A resignation from any employee will result in a period of change until that employee is replaced or the responsibilities are distributed among the remaining team. When that employee is your payroll professional, the situation is more complex, as they are responsible for compliant, on-time payroll delivery for the wider office. With change ever present in all work environments, taking a proactive approach is going to serve your business and your payroll commitments. Fortunately, there are a number of options that will safeguard you against a planned or unexpected resignation, so let’s understand what they are.
1. Establish A Contingency Plan
The success of a business is measured through both smooth and adverse periods and establishing a contingency plan for your payroll will reduce any panic as there are steps put in place. By building a relationship with an outsourced payroll provider or freelance payroll professional, you can have them fill these gaps with short notice. i3Group have worked with corporate clients on just this, working diligently to ensure no interruption to the pay cycle or employee needs. You may also wish to speak with your HR team about stipulating a clause in your finance employment contracts that require a longer notice period to allow a greater buffer period.
2. Outsource Your Payroll Going Forward
We often go through a challenging period once, only to decide that it cannot happen again. If your payroll employee has resigned, use this as an opportunity to switch to an outsourced payroll provider going forward to eliminate any future drama. This can be a more affordable and convenient solution to paying a full-time salary, not to mention the employee benefits you can forgo in place of a responsive team of professionals working on your account around the clock. Work out if this is going to be a smarter and safer option for your business.
3. Upskill More Of Your Finance Team
There are no disadvantages to upskilling your team in more than just their day to day role, as you will end up with a workforce that is more collaborative with a greater context over the pressures and opportunities that present in different roles. Commit to upskilling all new and existing finance employees on the basics of payroll and the software used so that a payroll resignation will not be a significant blow to your business. In fact, you could even have your current payroll professional write a handover document in the event of their resignation so that they can pass on this roadmap to their colleagues with tips and experience captured in one place.
4. Automate what you can
Automation has brought many businesses into the 21st century and has allowed management to loosen their gaze on the menial, manual day to day tasks, and deploy automated tools so they can focus their attention on future projects. Payroll is no different, and there are a number of online tools that can assist with reporting, lodging, communication and even just offer templates to sharpen your procedures. i3Group has worked closely with businesses to introduce a number of automated software, all of which integrate with your payroll.
5. Outsource A Portion Of Your Payroll Commitments
If you are not ready to outsource your entire payroll to i3Group just yet, you may wish to outsource a portion of your payroll commitments instead. For example, payroll disbursements are a complex function in any payroll team, and so there may be value in outsourcing these delicate responsibilities to a team of professionals. With nearly 20 years experience in payroll, each of our professionals is informed on all legislation changes and best practices to ensure that your payroll is completed accurately and to a high standard. Consider outsourcing the problem solving, and retaining the simpler production-based work onsite.
If you would like to discuss your options regarding full or partial support with your payroll, contact our i3Group consultants to help you explore your options and get you in a prepared position should you receive a resignation from a payroll employee. As the industry shifts and the processes and procedures improve to provide business’ and the ATO greater clarity, it’s never been a better time to consider an outsourced payroll provider.