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Transforming Your Business Through Payroll

Payroll is often undervalued but has the potential to provide invaluable data for business growth.

 

Payroll is absolutely key to any business, yet its value is often overlooked. The Covid-19 pandemic shone a harsh, unforgiving light on payroll, magnifying its existing inefficiencies and adding greater complexities.

Yet a new survey commissioned by Vanson Bourne on behalf of ADP found that once digitally transformed, payroll has the potential to be the driver of future growth for organizations.

Exploring payroll from the perspective of HR, finance, and payroll leaders, the survey interviewed 1,100 senior payroll decision-makers in 10 countries between 10 December 2020 and 22 January 2021.

Why payroll needs to be streamlined

The survey found that thanks to the ravages of the pandemic, payroll processes and systems are not as effective as they could be. With 82 percent of companies finding the pandemic challenging, chief concerns were having accessible, reliable payroll systems and being able to deliver accurate, timely staff pay.

Business leaders were clear about what they wanted from a global payroll transformation. This includes access to greater reporting and analytics to inform company strategy and planning. Leaders need information delivered quickly in response to reporting requests, and tighter data security to improve compliance.

They also expect streamlined payroll processes to reduce errors, lower costs and increase employee satisfaction.

In the light of these challenges, businesses face a watershed decision: embrace change and digitally transform payroll to bridge the gap or continue to do nothing and face a gulf between their aspirations and what payroll currently delivers.

The survey highlighted the need for change to build resilience, streamline operations, and reduce risk in case companies ever face another Covid.

What needs to change?

The survey highlighted three areas where businesses can transform their payroll: optimization, visibility, and agility. Yet the vast majority of respondents (74 percent) are still running multiple payroll systems across multiple geographical areas. As a result, 61 percent report that their payroll staff are inundated with queries.

Meanwhile, payroll departments are being asked by senior management to provide extra data, as what’s provided can be inconsistent and difficult to interpret.

Only 14 percent of companies have a global payroll strategy fully integrated with HR and finance systems – delivering less complexity and radically lower costs.

Driving strategic direction

The report also highlighted that running multiple systems with little integration results in a very limited view of payroll. Without clear visibility, 73 percent of respondents didn’t have the payroll data to inform the strategic direction of the company.

Plus, 51 percent had limited confidence in their payroll compliance. Meanwhile, those companies with a unified platform had a clear view of global costs, which enabled accurate modelling, forecasting, and reporting.

Becoming more agile

The need to adapt at speed has been brutally highlighted by the pandemic. Some 61 percent of respondents have been unable to adapt payroll to meet the many challenges they faced. Others (33 percent) said they didn’t have a payroll system to support company expansion plans.

However, those with a unified global payroll platform have the agility to analyze data quickly and scale to support company growth.

An efficient global payroll strategy can meet the challenges highlighted by the pandemic, integrating payroll data with other systems to deliver more efficient reporting and analytics. Only then can payroll really deliver on its potential, providing the data to drive more strategic decisions and embed greater efficiency across the business.

SPONSORED BY ADP

Source: https://www.managementtoday.co.uk/payroll-drive-growth-post-covid/innovation/article/1718951

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How can countries attract and retain expats?

Despite the global health crisis, economies are recovering gradually. While some countries are still facing difficulties, others are having their economies back to the pre-Covid-19 state. For these countries, there is currently a call for hiring foreign talent. But have people’s ambitions changed in the pandemic era? What are the means for governments to attract and retain talent?

Higher wages

This is perhaps the first thing countries are considering. As the economic crisis hits all sectors, purchasing power and wage demands are at the heart of debates. The leading global powers have understood the demand and are increasing wages to attract expatriates. It’s worth noting that many sectors are currently facing a labour shortage. In Quebec, for example, salaries are expected to rise by about 2.9% in 2022. For the Order of Human Resources Advisors, this is an unprecedented rise due to the correlation between the labour shortage and an economy that turned out to be resistant to the global health crisis. Finance, IT, new technologies and communications are the sectors with the most significant wage rises (around 3.3%). Besides, the greatest demand for foreign talent comes from these sectors. Countries around the world have engaged in a battle for the leaders of tomorrow. Salary increases (2 to 2.7%) have also been recorded in other sectors such as healthcare, administration, arts, etc. In the rest of Canada, there have been slightly lower pay increases.

The United States is also considering wages increases, especially in sectors that have been strongly affected by the economic crisis (catering, tourism, maintenance, trade, etc.). The minimum wage of $ 15 an hour is no longer a utopia. Companies claim they have no choice if they want to attract foreign workers. The reopening of borders and considerable labour shortages are definitely playing a major role in decision-making. Australia is offering € 1,000 for foreigners keen on working in regions and sectors facing a labour shortage.

Focus on interpersonal skills

Money matters are not the only reason for moving abroad, and many countries have realised it. Today, there is a greater emphasis on international mobility and internal mobility. While people are keen on moving abroad, they are also looking to gain skills and influence. Expatriates believe that everyone should have access to key roles, whether in large companies or start-ups and be valued. Expat workers need support for better integration into the company and training in their new culture. This usually means greater flexibility, independence, understanding and team spirit. Beyond skills and know-how, interpersonal skills are also valued. For instance, Switzerland, Canada, the United States, Australia, France, Germany, Portugal, and Israel are looking for foreign talents and, above all, for personalities. Innovation, new technologies, communication, arts and research are fields that pay particular attention to these criteria.

