What
is that we work for? Rather a silly question, right? We all work for money. We
all want a prompt & accurate payment for the work done by us. A paycheck is
a consistent recognition and reward for the efforts put in by an employee
towards the organization’s betterment. Since it has such a great importance in
an employee’s perspective; it will have that much importance in the employer’s
perspective as well because employee satisfaction has utmost significance in an
organization’s success. It’s a general perception that it’s the accounts
department that handles the responsibility of payroll because it is they who
give the paychecks. But in reality, this tremendous task is handled by the
human resource (HR) department which tackles many things simultaneously and
gives necessary instructions to accounts department to release the paychecks.
So what is this work related to salaries done by HR department called? It is
payroll management.
Let
us take a look at what comes under the purview of payroll. Commonly payroll
refers to a company’s list of employees, the amount of money that company’s
employees are paid, company’s salary records, and the department that deals
with salaries of employees. Meticulously managing all the payroll details in a company
is payroll management. Isn’t this a gigantic task? Is your company equipped
with resources to handle this? If your answer is no…then you are heading in the
right direction. We will guide you how to handle your payroll.
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These
days many organizations find it very difficult to maintain an effective payroll
system. Some organizations do not even have an HR department to take care of
payroll. For such organizations, it is a great idea to outsource their payroll
management to human resources
consultancy which has experts who can help you in fixing your payroll issues.
There are a number of HR management consulting firms which offer a wide range of HR consultancy services.
For
the best HR consultancy services choose
Accuprosys which is one of the top HR
management consulting firms in Hyderabad. It offers an array of services that
include policies development, recruitment, contract staffing, training &
development, payroll management and employee grievances management.
These
days many organizations find it very difficult to maintain an effective payroll
system. Some organizations do not even have an HR department to take care of
payroll. For such organizations, it is a great idea to outsource their payroll
management to human resources
consultancy which has experts who can help you in fixing your payroll issues.
There are a number of HR management consulting firms which offer a wide range of HR consultancy services.
For
the best HR consultancy services choose
Accuprosys which is one of the top HR management consulting firms in Hyderabad. It offers an array of services that
include policies development, recruitment, contract staffing, training &
development, payroll management and employee grievances management.
· Key
constituents of payroll management:
·
Employee
information: Information regarding employees with details like name, age, address,
contact number etc.
·
Attendance: It is
very critical for the HR department to track the attendance details in order to
calculate the number of days the employees worked and the respective salaries
they have to be paid
·
Components of
Salary: There will be various components of salary that have to be clearly defined
and calculated in order to arrive at the net amount that has to be paid to the
employees. For e.g. bonus, variable incentives, PF etc.
·
Statutory Matters:
There will be some additions or deductions to be made by every employer
statutorily which are regulated by the government.
With all these things to be considered it is
not possible for an organization to do payroll management without a dedicated
team of human resources department. Hence, it is a smart decision to hire a human resources consultancy where it is
not feasible to create a separate HR team or payroll management team. By
outsourcing payroll management task to Accuprosys, companies can rest assured
of timely payroll release, statutory compliance and payroll related grievance redressed.
Visit: Accuproosys
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