Payroll Nightmares: How to Tackle the Biggest Challenges of 2023
Payroll, Payroll, Payroll... it seems that payroll nightmares are the bane of many businesses. With greater regulation and increased costs, it’s more important than ever to get Payroll right.
So what's in store for 2023?
We asked our payroll and HR team to share their predictions and they had the following advice:
Compliance with new laws and regulations:
Winning is all about being proactive and staying ahead of the curve. And when it comes to payroll in 2023, that means being on top of the latest laws and regulations that could impact your business. This can be a tall order, with new rules and regulations popping up all the time, but it's important to stay informed if you want to avoid costly fines and penalties.
How to be proactive:
You will need to familiarize yourself with the latest changes to labor laws and regulations, including updates to minimum wage, overtime rules, and tax codes, as well as with any specific regulations regarding remote working
That means making sure that you're complying with all relevant privacy laws, including data protection regulations like the General Data Protection Regulation (GDPR) in Europe for example.
It may seem like a lot to keep track of, but the good news is that companies can turn to experts and technology to help them stay compliant and minimize the risk of costly mistakes.
The key is to stay informed and act quickly to ensure that your payroll processes are always up to date and in line with the latest regulations.
Managing The Payment Needs of Remote workers
If you want to stay competitive, it's crucial that you cater to the payment needs of your remote workforce.
Think about it: your remote talent is just as important as in-office workers, and they deserve to be paid accurately and on time. With so many companies vying for top talent, you need to make sure that you're offering a competitive and efficient payroll process.
If you don't, you run the risk of losing your best workers to the competition.
So, it's essential to invest in technology and processes that make it easy for you to track hours, calculate taxes, and pay your remote talent accurately and on time. With a little effort, you can ensure that your workforce is happy, motivated, and sticking around for the long haul.
Remaining Attractive
Attracting and retaining top talent is essential for any company's success, and this can be especially challenging when it comes to payroll. Companies will need to offer competitive compensations, as well as streamline their payroll processes to make sure they're offering a seamless and enjoyable worker experience.
In essence, today's job market is pretty competitive, companies need to do more than just offer a paycheck to attract and retain top talent.
What does this mean?
We're talking about automating routine tasks, providing clear and transparent payroll information, and using technology to make it easy for workers to access and manage their pay stubs and tax information. By investing in a comprehensive and user-friendly payroll solution, companies can ensure that they're offering a worker experience that is second to none, and they can stay ahead of the curve in an increasingly competitive job market.
Implementing New Technology to Manage Payroll
Let's talk about technology...
Yes, it is constantly changing, and companies must adapt to stay ahead of the curve.
To be more specific, in 2023, that means automating payroll.
Companies will need to invest in new payroll systems to help them streamline their payroll processes and improve efficiency. Automating your payroll processes can help you save time, money, and eliminate errors. Platforms such as Ontop are great solutions for automating payroll processing.
Ontop will also save you from having to manually enter data, reducing the risk of costly mistakes. It will also help you stay compliant with changing laws and regulations.
Our dedicated platform can help your business with:
• Invoice management
• Payment Records
• Easy paying through our Ontop Wallet
• Reduced payroll costs
Oh, and talking about perks...We also offer your workers a globally accepted Ontop Virtual Visa Card.
By automating payroll processes with Ontop, companies can free up more time to focus on strategic initiatives that will help propel their business forward.
Paying your global talent has never been easier! Book a free demo and learn how to pay your remote team with just a few clicks.
*DISCLAIMER: Information contained in this communication should not be regarded as an offer, solicitation, promotion, or advertisement of any financial services (including money transfer services) in any country where such offer, solicitation, promotion, or advertisement is not permissible under applicable local law(s). (Full Disclaimer: https://www.getontop.com/legal/solicitation-rule-disclaimer)
