Bjorn Reynolds says he had a vision in 2006 to change the way companies manage their international payroll needs in an increasingly globalized marketplace.
"With the explosion of globalization, businesses were struggling to pay their employees in different countries around the world. Each country has its own set of rules and regulations, and they struggled to keep up to date with the local tax deductions, tax filings, etc.," Reynolds says in an email.
"In the early years, some companies were managing well enough by using short-term, Band-Aid solutions, but it was an administrative, labor-intensive nightmare with no consistency of process or reporting," Reynolds says.
When Reynolds, 37, had his idea to change global payroll practices, SafeGuard was a small British company that only handled payroll needs for U.K. companies. But he recognized a growing niche in the global marketplace and developed SafeGuard's multinational payroll division.
In 2008, Reynolds purchased SafeGuard through a managerial buyout and turned it into the global payroll company it is today by founding the international branch of the company. He says this decision was motivated by a belief that there was a better way to fulfill the payroll needs of multinational organizations.
SafeGuard uses software as a service, or cloud-based technology, to help businesses manage the inherent complexities of compensation on an international level. Reynolds says cloud technology allows human resources departments of multinational organizations to integrate their geographically varying compensation procedures and systems easier, cheaper and faster than previous technologies.
"I knew that with the right management team and the right partners, both in-country partners and strategic business partners, we could provide a unique solution to clients who were looking to expand internationally," Reynolds says.
Max Mihelich is Workforce's editorial intern. Comment below or email email@example.com.
Workforce Management, December 2012, p. 28 -- Subscribe Now!