Easier access

Thailand has moved a step further with new visas. In September, the government announced a series of measures to attract wealthy foreign investors and foreigners with high potential by offering a 10-year visa with the possibility of working (under conditions) without an employment contract and with simplified procedures. The “Thailand Elite” is a new tourist visa designed for expatriates, investors, digital nomads, frequent travellers. As the name of the visa suggests, foreigners holding a Thailand Elite visa are privileged members of the Thailand Elite program, which is valid for 5, 10, or 20 years. This visa has many benefits, including VIP service at the airport, concierge, medical services, discounts in luxury establishments, etc. Registration is done online for fees of just over € 15,000 (depending on the package chosen). With the Thailand Elite, the government wants to attract more and more foreign investors and talents and retain newcomers. Therefore, this new ultra-flexible program should be accompanied by exchanges to meet the expectations of foreigners.

Expat expectations

What are expatriates currently looking for? Safety and comfort have always been a part of the expat dream. But the Covid-19 has showered the ambitions of many of them. However, according to experts, there is a paradox in the numbers of those who no longer want to move abroad and those who seek asylum, and for the same reasons. While the pandemic symbolises risks for some, others consider it the right time to move overseas. Generations Y and Z are the most likely to maintain their international relocation plans. But money is no longer the priority, even if it remains crucial. For them, it is more about a change of lifestyle after too many lockdowns and restrictions. Most of them seek freedom, the fulfilment of their dreams, to give meaning to their existence. Work must make sense. International companies have also understood this and are implementing new recruitment methods that are more centred on interpersonal skills, allowing all potentials and personalities to express themselves.

Unsurprisingly, Canada remains among the top 10 expat destinations. The country stands out for multiculturalism, openness to immigrants and social integration. Expats love Canada for its living environment, abundant nature, wide spaces (Canada is the 2nd largest country in the world), etc. According to CNBC, more than 70% of expats in Canada are happy with their work/life balance, and nearly 80% of them are happy with life in general. Things are quite similar in Australia, where 80% of expatriates are happy. The border reopening is a new lease of life for them. For the past year and a half, many have suffered from the brutal separation from their families. Australia is entering a new phase, which expats and expatriate applicants hope will flourish. Taiwan, Malaysia and Costa Rica are other popular expat destinations thanks to their living environment and culture. Recent surveys suggest that expats are happy living in Taiwan (85% in Malaysia, 88% in Costa Rica). These figures, however, hide a more mixed reality. Who are the expatriates we talking about? In Thailand, expats are trying to highlight their existence in front of a government that is being more lenient towards wealthy foreigners. Individuals who work as hard as the locals and contribute to society wish to be protected by the government. Expatriates also feel neglected in Singapore, where priority is being given to locals.

The Covid-19 pandemic has turned international mobility into some sort of dilemma. By restricting access to their territory or neglecting the rights of expatriates, countries risk losing their popularity. Observers point out the UK as an example, where visas are only being granted under constraints — temporary visas are making it impossible to settle in the UK long term. Others are being more optimistic, expecting the global labour market to reshuffle in the years to come. But expats don’t think in macroeconomic terms. For them, moving abroad is a new form of self-fulfilment. So while high wages are crucial, other factors such as discovering a new culture, rediscovering oneself, enjoying a better living environment, meeting new people, and creating new bonds are equally valued.

By Mikki Beru

Source: https://www.expat.com/en/expat-mag/6140-what-should-countries-do-to-attract-and-retain-expatriates.html

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Top Ten African Countries With The Highest GDP In 2021

Top 10 African countries with the highest GDP in 2021

  • The GDP comprehensively measures the monetary value of all the products and services that are produced in a country within a given period of time.
  • It is important because it gives a relatively accurate estimate of the size and growth rate of a country’s economy, thereby helping investors to make strategic decisions.
  • In this article, we examine African countries with the highest GDPs.

According to Investopedia, the Gross Domestic Product (GDP) provides a country’s economic snapshot or scorecard. This is because the GDP comprehensively measures the monetary value of all the products and services that are produced in a country within a given period of time. Although typically measured annually, there are still quarterly GDP reports. It is calculated by considering factors such as production, expenditures and income. Inflation can sometimes be adjusted to reflect inflation and population growth, thereby providing deeper insights.

The GDP is important for several reasons. For one, it gives a relatively accurate estimation of the size and growth rate of a country’s economy, thereby helping decision makers and investors to make strategic and well informed decisions. Just to bring this into context, it should be noted that by comparing different countries’ GDP growth rates, foreign investors can easily decide which countries “whether to invest in fast-growing economies abroad—and if so, which ones”.

There are different types of GDP, including nominal GDP, real GDP, GDP per capita, GDP growth rate and GDP purchasing power parity.

Having explained all that, let us now briefly examine the top ten African countries with the highest Gross Domestic Products in 2021. Note that for this article, the data used in this article was derived from reputable and highly reliable sources, including Statista, a global data repository firm specialised in providing markets and consumer data insights.

Top ten African countries with the highest GDPs in 2021

  1. Nigeria: Before now, you have probably heard speeches or seen articles where Nigeria was referred to as the biggest economy in Africa. Well, that’s mainly because of the size of its GDP. Nigeria has the highest GDP in Africa, standing at $514.05 billion in 2021.
  2. Egypt: This North African country has the second highest GDP size in Africa. At $394.28 billion, it is the highest GDP in North Africa and one of the only three countries from the region in this top ten ranking.
  3. South Africa: This country in Southern Africa comes in third on this list, with a GDP size of $329.53 billion. South Africa is one of the only two countries from Southern Africa that made it to the list.
  4. Algeria: This is the second country from Northern African on this list. According to Statista, Algeria has a GDP size of $151.56 billion, the fourth largest in Africa.
  5. Morocco: Next, we have Morocco, yet another Northern African country. Data verified by Business Insider Africa showed that this country has the fifth highest GDP size in Africa at $124 billion.
  6. Kenya: This country in East Africa has a GPD size of $106.04 billion. It is the only country in the Eastern African region that made it to the top ten list.
  7. Ethiopia: This is the only country in the Horn of Africa that made it to this list. The country has a GDP size of $93.97 billion, according to Statista.
  8. Ghana: This is the second West African country on this list and it has a GDP size of $74.26 billion.
  9. Ivory Coast: This francophone West African country has the ninth highest GDP in Africa at $70.99 billion.
  10. Angola: At $66.49 billion, Angola has the tenth highest GDP in Africa.

