GLOBAL PAYROLL MAGAZINE
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hrough Strategies ecovery
, an ces the tem d act of d.
strategies and plans, some of which are explained below:
risks helps tailor a plan to address specific vulnerabilities. Here’s how to begin: Identify the risk factors that are prominent in the specific business industry. Assess the impact of that risk and the areas of payroll that will get interrupted. Contemplate the solutions to combat those issues. Communicate the plan to the employees. Having a plan is critical for any business to ensure smooth running and it should be reviewed and tested on a timely basis to ensure its effectiveness during the crises.
1. Develop a Payroll Continuity Plan Before designing the blueprint of precautions, one needs to recognise the challenges depending on their business, the location they operate in, applicable government policies, labour market situations or any other factors. Although the specific problems can differ based on the business type, some problems are universal and any business can be impacted by them. Understanding these
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