#Exela HR Solutions

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Payroll Processing Challenges in the Manufacturing Industry – Exela HR Solutions

Few industries of the economy play as paramount a role in creating new valuable job opportunities as the manufacturing sector, and fewer even can successfully embody the rapidly evolving workplace following the pandemic. Yet, the manufacturing industry was one of the few sectors that performed an expert pivot and managed to, at times, even profitably, hold the fort.

While this rapid growth is, as many will bear witness, a good problem to have, a manufacturing business must fill several roles to ensure smooth functioning, for example, machine operators, management, packers, shippers, and many others with varying pay scales. The sheer volume of employee and payroll management that manufacturing industries need is a definite HR nightmare. One must also consider aspects of the administration process, such as different pay cycles, different rate calculations, and the breakdown of various labor when handling payroll for businesses in the manufacturing industry. To summarize, dealing with the intricacies of payroll for the manufacturing industry should be efficient and adaptable. To establish a working payroll system in the manufacturing industry, one must first understand the industry’s main challenges or payroll issues.

Payroll processing challenges in the manufacturing industry

·         Compliance

·         Taxation

·         Accuracy

·         Privacy and security

·         Technology integration

·         Misclassification

 Source link to read more details about payroll processing challenges in the manufacturing industry – https://ehrs.exelatech.com/blog/payroll-processing-challenges-manufacturing-industry

Recruitment process outsourcing (RPO)

The skills gap, privacy and security concerns, or other payroll challenges affecting the manufacturing industry make it imperative to attract talent, fill jobs, and retain them. Manufacturing RPO (Recruitment Process Outsourcing) provides recruitment expertise and scalability from requisition to onboarding, completely aligned with your organizational goals and culture. Recruitment Process Outsourcing arms the manufacturing industry with the tools and technologies they need to ensure robust HR processes. If your organization struggles to keep up with payroll processing and accelerating recruitment efforts, consider a recruitment partner that manages your recruitment processes end-to-end, from hiring to payroll. Here’s what you get when you outsource HR services:

Instant Access to a larger talent pool

Lower labor costs

Reduced hiring TATs

100% accuracy in processes

Zero security or privacy concerns.

Why Exela HRO?

The future of manufacturing faces numerous challenges due to accelerated technological advancements, consumer expectations, and emerging markets. As the obstacles intensify, the need for the right talent also upsurges. Pretty soon, it will be imperative to have a talent partner who can promptly mobilize in response to your organizational requirements. At Exela, our human resource experts provide an agile solution tailored to your company’s needs.

Our experts help clients align their priorities, performance, business values, and human resources with in-depth industrial expertise, robust data analysis, and powerful insights. Exela HRO can help you build technology-driven HR strategies to fuel business growth. If you struggle to get through your payroll or streamline other HR processes, get help from Exela HR solutions offering world-class global payroll processing, recruitment, HRBP services, and compensation and benefits. Talk to our experts today to know more!

 Get in touch with our experts today to learn more - https://ehrs.exelatech.com/contact-us

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5 Tips to Help Make Your Business a Great Place to Work

Corporate culture is key to employee satisfaction, emerging as the pivotal factor that can elevate a company from mere survival to resounding success, even in the face of adversity. This intangible essence sets organizations apart, fostering a thriving environment where individuals not only survive but truly flourish, propelling the business to new heights of achievement.

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A staggering 77% of job seekers were inclined to assess a company's culture before submitting their application.

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The work environment plays a significant role in shaping one's mood, motivation, mental well-being, and overall performance.

When employees find themselves in a dull office space surrounded by unfriendly colleagues, it hampers their confidence and job satisfaction, leading to diminished engagement and a reluctance to voice their opinions.

Consequently, fostering a positive work environment becomes paramount as it directly correlates with the success and prosperity of your company.

However, great organizations are built by exceptional teams. Empowering individuals to excel in their professional journeys acts as a catalyst, amplifying both business triumphs and employee contentment, ultimately creating an environment that transcends greatness and becomes an exemplary place to work.

Building a cohesive team comprising individuals from diverse backgrounds presents a challenge - harnessing their unique strengths to drive business outcomes while ensuring each employee feels valued, connected, and inspired.

Resolving this challenge demands careful attention and deliberate efforts to foster an inclusive and empowering environment that celebrates individuality and cultivates a collective sense of purpose.

However, every organization has its own ways to tackle these challenges.

Here are a few tips to help reshape your efforts; five tips that will help make your company a great place to work.

Five Tips to Help Make Your Organization a Great Place to Work 

 

 Lead with Values and Invest in Culture

Values serve as the bedrock upon which your company is constructed, offering a collective understanding among employees regarding the principles that guide your actions and purpose.

While these values should remain steadfast, cultivating a robust culture necessitates ongoing investment and dedicated efforts to ensure their enduring impact. Sustaining a strong and vibrant culture requires consistent commitment and continuous nurturing.

While expanding your workforce, your leadership team must discover innovative and effective means of communication across the organization. As you grow and operate in multiple locations, nurturing a consistent and inclusive culture becomes imperative.

Additionally, venturing into new markets introduces fresh cultural dynamics. Engaging in team-building activities that reinforce your values and culture can serve as a catalyst for meaningful discussions, fostering awareness and alignment within the team.

It's important to note that values should not remain stagnant. As your company undergoes transformations and expansions, leaders must dedicate time and effort to nurture the culture as a fundamental element in constructing an exceptional workplace environment.

By consistently prioritizing and investing in the cultivation of a positive culture, you can create a thriving and great place to work.

Inspire Passion, Don't Just Set OKRs

Igniting a sense of passion for your vision serves as a powerful avenue to enhance employee satisfaction and performance.

Exceptional individuals are driven by a clear focus on delivering their unique contributions: your sales team is dedicated to boosting revenue, your product team strives to launch innovative offerings, and your marketing team endeavors to attract prospects and amplify brand awareness.

By aligning your teams' efforts with your vision, you can inspire a collective drive that fuels exceptional outcomes and fosters a great work environment.

Each team member's contribution holds immense value, but it is when they align their efforts toward a shared vision that the true potential for exponential growth is unleashed.

Uniting individuals behind a common purpose ignites a powerful synergy that propels your team towards unprecedented achievements and limitless possibilities.

Leaders can ignite employee engagement and inspiration by embracing greater transparency regarding the company's direction and vision for the future.

For managers, fostering open lines of communication empowers individuals to participate and contribute to this shared vision actively. Meanwhile, employees can elevate their impact and unlock leadership potential by reevaluating how their day-to-day work aligns with and propels the company's overall success, thereby enhancing their contributions and garnering well-deserved recognition.

Develop a Customer-First Mindset

Every business leader understands the complexities of decision-making.

Balancing various interests, navigating evolving environments, and facing fierce competition pose considerable challenges.

However, by constantly prioritizing customers in your decision-making process, you will inevitably make the right choices that propel your company forward.

By anchoring decisions in customer-centricity, you align your actions with the ultimate goal of delivering value and satisfaction, leading to long-term success.

Embracing a customer-first approach in the organization not only benefits customers but also brings significant rewards to employees. Creating a workplace where customer satisfaction is prioritized contributes to a positive and fulfilling work environment.

Nurturing this customer-centric mindset generates a sense of shared achievement, infusing the team with energy and validation. Moreover, employees witness the tangible outcomes of their dedication and effort, further reinforcing their job satisfaction and motivation.

 Embrace Collaboration for Innovation

Collaboration serves as the driving force behind innovation within any organization.

Cultivating a collaborative and innovative work environment not only benefits your business but also enhances employee experiences. When employees feel empowered, engaged, and trusted, they develop a genuine love for their work, become more passionate about their contributions, and perceive their company as an "exemplary place to work."

However, establishing a collaborative environment that promotes innovation is no simple task.

The role of culture in shaping employee connections and engagement cannot be overlooked. A robust culture, grounded in shared values, serves as the cornerstone for fostering strong relationships and driving collective progress.

Crafting a comprehensive people strategy holds the power to cultivate a work environment that thrives on collaboration and fosters innovation. Embracing diversity within your workforce unlocks a wealth of knowledge, perspectives, and experiences essential for driving innovation.

By tapping into this rich diversity, your organization can access a broader pool of ideas and insights, propelling your capacity for innovation to new height.

The mindset and communication surrounding failure can also significantly shape an environment that nurtures collaboration and innovation. By embracing failure as an opportunity for learning and growth, teams are empowered to pursue more innovative outcomes with confidence and enthusiasm.

Encouraging a culture of continuous learning fuels creativity and propels teams toward achieving remarkable results.

 Compensation is More Than Cash

While competitive salaries and benefits are vital for a thriving workplace, compensation goes beyond mere financial rewards.

Modern employees seek a company that embraces flexibility, supports their professional and personal aspirations, and truly understands their needs.

It's about creating an environment that values holistic growth and empowers individuals to achieve their full potential.

Tailored to suit your business size and model, compensation packages can be designed to include versatile hybrid or flexible working arrangements. Additionally, incorporating benefits that prioritize mental health and well-being, incentivize commuting or public transport, and provide opportunities for community engagement can significantly boost employee satisfaction and morale.

Crafting compensation packages involves a delicate balance, yet successful businesses strike a harmonious alignment between employee interests and company objectives. This alignment not only motivates employees but also empowers them to unleash their full potential, resulting in remarkable career achievements.

Compensation is not a one-size-fits-all solution.

However, promoting open communication between employees and leaders regarding compensation fosters productive relationships, strengthens organizations, and creates an exceptional work environment that benefits everyone involved.

Conclusion

Creating a great place to work is not just a lofty goal but an essential aspect of running a successful business.

By implementing these five tips, you can foster a positive work environment that attracts and retains top talent, boosts employee satisfaction, and ultimately drives the success of your business.

Remember, investing in your employees and prioritizing their well-being and growth is a strategic move that pays off in the long run. Great workplace culture is a key differentiator and a powerful asset in today's competitive business landscape. If you are still unsure of where to start, speak with our experts to begin with your great workplace endeavors.

