Author: Simon Bradbury, Global Payroll Consultant and CEO at Global HRIS
Last updated: 26/06/2023
Over the last year, every part of global payroll has been challenged. Processes have been tested through staff shortages, remote working and new laws. The pandemic has put huge pressure on global payroll processes. Accurate and compliant data has never been more important. If payroll stops, almost everything else stops with it too. Now as we look ahead, it’s time to focus on your post-pandemic payroll.
The pressure on global payroll isn’t over yet. But with the right support, you can have a smooth transition out of lockdown. So, here are four trends for your post-pandemic payroll.
Firstly, payroll isn’t an easy process. From overtime to complex laws, lots can change in a month. If you manage payroll on a global scale, you will need to keep on-track of any new regulations on a wider scale. The right software – or provider – can help you manage these challenges.
Flexible working options have increased in demand over the last year. Remote working, flexitime and job-shares all offer a greater work-life balance. However, they can wreak havoc on your payroll. Above all, fixing errors is a costly process. They also increase your risk of non-compliant payroll.
An agile process can remove these risks. It has lots of benefits for your business, including fast decision-making. Most importantly, it can provide a smooth payroll process. It may boost employee wellbeing, especially now. An accurate payroll can reduce anxiety around personal finances and boost morale.
You can become more agile in a number of ways. For instance, keep up to date with new laws and become more digitised. Also, review clear processes for overtime, sick pay and unexpected leave. Finally, we can support you to become more agile. We provide services to automate your global payroll to deliver the best results for your business.
Your payroll will become more agile through the right software. Unlike other systems, you can operate and control everything online. Put simply, this means using the internet to store data and run applications.
Investing in cloud-based software for your global payroll has many benefits. Firstly, it allows your payroll team to work from any location. They will have access to the same information that they’d have access to from their office. This type of system works well for anyone working remotely.
Your payroll system holds a huge amount of sensitive employee data. This puts you at greater risk of fines or reputational damage. Cloud-based software should provide you with more security. With this software, your data is stored securely on the remote servers of your software provider.
Additionally, cloud-based software can improve the accuracy of your global payroll. It reduces the reliance on physical documents and in-person processes. To ease your post-pandemic payroll, digitise your workflows and move them into the cloud. Another added benefit is fast access, both for yourself and your provider.
Changing your software is a decision that must be carefully considered. We are available to manage your payroll project. Our team will deliver your project on-time and within budget.
As we ease out of lockdown, your payroll must be adaptable. All businesses are now obligated to stay updated on emergency legislation. Any new laws must be integrated into your payroll. All countries are emerging out of the pandemic at different speeds. For global companies, this adds a level of complexity. It’s important all global payroll teams are aware of any new laws. This can help them quickly adapt their processes.
Accurate payroll is the number one rule for every business. There is now a greater focus on strong payroll management. With this in mind, payroll managers need to be aware of any changes that will impact their processes. They must maintain compliance to avoid any fines or risk of fraud. Investing in the right tools will help them to manage any unexpected change. They should also invest in the right tools to help their team manage change.
As a business leader, it’s important to deliver reliable payroll services in times of crisis.
Uncertain times have shown the importance of preparing for different kinds of emergencies. You should already have a business continuity plan in place for any unexpected changes. However, it’s important to factor in your payroll.
Firstly, consider any impact to staff, workplace and your software, and plan your response. You may find it helpful to review your roles and duties within your payroll team. It’s important to establish a back-up plan, in-case any team members are out of the office. Share access to key data and information to ease any unplanned absences.
We understand it’s a busy time for your business. So, we’ll work with you to create a contingency plan. Likewise, we’ll review your current processes. Our team are available for round-the-clock support.