Meeting modern payroll challenges

2023-05-22
Press releasePaysendAll articlesBusiness
Meeting modern payroll challenges

The Covid-19 pandemic accelerated significant macro workforce trends, with remote working and digital nomadism fundamentally shifting where and how employers access labour. With all the world’s economies now fully reopened, global businesses are embracing the value of being able to hire workers and contractors remotely, regardless of their geographical location.

New payroll challenges

There global workforce is changing fast. Driven by the pandemic, there has been a significant rise in the number of freelance workers and contractors as people all over the world seek a better work-life balance. Recent statistics suggest that independent contractors added $1.3tn to the US economy in 2021, while there are thought to be more than 2 million freelance workers in the UK alone at present.

This has been coupled by the rise of digital nomads – workers who travel the globe linked to their employer only by their internet connection – which have created new problems for firms that provide enterprise payroll services. For example, arranging salary payments for employees who are based in a variety of international locations, and using a wide range of currencies, can be particularly challenging for the outdated, inefficient and slow cross-border transfer services offered by mainstream banks.

This is why payroll company Deel has recently teamed up with UK-based fintech business Paysend to ensure it can provide its clients with an efficient, simple and cost-effective international payment solution. Known as Instant Card Transfer, the feature means that Deel can offer contractors in a growing number of countries the ability to receive instant and direct payments into their bank accounts, simply using their bank cards.

International payments with no limitations

In the past, it’s been common for contractors to have to wait up to seven working days to receive their money, while also facing significant cross-border payment fees. At the same time, there has been a high risk that payments fail due to a lack of compatibility between banks’ systems and those used by payroll companies. This has the potential to create administrative problems for employers, and often leads to unhappy workers and contractors.

Instant Card Transfer removes that hassle by giving contractors an easy way to access their money when they need it. In today’s economy, being able to access the best global talent is an integral part of corporate strategy. 

You can read more about the Instant Card Transfer solution case study here

 

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