By EMMANUEL ABARA BENSON

Source: https://africa.businessinsider.com/local/markets/top-10-african-countries-with-the-highest-gdp-in-2021/yd784tx

 

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Contractor Management Solutions

Companies are increasingly leveraging internal resources by contracting for a diverse range of services, including design and construction, maintenance, inspection and testing, and staff augmentation. In doing so, a company can achieve goals such as (1) accessing specialized expertise that is not continuously or routinely required, (2) supplementing limited company resources during periods of unusual demand, and (3) providing staffing increases without the overhead costs of direct-hire employees.

GroConsult Contractor Management solutions is a well-rounded solution that involves the use of control measures to ensure that a contractor is properly managed to produce efficient and effective results at their designated places of assignment. With regards to the effective management of your talents (both locals and expatriates), we make it our priority to guarantee that contractors and their dependents are fully catered for in order to create a safe and productive environment for work.

We implement a system that manages all contractor’s health, safety and insurance information as well as arrange affordably furnished or unfurnished luxurious accommodation and car rental services for our clients upon request. All these auxiliary services are designed to give your human capital the utmost peace of mind, an inspiring and rejuvenating work & living experience. Enabling them to work efficiently, making your company more productive and eventually profitable. Our management and expatriate support services are deployed in Ghana, Nigeria, Cote D’Ivoire, South Africa, Sierra Leone and the  United Arab Emirates. Our solutions include:

  • Employer of Record Services (PEO):
  • Immigration Support Services
  • Payroll & Tax Administration

We have fully controlled branches in Ghana, Nigeria, Ivory Coast, United Kingdom and the United Arab Emirates and a network of partner offices backed with experienced and passionate professionals, you are assured of value for money.

We are available on call on the following telephone numbers: +233249722228, +233302936095 or +447554529222 or send us an email at [email protected]

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The Key to Business Growth is People

Every manager has opportunities to coaching and feedback skills into their relationships with employees, even in fields where processes and structures make it challenging, or in today’s volatile business landscape. Coaching, in essence, helps people identify – for themselves – the power of their potential.

Instead of giving them step-by-step instructions of exactly which roads to take, you are handing them a map and a compass and allowing them to find their way to that end destination. They may take different roads than you would, but it allows those employees to grow and develop on their own instead of continuing to rely on you. Through coaching, employees learn to solve problems on their own.

HERE ARE 7 COACHING TIPS FOR MANAGERS TO BECOME BETTER COACHES:

  1. Listen before you respond: Gathering as much information as possible will help you decide if this is a situation where you should act as a manager or as a coach. Without knowing the extent of the employee’s concerns or problems, it is easy to misjudge whether it is an opportunity for a coaching conversation or not.
  2. Think of yourself as a sounding board, not a Magic 8-Ball: As a manager coach, you are there to help employees solve their own problems instead of telling them what to do. Adjust your mindset away from providing answers or suggestions toward offering employees independence and trusting them to come up with a solution.
  3. Ask questions, don’t just tell employees what to do: Often, managers get into the trap of being the problem-solver for their direct reports. With employees who are searching for the answer to a problem, ask questions that lead the employee toward solving their own problems, instead of giving them your solution.
  4. Use open-ended questions, not closed-ended questions: Also known as discovery questions, open-ended questions increase the coachees’ engagement in the conversation as they brainstorm their own solutions. Instead of “yes” or “no” answers, open-ended questions solicit ideas, drawbacks, potential opportunities, and options from the employee being coached.
  5. When someone asks you a question, that’s your trigger to ask a question back: Especially when employees want to know “How should I solve this problem?” you can immediately go into coach mode and ask “How do you think it should be solved?” This interaction creates a great learning opportunity, an answer that potentially could be better than the answer you might have provided, and increased efficiency through quicker problem-solving.
  6. Encourage employees to think about potential barriers: Part of being a coach is being realistic about what might derail a plan of action. Once the employee has devised a solution, it’s critical for coaches to remind him or her of what could go wrong and help him or her to establish alternatives and adaptations if something unexpectedly goes differently than planned.
  7. Create a contract of accountability: For a true coaching conversation to occur, action must be generated and accountability must be established. Once the employee has made his or her decision, create a timeline and a deadline for the desired action to take place and follow up.

Coaching can be part of many situations: a career goals conversation, a yearly review, or even a tough conversation about performance. There’s a time and place to be a manager or a coach in the workplace; not every situation will be ideal for one approach or the other. But when managers become better coaches to employees, the benefits are incredible: it can increase employee engagement, establish trust in employees, help gain a variety of perspectives, allow employees to grow and develop as leaders, and gain buy-in for decisions.

The workplace benefits of coaching are numerous. If you’re a leader or manager, developing a coaching mindset moves your team members toward success.

By LINDA DAUSEND

Source: https://www.humanresourcestoday.com/edition/weekly-wellness-compliance-training-2021-07-31?open-article-id=19908216&article-title=7-tips-for-managers-to-become-a-better-coach-now&blog-domain=flashpointleadership.com&blog-title=flashpoint

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Building A Strong Online Business

Running an online business can give you the freedom to live life on your terms, but only if you know what you’re doing.

If you walk up to people on the street and ask them what the No. 1 thing is that they want most out of life, the answers will all likely have something to do with one word: freedom. Financial freedom, geographical freedom, the freedom to live your life on your own terms and take control of your destiny. It almost sounds too good to be true … But in today’s age, it has become not only a possibility, but a reality for many entrepreneurs who have decided to take their destiny into their own hands by taking a risk and starting their own ecommerce business.

