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What was once considered taboo is now the most efficient way to deal with the consequences of a pandemic that has swept the world companies – Remote Working. Big companies such as Google, Facebook, Twitter, and Shopify have also implemented permanent, indefinite, or extended work at work from home (WFH) policies. It’s clear that this trend will not be going away anytime soon.
From converting to a hybrid workplace model and a 180-degree shift towards technologies such as payroll and HR software to ensure that employees’ level of engagement and satisfaction is high, let’s explore the ever-changing workplace for you.
Stage 1: Pandemic hit the World of Work
Businesses took a rash decision to take action based on what was the best option for them at the time. The initial stage was a mixture of panic shut downs, urgent working from home and working from home.
Stage 2: Lockdown-imposed WFH
When the Prime Minister announced the nation-wide lockdown, companies were forced to allow full-time workers to work at home to ensure safety as well as for legal reasons. Certain companies experienced ups and downs while others were able to endure by utilising virtual operations management with advanced HRMSs and other software that is automated.
Stage 3: Restructuring and cuts in pay
When some companies started to face a financial crisis in the past, they had to resort to the last option to cut some of their workforce or delay or deduct a portion of their salaries to help ensure that the business was able to stay in the black.
Fourth Stage: Salary increases and hybrid workforce
As companies gain momentum, long-awaited appraisals and promotions are now being completed. The companies are also looking ahead to the introduction of a new hybrid model that will combine remote work with office collaboration.
As time passes, the organizational hierarchy will likely respond to the following questions:
- Employers may decide to run offices by shifts, or employ employees only for a few days per week
- The senior management would like to see flexible hours will allow them to attracted to a greater variety of employees and customers
- Workers are more likely to combine working from home and working in an office more frequently – creating a hybrid work model
What is the Hybrid Workforce Model?
A hybrid workforce consists of two employees, one working remotely, and the other operates from an office or central area. The core of a hybrid model is the idea of shared ownership and trust and assisting organizations in breaking the long-held misconceptions and stigmas about the location and method of getting work accomplished most efficiently. This is a 50-50 model with 50% of employees are permanent or full-time, and the other 50% are freelancers or gig-workers.
There are various types and kinds of employees that can be found within the framework of the hybrid model, like:
Workforce types within the model of hybrid (2 types):
- Traditional Employment
- Permanent employment
- Full-time workers
- Gig Economy
- Temporary work
- Part-time workers
- Seasonal employees
- Freelance employees
- Contractual workers
- Consultants/ Advisors
The Emerging Gig Economy/Gig Workforce
Did you even know?
All of the mentioned kinds, with the exception of permanent and full-time jobs are included in the category of ‘Gig’ workers. The Gig workforce is distinguished by the high percentage of temporary contracts and freelance work , as instead of permanent or full-time positions. They take on a flexible and neo-liberal work style instead of following an established work schedule. Employers are more open to exploring and welcoming new methods of work It is the time for gig workers to shine.
The freelance market India is estimated to be worth around 72 million dollars! So, from the days where people believed that the government was the best job and the present surge in the field of freelance work and freelance work, we’ve made a significant leap! In a report on the most recent study from Upwork in this regard, “42% of people under the age of 35 are now freelancers.” The ratio of permanent employees to gig workers is slowly changing. According to a reliable source, the fact that “a decline of 4% has been observed in the number of full-time paychecks and an upsurge of 34% in the part-time work checks.” However that the management from end to end of not only gig workers but also the entire hybrid workforce might require some effort to streamline and may cause some issues down the path of HR.
Managing Hybrid Workforce: The Role of Payroll Systems
Because the future is in the air and everyone is tech knowledgeable, professionals are up to date with technological advances like software for HRMS and payroll to effectively and efficiently handle the shifting duties. If the kinds of employees differ across organizations and the tasks that relate to their pay structure such as verification work hours, attendance tracking benefits and compensation and salary processing as well as departure procedures also differ. This is why top-quality payroll software enters the HR’s mind to manage and improve the efficiency of their operations.
A study called the Evolution of Payroll Technology Trendline Survey found the fact that “nearly a third (29%) of the 1,000 payroll professionals polled use payroll systems that are 10 or more years old, or the same age as Apple’s first iPhone” according to the companies pointed out.
Let’s take an overview of the potential problems you could encounter when managing the hybrid workplace with outdated software for payroll –
Problems with traditional payroll software?
- Inability to differentiate employees according to their workforce type department or department or
- Inability to synchronize the information of attendance and time location, business expenses, and to integrate financial factors when creating pay stubs
- Problems with claiming reimbursements for expenses and uploading invoices/bills
- The difficulty of raising and approving loans and EMI requests, and investments declarations
- Troubles with precise calculations, deductions, and processing wages
- Incorrect payroll-related information causing payments issues at the month’s end
- Payslips that are due for long-term production as well as tax slips and challans, with no defined pay components
- Inadequate compliance with statutory deductions such as EPF, ESI, PT, LWF, and others according to the most recent changes in the law
- Incomplete information about pay and delays or no resolution for pay-related questions
Let’s look at the features that are currently valid to incorporate into your payroll software if want your HR department to be able to cope when faced with such situations.
Making the most of hybrid workforces with an adaptable payroll program
When companies are entering the new workplace that is more flexible to diverse workforces There is no set of rules in the book. Today, innovation and flexibility is what is important. If the human resource department is keeping up with the evolving times, why are they stuck with outdated HR processes and procedures? It’s time to get complete transparency into the performance of your payroll as well as costs and compliance while implementing operational improvements throughout the entire company.
HROne HPC suite supported by the confidence of 3.5 thousands of satisfied customers who’s favorite module is not a different one than the payroll software, which includes all the features listed above to allow you to easily “fit in” with the new standard.
Important key
- The traditional beliefs that the ‘typical 9-5 or a ‘government-only job is the best’ have been disproved. The present is the age of the constantly evolving hybrid workforce.
- Generation Y and GenZ professionals might consider the gig in the present if it offered a higher salary than what they earn in their current jobs.
- Since HR has been in the forefront in the workplace, the requirement of the moment is to create space for payroll and HR software with the most recent technology.
