The world is slowly adapting to the new normal, but how long will these changes last? There are no clear answers to this question which is why businesses are taking smart strategies that will outlast the pandemic.
Since the beginning of the Covid-19 pandemic businesses have had to face new challenges in order to cope with the sudden change the pandemic has brought. These new challenges has forced businesses to adapt to new ways of doing things within their business in order to keep their businesses safe for their employees and to keep it sustainable in the new normal.
The world is slowly adapting to the new normal, but how long will these changes last? There are no clear answers to this question which is why businesses are taking smart strategies that will outlast the pandemic.
We'll be taking a look at what are the new challenges the pandemic has brought specifically in the area of payroll, what are are new payroll strategies to adapt in the new normal, and how to implement these strategies using new tools and technologies that help will your business thrive in the new normal.
The WFH?
The work place setup in businesses ever since the beginning of the pandemic has seen a rapid shift from on-site work to a work from home setup or (WFH). In a paper by the Federal Reserve Bank of Dallas mentions that, "Pandemic workers mostly switched to WFH-only," during the pandemic. They also expect to continue WFH setup part-time instead of full time. With this in mind, it's clear that timekeeping and attendance tracking will be much harder to do since employees are expecting for businesses to be able to cope with this change to a WFH setup. So how can businesses adapt themselves to the WFH setup that is currently being demanded by employees?
What New Payroll Strategies Can Business Implement in the New Normal?
Businesses need to be smart. You need to make sure you can set a system in place that not only captures the time log for the WFH setup for your employees but also gives you more benefits for an easier payroll in return.
A cloud-payroll solution is the smart strategy for many businesses today. A cloud-payroll solution is a system in the cloud that gives you and company access to your payroll data anywhere and anytime. This gives you the power to track your employees attendance and generate your payroll even in a WFH setup.
A cloud-payroll solution also streamlines your payroll operation making it faster and efficient to do payroll. Plus, it's more secure and more accurate than doing payroll in a spreadsheet!
How To Adapt This New Payroll Strategy
If this is starting to sound complicated, don't worry! It doesn't have to be. There are only three things you need to do to transition to a cloud payroll solution.
First Step
Firstly, you need to know your payroll requirements. We recommend the following payroll requirements for your company:
- Does it help you track your employees timesheets regardless of location?
- Does the payroll system compute benefits, taxes, and contributions for your employees?
- How easy is it to get started and how is the customer support of the system?
Second Step
Secondly, make sure you have a budget. Cloud-payroll solutions are usually subscription based so it's cheaper than setting up an on-site solution.
And lastly, make sure to plan your transition. Make sure you payroll systems provider can help you and guide in doing the transition from your current payroll setup to the cloud-payroll setup.
Businesses who do the work in applying these strategies and integrating these tools have set themselves up for success in the post normal. Though changes in the pandemic has brought a radical shift in the way businesses operate, you can ride the change and make most of what opportunities it provides.
The world is changing and the pandemic was a catalyst to accelerate that change. If your business can ride the wave, it will propel your business further than you ever had before the pandemic.
Remember this quote from Steve Jobs,
"Stay hungry. Stay foolish."