Try Exela HR Solutions today.

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The Future of HR: How Automation is Changing the Game

The past decade has witnessed a ground-breaking technological revolution, reshaping the very fabric of the modern workplace. Among these ingenious advancements is the advent of Robotic Process Automation (RPA), powered by the remarkable capabilities of Artificial Intelligence (AI) and Machine Learning (ML). Today, what used to take weeks to accomplish can be achieved in mere minutes, propelling businesses into a realm of unprecedented growth and scalability. While opinions may vary on the transformative impact of these cutting-edge tools on the business landscape, one fact remains indisputable: automation is here to stay!

 However, despite the worthy hype, many find these new technologies a threat to their jobs.

 Rise of the Robots: Will AI Take Your Job?

Jobocalypse: How AI Is Threatening Job Seekers

 Such attention-grabbing headlines often evoke anxiety in both job seekers and HR professionals. Are AI and automation indeed just a step away from snatching away our jobs? Probably not! But we can't ignore the fact that we are undoubtedly moving towards a more automated future and witnessing significant transformations in the workplace. And to thrive in this competitive market, we must stay ahead of the curve. And so must HR professionals! Automation has firmly established itself as an indispensable force destined to shape the future of industries across the globe. To stay ahead of the ever-changing landscape, HR professionals must proactively embrace automation to streamline operational tasks, allowing more time for strategic and visionary thinking. While automation undoubtedly brings advantages in areas like payroll and time tracking, it also extends its benefits to other labor-intensive and repetitive HR functions. HR teams can optimize outcomes by identifying areas of redundancy and human error and exploring technological solutions. As we all are heading to a more competitive era, we must acknowledge what the future of HR holds and how automation can be a game-changer for HR endeavors. Here's everything you need to know.

 Future of HR: Automation 

In today's business landscape, the traditional roles within HR teams, which were responsible for onboarding new clients or employees, are being transformed by the emergence of RPA tools. With the aid of these advanced technologies, organizations can now automate numerous HR functions and tasks. Instead of relying on extensive teams to handle diverse HR responsibilities, businesses are turning to Human Resource Management Systems (HRMS) to streamline their processes. HR automation tools have revolutionized various aspects of HR management, encompassing payroll processing, employee benefits administration, and more. By leveraging these tools, valuable time is liberated for employees to focus on tasks directly impacting the business's revenue and success. Additionally, specific software solutions aid in tax filing, compliance management, and identification of eligible tax credits, ensuring organizations maximize their qualifications. Moreover, advanced automation tools employ specific algorithms tailored to each organization, effectively managing data networks, identifying problems, and facilitating informed decision-making within internal management.

 Integrating HR automation tools has opened up new possibilities for efficient and data-driven HR management, empowering businesses to optimize operations and drive sustainable growth. That being said, it is clear that the future of HR holds tremendous potential for growth.

 The benefits of HR automation 

HR automation has revolutionized how human resource departments operate, bringing numerous benefits to organizations. By automating repetitive and time-consuming tasks such as payroll processing, benefits administration, onboarding, and performance management, HR professionals can save valuable time and allocate their resources more efficiently. This technology-driven approach improves accuracy, reduces errors, enhances data security, and allows HR teams to focus on strategic initiatives that drive employee engagement, productivity, and overall business success.

Here are a few benefits of HR automation:

 ·         Eliminate tedious administrative tasks.

A majority of companies (56%) employing AI in their HR operations aim to automate repetitive tasks.

By integrating AI cognitive capabilities with robotic process automation, HR processes can witness significant enhancements, primarily by eliminating time-consuming administrative tasks. By automating processes such as data entry, document management, and repetitive administrative workflows, HR professionals can free up valuable time that can be redirected towards more strategic and value-added activities. This increases productivity and efficiency within the HR department and allows HR professionals to focus on critical tasks like talent acquisition, employee development, and strategic workforce planning. By reducing the burden of administrative work, HR automation empowers organizations to maximize their resources and drive remarkable business outcomes.

·         Maximize your hiring success

A majority of companies, precisely 57%, have expressed their intention to expedite the recruitment process.

Conventional recruitment methods have become outdated and ineffective in today's rapidly evolving HR landscape. And thus, organizations are increasingly moving toward incorporating new intelligent technologies.

75% of companies have expressed their intention to incorporate innovative technologies as a means to attract and retain highly skilled employees. 62% of organizations plan to focus on recruiting individuals who possess the ability to work with incredible speed and efficiency.

By leveraging automation tools and technologies, organizations can streamline and optimize their hiring processes, leading to better outcomes in candidate selection. Automated applicant tracking systems (ATS) can efficiently handle job postings, resume screening, and candidate evaluation, ensuring that qualified candidates are identified and progressed through the hiring pipeline. This reduces manual effort, minimizes the risk of human bias, and improves the overall efficiency and effectiveness of the hiring process. HR automation empowers organizations to attract top talent, enhance the candidate experience, and ultimately make more informed and successful hiring decisions.

·         Accelerate and streamline employee onboarding

Companies using automation report 67% faster onboarding.

HR automation simplifies and centralizes onboarding by digitizing paperwork, such as employment contracts, tax forms, and benefits enrollment. This eliminates the need for manual data entry, reduces errors, and ensures compliance with legal requirements. New employees can conveniently complete and submit necessary documents electronically, eliminating the need for printing, scanning, and physical paperwork.

Automation also enables HR teams to set up automated workflows and notifications, ensuring that all necessary steps are completed on time. From provisioning IT access to scheduling orientation sessions and training, HR automation provides a seamless onboarding experience.

·         Realizing time and cost benefits

Incorporating automation solutions can yield notable cost savings by minimizing administrative tasks and paperwork associated with HR processes. This enhances operational efficiency and allocates resources for more strategic HR endeavors.

Research reveals that 69% of HR professionals who adopted automation in their recruitment process observed substantial time reductions in this area.

 ·         Enhanced decision-making

Harnessing the power of HR automation systems provides organizations with precise and reliable data, enabling them to make well-informed decisions regarding recruitment, performance appraisals, and policy adjustments. By leveraging data-driven insights, HR managers can identify meaningful patterns in employee performance and engagement, facilitating the development of more effective internal strategies.

An overwhelming 72% of businesses have expressed their intention to invest in HR automation tools within the coming three years.

Organizations proactively embracing automation in HR business practices will undoubtedly gain a significant competitive advantage in the dynamic business landscape.

 Conclusion 

The transformative power of automation is reshaping the future of HR. As technology evolves and advances, organizations must adapt to stay ahead of the curve. By embracing HR automation, businesses can revolutionize their processes, streamline operations, and unlock new levels of efficiency and productivity. Automation is changing the game, empowering HR professionals to focus on strategic initiatives, enhance employee experiences, and drive sustainable success. Embrace the future of HR automation, and unlock the full potential of your organization. The possibilities are limitless.

 Exela HR Solutions is a leader in providing best-in-class HR services to organizations looking to thrive in the modern business landscape. We at Exela HR Solutions empower organizations to embrace the power of automation and get the best out of it. With self-service portals and data-driven insights, our experts believe in maximizing efficiency and employee experiences. Businesses can focus on core competencies while leveraging the power of automated HR services for sustainable growth.

 Talk to our experts at Exela HR Solutions today to gain more insights!

 Read more details about Future of HR: https://ow.ly/ueOw50Pm5vv

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Ways to efficiently structure your company's payroll function

Organizational structure is an essential component of every company, whether consciously acknowledged or not. It serves as the framework for assigning roles, responsibilities, job functions, accountability, and decision-making authority within the organization. Similar to the overall organizational structure, the structure of the payroll function is equally important. It should be designed to align with the company's goals and objectives to ensure efficient payroll management and overall organizational success.

Managing payroll involves various tasks, such as calculating employee hours, processing payments, tax withholding, and maintaining accurate financial records for your business. The intricacies of payroll management, from handling sensitive employee data to tax calculations and fund transfers, can be complex and carry legal responsibilities. It is crucial to ensure compliance with legal requirements when managing payroll. Additionally, structuring the payroll function is vital to any organization's payroll strategy. So, let's discover ways to structure your company's payroll for better efficiency and employee satisfaction. Also, find the 7 FAQs when it comes to the ideal payroll solution for your organization.

 Why do you need to structure your payroll function? 

Structuring your company's payroll function is crucial for many reasons. By investing in well-designed payroll processing, organizations can effectively manage one of the most critical aspects of their operations while supporting overall business success.

 Here are a few reasons why you must consider structuring your organizational payroll.

 ·        Accuracy and timeliness

A well-structured payroll function ensures accurate and timely payment to employees. Organizations can minimize errors in calculations, deductions, and tax withholdings by establishing transparent processes, roles, and responsibilities and leveraging technology. This, in turn, helps build trust and maintain positive employee relations.

·        Compliance with laws and regulations

Payroll structuring ensures organizations comply with various labor laws, tax regulations, and reporting requirements. By staying up-to-date with changing regulations, implementing internal controls, and conducting periodic audits, companies can avoid penalties, legal issues, and reputational damage associated with non-compliance.

·        Efficiency and productivity

Structuring payroll optimizes efficiency and productivity within the organization. By automating manual processes, integrating systems, and streamlining workflows, payroll staff can focus on value-added tasks instead of repetitive administrative work. This frees up time for strategic initiatives and enhances overall productivity.

·        Cost savings

Effective payroll processing can lead to cost savings in multiple ways. Automation reduces manual labor and associated costs, while accurate calculations and compliance prevent costly errors and penalties. Moreover, streamlined processes reduce administrative burdens, allowing staff to work on other critical areas.

·        Employee satisfaction and retention

Timely and accurate payment is crucial to employee satisfaction. A well-structured payroll function ensures employees receive their wages and benefits without delays or errors, fostering a positive work environment. This contributes to higher employee morale, engagement, and retention.

·        Data security and confidentiality

Payroll structuring emphasizes secure data management practices, protecting sensitive employee information. Organizations can mitigate the risk of data breaches and maintain confidentiality by implementing appropriate safeguards, encryption measures, and access controls.

