How to Prepare Your Payroll for a Pandemic or Natural Disaster
Covid-19 is officially a Pandemic…life as we know it is altered indefinitely. This means social distancing, quarantines, and interruptions to established supply chains. Whether facing a pandemic or weather related natural disaster, the result will be unprecedented closures of public spaces and gatherings, office buildings, malls, and transit operations. It is easier to fall into despair about the prospects of a disaster than it is to instead consider what can be done. However, do not worry – we are here to help walk you through how to prepare your company’s payroll.
Steps to Preparing Your Company’s Payroll for a Biological or Natural Disaster
1. Switch to 100% electronic payroll. It might sound daunting, but imagine a disaster rolls in and mail is delayed or employees can’t make it to the workplace to pick up their checks—you don’t want to take that risk. Your employees are going to demand their money on time. If you employ workers who don’t have bank accounts and/or are receiving checks, contact Fintwist to move your business to 100% electronic pay using pay cards. Affected employees will be able to get paid via a direct deposit to their paycard just the same as those with bank accounts giving them security and stability that drives loyalty.
2. Set up a payroll contingency plan for emergencies. To begin, this should include setting up your payroll software on a laptop (or access to the network through alternative computers) and training trusted backup employees on running payroll in the event that the current payroll organization has limited or no access to the applicable applications.
3. Plan to process payroll early if you’re anticipating a disaster. Paying employees early may provide the grace period that they need to withdraw money in a timely manner to stock up on needed supplies for a quarantine, before it’s too late. Also, with Fintwist, employees can immediately use their paycard for debit or credit transactions to purchase the goods they need immediately.
It’s up to all of us to to be prepared for these disasters. The good news is that, as a payroll manager, you can have a significant impact on addressing and managing the issues. Contact us today to get started.