Throughout 2020 we have seen companies across the world being forced to quickly adjust entire offices to remote workforces. This, of course, came with its own set of human and administrative challenges. How are you managing more with less resources? With COVID-19 affecting your payroll operations, don’t get caught off guard during what is sure to be the most complex year-end ever.
Technology, Data Security and Resources will reshape global payroll in 2021. Multi-national companies faced unprecedented obstacles in 2020 and have had to make accommodations for employees around the world to keep up. New sick leave, furlough policies and working environments have changed drastically over the last year and will continue into 2021. Deadlines for 1099’s and W-2’s are fast approaching; how can you stay ahead of global payroll changes and maintain compliance?
The biggest success factors in 2021 will be how well the company can adapt to the new conditions Covid-19 has entailed. Everything from reducing the company’s costs, increased digitalization and taking advantage of new opportunities to be able to grow the business. In many cases, it is about taking advantage of your company’s strengths from a slightly new perspective and within new conditions. Those who can do this will succeed!
Manual processes to manage payroll is a recipe for disaster. Not only is it not complaint, but there is room for error. Cloud-based technology is essential in managing payroll in 2021. Cloud-based technology allows for automated updates when payroll changes are made so you can create customized reports across all countries and currencies, while also ensuring payroll compliance in each country.
Remote workforce has made this more crucial than ever. Your payroll technology should provide a portal to enter all employee data, while also providing self-service portals to allow employees to make simple changes like address or bank information. Securing employee and company data should remain a priority in 2021.
Do you have a dedicated team member for payroll? Looking for help with your payroll? Check out FlexTek Resources, the professionals at FlexTek can assist you and your company in finding a solution with long-term success throughout the entire process. Contact us today!