Business continuity issues for people and technology due to COVID-19 are leading to unprecedented challenges for payroll. Despite these unique challenges, payroll professionals are still under enormous pressure to keep operations running as smoothly as possible.
“There is not a company in the world that will be left untouched by the effects of COVID-19,” says Gary Wright, HR & Payroll Solutions Lead of professional services firm, TMF Group. “Businesses will need to adapt their systems and structures to keep up.”
A recent poll of over 2,000 payroll professionals found that 41.5 per cent said business continuity planning was the most significant challenge for their payroll function, closely followed by payroll tax complexity and staff sickness or absence.
Ensuring people are paid the right amount at the right time is crucial to maintaining the trust and motivation of employees. The success of this is being tested by the potential of reduced resources, workforce changes and the challenges of remote working. At the same time, payroll professionals must remain compliant with legislative changes that have come to the forefront due to COVID-19.