Mayo business Payslip is scaling globally due to skyrocketing of demand for payroll services by multinationals that have postponed the return to the office.
One of Ireland’s hottest start-ups Payslip is expanding its presence to more than 60 countries having seen a surge in demand for hybrid workforces as a result of the pandemic.
Major tech corporations like Apple Ireland, Facebook, Amazon Data Services, and Google have all postponed their return to the workplace until January 2022.
As a result, demand for payroll services in areas with complicated tax and labor rules has skyrocketed.
“The pandemic brought sweeping changes to payroll management models as many global payroll teams were working from home and had to support colleagues in other countries”
When these companies do return, it will be in a hybrid form, with the need for payroll control in multiple jurisdictions serving as a competitive advantage.
Payslip was founded in Westport, Mayo, in 2015 by Fidelma McGuirk. Payslip’s software-as-a-service platform empowers payroll professionals to streamline their global payroll processes.
The platform is already used by dozens of multinational organizations throughout various industries and customers include LogMeIn, Get Your Guide, Cloudera, and Airbus. For example, for next year, two new clients have already been onboarded, one employing 170,000 people in 25 countries and the other employing 44,000 people in 38 countries.
To deal with the demand Payslip has grown from 29 staff in January to 75 today. The majority of these hires have been to the company’s global headquarters in Westport, County Mayo. Payslip is seeking to hire another 75 over the coming year.
Last May a successful close of €8.3m in its Series A funding round, brought the company’s total funding to €12 million. It has been a record year of growth for Payslip, which saw a nearly 100pc increase in employee headcount, 40pc revenue growth, and 25pc quarterly customer growth resulting from multinational companies moving to hybrid working for the foreseeable future.
“The pandemic brought sweeping changes to payroll management models as many global payroll teams were working from home and had to support colleagues in other countries,” said Payslip CEO Fidelma McGuirk.
“As we emerge from lockdown restrictions, we’re witnessing a major catch-up effort among businesses of all kinds — small, medium, and multinational — to ensure that all of their global payroll systems are standardized as hybrid working looks to remain a staple feature of the office. This has made Payslip a competitive advantage for companies that need to make sure they can pay employees on time, compliantly, all while maintaining confidence and trust,” McGuirk added.