STAMFORD, Conn., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Payroll planning that adapts to new federal programs, enhances resiliency and reduces costs is the next step in pandemic recovery for HR professionals, says an expert with Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
“By now, most companies have found their way to a new operating norm with employees working from home, where possible, and returning to work, where essential. The next great challenge lies in building a payroll operations contingency plan to ensure employees are paid accurately and on time,” said Julie Fernandez, partner, ISG HR Technology, who is speaking this week at the virtual Rise Above 2020 event, November 12-13.
Payroll leaders should be focusing now on being better prepared for sudden operating changes by updating and formalizing business continuity plans for both internal and outsourced operations.
“The current pandemic crisis puts payroll policy, strategy and operations in the spotlight,” Fernandez said. “Organizations also must consider how unemployment and other federal programs play into the decision to retain or rehire employees.”
Payroll operations need to comply with government paycheck protection programs and eligibility for business loans and incentives, Fernandez said. As new programs, measures and compliance actions spur demand for new configurations, calculations and tax tables, enterprises need knowledgeable resources who understand what changes are required in the payroll platform or services contract.
“Along with the need to keep a close eye on government regulations and programs, pandemic payroll delivery has confirmed some suspicions that processing costs are too high, decentralized payroll is redundant, or there are too many points of failure between the payroll provider and retained staff,” she said. “A rapid assessment to quantify the savings opportunity can be done in weeks, producing a roadmap to increase payroll operations resiliency and renegotiate above-market provider fees.”
Fernandez will lead two breakout sessions: “Accelerating Payroll Transformation in the Aftermath of the Pandemic” at 11:30 a.m., U.S. Eastern Time, November 12, and “It Takes Two to Tango - Global Functionality and Cutting-Edge Tech” at 11 a.m., November 13. She also will participate in the panel discussion, “The Role of Technology in Ensuring Business Continuity for Global Payroll,” at 10:30 a.m., November 13.
Rise Above 2020 – A Global HR Evolution Summit is a collaborative initiative of Neeyamo, a leading platform-based HR solutions provider, and a cohort of global industry associations, focused on exploring newer possibilities for the HR agenda in 2021 and beyond. The summit will showcase more than 50 HR changemakers in nearly 40 sessions over two days, aimed at helping bridge gaps and share experiential insights. Registration and additional information is available on the event website.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
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