·        Reporting and decision-making

Structured payroll systems provide accurate and comprehensive reporting capabilities. This enables management to access key payroll data, such as labor costs, tax liabilities, and benefits expenses. Such data support informed decision-making, financial planning, and strategic resource allocation.

 How to structure your payroll? 

A well-functioning payroll department is crucial for maintaining high employee satisfaction and improving overall organizational productivity and efficiency. Employees have a rightful expectation that their organizations will consistently and accurately compensate them according to their employment contracts.

However, a slow, overly complex, or error-prone payroll process can strain employee and employer relationships and waste valuable time for HR teams. To avoid such challenges and achieve efficiency, compliance, and timely payment, it is essential to structure the payroll function effectively.

Determining the structure of the payroll function is a key component of any organization's payroll strategy, regardless of its global or domestic operations. The structure primarily depends on two factors: the concentration of payroll activities and the desired level of outsourcing versus in-house management of these activities. In the following sections, we will guide you through the considerations for each of these factors.

 ·        Degree of concentration in payroll activities

 As a company expands its operations across different states, provinces, or national borders, the workforce grows in size and diversity. Consequently, the payroll function becomes more intricate due to the diverse regulations and laws in each specific region.

Initially, companies often opt to establish separate payroll departments for each business unit or location, which usually leads to inconsistent processes, duplication of tasks, and inefficiencies. However, best practices suggest adopting a centralized model for administrative and transactional finance activities, including payroll.

According to a survey, 77% of businesses have implemented centralized payroll systems.

In the case of large global organizations, centralization is typically implemented regionally, as relying on a single centralized team may not suffice for the entire global workforce.

In an optimal scenario where organizations have well-developed payroll departments, they aim to create a Payroll Center of Excellence (COE) responsible for overseeing governance, policies, processes, continuous improvement, standards, technology, automation strategy guidance, and establishing performance metrics for the entire organization's payroll operations. Subsequently, these policies and guidelines can be customized as per the specific requirements of individual regions or locations.

Moreover, assigning a global process owner who can oversee the entire payroll processing is beneficial, ensuring dedicated governance and focused attention to the process.

For organizations with a wide geographical presence, exploring the option of establishing regional payroll shared services centers may be beneficial. These centers promote the growth of process knowledge, standardization, improved reporting and analysis capabilities, enhanced compliance oversight, and eliminate redundant tasks.

·        Level of activities managed in-house vs. outsourced

 Typically, businesses opt to outsource non-core tasks or those that external parties can perform more effectively. This decision is driven by factors such as cost reduction, improved efficiency, adherence to regulations, and access to specialized knowledge.

Payroll processing can be intricate and challenging, especially considering the dynamic nature of rules and regulations across industries and countries. It is not surprising that many businesses opt to outsource their payroll operations, either partially or entirely, to external providers. This approach offers several advantages, making it a popular choice for organizations. Here are some of the key reasons why businesses choose payroll outsourcing:

Saves time

Minimizes     payroll errors

Improves     security

Maintains     compliance

Integrates     data

Facilitates     employee self-service

Typically, experts suggest considering a comprehensive payroll outsourcing solution that seamlessly integrates various components of workforce management with the payroll system. This inclusive platform covers the entire spectrum, encompassing recruitment, benefits, performance evaluation, and more. By consolidating these functions into a unified system, businesses gain advantages such as generating comprehensive reports, improving efficiency by replacing multiple platforms with a single one, fostering effective communication between employees and employers, and other benefits.

 How to Manage an Effective Payroll Department 

Managing an effective payroll department is crucial for any organization's financial stability and employee satisfaction. A well-run payroll department ensures accurate and timely payment processing, compliance with tax regulations, and seamless communication with employees. This section will explore essential strategies and best practices to manage a payroll department efficiently. From establishing streamlined processes to leveraging technology and prioritizing compliance, these insights will empower businesses to optimize payroll operations, reduce errors, and enhance overall organizational effectiveness.

·         Have a standardized and streamlined payroll system

·         Ensure payroll integration with other business functions

·         Update payroll software

·         Stay up-to-date on the latest employment laws

·         Establish a payroll calendar

·         Have a backup

·         Outsource your payroll process

·         Perform regular audits

·         Hire qualified staff

 Choosing the Right Payroll System - 7 FAQs 

1.      What features should I look for in a payroll system?

When evaluating payroll solutions, key features to consider typically include automated payroll calculations, tax management, direct deposit capabilities, benefits administration, reporting and analytics, compliance support, and integration with other HR or accounting systems.

2.      Should I opt for an in-house or cloud-based payroll system?

Both in-house and cloud-based payroll systems have their advantages. In-house systems provide more control and customization, while cloud-based systems offer accessibility, scalability, and automatic updates. Consider your organization's size, IT infrastructure, budget, and data security requirements when making this decision.

3.      How do I ensure data security and compliance?

Data security and compliance are paramount in payroll management. Look for payroll solutions that employ strong encryption, data backups, access controls, and compliance features for tax regulations and labor laws. Additionally, consider the system's track record for security breaches and their measures to address them.

4.      Can the payroll system handle my organization's specific needs?

Evaluate whether the payroll system can accommodate your organization's unique requirements, such as multi-state or international payroll, complex compensation structures, timekeeping integration, employee self-service portals, or specific reporting needs. Ensure the system is flexible enough to adapt to your evolving payroll demands.

5.      What level of customer support is provided?

Consider the availability and quality of customer support the payroll solution provider offers. Look for prompt assistance, training resources, user forums, and a responsive support team that efficiently addresses your inquiries or troubleshoots issues.

6.      How much does a payroll system cost?

Payroll system costs can vary depending on factors like the size of your organization, the number of employees, and the complexity of your payroll processes. Consider both upfront costs, such as software licenses or implementation fees, as well as ongoing fees for maintenance, updates, and support. Evaluate the system's return on investment (ROI) regarding time savings, reduced errors, and improved efficiency.

7.      Can the payroll system scale with my organization's growth?

Ensure that the chosen payroll solution can accommodate your organization's growth and future needs. Assess its scalability, ability to handle an increasing employee count, and compatibility with expanding business operations. Consider long-term partnerships and whether the system can adapt as your organization evolves.

Conclusion 

Outsourcing payroll management to third-party service providers has emerged as a prominent trend in the business world. This trend is observed among companies of various sizes, as they recognize the significant cost savings achieved through outsourcing. Particularly for small business owners lacking the necessary resources to develop or update their payroll systems, opting for a professional, comprehensive payroll management company offers a strategic and economically viable solution.

47% of companies have chosen payroll outsourcing for their operations.

Exela HR Solutions provides highly effective, end-to-end payroll solutions that are customized to meet the unique requirements of businesses. Our comprehensive platform assists organizations in automating payroll processing and offers self-service tools for seamless payroll management by employees. Reach out to our experts at Exela HR Solutions today and discover our range of payroll services!

 DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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How is AI Influencing Learning and Development?

People often underestimate the extent to which they interact with Artificial Intelligence (AI) in their daily lives. Whether it's receiving personalized Google searches, Amazon's tailored product recommendations, getting weather updates from Alexa, or chatting with website chatbots, AI seamlessly integrates into our everyday experiences. One such realm where the true significance of AI becomes even more apparent is learning and development.

In today's dynamic business environment, learning and development (L&D) encompass more than just basic training. It involves creating a culture of continuous learning, improving employee performance, and equipping workers with new skills to adapt to changing demands. By offering engaging and valuable development opportunities, organizations can boost productivity, enhance employee retention, and foster a positive company culture. There are several reasons organizations today are investing in learning and development; here are a few:

Acquiring and retaining talent

Motivating and engaging employees

Building an employer brand

Creating a value-based culture

Developing people capabilities

Now that the reasons to embrace the path to AI are clear, how do we use it to its full potential? Let's dive into the session below to learn more about ways AI is transforming learning and development, various aspects where AI influences learning and development, and future trends in it.

 7 Ways How AI is Influencing Learning and Development

AI will revolutionize the training, learning, and development sector by optimizing and enhancing training methods. Here are seven ways AI is set to transform L&D:

Personalizing     the learning pathways

Personalized learning is crucial for catering to individuals' unique learning styles and information-processing methods. By taking these preferences into consideration, the effectiveness of the pedagogy process can be enhanced. AI plays a pivotal role in enabling training programs to customize content based on the specific needs of each employee. The benefits of AI in personalized learning are numerous, including:

 Time savings

 Increased engagement

 Automated learning processes

 Higher return on investment (ROI)

Integrating     training into the routine workflow

93% of organizations aim to incorporate learning into daily workflow. However, 56% of learning remains formal and face-to-face, leading to dissatisfaction among learners with training schedules and information delivery formats.

Artificial intelligence (AI) offers a solution, providing time savings, increased engagement, automated learning processes, and exponential organizational growth. AI-powered learning systems tailor programs, materials, and schedules to meet the unique needs of each employee.

·         Reinforcing training and development

Reinforcing training and development is essential to ensure effective application of knowledge. However, employees often face challenges in prioritizing their development due to time constraints and lack of motivation. In response, organizations make significant investments in employee development. AI-powered learning programs provide solutions by enhancing reinforcement efforts, including:

 Automation of time-consuming processes      that saves time.

 Personalized learning and reinforcement      to strengthen engagement and completion rates.

 Automated analytics measure learning      effectiveness and provide valuable insights.

·         Improving completion rates

Only 15% of employees are prepared to finish their learning programs.

However, completion rates can be enhanced by utilizing Artificial Intelligence to deliver training content in the learner's preferred format and employing engaging reinforcement techniques. Here are four AI-driven tips to improve completion rates:

 To ensure effective learning, tailor      programs to individual preferences.

 Create concise and captivating courses.

 Seek expert help to automate the      learning platform.

