SG Payroll and HR Glossary

Gender pay gap The gender pay gap is the difference on average between what men and women earn, often for doing the same work. This is a worldwide problem that needs to be tackled to improve global equality and productivity.

GIRO General Interbank Recurring Order (GIRO) is a convenient, paperless and cashless payment method which enables the individual to make hassle-free payments to billing organisations (BO) through his/her bank account. GIRO is an automated electronic payment service where the amount will be automatically deducted from his/her bank account and paid to the BO upon their request. The individual will need to ensure that the designated bank account has sufficient funds before the deduction due date.

Global business A global business is a company operating in many countries worldwide. This could involve cross-border transactions of goods or services between two or more countries.

Global compliance Global compliance is about ensuring that your organisation complies with all international and local rules and regulations in the countries where it operates. Failure to keep compliance can risk hefty fines.

Global human resources management Global human resource management is a term for all aspects of an organisation’s HR, payroll and talent management – on a global scale. In practice it means implementing common policies while taking into account local legislation, customs and culture.

ADP Global Payroll ADP Global Payroll is a multicountry payroll solution for business leaders to manage paying staff costs across countries. One dashboard provides a consolidated view of workforce data for spotting trends and accessing smart data to inform strategic decisions.

Global payroll Global payroll is payroll conducted over multiple countries or territories. Rather than operating different payrolls with multiple, disjoined vendors, it provides one unified solution which can be tailored according to local needs.

Global payroll services Global payroll services are when a company outsources the running of its global payroll to an external provider who uses cloud-based software to provide a unified solution across multiple territories.

Global payroll solutions Global payroll solutions are when a company uses cloud-based software, often provided by an outsourced expert to manage their global payroll. A major benefit of this approach is that payroll and HR data can be provided in one unified system of record for multicountry processing and analysis.

ADP GlobalView Payroll ADP GlobalView Payroll is a product designed for enterprise multinationals who pay staff across 40 countries. Business leaders can choose to either process payroll themselves while ADP hosts or decide to fully outsource payroll to save time and reduce costs.

Going concern A going concern means a business that’s open and profitable.

Goods & Services Tax (GST) A tax of 7% on most goods, services and other items sold or consumed in Singapore. If your business is registered for GST, you have to collect this extra money from your customers.

Goodwill The goodwill of a business is considered to be its good reputation, which if it has a value can be considered an asset. Goodwill is sometimes expressed as any assets a company has, apart from tangible and intangible assets.

GPA The Global Payroll Association, or GPA, is the representative body of payroll professionals globally. It runs the Global Payroll Awards to celebrate the payroll industry.

Gross pay Gross pay is the total amount an employee receives before any tax deductions.

Gross profit Gross profit means the difference between the cost of goods and the income from sales of those goods. Overhead costs such as distribution, payroll, tax and interest payments are excluded.