While creating an online business may seem like the perfect way to grow your income and have the lifestyle and freedom you desire, it is far from easy. In order to be successful in the business world, there are five factors that you need to master.

1. Mentorship

Not only is it important to have access to quality information, but it is also important to have one or more mentors that can provide you with one-on-one guidance and counseling. When starting a business, it is inevitable that you will have many questions. Having the right mentor is going to help guide you in the right direction, and you’ll learn from their mistakes, rather than making your own. There’s nothing more valuable than directly getting help from a successful businessman, somebody whom you would trade places with.

Access to quality one-on-one mentorship where you’re able to ask somebody who’s in the trenches and building brands every day questions is extremely valuable. In order to provide the best services for your clients and build your business, quality mentorship should be an integral part of your program. In this manner, clients can learn all the steps needed to start a successful business, whether it be in ecommerce or a different branch.

2. Persistence 

Ecommerce has grown into a multi-trillion dollar industry and has created the most important technological revolution in business in the 21st century. Millions of people around the world are literally making millions selling products online; however, it’s not for everyone. Building a business is not easy, and you will fall down more than once. Hence, in order to build a successful ecommerce business, you must work harder than everyone else and keep going even when you feel like quitting.

If you want to live a life like nobody else, you must work like nobody else. When you feel like giving up, you should remind yourself of this. Only through persistence will you be able to build a successful business.

3. Mindset

In a similar fashion, a positive mindset is extremely important when it comes to building a business. Many people, even those who are able to succeed, lack this necessary mindset, which means that any short-term gains and successes won’t be sustainable. Without the right mindset, it is impossible to build a business that will thrive in the long term. Mindset is entirely learnable and can be studied and adopted by anybody with the will to succeed.

4. Access to the right information

In today’s day and age, there is an excess of information on the internet. While having access to information is an advantage, a lot of information is not reliable and steers many people the wrong way. Hence, it is important to educate yourself with quality information, such as that provided in a quality course. In order to have a successful business, quality education and information need to be made a priority for each and every one of your clients.

With the way the world is going, there is nothing that competes with buying products online, but a lot of people get excited about the amount of money they could make in the business and get into it without any knowledge or experience. Getting into this business without having the right information and guidance will most likely lead to failure.

5. Faith

Throughout the many ups and downs that come with starting your own business, ultimately your success will finally come down to your level of belief in yourself and your faith. Whether it be in God, in the Universe or whichever higher power you believe in, it is important to have faith in something greater and know that you are not alone.

If you truly center on these factors and focus on growing as a person and entrepreneur, you will stand out from the crowd, and there is no doubt that you will build a successful business.

By Jose Aristimuno, ENTREPRENEUR LEADERSHIP NETWORK CONTRIBUTOR, CEO of VIP MEDIA SOLUTIONS

Source: https://www.entrepreneur.com/article/380628

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9 Biggest Payroll Challenges In 2021

At GroConsult, payroll management is part of our core operations; we have a comprehensive Payroll Management Service to assist your company in the timely payment of wages and salaries. Our Payroll Management Services has a mechanism and system in place to continuously review and update your payroll database and ensure your company complies with all legal requirements that govern the industries your organization operates to establish the financial stability of your company.

Whether small or large, every business handles payroll in its own way, which governs how it handles all payments owed to employees and contract employees (freelancers).

An organization must ensure that every pay, tax bill, invoices, and data input aligns with the compliance laws. Many complex procedures are involved since the tax laws, and compliance rules keep changing from time to time!😕

This means more difficult payroll processes, more data, and more effort. Fortunately, you can address all of these payroll processing challenges with the help of a payroll software and focus on hiring from a bigger talent pool!😍

Many HR professionals are eager to explore the world for talented recruits, but technicalities sometimes appear to be an impediment that businesses must overcome. The majority of them involve payroll management.

Calculating payroll and distributing salaries may appear to be a simple task; however, it is not. In fact, while running the payrolls, an HR professional faces several difficulties. Recognizing your payroll processing challenges is the first step towards identifying appropriate solutions to overcome them.

It’s important to get your payroll right✅: paying employees incorrectly or untimely can hurt employee morale, and failure to comply with tax or labor laws can result in severe penalties.

Steps Involved In Payroll Management Process

Payroll management determines employee pay, deductions, tax computations, bonuses, and compliance, among other things.

The following are the primary steps in payroll processing:

  • The first step is to establish a payroll policy. Fix your payroll processing norms, including guidelines for leave, attendance, and compensation.
  • The second step involves keeping an eye on the various departments’ contributions. For example, attendance records, tax requirements, leave records, and so forth.
  • Once you’ve gathered the data for payroll processing, you’ll need to check it for accuracy and legitimacy. For instance, knowing the exact amount of unpaid leaves taken by an employee.
  • After you’ve gathered this information, you’ll need to run payroll calculations, including deductions and taxes.
  • Payroll management calculations are accompanied by ensuring statutory compliance, such as TDS, EPF, etc.
  • After completing the payroll, you’ll need to enter everything into your accounting software for precise accounting and administration.
  • The second and final stage is to distribute payments to employees and provide them with pay slips. This phase entails keeping track of employee account information.
  • Finally, keep track of inaccuracies and other errors to improve your payroll structure in the future.

We can’t deny that the payroll management process is time-consuming and inconvenient.

Let’s take a closer look at some of the biggest challenges of payroll processing.👀

Challenges Of Payroll Processing

In this blog, we’ll discuss the 9 biggest payroll challenges and ways you can adopt to eliminate them.