 Measure effectiveness, report results,      and consider rewarding employees for their progress

·         Providing accessibility

AI technology has made training programs more accessible to diverse groups of learners, including individuals with disabilities. For instance, Google introduced an Automatic Captions Video App in 2009, benefiting individuals with hearing impairment. Additionally, the app offers auto-translation features, allowing people to enjoy videos in over 50 languages. AI also aids blind individuals by generating alternative text for images. Google's Cloud Vision API utilizes neural networks to interpret image context and create textual descriptions. Consequently, AI enables experts to develop inclusive training programs accessible to all learners.

·         Measuring learning and training effectiveness

Utilizing AI systems significantly reduces the time and effort required to assess learning effectiveness. L&D professionals can swiftly collect and analyze data, gaining insights into learners' progress and identifying knowledge gaps. AI-powered learning programs can then offer tailored recommendations to address these gaps.

·         Focusing on AI-based digital tutors

AI-powered tutors have the potential to replace traditional educators and trainers. It has been evident that trainees working with AI-based tutors not only acquire skills rapidly but even outperform experienced professionals. This suggests that AI-based tutors could eventually replace current experts, resulting in a more efficient learning process.

 Also Read: Team Building Tips to Improve Your Employee Morale by HR Management

 Aspects where AI is Revolutionizing Learning and Development

Integrating AI into learning and development processes brings significant benefits and influences various aspects of the learning journey. Here are a few of those aspects:

Learning     platforms

Learning platforms play a critical role in facilitating online eLearning courses by providing in-app experiences that support employees throughout their learning journey. These platforms offer valuable resources, including FAQs and regular updates, to ensure a seamless and interactive learning experience for the workforce.

·         Virtual reality (VR)

AI-powered VR and AR technologies are transforming training and development. They create immersive and interactive simulations, allowing learners to practice real-life scenarios and acquire skills in a safe and engaging environment.

·         Knowledge sharing software

AI-powered knowledge-sharing software enables a seamless exchange of internal content among employees on a universally accessible platform within the organization.

·         Talent marketplace

The talent marketplace serves as a platform for organizations to share job roles, projects, and mentoring opportunities, while employees can showcase their skills and bid on these opportunities. Embracing a talent marketplace offers numerous advantages that can give your business and team a competitive edge.

·         Coaching

AI is reshaping the coaching aspect of learning and development by providing virtual coaching assistants, leveraging data-driven insights to offer personalized guidance, and facilitating continuous feedback. It enhances coaching effectiveness, scalability, and accessibility, transforming how individuals receive support and guidance in their learning and development journeys.

·         Mentoring

With intelligent algorithms and natural language processing, AI-powered mentoring platforms can provide personalized guidance, match mentors with mentees based on their needs, facilitate communication, and offer valuable insights for effective skill development and professional growth.

·         Individualized learning

This approach empowers employees to shape their future and establish personal learning goals proactively, addressing many employers' challenges in fostering employee accountability for learning. AI plays a supportive role by analyzing an individual's skills and desired trajectory and providing recommendations for skill development. On-demand learning enhances accessibility, allowing employees to set their own pace and minimize the risk of burnout. Additionally, AI enables managers to input performance review outcomes, allowing the AI system to evaluate areas for skill improvement to enhance employee performance.

·         Outside projects

Managers frequently encounter challenges when they require assistance on projects that demand expertise beyond their local staff's capabilities. This situation presents a unique opportunity for employees to broaden their skills while aiding the company in short-term endeavors. AI-driven talent marketplaces seamlessly connect managers in need with employees who are eager to acquire new skills, enabling efficient project completion.

·         Succession planning

In the face of evolving employee preferences, organizations must prioritize learning and growth opportunities to attract and retain top talent. To ensure smooth transitions and prevent talent gaps, companies implement robust succession plans. AI emerges as a vital asset in this process, enabling the identification of skilled individuals for specific positions and assessing employees' skill gaps. This allows for targeted skill-building initiatives to groom potential candidates for future leadership roles.

Future trends in learning and development

In the wake of the pandemic and the Great Resignation, businesses are increasingly realizing the critical role of learning and development in maintaining competitiveness within a tight labor market. As such, it becomes imperative to keep a watchful eye on future trends that are poised to reshape the landscape of learning and development.

·         Learning will be central to redefining the nature of work

Employers have faced challenges in recent years due to shifting priorities and labor shortages. To overcome these obstacles, companies are realizing the importance of continuous learning to enhance talent agility. By redefining work and learning within their organizations, businesses can adapt to evolving job demands and improve their resilience in the face of change.

·         Redefining the business value of learning and development

Companies are increasingly prioritizing the creation of a continuous learning culture, recognizing the interconnection between learning and work. As a result, they are expanding their learning and development programs, aligning them closely with organizational goals. This emphasis on learning's contribution to business value may lead to a rise in the presence of Chief Learning Officers (CLOs) in organizations.

·         Learning has an impact across the business

Learning and development initiatives are no longer confined to a single department but are transforming businesses as a whole. The focus is shifting towards a business-centric approach, emphasizing the integration of learning with overall workforce well-being, diversity, and inclusion.

·         New focus on remote learning

Remote work has become a permanent fixture. As employees experienced the benefits and employers recognized its profitability, remote work became a reality. Developing skills and prioritizing employee learning has become crucial with an expanded remote workforce. This has led to the rising popularity of new technologies to sustain remote learning.

 It's a wrap!

 AI has emerged as a highly promising technology with the potential to revolutionize the learning and development landscape. Numerous enterprises have recognized its value and made significant investments to leverage its benefits. We at Exela HR Solutions offer comprehensive solutions to help businesses seamlessly integrate AI into their learning and development initiatives. With our expertise in AI technology and a deep understanding of organizational needs, Exela HR Solutions can enable personalized learning, content creation, and skill development, revolutionizing the way businesses approach employee training and growth. Speak with our experts at Exela HR Solutions today!

 DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

 Source & to read more: https://ow.ly/j0Jo50OXfBO

 Contact us for more details: https://ow.ly/Oh1R50OVt2u

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Data-driven HR reshaping the business landscape

The term "big data" materialized in 2005, when technology expert, Roger Magoulas, encountered challenges processing a vast dataset using traditional business intelligence solutions. As a result, companies have since relied on specialized tools and data analysts to analyze data, leading to improved customer relations, sales, and operational efficiency.

The emergence of big data has presented the most significant opportunity for marketing and sales since the widespread adoption of the Internet two decades ago. The explosion of data has provided insights into various topics, including customer behavior, weather patterns, and emerging market demographics. It is clear that companies that can leverage data to achieve above-market growth excel in three critical areas:

o    Utilizing data analytics to discover profitable business prospects and facilitate informed decision-making, thereby augmenting marketing return on investment (MROI).

o    Transforming the acquired knowledge into meticulously crafted products and offers that satisfy customers.

o    Efficiently bringing these products and incentives to the market.

o    The goldmine of data available to marketing and sales leaders represents a critical juncture.

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Companies integrating big data and analytics into their operations experience higher productivity and profitability, surpassing their peers by 5 to 6 percent.

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 This advantage is too valuable for any company to ignore.

Considering the current situation where a significant number of employees are quitting their jobs, it is crucial to leverage the potential of data in human resource decisions. The principles of employee value proposition (EVP) management are outdated and in need of revision. Many organizations still rely on short-term tactics to address long-term systemic challenges associated with the future of work. It's time to reassess and adapt to the changing landscape.

The upcoming changes in the future of work call for a departure from relying solely on gut instincts and conventional practices that have been employed for years. Companies must adopt a more analytical approach to managing their human resources to stay ahead of the competition. With increasing globalization and industry demands, data-driven HR decision-making has become vital to organizational success. Through predictive analytics, companies can obtain valuable insights into workforce dynamics, enabling them to make informed decisions that boost business performance. Join our session below to learn about data-driven HR, how to draw actionable insights from data, and ten critical steps to build a data-driven HR strategy.

 What is data-driven HR? 

Data-driven HR is a methodology that utilizes data and analytics to aid in decision-making processes within the human resources domain. This approach enables HR practitioners to make better, impartial, and tactical decisions that significantly impact different facets of the company and address challenges related to talent management. The first step in this process is to gather pertinent information by conducting surveys, assessments, evaluating metrics, and utilizing predictive analytics around some areas, such as:

·        Performance

·        Learning and development

·        Turnover

·        Engagement

·        Workforce demographics

 Once you have enough data to evaluate, identifying patterns and trends based on this data serves as the basis for strategic decision-making to drive business success. In addition, this approach enables organizations to create solutions for foreseen obstacles proactively.

 Also Read: Top Four Trends in Performance Management in 2023

 Drawing actionable insights from the available data

Employers have an untapped repository of employee data that largely remains unexplored. Moreover, organizations find it challenging to extract actionable insights from this data. Here are a few examples where data analysis can uncover both strengths and weaknesses within the workforce, enabling HR teams to make decisive actions that benefit their employees and the business.

 ·        Attracting and retaining talent

If the data exhibits that your organization is experiencing high employee turnover rates or struggling to recruit top talent, a possible solution could be to develop customized total rewards statements. This approach enables HR teams to showcase the concrete benefits that the company provides, which helps candidates and current staff have a better understanding of their overall compensation package value.

·        Benefits utilization

If the data indicates that your employees are not utilizing the benefits offered by your company, further investigation may be necessary to determine whether the issue is due to poor communication or a genuine lack of interest in certain benefits. To address this, your HR department may consider reallocating resources and funds to better meet employees' needs and preferences or revising communication tactics to encourage greater engagement with the benefits program.

·        Debt load and savings rates

If the data shows that your staff members have student loan debts exceeding the national average or a particular group of employees is facing difficulties creating emergency funds, it may be beneficial to consider providing student loan aid or arranging emergency savings accounts for your employees.

·        Retirement readiness

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If employees postpone their retirement, it could result in a substantial expense of up to $50,000 per employee per year for businesses.

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If the data analysis shows that your employees are not readily accepting retirement options, you can provide personalized retirement education or early retirement programs with added incentives.

