Forecasting is a crucial aspect of all successful businesses, allowing managers to predict profits and prepare for growth. But the impact of Covid-19 on the economy has highlighted the importance of forecasting changes which will shape company workforces over the next few years, so businesses can weather the storm of an unprecedented and uncertain business climate.
The payroll is a huge financial burden, often comprising up to 80% of operating costs of any company, a correctly managed payroll is absolutely crucial for company performance.
And forecasting doesn’t just help protect and generate profits. A productive and effective workforce is dependent on successful payroll forecasting; ensuring that finance is available for consistent and compliant pay and benefits, as well as accurately predicting staffing needs, help to grow a positive and engaged team who will drive the future of your business.
Forecasting also allows you to effectively budget for the future, looking at areas where the workforce may need to flex to respond to demands in both the micro and macro business environment. Having too many staff members can be just as detrimental as having too few, and as all HR departments have discovered in the last few months, situations beyond our control can have an inconceivable effect on everyday operations. Preparation is key.
Your workforce is one of your most valuable assets, and forecasting can generate useful insights into the strengths and vulnerabilities of your team. This information will help drive strategy and decision making across all areas of the business, whether in a growth phase or battening down the hatches in tougher times.
In the current uncertain climate, prudent companies would be wise to adopt a strategy of preparing for the worst and hoping for the best. A specialist support provider will be able to advise you on payroll forecasting for increased efficiency and effectiveness, to drive strategy and produce results even in the most unpredictable of times.
JMK Group offer specialist help and guidance for all areas of finance and are proud to be supporting many companies through this difficult time.
Since 2002, JMK have been compliantly consolidating back-office, accountancy and payroll functions.
We have evolved to provide a range of expert services; such as Professional Employer Organisation (PEO), or Back Office Support (BOS) or Funding, becoming a leading provider to the contracting industry.
We know every agency is different in some shape or form, even if only by a little, but important bit. Combining our knowledge and experience of multiple sectors enables JMK to support you all from recruiters and payroll, through to finance, compliance and management.
With JMK as your trusted partner, even the smallest team can process the largest payroll, regardless of payroll type.