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CloudPay is delighted to have been named a Leader in NelsonHall’s 2023 Payroll Services: Transformation and Digitalization report. This is especially important at a time when businesses are searching for increased capability and integration in their payroll solutions. Recognition by an expert independent assessor is a ringing endorsement of how we can meet the evolving needs of global payroll.
This NelsonHall report looks at a range of providers in the multi-country payroll marketplace. It considers the latest payroll service trends, current buyer expectations, the role of digital technology, and where providers are focusing their investments for the future success of their platforms. The end result is the generation of a detailed vendor profile on CloudPay, including some of our strengths and core capabilities – the best of which we’ve highlighted in this blog.
CloudPay setting trends as a Leader
NelsonHall cited a variety of reasons why CloudPay is a leading organization in the multi-country payroll space. Liz Rennie, NelsonHall’s HR Technology & Services Research Director, summed them up: “CloudPay is a Leader in the Payroll Multi-Country Capability market segment. Through offering rich managed payroll services to ~130 countries, clients benefit from its technology, improved experiences, interfaces and reporting through consolidating with one provider.”
CloudPay’s highlighed strengths include (and are by no means limited to):
- Experience and expertise: our proven track record of payroll success over more than 25 years and across more than ~130 countries, with fully managed payroll and payments scalable to businesses big and small
- Global and scalable: our cloud platform for globally integrated solutions is full of features that support transparency, insight, and control over multi-country payroll processing, including standardized input processes and output deliverables
- Treasury maturity: we’ve made significant advances in our treasury and payment services to support on-demand pay and multiple payment solutions
- Payroll benchmarking: through the benchmarks established in our Payroll Efficiency Index and build into our platform, we’re helping drive payroll efficiencies and uncover process bottlenecks
- Strategic partnerships: certified integrations with HCM platforms like Workday and SAP SuccessFactors, and our financial wellness partnership with Claro, underline our commitment to a comprehensive offering
In addition, NelsonHall highlighted how our success with the above is translating into business growth. Having achieved double-digit growth in 2022, NelsonHall has predicted revenue growth of 20-30% in the 2023 calendar year, thanks in no small part to process efficiencies in both payroll and payments.
Meeting the key factors for payroll success
In its report, NelsonHall also explored some of the key factors that payroll service providers need to cover for the best chance of long-term success. Ultimately, it will be those providers with a modern, platform-based offering – wedded to strong compliance processes – that will be best-placed to grow in the years to come.
This is good news from a CloudPay perspective, as we’re already meeting or even exceeding many of these vital targets:
- Speed to Market: our integrations and technologies span the entire payroll process (HCM, payroll, and payments), ensuring data consistency that minimizes human error, and maximizes both payroll efficiency and payroll cycle speed
- Global quality oversight of all countries: our service across 130 countries, and wide-ranging library of country-by-country payroll guides, helps our customers get all the support and insight they need
- Improvement plans in under-performing countries: our annual PEI report helps identify countries and regions that are struggling with specific payroll metrics, and pinpoints methods of improvement so that quality of service can be maximized
- Incorporating financial wellness offerings: our Earned Wage Access platform CloudPay NOW, and our new partnership with Claro, are both driving greater value and improving client retention by promoting financial education and support for employees
- Strong HCM offerings / integrations: our integrations with many leading HCM platforms such as Workday and HiBob allows our clients to access an all-encompassing, digitally-focused, technology-driven solution
In summary
NelsonHall’s overview of CloudPay’s abilities, and our position as a Leader in their report, sums things up very well: “This market segment reflects CloudPay’s ability to meet future client requirements as well as delivering immediate benefits to its payroll services clients with specific capability around multi-country payroll operations. Leaders are vendors that exhibit both a high capability relative to their peers to deliver immediate benefit and a high capability relative to their peers to meet future client requirements.”
This is just one of a number of high-ranking results that CloudPay has recently achieved from independent experts and assessments and is something we’re incredibly proud of. We’re looking forward to furthering our concept of the modern pay experience in the months and years to come, and continuing to drive efficiency, performance, integration, and flexibility for employers and employees alike.
Find out more about the CloudPay approach to the modern pay experience here, or get in touch with our team to get answers to your business-specific questions.