Have you already started thinking about what the workplace is going to be like in the post-pandemic world? If not, you need to start thinking now!
We’ve all spent the last few years talking about the future of work and how automation, globalisation, gig economies and boundary-free work will shape the workplace and how finding the best global payroll provider can be a crucial factor in these aspects of any business. Many of these concepts, when implemented can create a lot of complicated and confusing payroll processing, especially when dealing with global hiring, this is when a global payroll provider and/or an employer of record/professional employer organisation (EOR/PEO) can become a critical cog in the wheel of your business.
The COVID-19 pandemic has brought more immediate change in the way we are all working and therefore a more immediate possibility for the needs of outsourcing global payroll. For some companies that change has already happened with the need to re-pivot their business to survive in the hope they can re-establish their core business after the pandemic has subsided.
What are the really practical aspects of a business that need to be paid attention to and how much can outsourcing your payroll really help?
Personal finance advisors will tell their clients that having a contingency fund of around 3 months to allow for surprises is a good financial footing. How many businesses have the ability to retain 3 months of salaries for surprises? Yet some big names have announced they will weather the pandemic without the need for redundancies (BT, Morgan Stanley, CitiGroup and Bank of America.) Although it will take some time for businesses to re-establish their pre-January 2020 financial status, there should be a focus on what provision they are going to have in place for future challenges.
If you are one of the companies that had to furlough your employees, had to make them redundant or anything in between, could you do this whilst being 100% sure you were remaining compliant and weren’t hit with a big fine? When you outsource your payroll and have experts take care of this you’ll ultimately save money and a huge amount of stress.
Business Continuity Plans
Business Continuity Plans have often been seen as a necessary evil to satisfy the checklist of an auditor. Even if ‘tested’ this was a desktop exercise which was over in an hour or so. Like many BCPs, they often focussed on the closure of a building or loss of data through a server room but very few looked at the loss of key people for weeks.
Is now the time to make BCPs more meaningful and a higher priority than before? This will be a growth area for businesses and consultants to provide a service that builds on the impacts that Covid19 has caused.
TopSource has had a comprehensive and effective continuity plan in place from day one, so no matter your business’s short comings we would be able to carry on with making sure everyone is paid and other back-end, crucial activities that might otherwise fall through the cracks.
Post pandemic businesses are going to be looking much more closely at what they can automate, what processes they can outsource and how doing this can increase the profitability of their business. How many leaders are wishing they had spent more effort on automating a process before March 2020? As people are unavailable due to sickness, furlough or lockdown, basic processes, like payroll, across all industries will be under closer inspection to see how many can be automated out to leave humans as the designers and planners.
There is little excuse for a leadership team that has not pushed the boundaries of automation within their business. This includes stripping out wasteful processes across the business, including HR & payroll ones. By outsourcing all payroll in your local or global business you will optimise your business by not having to spend time on processes that are not utilising your workforce optimally.
The single biggest impact on businesses across the world has been the lockdown and isolation of their workforce. Even if they had the raw materials, supply chain and customer demand, the majority of businesses have suffered because of lockdown.
Those that can work from home have seen little difference in their working day. Teams that have previously claimed their work could not be done remotely have had to make the situation work – although the necessary dawn of realisation that this was possible may still take some months for a leadership team to accept. Over recent weeks there have been many articles and posts about the money that people save by not commuting. This is a limited view. Consider how much wider your recruitment pool could be if a job was advertised with the possibility of remote working, no only expanding your horizons to your entire country but the entire world. Being able to roll with remote working as an opportunity to hire the best of the best, no matter their location will give you a serious edge. This is where a global payroll outsourcing solution becomes an important step in your company’s growth. The only reason other than an untested remote working plan (now overcome) will be complying and processes with payroll and tax laws outside of the country your business is set up. A global payroll outsourcing solution will make this step simple, seamless and hassle-free. Remote working has benefits for the employee, employer, customer and environment, don’t settle for the best employees in your city, in your country, choose the best in the world.
To support remote working, businesses have realised how poorly prepared they were for dispersed teams to communicate and remain productive. The ‘water cooler’ chat is a great way of meeting people but also a waste of time if those people have had to travel for 2 hours each to bump into each other. Communication and collaboration platforms such as Microsoft Teams & Slack are in great demand as businesses seek to support open communications throughout their business.
But these platforms still have their downfalls and when a company is trying to communicate about sensitive data such as payroll, you don’t want to accidentally send your message to the entire group chat. TopSource has a fully integrated, GDPR compliant, secure way of communicating throughout the business. When you outsource your global payroll, following proper protocol around payroll doesn’t have to be on your priority list, you can focus on communicating with your employees as best as you possibly can.
Not only is a communications platform about hosting a meeting but also about sharing news and recognising colleagues. More than ever before, people want to consume information on the pandemic from the company which is also seen as a trusted source of information.
As always, these items require careful consideration and then a proper approach to change management. Now might be the perfect time to consider what you need to do to benefit from the pandemic rather than let your business be a victim of it. Where people are working from home (not furloughed staff!), take the opportunity to see if outsourcing your payroll could not only give your employees more time to focus on the recovery and survival of your business but also take a process your business was not built for and hand it over for experts, ultimately saving you time, money, hassle and most importantly during this trying time, morale.
How TopSource can support you
TopSource has set up a fast-track payroll service to make transitioning to using us as your providers easy, guaranteeing a simple on boarding experience to support compliance in as little as four weeks.
Simply contact us to find out more.
If you’re a TopSource customer, we can provide you with a separate payroll for your global payroll needs.
You can email email@example.com or call 0203 6915303.