Outsourced payroll and other trends post-pandemic
The world has witnessed significant challenges since COVID-19 struck and the pandemic has forever changed the way we do business. We've seen employees shifting to remote work, flexible work arrangements and fast-tracked digital resources to aid remote working.
Moreover, some people were seeking higher pay, different work conditions, or a different line of work, which led to what is considered The Great Resignation. So, what can businesses do to cope with all these changes?
First, employers can focus on improving and maintaining employee well-being. This will help with increased job satisfaction, engagement and higher retention rates.
Second, employers can embrace internal talent mobility, where employees can advance across roles or switch their occupations entirely within the same organisation. A reliable, accurate, data-driven payroll management process can help with the process of employees transitioning to other roles that help grow their careers within the same organisation.
Thirdly, due to flexible work arrangements, start times, days worked, and holiday times will vary for different employees. Therefore, a business will need a seamless platform that records each employee's working times, status and circumstances for payroll processing—which might call for payroll outsourcing.
How has the way we work changed since pre-pandemic times?
The short-term consequences of the pandemic were sudden and severe, including employee lay-offs and business closures. And with the significant changes, HR and payroll management had to keep up.
A few years down the line, successful businesses are enjoying the outcomes of their adaptability to changes, such as increased remote working, flexibility, and employee wellness.
Increased remote working
The most obvious consequence of the pandemic was the increased number of employees working remotely. By mid 2021, 40% of Australians were working from home, and even now that the pandemic is slowly fading away, companies are still embracing the work-from-home culture to save money on office expenses like utilities, rent, and supplies. With the surge of technology and digital resources, people are able to communicate and collaborate with clients and colleagues remotely, providing much more freedom around location and work environment.
Flexible work arrangements
Flexible work arrangements, particularly concerning work hours, are increasingly common, even post-pandemic. With the workplace relations bill being passed in October, and more companies creating work-from-home policies, flexible work arrangements allowing employees to set their own schedules are becoming the norm.
Flexible work hours allow employees to align their personal and work schedules. On the other hand, it has saved some employers from having to lay off some of their employees. For instance, if you have two customer care agents, instead of laying off one so that the other can continue working full time, you have them both work under a flexible work arrangement.
Although ideal for a lot of employees, flexible work arrangements can mean employees work different hours, times, have different holiday leave, and need to manage sick days differently, all of which can make payroll difficult.
Fast-tracked digital resources
Many businesses, due to the sudden requirements to work remotely, had to fast-track the development and implementation of digital tools and platforms to support remote work technologies like team collaboration tools, video conferencing, and cloud-based systems. This digital-first approach has allowed companies to maintain operational continuity including the way payroll is managed. With new and more efficient ways of managing employee’s payroll requirements, it’s essential that a workplace continues to stay relevant as technology and resources improve.
High levels of employee burnout
Employee burnout has been a common theme over the last 12 months, in some industries more than others, but all as a result of the added stress of businesses and organisations being under pressure from the pandemic.
The World Health Organization has stated that burnout in the workplace is due to stress not being successfully managed. Stress in the workplace, and employee wellness often fall under the Human Resource banner, which can also be responsible for the management of employee payroll. As with a lot of employees over the last few years, these departments have been feeling the stress of a work overload and an ever-changing work environment, leaving little room for the ability to manage workplace wellness.
The rise of the gig economy
The gig economy refers to individual workers using mobile apps or websites to connect to consumers, for example Uber or Airbnb. Although the gig economy already existed before the wake of the pandemic, when employees’ circumstances changed (lay-offs, changing work environments, or less secure work available) people chose to take more ownership of their own financial situation and took to working within this gig economy.
Whatever the reason, the gig economy is poised for growth post pandemic so having a reliable, simple, and efficient way of processing employee payroll is the base level for keeping employees happy.
How will a managed payroll service benefit you?
A managed payroll service offers flexibility, freedom, and confidence to adapt your business to the needs of your staff. It also enables you to help stay on top of your financial requirements without impacting and compromising your business reputation and relationship with stakeholders.
Outsourced payroll is a growing trend in Australia and worldwide. Since handling business payroll functions is time-consuming, hiring a managed payroll provider can help to save time and boost productivity.
Moreover, outsourced payroll means you have a team of experts managing your specific business needs and keeping up to date with technology, data security, and changes in payroll law.
Keep on top of changing work environment with outsourced payroll
There is no doubt that this dynamic shift in the workplace has impacted how businesses process their payrolls. Findex has a team of dedicated and experienced payroll specialists in Australia. We provide transparent and value-driven service and can adapt to your business's changing circumstances. Book a complimentary review of your payroll needs with our Australian payroll professionals and discover how easy payroll management can be when you work with a reliable payroll management team. With no upfront costs* for a limited time, there’s nothing for you to lose, but a lot more time and savings to gain.