In this article, we discuss how the effects of the coronavirus has impacted payroll operations and how payroll specialists can adapt to the “new normal” way of processing payroll.
The first question to ask is “Has Covid19 Impacted Payroll”?
And the most obvious answer would be, yes. There is not a single area of our lives (personally and professionally) that has not been impacted by the COVID-19 pandemic.
Although many business operations have slowed down during times like these, payroll operations are the one area of business that has had to step up. Additionally, its vital role in business is more clear than ever. Businesses and payroll professionals seek to overcome challenges of today and adapt for tomorrow. Therefore, payroll processing modified to keep up with our ‘new normal’ way of living.
Payroll processing is impacted in a number of ways:
- Less ability and work responsibility from staff who are sick with COVID19 or who are looking after family members who are sick. Therefore, requiring flexible work arrangements.
- Staff who are starting to work from home may be limited due to not having the adequate tools and documents available that they would normally have available at the office. Especially if your business system is on-premise solutions.
- Payroll calculations need to be updated as most governments have provided tax and illness relief to staff and businesses. Therefore, payroll specialists need to ensure the new regulations reflect correctly.
All the above has put extraordinary stress on payroll systems. Therefore, forcing the payroll specialists to adapt quickly. We are currently living through the biggest global crisis that many of us will experience in our lifetime.
Although, they might have been able to improvise by working overtime and putting in extra effort for a while, it is clear that business owners need to have a plan to mitigate the ongoing impact on business.
Is there a way for payroll providers to adapt to the “new normal”? Can staff feel relief from new workplace stress?
Here are 4 tips we think will help you:
Tip 1: Process Automation
Reduce the need for human involvement and you will minimize operational disruptions. Process automation eliminates congestion and error, which leads to lost time and revenue. Thus, control and improvement in productivity, customer experience and business performance overall will improve.
Tip 2: Remote Access To Data
Organise and store data and files securely in the cloud. Move from hard copy files to electronic. Therefore, you, your staff and your customers can access the neccessary important information any time, from anywhere!
Tip 3: IT Infrastructure
IT plays a vital role in the delivery of data and financial services. Therefore, businesses need to have secured IT infrastructure. Additionally, 24/7 support and maintenance must be available.
Tip 4: Remove People Dependencies
Review employee roles and responsibilities and ensure there are back up plans in case of staff not becoming available due to COVID19. Set up automated delegation routines that give the replacement staff member automatic access to documents in case that specific employee is not available.
While these tips may help you to better master your business challenges and payroll operations, they will also improve the efficiency of your business operations as well.
At Outsourcing Solutions, we have experience in assisting businesses transform and modernize their payroll operations. Therefore, we can help you to move your payroll to a secure, cloud-based environment efficiently. Contact us today.