Karen Errington, GBS Management Change and Business Support Director, TMF Group
With over 6,000 staff globally, TMF Group is a professional services organisation geared for capital markets and global business services. Karen Errington, GBS Management Change and Business Support Director, TMF Group has worked for the company for the past four years in a global role. Having over 600 global clients and 38,000 client entities, TMF Group has in-depth knowledge of what companies are asking—compliance. Errington explained that companies are looking to reduce risk by ensuring adherence to the ever-changing tax and compliance laws, and this where TMF Group shines in organising and managing successful strategies among global workforces.
TMF Group operates across the globe and offers services in outsourcing HR and Payroll, Accounting and Reporting and Legal Administrative Services as well as Trust and Corporate Services. According to TMF’s research, the top five sectors which are outsourced are payroll, compliance, strategic activities, pension and benefits, and training. Errington explained, “In the APAC market, especially Hong Kong, the main area clients are focusing on is benefits, in particular medical benefits with the ageing workforce. This is followed by external training for the younger Gen-Y employees along with compliance concerns driven by the 2008 financial crisis and having a resource pool of, for example, staff who are available on demand,” said Errington.
The global perspective is also affecting how companies do their payroll with industries such as finance, manufacturing and consumer services being the largest purchase of payroll—with multi-country payrolls being the top driver of the large multinational corporation market. Corporations are customising pay delivery which works well for a remote workforce. She added, “By consolidating your payroll, organisations can save 30-50% of costs.” With globalisation affecting payroll strategies, companies need to be equipped with people and processes. This is where TMF Group can offer advantages, elaborated Errington, “As TMF is the only vendor that certifies payroll in every office—this makes it unique among vendors.”
Paul Arkwright
Publisher
