The complexity of global compensation services leads many employers to seek outside help from specialists. Relocation management companies (RMCs) have extensive experience with the regulatory requirements of various countries and understand the intricacies of local compliance and reporting.
RMCs offering compensation services may also use technology and processes to enable fast, accurate, and compliant reporting. By partnering with an RMC, employers avoid the need to acquire a separate global compensation platform resulting in considerable cost savings. Additionally, RMCs provide expertise and resources, eliminating the need to hire in-house global compensation specialists.
By partnering with an RMC for global compensation services, companies ensure accurate, timely payroll and reporting and avoid issues with regulatory and tax agencies. Compliance not only prevents issues from arising—it can pave the way for more business opportunities in host locations.
Global mobility programs offer significant value to employers by attracting and retaining quality talent. However, to remain in compliance with local laws and regulations, employers need accurate, timely administration and bookkeeping. Working with an RMC to provide global compensation services offers a cost-effective way to maintain centralized, organized payroll and tax reporting.