We are experiencing one of the biggest global crises. Such an outbreak has led to the slow-down of many business sectors like production and sales. However, payroll has a critical role to play and needs to step up in such a situation. Whatever be the case, if people don’t get paid, everything will come to a standstill.
Here are some ways in which COVID-19 has highly impacted the payroll practices of many businesses:
Table of Contents
1. Implications of Work from Home
Closure of the office calls for the need of working from home to avoid further risk of contagion. Payroll and HR employees will need to be able to access systems and data from their homes. Digital workflow and cloud-based solution have got several benefits undoubtedly. Especially in the current crises, it is more than necessary to digitise your workflow and documents, not to depend on any human interaction and have access to data and relevant information anywhere, anytime.
2. Limitation of Work Responsibilities
As COVID-19 is a pandemic, many of your team members might get sick or be busy taking care of their elders and kids at home. It is difficult to get even a local backup to step in when the primary payroll owner falls sick. Such situations limit their ability to look after their work responsibilities, affecting payroll practices and workflow. Nonetheless, standardisation of payroll process and tools in different countries will reduce the risk of single-point failure for any organisation.
3. Increased Burden on Your Team
This pandemic is putting a more exceptional burden on payroll professionals and their practices. Thus, to protect their employees from any financial hardship, many countries have implemented emergency relief programs for business organisations in the form of tax reliefs and loosening of sick leaves. As a result, they need to update and reflect the new rules in their payroll calculations.
In a Nutshell
COVID-19 has a significant impact on your payroll service team, which forces them to adapt and improvise their payroll calculations. They have to overcome such a situation by working overtime and putting in extra efforts. However, they can avoid such an impact on their business by hiring PeopleCentral’s payroll software.
Our services include Automated Payroll administration incorporating IRAS, CPF and MOM regulations, Electronic submissions, itemised payslips, Bank Giro and syncing with Xero, Quickbooks, Madsoft, etc.