Managing a global workforce means dealing with a complex and fluid array of compliance, tax, immigration and employee safety risks. A global health crisis and shifting relations between some countries have added further layers of risk.
Companies lacking the right tools and technologies to operate effectively in this landscape suffer a serious competitive disadvantage and are more likely to be caught out when rules on foreign workers change in the future.
Relying on manual processes and spreadsheets also creates administrative burdens and increases the chance that businesses will create workflow bottlenecks, missing important deadlines for tax or immigration filings. This in turn increases the risk of incurring fines and raising costs, and makes organizations less nimble when the business environment changes again.
The solution is technology that can streamline, accelerate and automate the processes necessary to manage a global workforce. This controls cost, improves staff productivity and frees up teams to develop better ways of working and to improve the employee experience. Here are six ways Equus’s PinPoint solution can help your organization manage risks.
Never get caught out by rule changes or deadlines
Failing to keep up and comply with the latest travel rules and tax regulations can be costly for organizations with global workers. Equus regularly updates the PinPoint platform to automatically alert clients when there are tax regulation and rule changes, so that teams can be more efficient and stay ahead of the risks. Businesses can accept the standard alerts about potential infringements or customize them to align with corporate policies and changing health and political situations around the world.
Ease up your administrative burdens
Global mobility, HR and compliance teams working inefficiently brings financial costs to the business in terms of headcount, but there are also intangible costs for employee engagement, employer brand and lost opportunities for development and innovation.
PinPoint automates and streamlines processes such as immigration renewal or communications with in-country tax authorities. For large companies dealing with thousands or more business trips a year, managing casework through email and manual tasks is inefficient and too slow for today’s business environment. Instead, PinPoint maps processes according to conditions based on location or policy, simplifying the day-to-day work of the mobility team.
Better employee experiences
Your globally mobile employees are among your most valuable assets. Anything less than a consumer-grade experience will inevitably have an impact on what these employees think of their employers. Negative experiences erode engagement levels, and in some cases drive employees away from the company.
The PinPoint platform provides an efficient flow of information that’s more manageable and user friendly than traditional email requests and centralised HR helplines. Each user group is given a dedicated landing page that includes the most relevant information for each individual’s role, and quick links to everyday actions. Security can be set to ensure that sensitive information is protected. And employees can manage their relocation or immigration processes through a corporate portal that’s accessible from laptops or mobiles using a single sign in.
Avoid the costs of inefficiency
Automating tasks can drive down administrative and operational activities by up to 40 percent in your mobility and HR teams, paving the way for cost savings or the reallocation of resources. This is especially the case where a business manages high volumes of low complexity cases. Using PinPoint alongside Equus’s AssignmentPro also enables many businesses to manage the full life cycle of global mobility assignments in-house, rather than engaging an outsourcing provider, which further cuts costs and frees up staff time.
Providing the insights you need
Today’s leaders want insights, and businesses need them. Global mobility and HR teams can play a central role in strategic planning by using data to answer hard questions and share useful insights on how businesses should be managing their workforces.
The longer companies use PinPoint, the richer the dataset they have. They can then analyze this information to provide useful statistics to business leaders that allow them to make better decisions. PinPoint offers data visualisation capabilities to show emerging trends, such as areas and countries of higher risk that need executive attention. Dashboards can also be customized and used for presentations or for sharing across the organization.
To find out more about how to manage risks for your global workforce, and to learn more about PinPoint, request a Demo here.