With the volatility in tax laws and tax procedures in India it is very important to have a dynamic payroll function that is quick to respond to changes, and continues to win the trust of employees, Iyer added.
Seven out of 10 (70 percent) of the respondents are not confident that a global vendor currently exists that can provide a truly global payroll solution, it said.
Respondents identified a number of issues as potential hurdles, from total cost of the overall solution (16 percent) to the vendor understanding and meeting specific requirements (14 percent) and legal and regulatory requirements (12 percent), it added.
Nearly half (41 percent) are not considering adjusting their payroll administration model, even though a third (35 percent) plan to expand into new global markets.
Out of the total 161 respondents, 68 are considering expansion into new markets within the next year; the survey said adding only 11 percent of these are in the process of actively pursuing a global payroll solution implementation as part of their expansion.
Whereas majority with 41 per cent have not begun considerations at all, it added.
The risks associated with payroll errors are that the tax and regulatory implications are costly and time consuming, the perceptions and confidence of employees decrease with paycheck errors and the time and expense of correcting errors creates a significant downstream impact to the general ledger, it said.
Read More:

Top 5 Work-From-Home Jobs That Pay Well

7 Creative Jobs to Earn Big Bucks