GLOBAL PAYROLL MAGAZINE
63
Conclusion In an ever-changing economic landscape, adaptation to adversity, diversification, and utilising payroll software and automation are undoubtedly beneficial. The above-mentioned strategies can help an organisation deal with unforeseen disasters. Moreover, it’s equally important to ensure regular revisions and updates to such strategies in this VUCA world. With an understanding of potential challenges, a proactive approach and cutting-edge technology, companies can manage any crisis effectively leading to resilience and potential growth in uncertain times.
costs to increase by 15% every year over the next 5 years, reaching USD 10.5 trillion annually by 2025. Therefore, maintaining security systems with regular updates, multi-factor authentication, and other protocols is essential for data security. 6. Diversify to Conquer Calamities Diversification also plays an important role in managing the crises. Be it in terms of people, location or experts. Companies located in one place or managing payroll in-house need to ensure diversification to ensure the smooth running of the payroll. Companies managing their global payroll at a centralised location need to ensure that they have a backup plan in case of any crises occurring in a particular region. 7. Regular Payroll Audits Receiving a penalty notice may significantly impact a company. To prevent penalties from occurring in the first place, organisations should regularly perform systematic examinations of their data processing and records through regular payroll audits. This will not only ensure avoidance of any possible penalties in case of any inaccuracy but also will lead to better processes, accurate payments and higher employee satisfaction. 8. Cross-Training for Uninterrupted Payroll Operations If a key staff member of the payroll team gets affected by a calamity or resigns, payroll operations may slow down. To prevent this issue, companies should implement cross-training, where two or more workers exchange roles regularly. Therefore, if one member is unavailable, another can seamlessly manage payroll.
Author: Manju Shetija
Manju Shetija is a seasoned expert in Global Payroll Compliance with over 17 years of experience, adept at managing and navigating the complex landscape of international payroll regulations. Based in Hyderabad, India, and currently serving as the Senior Director of Global Payroll Compliance at Akrivia HCM , she has a proven track record of ensuring compliance across diverse jurisdictions by leveraging her deep knowledge of local labor laws, tax obligations, and payroll systems. For compliance queries, she can be reached at manju.s@akriviahcm.com , or you can book her as a mentor through GPA Mentor portal .
Made with FlippingBook - Online magazine maker