Technology was the only option left for businesses in India when they had to shift their workplaces to homes due to the global pandemic, COVID-19. Without a doubt, technology was the right response to the unprecedented situation we were thrown into a year back.
We can now see every other person using technology in one or another way. While some can be seen using headphones attending meetings, others can be seen using HR and payroll software. Working individuals are acutely busy these days. Even after working long hours, they get work done not just on weekends but also on vacations.
As a result, employees are disengaged and distracted today. This is when a big question arises- how did we reach here?
Let’s dive into the blog and know the top factors that are disrupting the workplaces today:
- Innovative Transformations in demographics: It is no news that the composition of workforces is changing like never before. This shift has increased the expectations of employees from their leaders. Besides, they even have a different set of priorities today.
- New Skills Requirement, both technical as well as soft skills: as mentioned earlier, the business paradigm is going through a lot of changes. This in turn has impacted the demand and supply for new-age talent that has relevant skills
- Revolutionary Transformations in expectations for work and employees: the economic growth cycle in the present has affected the expectations of customers, investors and employees from the company.
- Problems with engagement, performance, and employee experience: Work from home is no longer an appealing concept for employees. The majority of employees are exhausted, which is dropping down their efficiency levels.
The Problems Faced By HR Managers
Various studies and studies have recently stated that the most pressing problems for HR professionals are skills, measuring and driving performance, building agility, and developing leadership.
HR managers are also equally struggling with these changes and challenges. For more than a decade, HR managers were only involved in business-critical functions but now they are responsible for almost everything. From payroll processing to employee management, they do everything on their own. Initially, this affected the productivity of various departments but as time passed, businesses started investing in HR technology.
As a result, today we have no dearth of HR tech options. There are a number of HR and payroll software for small businesses as well as large businesses.
The Changes In HR-Tech
Due to the transformation happening in the business world, workforces, and the nature of HR, the tech market has also changed to a greater extent. Here are some ways it has transformed:
- Automation
For the longest time, companies have worked with outdated tools. But, after the outbreak of the novel coronavirus, they have started embracing automation. Gone are the days when HRs have to juggle with piles of papers and scroll down excel spreadsheets. Today, they complete every tedious task in just a few clicks.
- Integration
Companies have also started relying on integrated solutions that go one step beyond merely automating and streamlining routine tasks. Such systems have helped managers and leaders to hire better, train effectively and manage employees efficiently.
- Engage
Of late, cloud computing has also played a vital role. It has allowed companies to upgrade their existing systems with new solutions that improve engagement as well as productivity. Need to mention, HR and payroll software for small businesses like HROne has delivered the expectations. They not just delivered numerous advantages but also provided enormously engagement, interesting models and experiences people required.
- Perform
New-gen software tools are designed in a way that can aid employees and get their job done. Also, the top-notch HR-tech tools in India require little-to-no training, boost the productivity of employees and support employees and managers to work better in a WFH setup. All these technologies can be best described as experiential systems that deal with routine operations and work as a series of experiences and not as filling forms or transactions.
How has application such as HROne payroll software assist in payroll management ?
Payroll management is one of the imperative sectors for any organization. Payroll team works on depicting the earnings of the employees. The new world of work is automation. HROne payroll software aims at achieving fully automated applications.
To gain a better understanding of payroll management, let’s break it down in categories:
- Pre Payroll process
- Payroll process
- Post payroll process
Pre payroll process
Pre Payroll process includes delineating policies related to payroll, collecting data, verification of the inputs
.
Delineating policies related policies
The take home amount paid to an employee varies depending on the policies of the organization. The policies ensure that he/she receives the deserving amount along with benefits to secure at the time of crisis.
The policies are refined and approved by the HR management team before implementation. The primary policies include time and attendance, employee pay policy, leave and benefits policy and reimbursement policies.
Collecting data
Payroll team is responsible to interact with each member of the organization and get hold of the relevant data. In large scale organizations, collecting data is a tedious task. To simplify the process, the organization can opt for an integrated application that can auto generate data.
The data related to:
Newly hired employees salary structure
- Variable payouts
- Attendance
- Joining date of the employee
- Investment declarations
- Tax regimes
- Tax deductions
- Can be recorded in a safe platform with minute space for error.
Verification of the data
Once the data is collected, it is required to be adhered to the policies of the organization. Verification of the investment declarations, tax payouts etc. data related to the new joinees such as the payroll cycle of the previous organization, etc needs to be verified. Once the ctc breakup is verified the payroll team can process the amount at the end of each month.
The above mentioned are clubbed processes of data collection and verification. The essential question that we have at this point of time is
What are the payroll components ?
The distribution of salary has various components which includes monthly wages and allowances. Amid gross salary and take home amount there are various elements that shevels the income.
This could be a reason for the organizations to opt for third party payroll services.
To gain a better insight let’s take a look at the salary components :
CTC
CTC, abbreviated for cost to company, is the budget the organization has sanctioned in hiring a new employee for the desired position. The amounts mentioned in the official letters are mostly based on an annual scale.