·        Diversity, equity, and inclusion

If there are different financial prospects for various employee groups in your organization, it is advisable to closely observe how the offered benefits are being utilized to ensure that they meet the diverse needs of your employees. Additionally, keeping track of hiring and promotion policies would be beneficial in ensuring they are equitable. Employers can examine the conduct and requirements of their employees based on factors such as age, gender, race, ethnicity, disability, or other demographics to identify potential discrepancies and opportunities for improvement that may not have been previously recognized.

 How do you build a data-driven HR? 10 key steps to build a data-driven HR strategy

·        Define a business problem

 Gathering data without a defined objective can lead to unfavorable consequences. For instance, you may find yourself inundated with figures that you cannot utilize effectively. Therefore, it is advisable first to identify a particular challenge or aim to focus on. This strategy guarantees that your people analytics endeavors will generate meaningful outcomes.

In addition, instead of commencing with an HR-related matter, such as decreasing employee turnover, consider enhancing overall business earnings or quarterly revenue. Establish a larger business objective and determine the necessary measures to accomplish it.

 ·        Create a basic hypothesis before examining the data

To ensure accurate and valuable insights from data analysis, it is important to begin by creating a hypothesis based on a specific problem or goal. Rushing into data analysis without a clear hypothesis can lead to misleading or incomplete conclusions. Hypotheses can be developed through various methods such as surveys, round tables, or forms. For example, a hypothesis such as "improving career opportunities and transparency in career advancement reduces employee turnover" can be tested through data analysis. This approach of incorporating human aspects into people analytics through hypothesis testing helps to validate assumptions and generate meaningful insights.

·        Collect data

To start with, assess your current data sources and determine if you have gathered feedback from various channels, such as pulse surveys, 360-degree feedback, or exit interviews, to gain comprehensive insights. If you have overlooked any important feedback sources, it's crucial to include them to ensure that you obtain a complete picture. Furthermore, it's essential to collect diverse data types to eliminate potential biases and increase the accuracy of your analysis.

·        Analyze data

 Look for evidence in your data that supports or disproves your hypothesis. When reviewing your data sources, it is important to search for patterns and connections between different variables. For example, you might explore cause-and-effect relationships, such as the impact of changes in hiring practices on employee retention rates. You can consider different analytical techniques, including:

o    Text analytics: This involves analyzing large amounts of text data, such as emails, surveys, job applications, or performance reviews, to extract relevant insights.

o    Predictive analytics: By leveraging artificial intelligence and historical data, you can estimate the likelihood of future events or trends.

o    Voice or speech analytics: Analyzing audio recordings can help you identify the main topics discussed or the tone and words used by speakers.

o    Video analytics: Using CCTV footage, you can gather useful information, such as whether your construction crew follows safety regulations by wearing appropriate gear.

o    Image analytics: This technique uses pattern recognition to extract information from images or graphics.

o    Sentiment analytics: Combining text analytics and other methods, you can better understand your employees' overall attitudes and experiences.

 ·        Count on historical data

To establish a baseline for measuring progress and identifying trends, organizations must rely on historical data. HR leaders can make evidence-based decisions and identify actionable insights by utilizing various pre-existing HR metrics such as compensation history, turnover rates, and employee engagement. By analyzing this data, companies can identify patterns and trends, allowing them to make informed strategic decisions.

·        Reveal insights

Having access to abundant data doesn't always mean having valuable insights. Therefore, it's important to transform collected data into meaningful insights that provide solutions to strategic questions and contribute to achieving strategic objectives. To do so, it's important to present the data in a way that appeals to different learning styles. This can be done by creating a narrative that incorporates visual aids such as charts, pictures, or videos to support the statistical evidence presented. Additionally, consolidating information into a centralized source can help organizations detect trends and identify areas for improvement.

·        Make an HR bid to enhance the business situation

Start by analyzing the data to gain insights into a specific business problem or opportunity, such as identifying a key talent pool that can drive sales growth. Next, use these insights to develop a comprehensive HR strategy that aligns with the organization’s overall goals and objectives. It is essential to engage stakeholders in the decision-making process to secure their support and ensure the strategy's success. By using data-driven decision-making, HR can demonstrate the value of its contribution to the organization and drive positive business outcomes.

·        Understand cultural nuances

Cultural differences can affect how job candidates engage with potential employers and the criteria they use to evaluate desirable metrics. Therefore, it is essential to consider cultural nuances to avoid misunderstandings and misinterpretations of data sets. HR professionals should be mindful of these differences and strive to create an inclusive and diverse recruitment process that considers cultural factors.

·        Always tell a story

To create a persuasive argument based on data, it is crucial to construct a coherent narrative that provides context for the numbers. Develop concise presentations that illustrate the proposed solution as a result of the insights gained from internal research. Use storytelling techniques, such as using anecdotes or case studies, to make the data more relatable and engaging to stakeholders. This approach can help build support for the proposed solution and increase the likelihood of its successful implementation.

·        Make a data-driven HR mission and vision statement.

The HR strategy's summary and guiding principles are encapsulated in the mission and vision statements, which act as a guiding light for all future policies and decisions. Therefore, it is crucial to make a data-driven HR mission and vision statement that incorporates insights gained from data analysis. This approach will ensure that HR initiatives are aligned with the overall business objectives and that data-driven decision-making is at the core of HR practices.

 Wrapping up! 

 To effectively support employees' needs, HR should adopt a proactive approach, and leveraging data is crucial to achieving this goal. Organizations should prioritize investing in data and analytics to equip their HR leaders with the necessary insights to drive measurable business impact. With real-time insights, HR teams can create specific strategies that enhance employee well-being and drive business performance.

 Exela HR Solutions, a leading firm specializing in HR outsourcing, provides a data-driven approach to tackling HR challenges. Our team of experts can assist you in navigating the complexities of HR by delivering reliable and assertive solutions. Contact Exela HR Solutions now for all your HR needs.

 DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

 Source & to read more: https://ow.ly/Rrn150OX89L

 Contact us for more details: https://ow.ly/FutP50OUQVK

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Employee Engagement Starts with Accurate Payroll Outsourcing

Long gone is the era when employees would land a job and stay there forever – from hire to retire. The modern business world has brought about a shift in employee behavior – new-age employees prioritize job satisfaction and engagement with their company and work culture. Employee engagement has gathered a lot of hype in recent years due to unforeseen work scenarios. Wasn’t employee engagement critical before the COVID era? It was! But the term wasn’t widely recognized across organizations. However, organizations have started considering employee engagement as a vital factor as it is directly related to overall productivity and, thus, profitability.

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Disengaged employees are more likely to make mistakes 60% more often than engaged ones.

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We all can agree that employee engagement and retention are at the top of HR managers’ priority lists. They are increasingly finding ways to keep both in-house and remote employees engaged, not with standing the proximity. Now, if you hear that employee engagement starts with payroll, what would your views be? Try to put yourself in your employees’ shoes – would you be willing to work wholeheartedly if you knew there could be compensation glitches at the end of the month? Or, your salary could get delayed, or there could be mistakes in payroll calculations. Ironically, everyone works for money, whether or not you agree. If you get your monthly wages credited on time without any errors, you will likely be more enthusiastic about working the next day. Thus, we can say payroll directly impacts employee productivity, the revenue of the company, and organizational reputation. Like it is well-communicated, employee engagement starts with payroll. However, is payroll just about wages? No, it’s not. It incorporates additional perks and benefits, competitive pay, insurance and tax assistance, employee empowerment, and more.

How can payroll impact employee engagement?

·         Payroll Errors

Good payroll management incorporates accurate salary calculations considering leaves, overtime pay, additional benefits, and taxes. Any error calculating these numbers can lead to late or inaccurate payments, eventually frustrating the employees. In addition, no organization should face a situation where employees can question their administrative caliber or doubt their intentions.

Accurate categorization of employees is also crucial for accurate salary cycles. An erroneous payroll creates distrust and may even make the employees resign early, directly impacting the company’s revenue.

·         Non-compliance with laws

Nowadays, businesses deal with cross-country operations more than ever. Moreover, the remote and hybrid work cultures have allowed remote employees to work from their comfort zone. However, while doing so, employers must follow the payroll rules and laws applicable to different countries or states. Non-compliance with such laws or rules may result in hefty penalties or legal actions against the company.

Employers must also pay gratuities and provident funds to employees as per government laws. Failing to do so can also lead to penalties or, even worse, cost an organization its reputation. Employees often choose to switch jobs in such situations, and hiring for the vacant positions can turn out to be costly.

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According to a survey, the cost of hiring an employee for a vacant position is around $4000.

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·         Lack of Transparency

Employees today look for workplaces that provide a transparent and healthy work environment. They want a thorough understanding of payroll management, including their wages, taxes, deductions, etc. For instance, if an employee has doubts about the received salary or wants to know the payroll particulars, he/she would have to approach the concerned person and request a thorough discussion of deductions. The concerned person will then have to explain the unpaid taxes, absences, insurance, etc. The overall process will devastate not only the employee but also the overworked accounting person. Such confrontations will ultimately demotivate employees and waste time – all this can be avoided by automating payroll processing.

 Also Read: A Business Case for Modernizing your Payroll Process

 Ways payroll can ensure employee engagement

·         Error-free salary and tax calculations

When you care for someone’s needs, they will always put you first. The same goes with an organizational structure – the more you keep your employees happy and satisfied, the more they will be dedicated to their work. With countless discussions happening around payroll management, organizations have finally started to recognize the importance of accuracy if they want to retain the best talent and earn their loyalty or commitment. One of the best ways to keep employees satisfied is by paying the monthly wages on time with accurate calculations. This can only happen with an automated payroll management service. Integrating automation into the payroll processing help streamlines the workflow with error-free salary and tax calculations.

·         Integration with time and attendance recording systems

Manual data entry into the time sheets is probably the last thing employees would prefer doing. Moreover, there are countless possibilities of data getting altered or lost while manually handling the time sheets. On the other hand, automated payroll management services provide accurate time and attendance records and offer employees more clarity on their shifts and overtime payments. Furthermore, this helpsemployees gain more confidence about their expected pay and saves countless hours of payroll management teams spent on manually tracking and reconciling hours.