➡️ Statutory Compliance & Legislation Issues

Running a company isn’t a cakewalk.❌ Staying compliant is one of the biggest challenges of payroll processing. Labor laws, state regulations, and statutory compliances are only a few of the legislation and rules that exist. Following these laws is not an option; it is necessary!✅

On the other hand, making compliance mistakes isn’t necessarily a decision; many people simply don’t understand intricate regulations. Plus, they get revised from time to time!

This can result in significant fines and penalties for your company. Honestly, it doesn’t sound like something you want!☹️

Furthermore, most businesses rely on conducting payroll manually or entrusting the task to their HR staff. You must realize that no matter how much time you devote to learning the compliance regulations, they will change, and you will be back to square one.

This might pose a challenge that will end up causing major distractions in the process of payroll generation.

➡️ Evolution Of Technology

The blind trust in the technology can end up being one of the biggest global payroll challenges we face in 2021. Chances are that the blind faith in these can turn out to be faulty in the long course of time.

This is where we pan out to be wrong and not on the correct path. Technology does make the process of payroll generation easy and a lot streamlined doesn’t mean it is going to be accurate every single time. ❌

Good and effective payroll software do have the capability to alleviate the issues many face with their payroll management process but it is important to be very aware of which technology to opt for and which ones to trust. Every single prospect of the payroll service provider should be very well verified to avoid any kind of further risks.

➡️ Need For Higher Flexibility

Payroll management is not restricted to merely paying off your workforce.

COVID-19 has caused significant changes for several businesses, necessitating increased flexibility. For instance, a company may have reduced or modified its work shifts, necessitating frequent and major changes to employees’ schedules, influencing leave, payroll, and other operations to coordinate and compute overtime and other payouts.

Businesses are evolving daily and are reinventing entire product lines due to changing market demands. This involves dealing with a lot of important tasks leaving almost no time to get caught up in payroll related challenges.

Many businesses have also been forced to deal with remote work, which necessitates coordinating schedules and remote payroll management across multiple locations.

There are no easy ways to avoid these payroll and compliance challenges using the manual payroll process. However, using an automated payroll management system can help you overcome these difficulties easily!😍

➡️ Shortage Of Payroll Professionals

Payroll industry has recently experienced a booming increase in their demand and popularity. The last few years are what has boosted the overall growth of this industry. This is the reason why the demand and the supply are posing a problem altogether.

The year of 2021, in terms of payroll challenges, might experience a shortage in the number of talented professionals in this field. Finding well-equipped and well trained and experienced payroll professionals is turning out to be a problem in the coming year or so. But, the same can also be mitigated effectively owing to the kind of growth it is gaining over the years.

➡️ Challenges In Attendance & Leave Management

Employee attendance is frequently tracked and time-stamped by card swipe, finger-print punches in/out, or simply by ‘signing in’ one’s name on a worksheet with manual payroll processing. To calculate the pay and other incentives, that ‘data’ must be carefully duplicated, imported or exported, and passed around teams before making it authorized.

Managerial permissions and modifications are sometimes required. Because of the mountain of paperwork and individuals involved, this simple daily operation takes a lot of time and effort, so errors and inconsistencies are common.

➡️ Challenges In Handling Remote Work

With so many employees working remotely from home or even overseas during COVID-19, traditional HR and payroll administration is nearly impossible.☹️

Card readers and sign-in forms are ineffective for attendance management. Hard copy management of leave and compensation is no longer possible. Email processing can be chaotic due to the numerous submissions, manager approvals, verifications, and coordination necessary.

Furthermore, with the pandemic looming, the typical onboarding and offboarding process, which involves many documentation and face-to-face meetings, is no longer feasible.❌

In such circumstances, a system that can automate remote attendance, leave requests, performance management, training, and other HR and payroll operations is more important than ever.😇

➡️ Consistent Automation

Automation is taking the world by a whirlwind. While the same might be an amazing addition to the overall prospects of the growth and development, the same is also believed to become a potent challenge for the overall global payroll system in the year of 2021. Automation might enhance the payroll management process so much that it could become a lot harder to cope up with the pace of it with manual inputs.

The capabilities and workforce implemented by the automation are also going to undergo a rapid change and evolution which might further end up contributing to the overall payroll system even further. It is a wrong notion that the inclusion of automation is going to end up making manual labor redundant.

That is not going to be the case. Rather, the same is believed to impact the overall growth in the end but the initial impacts might impose a bit of challenge for the people working in the payroll industry.

➡️ Threat To Data Security

With the ever-growing realms of technology, the amount of threat and risks are on the rise as well. It is not surprising that more and more people are finding it hard to keep their data and information encrypted and safe. The same does go out to the payroll industry as well. The kind of threats to the stored information is not necessarily new.

More and more reports of cyber crimes and cyber breaches are on the rise and the same might inflict impacts on the overall prospects of the payroll industry as well.

The payroll industry and the data associated with it might be on the risks and that is expected to stand out as one of the possible challenges in the year 2021. That being said, the security is also strengthened and that itself could pan out to be quite beneficial on the whole as well.🚀

➡️ Inconsistency In Policies

Company processes and policies can be subjected to change a number of times. That being said, that can actually pan out to be one of the most common challenges faced by the payroll industry.

Given the fact that this relies on the right in the moment and current and updated information to be relayed to the employees, it is not surprising that the same might end up being a challenge in the coming few months.

Companies and organizations are constantly changing their processes and policies and while that might be a good thing for the company, the consistent changes pan out to be a trouble for the professionals under the payroll industry.

If you are someone willing under this similar situation, be assured to stay in consistent sync with the companies you are working along with. This will help in keeping track of the changes and making the necessary changes accordingly.

Challenges In Payroll Computation

Some small and medium-sized businesses continue to use excel sheets to manage all payroll-related data, resulting in several issues:👇

  • Incorrect payments are the result of data entry errors and rule misapplication.
  • Data is dispersed in such a way that HR and tax audits are difficult to manage.
  • Payroll records are difficult to handle, and accessing them can be problematic.
  • The information being filed is difficult to comprehend for the managers who approve it.
  • Compiling statistics and preparing reports for high management as a reference has proven difficult.

