Importance of Payroll During Exigent Circumstances
Sometimes, no amount of planning can prepare you for handling an unforeseen circumstance as disruptive as a global pandemic. The Covid-19 outbreak has avalanched its way into the business world, leaving not a single industry or company untouched.
Wherever possible, work has gone remote. Businesses are having to restructure decades-long systems to navigate these difficult circumstances. While companies strategize how best to reorganize workflows to keep business running as best as possible, it is also essential for them to consider employees’ wellbeing. Apart from following legal requirements of work-from-home policies and prioritizing health, employers, need to ensure financial welfare of their employees.
HR and Payroll Spotlight
Now more than ever, HR and payroll practices need to become centerstage to help all stakeholders tide over the shock of the pandemic. Paying employees their full dues on time will keep them motivated to work through this downturn.
To ensure this, companies must conduct a quick but careful evaluation of HR policies relating to leaves and attendance, sick pay, and overtime, in addition to legal changes. Another area demanding attention is managing contract and gig workers, as well as flexible policies for existing staff. Payroll systems need to be upgraded to accommodate this shift, and these changes will also have to be incorporated into tax processing and compliance in the short and long term.
Updating the Game Plan
Given the astounding number of changes and the timeline in which these have to be achieved, businesses will need to devise an effective way to implement upgraded HR and payroll policies. A three-pronged game plan can help:
The first step a company needs to take is a thorough evaluation of workflows and infrastructure. Can payroll and tax processes be handled remotely? How will the privacy of sensitive information be protected on remote networks? What sort of delays can be expected and how will they be addressed? These are some basic questions that will need to be answered.
Once the processes and their organization are put in place, companies will then need to ensure that their staff is equipped to handle this transition. In times like these, it is possible for key team members to become unavailable either because of falling sick themselves, or having to care for a loved one. As far as possible, companies will need to expand employee knowledge base and avoid siloed working. Having readily-available contract workers on hand can also solve the issue.
Management needs to ensure that all of these changes are communicated internally to all employees. Any potential delay or change in payroll dates and systems will need to be outlined clearly so that employees are not left in the lurch. Concerned third parties, like staffers or other stakeholders, will also need to be updated so that they can incorporate these changes into their own workflows.
The Allsec Factor
Allsec’s proprietary SmartPay is designed to handle all curveballs that come its way. The digital payroll platform has advanced features like Oracle-based processing engine, forward- and backward-integration with client ERP, and deep-dive reporting that generate accurate and timely pay slips. Given its best practices, Allsec’s SmartPay serviced over 200 customers and processed over one million error-free pay slips in March 2020, well before due dates!
With the path ahead laden with more uncertainty, having your HR and payroll processes sorted will eliminate one major roadblock to adapting to the new circumstances.