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Vendor News

Industry developments from the global payroll vendor and research community.

CloudPay Releases APAC Payroll Efficiency Index

CloudPay has announced the publication of its Asia-Pacific (APAC) Payroll Efficiency Index (PEI) that  examines payroll processes of the 15 highest-volume countries in the region, sourcing anonymized data directly from CloudPay’s unified payroll platform.

Accounting for nearly 60% of the world’s population and spanning 11 time zones and two continents, APAC, according to the company, presents a unique set of challenges and opportunities for multinational companies. The PEI report considers such implications using five key metrics to explore APAC payroll processing and provide insight into outcomes, bottlenecks, breakdowns, and areas of improvement that might otherwise be missed. The report includes the following: first-time approvals, data input issues, issues per 1,000 pay slips, payroll calendar length, and more.

“This year’s APAC Payroll Efficiency Index provides detailed information about critical differences that multinational companies need to understand and overcome when processing payroll here,” said Paul Bartlett, CEO of CloudPay. “APAC is a highly dynamic, diverse region, with three of the world’s top 10 economies and several others emerging. It takes local expertise and global technology to support this fast-growing region and its workforce.”

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Safeguard Global Acquires German Payroll Firm

Safeguard Global, a provider of adaptive global workforce solutions, announced the acquisition of GEDA, a German payroll and accountancy services company. The acquisition continues investment by the company to extend local market coverage in support of employee onboarding, management, and payroll needs of multinationals—both emerging and established—for various stages of growth.

According to the company, its acquisition will add almost 30 years of expertise in German payroll and employment law to Safeguard Global, further bolstering its in-country capabilities in more than 175 countries. This, according to the company, allows Safeguard Global to provide services that keep its clients in compliance with employment and tax regulations and legislation, but more importantly extend local market expertise that will help multinationals navigate an ever-shifting global market.

“I am excited to welcome the GEDA team to the Safeguard Global family as we solidify our leadership position in global coverage,” said Bjorn Reynolds, CEO and Founder at Safeguard Global. “As Germany continues to economically thrive, it’s clear our clients will continue to desire to do business there. Intimate knowledge of the market is crucial to our clients’ success.”

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Tricor Group Recognized at China International Business Awards

Tricor Group (Tricor), a business expansion specialist in Asia providing integrated business, corporate, investor, human resources, payroll, and more services, won the Business Services category of the China International Business Awards for its growth strategy in China. The inaugural awards program honors the most successful growth strategies and innovative best practices amongst international businesses based in China.

According to the company, Tricor designed its growth strategy to strengthen its presence and capabilities in China to deliver superior solutions and expert guidance to 20,000 clients. Combining global expansion expertise with local capabilities, Tricor serves as the go-to professional services partner for Chinese firms with ambitious growth plans, according to the company.

“China remains a top priority for Tricor Group,” said Lennard Yong, Tricor Group CEO. “As regional economic development plans continue to advance—such as the Belt and Road Initiative, the Greater Bay Area, the new Lingang area of the Shanghai Free Trade Zone and Hainan Free Trade Port—China will continue to strengthen its role as a hub for global business development activities. We are fully committed to helping foreign companies scale and expand into China as well as working with Chinese companies as they look to set up, build and scale operations across Asia and beyond.”

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