Even businesses that use payroll management software may be utilizing outdated versions that are unproductive due to a lack of features critical to increasing efficiency. ❌ Some of the drawbacks of older software applications are as follows:👇

  • Not tailored to the company’s operations, rules, and requirements
  • Other HR information and tools, such as attendance, leave, claims, employee benefits, and so on, are not interconnected.
  • Does not automatically adapt to the frequency of statutory updates.

Overcoming The Payroll Challenges 2021

The Payroll industry is a very dynamic industry with consistent updates and changes. While payroll is currently gaining popularity, it goes without saying that the obstacles and challenges that the coming months bring along are quite extensive.

Payroll processing is not a simple task, which can be handled manually by one person without hassles. There are a series of challenges that impact your accuracy and compliance structure. As a result, non-compliance penalties are levied.

Want to effortlessly eliminate all of these challenges? 😉

You can easily minimize these challenges by using good payroll management software which can easily handle the constantly evolving intricacies of payroll.✅

So is there a payroll software that can cater to all your payroll needs and is affordable? Luckily for you, there is. 😍 Request a demo today!

By

Source: https://www.humanresourcestoday.com/edition/weekly-wellness-compliance-training-2021-07-24?open-article-id=19842284&article-title=9-biggest-payroll-challenges-in-2021&blog-domain=zimyo.com&blog-title=zimyo-insights-on-hr-trends-and-technology.

 

 

 

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4 Social Media Marketing Trends to Implement in Your 2021 Strategy

With the rise of social media comes the increase in marketing being leveraged across these platforms. Each day, more businesses are realizing the infinite potential that social media marketing has. Even brick-and-mortar businesses that have existed in the same capacity for decades are now jumping on the social media bandwagon — and rightly so.

Never has it been easier to identify, find and sell to our target audiences through social media. With infinite resources at our fingertips, we have the ability to instantly chat to just about anyone we like (whether or not they respond is an entirely different story).

Now, at least a whopping 91% of businesses are marketing on social media. With that being said, the social media landscape is evolving faster than ever, and in order to keep up to date, we must be aware of the latest trends. Here are 4 social media marketing trends to incorporate in 2021.

Stories over feed posts

In a recent move, LinkedIn jumped on the story bandwagon. Why? Because more and more people are opting to view stories rather than scroll the newsfeed. Stories are more exciting, in part because they are only up temporarily, and in part because they give more of a glimpse into people’s everyday lives.

The element of scarcity, combined with humans being natural stickybeaks, gives stories the ultimate power to form a more personal bond. Have you ever followed a particular entrepreneur or influencer on social media for a prolonged period and then seen them in real life? To me, it felt like I actually already knew them. Opting towards spending more time and energy towards stories is a great way to build unbreakable bonds with your audience.

Short-form storytelling

Artificial intelligence (AI) ad-tracking

We all know that technology is evolving at an astounding rate. What was cream-of-the-crop a couple of years ago is now old news. With the vast majority of businesses spending money on ads, a lot of time and energy has been poured into their optimization to ensure you can outperform your competitors, without making a battle of who has the biggest ad-spend budget. This where AI-tracking shines.

With the ability to read data thousands of times faster than humans, AI-tracking can take your ad optimization to a whole new level. According to Australian digital marketing agency Yakk Digital, clients return-on-ad-spend has increased by a whopping 25 percent since implementing AI-tracking for their ads. By optimizing your ads using AI, you’ll significantly reduce your cost per lead and ultimately, make more money.

Connection and community

If the pandemic has taught us anything, it’s that we humans crave connection more than we ever thought. Staying connected with our community is essential, and most great brands and marketers know the best way to build a brand is to create a community behind it.

Human beings crave significance, and that significance often comes from being a part of online communities. This can come in the form of joining the livestream of someone they admire or being in a Facebook group of like-minded individuals, but connection and community go hand-in-hand, so keep that at the forefront of your mind and marketing strategy.

Social media has certainly passed the test of time and is here to stay. In order to leverage it to your greatest ability, keep up with all the latest trends, incorporate them in your strategy and most importantly, be consistent.

By  Lewis Schenk,  ENTREPRENEUR LEADERSHIP NETWORK CONTRIBUTOR,                                                        Director of Boost Media Agency

Source: www.entrepreneur.com/article/370892

 

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4 Ways to Modernize Your Business

In the digital age, operating a successful business increasingly requires a touch of modernity. The traditional business tactics and operational standards of the 20th century are rapidly being overshadowed by new technology and new methods of communications. In order to keep your business on top of its game, and keep up with the times, here are some essential goals for upgrading your business in the modern age.

  1. Cloud-Based Solutions

Everything business-related is transitioning to cloud computing. Whether you are operating multiple business locations or just working from home, keeping all of your business-related computing relegated to online servers gives you a leg up in both security and convenience. Working explicitly from local files makes your work far less portable, increasing the difficulty of long-distance collaboration and restricting your access to business-related data while on the road. Turning to cloud-based solutions provides you the ability to connect your business materials and all of your business associates at the push of a button. Plus, aside from the convenience of access, cloud services are increasingly incorporating built-in analytics services and machine learning capabilities to open the door to more capabilities for business owners to enhance and expand upon their current marketing strategies.

  1. Software Automation

In line with the ever-evolving capabilities of most modern cloud-based services, you should take advantage of MLOps strategies for implementing AI-based software automation to improve your overall productivity. Invest in programs that streamline your day-to-day tasks like automated scheduling assistants, time management analytics tools, and data management programs to track expenses, organize accounts payable, and automate invoicing.

