For many months now, there has been a lot of speculation around 2021 and how it would bring a much-anticipated relief. Post New Year holidays, however, nothing really seems to have changed other than the imposition of a ‘new’ lockdown. Even though Covid-19 vaccines have hit the global market, it may take a few months till it is made available to the general public. And that includes all of us.

Dampening as it is to our general mental wellbeing, the lockdown will also have wide-spread repercussion on the way our businesses are run this year too. That means, investments will still be on hold and cost-cutting will continue to rise. Even as money is a limited resource given the situation, companies are actively looking for solutions that will help them advance in sales and market performance.

So, what’s the best way to work your way through limited resources? And what should you seek to focus on considering since we’re in a lockdown again? Businesses are all looking to get maximum value out of processes so that services – both external as well as internal - are not derailed due to issues that could have been prevented in the first place. If you have cut costs at your company, here are some areas that you could reinvest it for viable returns:

HR Data Integration
For companies that are cutting costs in specific areas of their business, it is vital to reinvest that money into HR data integration. If work-from-home is likely to continue for the rest of the year or be a major option in the future, it is important that every organisation digitises its HR data for greater control and functional ease.

Cloud Services on Multiple Platforms
Most outsourced HR solutions continue to be on Cloud. But what is equally important is that these services are available ‘on-demand’ through mobile apps. Employee Self Service plays a huge role in maintaining several HR functions like time and attendance, leaves, claims, payslips and even tax filings. With performance management taking new shape, it is vital to track pay and time as a core factor of employee contribution.

Payroll Management & Risk Management
With most or all employees working from home, companies need to think of better ways to deliver payroll on time. Investing a lot of time and effort into a service that should be automated is not a good idea given the crisis we are reeling under. To get every worth of your investment back, organisations need to outsource non-core functions while focusing on future operations roadmap.

Thinking Compliance First
Tax and other statutory filings may have been extended like everything else during the lockdown, but they will come back. Worse still, deadlines may come calling all at once along with a hefty due if you don’t comply within the time limit set by the government. Tracking your compliance periodically can save up on fines spent in unnecessary expenditure.

Reinventing the Workplace
Greg Harris, Founder & CEO, Quantum Workplace said, “Engaging the hearts, minds, and hands of talent is the most sustainable source of competitive advantage.” With the virus outbreak, the concept of workplace has experienced a shift from the physical to the digital. Though face-to-face communication is still limited, leaders must make engagement a continuous process. This involves more interaction, motivation, projects and learning models for personal and professional growth.

Wellness Packages & Flexi-Work
The future of work is no more a distant concept or a prediction. It is happening as we speak and requires an immense understanding of our environment and talents to achieve the goals we set. Talents who invest critical time, energy and money to care for Covid-19-affected family members need consideration and assistance from their organisations. Also, flexi-work needs to replace the standard 9 to 5 drill to boost productivity and performance.

With a lot happening around us, it is hard to draw up massive expansion strategies or make future investment plans. Everyone can rejig their existing finances to bring balance and preparedness so that businesses can function well irrespective of the crisis. Bringing your business online and enabling digital technology to lead your HCM solutions like payroll, leaves, compliance, time and attendance can help you adjust your sails even in choppy waters.

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