The coronavirus pandemic has made payroll (opens in new tab) a top concern for UK companies, a new report from payroll service provider SD Worx suggests.
Polling 3,000 companies from 11 European countries for the report, SD Worx’s report argues that the Covid-19 pandemic will have a “lasting negative financial impact” on half of UK companies.
To mitigate the damages and tackle the challenges, most businesses will have to reprioritize HR strategies and objectives, the company said. That will significantly change how they look and operate.
The report states that almost half (46.5 percent) of businesses in the country are expected to look “radically different” once Covid-19 subsides. Furthermore, 41 percent of EU companies see on-time payroll “very important” going forward.
Asked if they’d ever consider making the date of salary and benefits payments (opens in new tab) flexible, half of UK’s respondents said they wouldn’t consider it. For four in ten, however (39 percent), the arrangement is either already in place for them or will be implemented soon.
“What’s even more important in this time of uncertainty is ensuring the reliability of your payroll systems. Without on-time payroll there can be no employee trust, dedication or focus,” argues Brenda Morris, Global Chief Operating Officer at SD Worx.
“As more businesses start relying on flexible and temporary staff working a variety of shifts and hours, it is almost impossible to be nimble and agile especially if payroll isn’t done right. Payroll is a core function that cannot be taken for granted in times like these.“