Payroll not as a challenge but as a sign of business continuity.
Posted On: April 1, 2020
Post Comments: 1
During the pandemic has resulted in organisations implementing remote working conditions, which has in return resulted in virtual attendance. Virtual attendance has become an essential to the organisation to facilitate the smooth functioning capturing employee attendance.
According to a survey conducted by Gartner in March 2020, 88% of organisations have encouraged or required employees to work from home. While, 40% of organisations have set up additional virtual check-in for employees and managers.
No matter what economic crisis one faces, one thing that remains as a constant is that employees will continue to seek is financial security through timely, accurate salary and wage payments. No matter, what the issue is employees need to be paid, whether is it is in full amounts or a proportion of their earnings. It’s crucial to business continuity but is often overlooked when businesses are creating their continuity plans. Payroll is fundamental and the last thing to want to do is to cause extra stress for your staff at a time when they are already challenged, coping with the many restrictions imposed on their normal way of living.
With many individuals working from home, payroll processes are done from home too. Hence having a Payroll module in your HR solution in place can be a blessing in disguise with centralised data and automation.
With the main aim of bringing in structure to the compensation process, Payroll module provides ease in conducting all necessary functionalities with higher efficiency and reliability. From generating pay slips, payroll reports, increments, processing multi-currency transactions, to loans and reimbursements can be handled through one single platform. Configurable features of the module allow users to define transaction wise specifications to fit the policies of the organisation. This module facilitates payments to be processed based on information captured from the attendance and absence management modules for overtime, no pay and other attendance based incentives.
PeoplesHR Payroll module covers many intricate areas when it comes to the process of this critical HR function:
All payroll records available for access as and when required.
Integration with any third party financial system.
Define and configure Pay Group.
Define pay items for payroll process calculations.
Bulk upload required pay items via excel spreadsheets.
All double entry financial accounting figures are posted using general ledger.
Salary revisions and bank diskette generation.
Pay slip widget on Self Service portal to print/view slips
Payroll control panel / dashboard providing a summary of the payroll in progress.
Information security via encryption and audit logs.
Multi-currency, multi-company and multi-pay frequencies for organisation with operations across different countries.
Payroll processing capabilities for organisations with a large or small employee count.
Accuracy and precision in calculating multiple payroll transactions.
Configurable to fit country and statutory specific requirements.
Easy compatibility with any existing financial system.
Retrospective payments and adjustments.
Process increments and/or decrements for employees, based on performance or other considerations such as attendance or any other module through the rule engine.
Detailed reporting options provide all required information of an employee’s profile with employee reports, monthly salary reports, monthly provident funds, employee lists of a selected department, designation or category.
Accurate salary processing, report generation and employer statutory contributions with predefined processes.
With multiple features in place there are various ways an organisation can benefit:
Configure earnings and deductions according to business requirements and policies.
Remove uncertainties with segregated security associated with information sharing or third party involvements.
Speeds up the stages in the process through automated and predefined logics, calculations and features.
Comprehensive validation procedures to avoid human errors on data insertions from occurring.
Built – in expertise within the system reduces the need of specialised professionals to handle the processes involved.
Accurate, efficient and reliable payroll calculations that abide with the organisation’s policies and statutory fulfilment frameworks.