·         Accurate leave record management

A good payroll management service ensures that the leave structures and policies are clearly defined and executed. Leaves management is the most common factor causing a rift in the relationship between an employee and an HR manager. Apart from the work schedules, employees also wish their time to be respected and handled carefully. An automated payroll management system eliminates these leave disputes. The software enables employees to clearly understand their leave status in real time, allowing them to plan their time effortlessly and efficiently. This makes employees feel valued, directly impacting employee engagement and productivity.

·         Self-service options

Are you keeping your employees from their employment data? Don’t. Allowing your employees access to the employment details such as salary structures, policies, tax deductions, benefits, insurance policies, timesheets, time-off data, and more enhances their contentment level. They feel job security and satisfaction, which in turn increases productivity. In addition, some payroll management service providers offer mobile apps to have greater accessibility, enabling employees to access the data from anywhere, anytime.

 How does an outsourced payroll service increase employee engagement?

We saw how payroll affects employee engagement and productivity and the ways payroll can enhance employee engagement. But not all companies can afford the automation costs. This is where outsourcing comes to the rescue. Payroll outsourcing gives wings to your employee engagement initiative. The payroll service provider takes care of every integral part of the payroll process, including monthly wages, employee categorization, tax calculations, leaves deductions, additional benefits, and more. You don’t have to worry about the specific payroll or tax laws that you must adhere to, nor will you need to supervise the taxes paid and other data.

Payroll outsourcing ensures that you are delegating the responsibility to a team of experts, and you can expect accuracy and punctuality in your payroll processing. Employees will have access to a self-service portal where they can easily access the data related to their leaves, overtime, tax variations, and more. In addition, an error-free payroll with automated leave management and attendance system enhances the employee experience.

 Conclusion

 Exela HR Solutions has a team of experts that can help enhance your payroll processing and make sure your employees’ payroll expectations are met. Our team recognizes your business requirements and provides the best-in-class payroll processing that will boost your employee engagement and productivity. Our aim is to ease your payroll processes so that you can focus on business strategy and revenue growth and provide your employees with error-free and smooth payroll processing.

 DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

 Source & to read more: https://ow.ly/fH3a50OVt0k

 Contact us for more details: https://ow.ly/Oh1R50OVt2u

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Recruitment Process Outsourcing | Trends for 2023 and Why Your Business Needs it.

Recruitment Process Outsourcing (RPO) has come a long way since its inception in the 1940s, evolving from manual, paper-based processes to automated and highly efficient systems. In 2023, amidst a dynamic economic landscape, businesses recognize the importance of considering RPO as a strategic solution for their talent acquisition needs. As the Recruiting Insights and Employment Trends Report for April 2023 highlights, concerns of an impending recession loomed over 2022, creating uncertainty in the job market. However, as we progress into the second quarter of 2023, there are signs of a potential soft landing. With economists offering divergent opinions on the economic trajectory, businesses find themselves in a state of flux, seeking the best approach to recruitment and talent acquisition.

 What is RPO? 

In its essence, Recruitment Process Outsourcing (RPO) involves hiring an external company, such as Company B, to swiftly identify and attract top talent on behalf of Company A.

RPO providers stand out from other outsourcing firms due to their accountability for delivering outcomes. They design and manage the entire recruitment process, streamlining the hiring system and expediting access to talented individuals. By implementing controlled recruitment processes, businesses can enhance productivity, align prospective employees with their strategic goals, and improve internal recruitment practices.

 What Drives the RPO Market & Key Trends in 2023 

The RPO market is driven by several factors contributing to its growth. Cost savings achieved through economies of scale and optimized recruitment processes enable businesses to allocate resources efficiently. Partnering with specialized recruitment firms and utilizing their extensive networks provides organizations with improved access to top talent. RPO enhances recruitment efficiency by reducing time-to-hire and streamlining the process.

Additionally, the scalability and flexibility offered by RPO allow businesses to align their recruitment resources with fluctuating needs, optimizing their workforce accordingly. Outsourcing non-core recruitment functions allows organizations to focus on their core competencies, leading to overall operational effectiveness.

In order to stay ahead in the RPO landscape, businesses need to be aware of key trends. Integrating AI and automation in recruitment processes, such as using chatbots for initial candidate screening and video interviewing platforms, revolutionizes talent sourcing and assessment. Emphasizing diversity and inclusion in recruitment helps address talent gaps and ensures unbiased candidate selection. Employer branding and candidate experience are gaining increasing importance as they play a crucial role in attracting and retaining top talent. Additionally, data-driven recruitment strategies, utilizing analytics to identify trends and optimize sourcing channels, are on the rise, empowering organizations to make well-informed decisions.

 RPO Market Restraints 

While RPO offers significant advantages, it is crucial to consider potential restraints.

·        Concerns may arise over losing control and transparency in the recruitment process when working with external service providers.

·        Cultural and communication challenges can also be encountered, requiring effective collaboration and understanding.

·        Data security and confidentiality concerns may arise due to the sharing of sensitive candidate information.

·        Resistance to change within organizations and reluctance to outsource critical HR functions can pose additional hurdles.

·        Alternative recruitment models and solutions, such as in-house recruitment teams or job portals, may deter organizations from considering RPO.

 Let's explore some of the key benefits of RPO and why more businesses are embracing it.

 What are the Biggest Benefits of RPO?

With each passing year, the number of companies showing interest in outsourcing their recruitment process grows significantly. Why is this happening? Why is the internal recruitment process slowly dying?

Here’s a look

·         Risk Mitigation & Compliance

Adhering to labor laws and regulations can be complex, especially in different regions or countries. Partnering with an RPO service provider ensures compliance and minimizes legal risks. These providers possess extensive knowledge of national and international labor laws, safeguarding your business from unintended violations.

·         Access to Exclusive Talent Pool

One of the biggest challenges in today's labor market is finding suitable candidates for crucial positions. RPO providers maintain comprehensive databases of hard-to-reach, highly qualified professionals. Their proven track record and exclusive access to top talent enable them to efficiently connect client companies with in-demand candidates.

·         Flexibility and Scalability

Business needs and hiring requirements fluctuate throughout the year. RPO providers excel at adapting to changing circumstances, such as market events or unforeseen challenges. They can hire employees on a project-based or on-demand basis, ensuring flexibility and scalability while optimizing workforce management.

·         Highly Insightful RPO Analytics

RPO companies possess vast talent databases, allowing them to analyze and predict future trends that impact your business. They leverage this data to provide valuable insights, advise employers, and balance the supply and demand for key positions. By partnering with an RPO provider, you can access efficient recruitment systems driven by data analysis, fostering your organization's progressive growth.

·         Quicker Talent Acquisition & Boost in Efficiency

In today's fast-paced business environment, hiring skilled talent promptly is crucial for staying competitive. Outsourcing the recruitment process to an RPO provider ensures access to high-quality candidates in a timely manner. According to a 2015 Deloitte poll, recruiting scientists, engineers, and researchers takes an average of 94 days. RPO can significantly reduce this timeline, giving you a competitive advantage.

New positions take an average of 42 days to fill.

- 20 Essential Recruitment Statistics for 2023 | NorthOne

 ·         Reduced Burden on the Internal HR Department

RPO doesn't mean eliminating your internal HR personnel. By outsourcing recruitment functions, you can alleviate the workload of your HR department, allowing them to focus on other critical tasks like employee development and retention. Professional RPO providers enhance efficiency and productivity, enabling HR departments to tackle internal issues effectively.

·         Employer Branding

Upholding your company's reputation and image is essential in attracting talented candidates. RPO providers engage in effective hiring conversations that reflect your brand, making your company an attractive choice for potential employees. Whether you aim to expand your HR department or attract external talent, an RPO provider acts as a brand ambassador, conveying the right message to the market.

 Also Read: The Most Common Recruitment Process Challenges Hindering Business Growth

 What are the Types of RPO? 

RPO providers do not follow any single, specific model. In general, RPO offers three types of engagement models to cater to your specific needs:

·        Full RPO: Where the RPO provider offers full internal recruitment outsourcing capabilities for your company, including access to their extensive resources.

·        Role-based RPO: In this arrangement, the RPO provider will assume full control of any one specific department or division of a company. For example, the marketing department or the entire sales division of the company.

·        RPO On-Demand: This is purely contractual and has an end date. For example, hire three managers and 75 customer support specialists before the next quarter ends.

 Is RPO Right for your Organization in 2023? 

The recruitment market has become increasingly complex in today's business landscape. Organizations must navigate a highly competitive job market to attract and hire top talent, leverage relevant technologies to streamline processes, and effectively guide and mentor candidates. Recruitment Process Outsourcing (RPO) companies specialize in these areas, making talent acquisition their core competency. They possess the necessary resources to refine their hiring skills, adapt to the ever-changing hiring environment, and stay abreast of the latest techniques to meet their client's needs. RPO firms also provide valuable statistical data for high-quality talent acquisition.

An RPO solution can offer several benefits based on your organization's requirements, including:

 •        Reduction in hiring costs: By engaging an RPO provider, organizations can save costs in their recruitment efforts.

•        Increased reliance on delivery companies: Collaborating with RPO firms enhances the efficiency and productivity of hiring managers.

•        Decreased downsizing times: RPO services can expedite the process of downsizing, minimizing disruption to the organization.

•        Enhanced hiring alerts: RPO firms can improve the effectiveness of hiring alerts, ensuring timely and relevant notifications.

•        Improved candidate experience: With the expertise and resources of RPO providers, organizations can enhance the overall experience for candidates throughout the recruitment process.

•        Streamlined and optimized ordering process: RPO solutions simplify and optimize the ordering process, reducing administrative burden and ensuring a smooth workflow.

•        Opportunity cost and increased focus on important tasks: By leveraging RPO services, organizations can redirect their resources and focus on other critical tasks, maximizing their productivity.