The human element is essential to creativity and ingenuity; however, automation allows you to delegate repetitive data-oriented tasks to programs that can manage them with far more efficiency. This boosts your business’s overall flexibility by giving you and your employees more freedom to tackle any tasks that require a direct, human touch, like customer relations and marketing content.

  1. Messaging Apps and Social Media

Once upon a time, the postal service was the go-to means of communicating important information between multiple parties; then, email took its place as the king of communication. Now, social media and interoffice messaging systems give you the best advantage in establishing reliable lines of communication both within and without your business. Whether you need to notify your staff with important information, contact specific employees directly, or interact with the general public, social media sites like Twitter and Facebook as well as messaging apps like Slack and Discord simplify and streamline communication. Where letters and emails created downtime and posed the risk of “lost” messages, these modern communications platforms reduce clutter and ensure instantaneous, direct interaction, improving both interoffice and remote interactions.

  1. Digital Marketing

Print marketing is rapidly becoming an outdated method of sharing product information with potential clients. In the digital age, your best option for marketing your goods and services is digital content. With online marketing tools, you are no longer limited to a specific quantity of marketing materials, so you can reach out to an unlimited number of existing and potential clients with the push of a button. Amidst digital graphics, video content, blogs, and direct contact via social media, the digital age offers a wide variety of marketing opportunities. More important, perhaps, than the specific digital “medium” used, is to take advantage of real-time marketing strategies. Marketers can now interact with customers immediately, rather than waiting for weeks or even months to compile useful feedback. Social media, for example, allows you to gather real-time data from customers to quickly make adjustments that will improve their experience on the go.

While the core principles of operating a successful business never change, the tools available do. Whenever you are modernizing your business, just keep in mind that as technology evolves so too should your business strategies to take full advantage of the tools currently available. Keep testing the waters with new techniques and technologies, and learn to incorporate the parts that are successful.

 

BY CHANTAL BECHERVAISE

Source: https://www.humanresourcestoday.com/edition/daily-psychological-contract-diversity-2021-07-01/?open-article-id=16442745&article-title=4-ways-to-modernize-your-business&blog-domain=takeitpersonelly.com&blog-title=take-it-personel-ly

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What Drives Growth in Midsize Firms?

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Summary.

How does growth transpire in the underrecognized midsize firm? In the authors’ research, they found that the owners, CEOs, and top managers of midsize companies tend to describe their competitive advantage in terms of who they know (connections) and what they’re able to do (capabilities) — and that these variables change and interact to facilitate growth. Their findings offer a model of how midsize companies can manage connections and capabilities to achieve desired growth objectives.

 

Much attention is paid to either the startup or stardom — the most exciting business idea (that has yet to make a profit) or the star that began in a garage and is now a worldwide powerhouse, trading actively for billions. But what do we know about the transition of growth between those two extremes? How does growth transpire in the underrecognized midsize firm? We sought to find out.

Over the course of our respective careers, we’ve had the opportunity to work with many different midsize firms, helping them enhance capabilities, expand operations, and enable exports. We’ve found that the owners, CEOs, and top managers tend to describe their competitive advantage in terms of who they know (connections) and what they’re able to do (capabilities)We’ve also noticed that these variables change and interact to facilitate growth. We made those variables the focus of our research.

In our study, we asked CEOs of established midsize manufacturing firms to describe the key variables that contributed to their companies’ growth over a period of five to 10 years and the processes they followed to achieve it. Their descriptions encompassed both personal connections and their companies’ capabilities. They identified personal rapport with executives at customer and partner firms, as well as their firms’ specialized expertise and ability to operate efficiently and/or adapt, as drivers of their growth. Then, it got interesting: We found distinctive patterns of connections and capabilities based on each firms’ revenue stage.

Midsize firms are commonly funded by commercial banks, so we grouped them into categories consistent with commercial lending underwriting practices to see what differences would emerge among the groups. The largest U.S. commercial banks categorize their industrial clients according to total revenues as follows:

  • Business banking: $2 million–$20 million
  • Mid-market: $20 million–$50 million
  • Upper mid-market: $50 million–$250 million

Of course, not all of the midsize firms we studied were growing. In fact, some were stagnating or experiencing slow growth. So, we explored the differences between slow and fast-growing firms to learn what causes the difference. We found that the key drivers for growth within a revenue category differ from the drivers to jump from one revenue category to the next. Our findings offer a model of how midsize companies can manage connections and capabilities to achieve desired growth objectives. First, let’s explore the interaction of connections and capabilities as a growth mechanism within each growth-stage category.

How midsize firms grow

CEOs of successful midsize firms described themselves as their companies’ primary contact, with direct hands-on influence over its connections and capabilities. Their companies achieved growth through investments in relationships and proving to be reliable over long periods of time. They offered advantages over their immediate competitors through speed in their core competencies (i.e., what the company does, and what it does well). As a value-add, these firms developed specific complements to their core competencies based on their key clients’ needs — for example, adding intermediate warehousing to complement local logistics. From the hours of interviews we conducted, it’s clear that these CEOs parlayed their connections to bring in contracts and used their companies’ competencies to deliver superior value.

How midsize firms change to continue their growth

Our previous experience in the field had shown us that midsize firms don’t follow the same playbook all time; the strategy that’s effective when a firm is smaller won’t work when its revenues grow multifold. We can all name some firms that continue to grow and others that stagnate or slow down. We wanted to know why.

Although the CEOs mentioned that they relied on their connections and capabilities to achieve growth for their firms, the relative emphasis on the underlying components of those connections and capabilities shifted as the revenues grew. When the firms were smaller ($2m to $20m revenue), the CEOs described their connections as singular and focused on their primary customers and their capabilities as aligned to solve the customers’ problems. But as they grew and added more customers, the emphasis shifted. For firms in the next tier ($20m to $50m), the CEOs described their connections and capabilities as “well-oiled machines,” driven by proven relationships with key clients and winning formulas based on reputation, trust, and niche. These firms’ core competencies included flexibility and quickness in production processes, as well as distinct capabilities compared to rivals as a growth mechanism.

