Navigating Payroll Th Unexpected Crises: S for Resilience and Re 04:05 ISSUE 4
Author: Manju Shetija
Consider a scenario where another world-stopping pandemic arises, alarming cyberattack cripples data security, or a natural disaster forc workspace to shut down. Additionally, the possibility of a critical syst failure halting daily operations or the implementation of unexpected regulatory changes cannot be overlooked either. The potential impa staff shortages in the HR or finance team must also be contemplated
Living in a world filled with volatility, uncertainty, complexity, and ambiguity (VUCA), organisations may be exposed to unforeseen crises that test their operational resilience. How prepared is the organisation to ensure payroll continuity amidst these challenges? This article explores effective strategies for businesses to navigate payroll challenges during unexpected crises, ensuring not only survival but also the potential to thrive in the face of adversity.
Understanding Payroll Challenges during Crises Some potential payroll disasters are global pandemics, economic downturns, natural disasters, cyberattacks, data breaches, currency fluctuations, system outages etc. All these crises can induce budget cuts, layoffs, salary reductions and so on, further complicating payroll management. Failure to maintain payroll operations can not only disrupt business continuity but also lead to non-compliance penalties and delayed payments. To effectively manage the payroll, companies need to devise different
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