 In the past, RPO was primarily accessible to large companies, providing them with a higher hiring rate at a lower cost than alternative hiring options. However, RPO has evolved over the years to offer flexible strategic hiring solutions that cater to the needs of small businesses as well. Small businesses face their own unique challenges, such as changing requirements and limited internal resources. In addition to recruitment and hiring, HR staff in small businesses often handle various functions, including employee relationship management, training, payroll, compensation, and benefits. Furthermore, fluctuating workforce sizes throughout the year can challenge internal teams to meet hiring demands. RPO provides small businesses with scalability and cost variability in their recruitment processes.

 Why Choose RPO Over Other Options?

Traditionally, companies choose from one of three talent sourcing options: internal recruiters, staffing companies, and contractors. Until recently, few companies knew that outsourcing the hiring process could be a viable hiring solution. Unlike other outsourcing models, the outsourcing process is a strategic partnership that adds value in the following ways:

•        Assessment of candidates: RPO providers look after candidates, guide them through the hiring process, and ensure they have the basic skills, abilities, and motivation to do the job.

•        Job Marketing: RPO providers can market their clients; work through billboards, social media, referrals, and networks, making it easier to connect with a wider pool of talent.

•        Planning & Analysis: When implemented effectively, RPO providers work with their customers to understand the business aspects of their goals. This allows them to anticipate staffing needs and plan ahead to meet those requirements to achieve all business goals.

•        Applicant Care & Sourcing: It is important to manage the candidate’s experience to reflect the employer’s brand. RPO providers help clients care for applicants and manage their experience, whether in an interview, hiring review, or job search. In addition to sourcing talent, RPO providers develop brand awareness and job placement opportunities and connect with future potential talent through our talent communities and talent channel. On the other hand, candidates can also evaluate some of the arguments and find out in advance if the company is a good fit or not.

Exela HR Solutions, a leading provider of Recruitment Process Outsourcing (RPO) services, stands at the forefront of the industry. With a global clientele, we offer a fast and efficient talent acquisition process, encompassing requisition management, applicant tracking, interview assessments, and comprehensive onboarding support. Our dedicated team of HR professionals ensures that all your HR tasks are handled meticulously and punctually, backed by best HR practices and robust technology that minimizes employment-related risks. We excel in building strong networks to swiftly identify the right talent for your business. In addition, our powerful HR technology facilitates global payroll processing, timely payouts, and full employee benefits administration. With our HR and Business Partner Services, your employees receive dedicated support for grievance management, leave management, engagement activities, travel and expense management, rewards and recognition, coaching and mentoring, and more.

Experience the difference with Exela HR Solutions and optimize your recruitment process today!

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

Source & to read more: https://ow.ly/G2qF50OUQRi

Contact us for more details: https://ow.ly/FutP50OUQVK

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Eliza Peter's answer to Which is the best payroll management software? - Quora

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Unleashing the Power of HR Digitalization: A Journey to Streamlined Efficiency

In the realm of HR trends, digitalization is a topic that permeates countless discussions. We often encounter buzzwords like Artificial Intelligence, Machine Learning, and Cloud Technology, all of which significantly impact HR transformations today or will do so in the future. Yet, beyond the hype and fancy terminology, what potential does digitalization truly hold for HR practices in the 21st century?

The statistics speak for themselves: a staggering 66% of business leaders acknowledge that without digitization, their companies will lose their competitive edge. Furthermore, an overwhelming 88% of HR leaders express the urgency to invest in three or more technologies in the coming years. Such compelling figures provide ample motivation to embark on the digitalization journey.

In an era marked by rapid technological advancements and cutthroat competition, HR digitalization has emerged as a game-changer for organizations seeking to unleash the full potential of their human resources. It goes far beyond revolutionizing processes; it empowers employees, enables data-driven decision-making, and offers many irresistible advantages. HR digitalization sets in motion a symphony of productivity, efficiency, and unparalleled employee experiences. From empowering HR professionals to identify suitable candidates and streamlining the onboarding process to unearthing hidden insights through HR analytics, the potential is truly astonishing.

To embark on this journey, however, it's vital to grasp the crucial considerations and indispensable knowledge that pave the way to a triumphant implementation. This blog will delve deeper into the essential factors you need to consider before commencing your HR digitalization journey. Join us as we explore the transformative power of HR digitalization and uncover the path to success.

 What are the benefits of digitization in HR?

HR digitalization offers several benefits for organizations. Here are some key advantages:

Enhanced     Efficiency and Productivity: 

Digitizing HR processes help automate time-consuming administrative tasks like data entry and document management. This gives HR professionals free time to focus on strategic initiatives, improving overall efficiency and productivity.

Improved     Employee Experience: 

Digitalization provides self-service options, enabling employees to access and organize their HR-related information, such as updating personal details, requesting time off, or accessing training materials. This improves the overall employee experience.

Data-Driven     Decision-Making: 

Digitized HR systems capture and consolidate employee data, allowing HR professionals to gain valuable insights through analytics and reporting. These insights can help HR professionals make informed decisions, such as identifying skills gaps, improving employee retention, or optimizing workforce planning.

Streamlined     Recruitment and Onboarding: 

HR digitalization simplifies and automates the recruitment processes, from job posting and applicant tracking to candidate screening and onboarding. This streamlines the hiring journey, reduces administrative burden, and improves the candidate experience.

Effective     Performance Management: 

Digital tools and platforms enable organizations to establish robust performance management systems. With the help of real-time feedback, goal tracking, and performance analytics, digitalization can help enhance the effectiveness of performance evaluations, foster continuous improvement, and promote employee development.

Enhanced     Compliance and Data Security: 

Digital HR systems can provide you with centralized storage and management of employee data, ensuring compliance with data protection regulations. Moreover, proper security measures can be implemented to safeguard sensitive employee information, lowering the risk of data breaches or unauthorized access.

Scalability     and Flexibility: 

Digital HR solutions are scalable and adaptable to organizational growth or changes. They can easily accommodate expanding workforces, changing policies, and evolving business needs, furnishing the flexibility required to meet administrative demands.

Cost and     Time Savings: 

HR digitalization helps eliminate manual processes, paper-based documentation, and repetitive tasks, resulting in cost and time savings. Organizations can optimize resource allocation, reduce errors, and enable HR teams to focus on more strategic initiatives by automating workflows.

HR digitalization revolutionizes traditional HR practices, enhancing operational efficiency, employee engagement, and decision-making capabilities. In addition, it empowers HR professionals to focus on strategic initiatives, which in turn drives organizational success in today's ever-evolving digital landscape.

 Also Read: Top 7 Reasons why Document Digitization is Important

 How do I get started with HR digital transformation?

Understanding     the goals and benefits of HR digitalization

Before diving into your HR digital transformation journey, you must clearly understand your objectives and the potential benefits digitalization can bring your business. Generally, the journey to digital HR encompasses multiple benefits, such as boosting HR process efficiency, elevating employee experience, cutting costs, and ensuring improved accessibility and accuracy of data. By carefully understanding the goals of your business and evaluating the value of digitalization to your business, you can embark on your journey in full swing and drive meaningful results.

Identifying     HR digitalization needs

Once your organization has a clear understanding and predefined goals, the next step is identifying which HR functions and processes require digitalization. Some of the common areas in HR that need digital transformation are recruitment and onboarding, employee management, performance management, and HR analytics. Businesses can select the appropriate tools that align with their goals by prioritizing these areas. By taking this strategic approach, organizations can ensure a successful implementation of HR digitalization that optimizes their processes and achieves the desired outcomes.

Choosing the     right HR digitalization tools

Selecting the appropriate HR digitalization tools is crucial for a successful journey. These tools enable HR professionals to transition from manual processes to digital workflows seamlessly. AI and ML-powered platforms are among the tools that empower HR teams to achieve this efficiently. For instance, Exela HR outsourcing solutions provide a wide range of support for HR functions. They help minimize data errors, enhance payroll efficiency, and automate payroll processing, among other valuable features. With the right tools in place, organizations can streamline their HR operations and unlock the full potential of digitalization.

Capitalizing     on employee training and change management

Digitalization brings about significant changes in the management of HR processes, which can pose considerable challenges for employees accustomed to traditional practices. To overcome these challenges, businesses must prioritize employee training. This investment ensures that employees comprehend the benefits of HR digitalization and gain proficiency in utilizing digital tools effectively. In addition, successful change management is also pivotal in ensuring employees' comfort with the new digital HR processes, facilitating a seamless transition for all.

Ensuring     data security and privacy

When considering HR digitalization, prioritizing data security and privacy is crucial as HR professionals deal with countless sensitive employee information. Therefore, choosing HR software or outsourcing service providers that offer robust security measures, including access controls, encryption, and data backup, is imperative. In addition, training employees on best data security practices, such as avoiding sharing sensitive information and utilizing strong passwords, is highly recommended to maintain a secure HR digital environment.

Monitoring     and measuring the success of HR digitalization

It is essential to gauge the impact of your HR digitalization efforts regularly to ensure you are heading on the right path. A few key performance indicators to track your progress are time and cost savings, enhancements in data accuracy and accessibility, and improvements in recruitment and retention. Exela HRO is an expert in providing powerful insights from employee data to enhance employee satisfaction, improve payroll processing, and more.

 Ways to start your HR digitalization journey

Digital     onboarding

An elevated onboarding experience can improve new hire retention by 82% and enhance productivity by 70%.

Did you know that only 12% of employees report an excellent onboarding experience with their new employer? Digital onboarding refers to the process of welcoming and integrating new employees into an organization using digital tools and technologies. It replaces traditional paper-based onboarding methods with automated and streamlined digital processes. Digital onboarding offers numerous advantages, such as increased efficiency, reduced paperwork, and improved accuracy. In addition, it allows new hires to complete necessary forms, contracts, and training materials online, eliminating the need for manual document handling. Overall, digital onboarding enhances the onboarding experience, accelerates time-to-productivity, and sets a positive tone for the employee's journey within the organization.

Employee     self-service portals

Employees spend about an entire day per week looking for company information.