As the firms entered the next tier ($50m to $250m), the CEOs described their connections and capabilities as strong and dominant alliances and affiliations with key customers, suppliers, and partners. The firms offered integrated solutions, continuous innovation, and cutting-edge offerings. Growth was achieved through aggressive broadening of applications, progressive learning, and new market creation. Overall, firms within our study built distinctive profiles of connections and capabilities for growth and stability within their revenue category.

Even as the midsize firms grew and achieved stability within their communities (and perhaps more importantly in the eyes of their funding source, the commercial banks), some firms, even those that had reached the pinnacle within their revenue tier, were unable or unwilling to jump to the next tier. This issue represented the final focus of our research.

How midsize firms transition from one stage to the next

As you recall, we purposefully asked our CEOs to describe their connections and capabilities and how they changed over a five-to-10-year period. As a result, we were able to capture changes in the firms’ connection and capability profiles as they transcended growth between stages (or revenue tiers).

The excerpt below is from the CEO of a small pump manufacturer that successfully managed growth past the $20 million mark. The CEO describes incremental improvement in processes as a mechanism to facilitate and manage growth through its OEM (original equipment manufacturer) client:

From five years ago to now, there’s been a continuous investment in technology. We’ve made great advances in our building to design stuff more quickly, our analysis tools are way better, a lot of fluid dynamics software we’ve just continuously upgraded…that along with the IT.

And then the other thing is basically our manufacturing system, the lean principles that we’ve applied…you know, minimum part travel, the part goes into a cell and [comes] out of a cell complete, and it’s simplifying the manufacturing process, and then basically driving your production cycle down to two-day intervals…has sucked out so much lead time. So the lead time and the productivity, those two things together.

Notice the emphasis on continuous refinement of what’s working, application of lean principles, and process simplifications to hone the firm’s capabilities as a way to achieve growth. This CEO further describes his firm’s connections with key clients:

[I]n OEM environments, there’s a trust thing built there. It’s getting that perfect balance to value and then consistently performing. So you build that trust [to] where the guy goes, “They give me the value and they’re never going to screw me”…and so you’ll keep those guys. …[Our company], we’re kind of unique in the world; we’re known for honest, straightforward, our word is our bond. As we build that relationship more and more and more, they become less and less concerned that we’re going to steal stuff. And then that releases energy that would not become realized.

Trust and reputation are built intentionally over time to gain exposure to other potential clients. Performing successfully with current clients, garnering reputation for integrity, and creating value is how the firm grew past the early client list and thus zoomed past the $20 million revenue mark.

Although the formula of refinement and improvement in capabilities and wider penetration into potential customer bases can result in success in the early stages of growth, the formula wears out. To transition into the next stage ($50m–$250m revenue), we found that firms leveraged their core competencies toward new applications while strategically partnering to enter new markets.  Essentially, those firms that transition to the higher tier redefine their internal dialogue. The scripted growth story that once enabled the firm now constrains it. The CEO of a robotics-integrator firm explained this process:

I can talk for a long time about characterizing [our company] when I say a systems integrator.  Historically, that has been about welding, metal joining and cutting…and we recently diversified from metal joining and cutting to other, more elaborate processes…which has kind of brought us some growth and maybe a new generation of life.

The strategy for growth was really two facets, one was to expand the processes that we offer…so we did a technology expansion, and at the same time, concurrently, we did a global expansion. So we moved into [foreign country] with a joint venture, and we’ve also moved into [another foreign country] with a small start-up. So we put together a 5-year plan, and it included specific growth targets.

The firm recognized the need for transition and the limitations of prior scripts, then sketched out expansion pathways to grow into the highest growth stage we studied. The CEO of an industrial seat manufacturer that moved into that same growth stage viewed his firm’s connections as a joint commitment to investment with the client, including a willingness to deploy resources on their collective behalf. High levels of collaboration with a client helps remove investment risk for the midsize firms in new applications, and mutual commitment serves as a sturdy ladder for growth.

The smaller firms we studied grew by managing their connections and capabilities through building firm bonds with early clients and serving them reliably. They then transitioned from a few focal clients to a larger base by increasing their efficiency and core competencies and winning new clients through their reputations for integrity and value creation. The changed emphasis helped them grow to a point, but to transition into the next stage, organizations leveraged their core competencies toward new applications while fostering relationships toward joint investment and new market creation. In this final stage we studied, growth was achieved through strong alliances, integrated solutions, and cutting-edge offerings.

We offer our model in a summarized table below.

Lacking established brand equity, midsize enterprises often rely on close relationships and unique and sharply defined capabilities to earn business. In early stages, they could earn business by building close bonds with key clients and aligning the firm’s capabilities to deliver unique value. As they achieve initial growth, their managers could apply the firms’ core capabilities to new industries to deliver uncommon value.

Smart young firms know that before there’s a product, there are capabilities. Rather than producing a routine product, young midsize firms might draw on their proprietary capabilities to initially build distinctive solutions for a very small number of clients. To grow, managers should emphasize persistent refinement of the solutions to deepen distinctiveness and then widely peddle the solutions to other clients.

Growth plateaus are common, even for healthy and strong midsize enterprises, and they occur when firms seem to have exploited all available opportunities in current industries. To grow, managers should encourage their firms to find ways to transfer their capabilities to new industries. We have to warn, however, that this would require reconfiguring the incentives, reporting lines, management structure, and processes to encourage and support new applications and new markets.

 

By Gary Wolbers and Arun Pillutla

Source: https://hbr.org/2021/06/what-drives-growth-in-midsize-firms