Allowances
Allowances are variants. The variable amount that changes in accordance with the policies of the organization. Organizations tend to provide allowances such as travel, meals, and reimbursements for other expenses.
Payroll team is often seen to hold the delicate aspects of the organization. It caters to the sensitive aspect of the organization “salary of the employee.” This is one such example of the payroll activities. It is well known that payroll team is important but
Why is payroll important for the human resource management team?
It is known that payroll is important for every organization. The payroll team manages a few of the delegate matters of the organization.
Let’s take a look at a few of the reasons why payroll software is an imperative part for any organization:
Budget
Opting for software for payroll and HR is a feasible option for many organizations. A third party vendor who manages payroll and human resources of the organization. It can be expensive. It demands resources, efforts and time to manage these facilities.
Payroll software automates the majority of the activities. It saves time, resources and efforts of the organization. An integrated automated application saves the organization of error or hefty penalties.
Risk mitigation
The payroll team is responsible to manage the legal compliances of the organization. Payroll adheres to the laws and regulations imposed by the government. It manages the leases and tax regimes of the employees. Audits, legal obligations of the employees, PF, gratuity etc is managed by the payroll team.
Payroll software is designed in a way which keeps a tab on the legal developments such as changes in tax rules.
Resource reallocation
Collection of data, verification, deductions, reimbursements and a track of changes due to increment or appraisal is a regular routine of the payroll team. Once done the salary is credited to the employees at the end of each month.
This implies the importance of a payroll team and how software for payroll and HR has made a remarkable contribution to the organizations. However, it is essential to opt for a compatible application. HROne being the leading one stop solution. It has the capability to smoothen the function of the payroll team.
The BIG Transformation
If we look back into the past and discuss HR technology a few years ago, a lot of people did not even know about it. Today, people talk about integration and automated software tools such as payroll management software, recruitment management software, etc. As we can see, all of these systems have the word ‘management’ in the middle as they are essentially designed to manage HR practices on behalf of the HR managers.
Such systems were always overlooked but now it is dramatically taking over the corporate world. All thanks to the COVID-19 pandemic. It put businesses in a situation where they had no other choice but to rely on automated HR systems to carry out their routine processes. As a result, finding HR technology is not a big task at present. From payroll software for small businesses to HR management for startups, there are plenty of options in the market.
Today, to succeed, companies must use the best software available in the market that solves problems such as well-being, development, self-directed learning and much more. Additionally, it is the responsibility of every company out there to give employees the right tools to assess and improve their efficiency.
The Future
Without a doubt, HR technology is aiming to build an engaged workforce for the future. This is the reason companies are relying on more than a platform to make sure their employees are happy and engaged. Unlike before, vendors are meeting their claims. If big vendors say that they offer end-to-end solutions, then they actually do the same.
Talking about medium and small-sized enterprises, they have always been using anywhere between 5 to 15 different applications for HRMS. According to a recent study, the average number of systems of record an organization is using has gone up from 11 (in the preceding year) to 12. So, SMEs have made a huge shift from using multiple applications to a single one. Unlike outdated tools, HR-tech systems are deeply integrated and are also irreplaceable to some degree.
Get The Selection Process Right
So, how can a company cut through this hype and get its hand on a system that is just right for its people and business? Here’s the answer:
- Prioritize the basics: By using automated software, the quality of data will become more critical than ever. Hence, leaders should ensure that their people can use it effectively and that the data is good and high-quality.
- Pick systems considering the utility, not features: Rather than being excited by seeing the long list of features, companies must understand if their employees will ever need or use them.
- Hire an IT architect: we are living in a time where IT and HR are working together. Now, this is because so much of the cloud-based software is integrated with other cloud-based systems. Hence, companies usually need someone who knows their way with data.
- Find and develop an employee experience platform: leaders should have a proper idea of what is going to be their employee experience. Once they know this, they can easily find a platform that focuses on the same.
So, we have come to the conclusion that every company should provide their employees with the right tools and systems that help them to do their job efficiently and most importantly, build a pleasant experience.
In the coming times, the use of technology will increase even more. At that time, the companies that do not keep up with the pace will be left out in the race.
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QuickBooks Error 2107 is a payroll error that usually arises when you fail to transfer the salary of employee’s especially with the direct deposit method of payment.
Also, the error code 2107 occurs when you try to bankroll your payroll profile with the active direct deposit (DD).
Payroll Software Singapore as its made compulsory to print itemised pay slip in Singapore.
Payroll software such as EZ Payroll / Myob Payroll / Sage-Ubs Payroll.
https://www.nbsmymanpower.com/blog/payroll-processing-services-and-policies/ Stages of payroll processingPlanning a key for Payroll processing as it involves several simple to complex procedures to process payroll successfully.
The payroll process is segregated into three stagesPre-Payroll processActual Payroll processPost payroll process
At One Stop Accounting, we provide the best payroll software on the market.
From brands such as EZ payroll, Sage_Ubs payroll and MYOB, we have a comprehensive range of payroll software available to cater to your company’s individual needs
