll tax

73、 processes by implementing state-administered income,which works to reduce complexities around tax calculations.This trend of simplified processes has also been seen in Mauritius,with the introduction of the Worker Rights Act.This piece of legislation has fast-tracked procedures for employment of fo

74、reign employees and reduced the timings for work and living permit applications.This type of process simplification has reduced the bureaucracy that foreign investors have to grapple with when processing HRP tasks.Such initiatives to reduce red tape have also been witnessed in Qatar with the Visa Ce

75、ntre Gateway.This gateway has reduced the administrative tasks needed for hiring overseas workers.Linking back to the future of HRP and global mobility,government initiatives-like the aforementioned in Qatar and in Hong Kong,SAR with the Top Talent Pass Scheme-were designed and introduced to attract

76、 workers and therefore,foreign investors.Such initiatives and schemes can be used by multinationals as avenues to enter new markets and as tactics to reduce the negative impacts of a globalised hiring market.Notifying central bodies of new employees and their social security requirements is simple,i

77、mmediate,and digitised.There is only one form to fill in and send to social security via an online site,with the employees personal information.TMF France expertProcess simplification18%29%22%25%21%Reasons,laws or trends that reduce complexity (by region)TotalSouth AmericaNorth AmericaAPACEMEA15AN E

78、MPLOYEE-FOCUSED FUTURE Human resources and payroll management is high risk and high pressure to get right.As explored throughout this sub-report,HR teams are increasingly expected to provide greater stability and support to employees,whilst also reporting data to the authorities.As a result,one of t

79、he largest challenges faced by HRP teams includes the sheer number of tasks and ensuring that these tasks are carried out consistently across all areas and jurisdictions that an organisation may operate within.To counter the administrative burden of HRP,many organisations are ensuring consistency by

80、 outsourcing whole elements of their HRP administration.Organisations that work with global partners are helped by using service providers to implement and set-up payroll software.Such software can then be tested by the service providers and deployed globally,therefore ensuring consistency in paymen

81、ts for an organisation across regions.A global partner can work to become extensions of any core HRP team,developing a valuable partnership through which multinational businesses can confidently navigate a precarious future landscape.Partnering with global HRP expertsAlong with establishing a partne

82、rship,organisations also benefit from having a partner with local knowledge and expertise in the jurisdiction they are operating within.Often HRP processes can be difficult to understand due to the intricacies of each jurisdiction.By working with local experts,foreign investors do not have to spend

83、their time researching and understanding complex and often ambiguous HRP rules.Working with the local providers helps organisations ensure they are operating within the local guidelines,thereby maintaining their reputation in the market.16AN EMPLOYEE-FOCUSED FUTURE 16AN EMPLOYEE-FOCUSED FUTURE Case

84、study:LzLabsHeadquartered in Zurich,Switzerland,LzLabs is a software company that develops innovative solutions for enterprise computing customers.The challengeLooking to expand their operations into Canada,LzLabs required a partner that could go beyond merely taking care of back-office functions.To

85、 ensure global consistency and accuracy,it needed certainty that its HRP functions would be executed in the right way,while at the same time,also remain compliant with Canadian law.The solutionLzLabs turned to TMF Group to help on both a global and local level.TMF Canadas team,based in Toronto,held

86、the knowledge to help LzLabs navigate the intricacies of Canadas incorporation requirements.Additionally,TMF Groups global presence has also helped begin conversations around LzLabs future plans for expansion.With TMF Group acting as an extension to the LzLabs team,LzLabs can instead focus on its co

87、re priorities.Its harder for a young and not-yet-global company like LzLabs to build a presence in a new market with no local support.Thats where TMF Group has been so helpful.The team seemed to know what I was looking for before I even asked for it,and that made the whole process easier and faster.

88、-Thilo Rockmann,Chairman and COO LzLabs17AN EMPLOYEE-FOCUSED FUTURE The global landscape of HRP continues to evolve,with a clear shift towards a more employee-centric model.This evolution,while beneficial for employees,is increasing the complexity surrounding HRP services,with progressive benefits a

89、nd frequent changes in tax frameworks chief among the shifting factors.The future of HRP is set to become even more complex with the rise of global mobility and increased reporting obligations.The trend of employees wanting greater flexibility from their employers-whether that be in work locations o

90、r payment dates-also brings with it additional complications.However,amidst these complexities,there are developments that are helping to ease the administrative burden.Digitalisation is playing a key role in simplifying HRP processes,through online portals and automation.Additionally,improved assis

91、tance from governments and local authorities offers greater clarity overall,reducing ambiguity around compliance.ConclusionTo further navigate these complexities,organisations are increasingly outsourcing elements of their HRP administration and forming partnerships with both global and local expert

92、s.Therefore,while the future of HRP is set to become more complex due to the employee-centric model,strategic use of digitalisation,government assistance,and partnerships can help organisations adapt and thrive amidst these changing workforce dynamics.Looking for Market entry and operational readine

93、ssHR transformation and change managementGlobal payroll and HR compliancePayroll and HR project managementHealth checks and guidance on global employment requirementsCompensation,incentives and benefits checksCross-border employment arrangements,mobility and posted workersERP localisation and requir

94、ementsHR assistance for M&A transactionsWe can support you in areas such as:Whether you are looking to transform your HR function,redesign your payroll and HR processes,increase local support,or gather in-depth local intelligence were here for you.We help you to address the unforeseen or unconventio

95、nal problems that can arise when managing a cross-border workforce.in your region?Find out more via our website19AN EMPLOYEE-FOCUSED FUTURE We make a complex world simpleTMF Group is a leading provider of critical administrative services,helping clients invest and operate safely around the world.Wit

96、h over 11,000 colleagues in more than 125 offices across 87 jurisdictions,all working to the same high standards of service and security,we provide our clients with local expertise where it is needed most.Our locations cover 92%of world GDP and 95%of FDI inflow.We are a key part of our clients gover

97、nance,providing the accounting,tax,payroll,fund administration and legal entity management services essential to their success.We make sure rules are followed,reputations protected and operational compliance maintained.Our global service model and technology platform put our clients in control of th

98、eir portfolio of entities and global locations.The data insights we deliver keep them on top of emerging regulation,the status of their own activity and any points of risk.We serve corporates,financial institutions,asset managers,private equity and real estate investors,and family offices.Our client

99、s include the majority of the Fortune Global 500,FTSE 100 and top 300 private equity firms.TMF Group is a trusted and reliable partner,in strong financial health and focused on providing flawless service to our clients.Whether operating in one country or many,with a handful of employees or several thousand,we have the business-critical support you need to expand,operate and grow safely,everywhere.www.tmf-