Employee self-service portals are digital platforms that empower employees to access and organize their personal information and HR-related tasks. These portals allow employees to update their contact details, view pay stubs, request time off, access training materials, and more. Organizations enhance employee autonomy, convenience, and engagement by providing self-service options. Employees can effortlessly search for the information they need, reducing the dependency on HR personnel. Self-service portals streamline HR processes, improve efficiency, and contribute to a positive employee experience.

People     analytics

People Analytics uses data and analytical techniques to gain insights into various aspects of the workforce. It involves analyzing employee data to make data-driven decisions about recruitment, retention, performance, and overall organizational effectiveness. As a result, People Analytics helps businesses optimize their HR strategies and enhance decision-making for better employee outcomes.

Applicant     tracking systems

Screening of resumes is estimated to take around 23 hours per hire.

On average, job postings generate approximately 250 submissions, and a significant portion, up to 88%, comprises applications from individuals who do not meet the required qualifications. On the other hand, AI-Powered Applicant Tracking Systems (ATS) revolutionize recruitment by leveraging artificial intelligence algorithms to automate and streamline candidate sourcing, screening, and selection. These systems analyze resumes, match candidates with job requirements, and conduct initial candidate assessments. In a nutshell, it helps save time, improve efficiency, and help identify the best-fit candidates for job openings.

HR Chatbots

HR chatbots are AI-powered virtual assistants that interact with employees and provide HR-related support and information. It holds the leverage to answer frequently asked questions, assist with HR processes like leave requests or benefits enrolment and provide personalized guidance. As a result, HR chatbots streamline HR operations, improve employee experience, and reduce the burden on HR teams.

Document     digitalization

Document digitalization involves converting physical documents into digital format, making them easily accessible and searchable for your employees, stakeholders, and clients. It eliminates the requirement for physical storage space, reduces paper usage, and enables efficient document management. Digitized documents can be securely stored, shared, and retrieved, improving productivity and streamlining business processes.

 Conclusion

HR digitalization is a transformative journey that offers numerous benefits for organizations. Businesses can embark on a successful HR digitalization journey by understanding key considerations, exploring available tools, and addressing challenges. With improved efficiency, enhanced employee experience, and data-driven decision-making, organizations can stay ahead in the dynamic world of HR and drive overall business success. Exela HR Solutions is a market leader in HR outsourcing that can help you kickstart your HR digitalization journey. If you are looking to leverage the power of digital tools, get in touch with our experts. We at Exela HR Solutions are keen on helping businesses transform their HR practices. Speak with our experts today!

 DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

 Source & to read more: https://bit.ly/3pbZKnb

 Contact us for more details: https://bit.ly/42rmYmR

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4 Challenges that Hinder Smooth Payroll Processing

The advent of COVID-19 and the emergence of recession rumors have entirely rehabilitated the way of doing business. But on the positive side, rather than worrying about an economic slowdown, companies are seeing enormous growth potential ahead. And that’s a kickstart to the eminent future. Businesses are increasingly expanding their footprint instead of scaling back; they are hiring instead of trimming the workforce. Though there are several economic dilemmas in the rearview mirror, the way ahead is about growth. For many businesses, expanding is turning out to be acquiring other companies.

 The global mergers and acquisitions surpassed the highest volume in 2021, $4.3 trillion.

 Going global is a prodigious way to gain a foothold in international markets and explore new opportunities. However, this can drag HR and payroll professionals out of their comfort zones. It is well-communicated that there is a specific patchwork of national and regional laws for every country that can affect hiring and payroll. And falling afoul of those is bound to confront consequences. This means payroll is one of the most common stumbling blocks for organizations expanding across international markets.

 As multinationals continue to hunt for process excellence and economies of scale, most processes are being standardized and centralized. And one of the recent entrants to this is payroll – several organizations are moving from disparate local, regional, or national payroll systems to one global payroll processing, yielding significant cost savings. But it is not without challenges. Dive into the below session to know the four most common challenges that hinder smooth payroll processing.

 Steps involved in the payroll management process

Global payroll processing determines employee pay, tax computations, deductions, bonuses, compliance, and more for globally situated teams. To get more acquainted with potential challenges and find solutions, you must know the process first.

Here are the primary steps in payroll processing.

·        Establish a payroll policy, including payroll processing norms, such as attendance, leaves, and compensation guidelines.

 ·        Keep a record of each department’s leaves, attendance, and tax requirements.

 ·        Once you gather all the essential information required for payroll processing, you will have to check it for legitimacy and accuracy – for instance, exact unpaid leaves or accurate categorization of employees.

 ·        Run payroll calculations, including taxes and other deductions.

 ·        Payroll processing calculations are accompanied by ensuring statutory compliance, such as EPF, TDS, etc.

 ·        Once you are done with payroll processing calculations, you need to enter the data into your accounting software for accurate accounting and administration.

 ·        Lastly, you need to distribute salaries and provide employees with salary slips.

 ·        Though the process seems relatively straightforward, it is meant to face challenges when it comes to global payroll processing. Below are the four most common challenges that can hinder smooth payroll processing.

  Also Read - Withholding HR and payroll data from employees? Unnecessary!

 4 Challenges that Hinder Smooth Payroll Processing

·        Precise payroll calculations

(Making errors while computing different aspects of payroll manually, including reimbursements, gross pay, allowances, and more.)

The operational duty of payroll processing teams starts with calculating countless deductions and additions to the final salary. The calculations that go into the payroll construction are unique for each employee. Multiple factors are considered during computation depending on the taxes, output, union memberships, and bonuses offered. In addition, daily wages and payments for line workers depend on their attendance and hours of work.

The payroll team must get into a plan where it computes overtime and leaves undertaken by the employees, adding and deducting the amounts settled on a contractual basis with the company. The payroll professionals also need to authenticate the taxes applicable to specific amounts and withhold the payments after careful consideration. Moreover, employee benefits and bonuses are there to be considered. Thus, it is clear that a vast amount of time is devoted to scrutinizing each employee’s information. Classifying employees and accurately calculating their payroll data is a long and daunting task that is prone to errors. This can only be solved using an automated system or outsourcing payroll services.

·        Security of sensitive personal information

(Failing to keep sensitive personal data safe from hacking and data breaches.)

Two crucial elements of payroll are data security and confidentiality. Any errors in payroll processing or security breaches can lead to long-term, severe consequences. As we know, organizations today deal with an unprecedented amount of data daily. The vast majority of this data consists of sensitive and confidential information such as employee personal data, bank account details, insurance information, taxation data, and more. And the last thing you might hope for is the loss or theft of this data. Data insecurity comprises unauthorized, illegal, or accidental access to data. Any unauthorized access to information, whether altered, mishandled, copied, lost, or destroyed, indicates that your data has been compromised. This may lead to filthy penalties, legal actions, or even cost your fortune. Thus, data security and confidentiality are the biggest challenges HR and payroll professionals must worry about. However, this can be handled with the help of trusted third-party payroll software or by outsourcing payroll services from a leading service provider.

·        Scattered payroll data across multiple systems

 (Using diverse systems to collect payroll inputs, including time, attendance, and leave data.)

Imagine being asked to gather information from different sources and then perform the payroll procedure. HR and payroll professionals go through this pain point every day. They must collect all the necessary inputs, such as leave details, attendance, overtime, reimbursements, etc. With this data distributed across systems and teams, payroll processing often suffers inaccuracies in processing, loss of data, and a lot of back and forth. Even a slight error in the payroll processing significantly brings down the trust and morale of employees. Thus, HR and payroll professionals must be bestowed with unified software for all their payroll needs. This can help reduce manual errors, increase data security, and provide accurate salaries on time.

·        Compliance and legislation issues

 (Failing to stay on top of the changes and amendments that are made to payroll-related labor laws.)

 Running a business isn’t a cakewalk. Ensuring compliance with different laws and legislation is one of the biggest challenges. Irrespective of the pressing cost drivers or any other motive, no organization can afford the transition to a global payroll system if this involves the risk of lack of compliance. Such concerns over compliance have traditionally been one of the main inhibitors preventing organizations from expanding their businesses.

When it comes to payroll, labor laws, statutory compliances, and state regulations are some of the rules that exist. Following these is not an option; it’s oh–so–necessary. Failing to adhere can lead to significant penalties and legal actions. Nevertheless, compliance errors tend to happen when there isn’t any automated system or a dedicated person for payroll compliance in place, as the laws keep changing. On the other hand, hiring a payroll service provider is always a better idea, as they keep track of recent laws and compliance activities to help your payroll stay updated.

 Conclusion

The payroll is a highly dynamic sector with consistent updates and changes. While payroll is gaining attention these days, it goes without saying that the challenges and struggles coming along are pretty extensive. The above challenges will give you a rough idea of what is coming your way so that you can prepare for the obstacles accordingly, beforehand. If you are still facing issues in your payroll, talk to our experts for a more unified solution. Exela HR Solutions is a leader in HR outsourcing, offering unique solutions to all your payroll and HR problems. Get Exela HR Solutions now!

 DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

 Source & to read more: https://bit.ly/45WC3zT  

 Contact us for more details: https://bit.ly/45Rykn0

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7 Reasons why you must Prioritize Document Digitization

Data is invaluable in today's world, and safeguarding confidential information is of utmost importance. Losing even a single physical document can lead to significant financial losses. As a result, organizations are increasingly adopting document digitization and scanning services to convert their important records into secure digital formats. In this blog, we explore the benefits of the digitization of documents and its crucial role in streamlining operations, reducing costs, and enhancing data security. Dive in below to learn more.

Data is priceless in the modern world, and ensuring the protection of confidential information is of utmost importance. The potential financial ramifications of losing even a single physical document are substantial. To mitigate these risks, organizations are embracing document digitization and scanning services, which transform crucial records into secure digital formats. In this blog, we delve into the advantages of document digitization and its pivotal role in streamlining operations, cutting costs, and fortifying data security. Dive in below to gain deeper insights.

 Benefits of Document Digitization

·         Reducing document management costs: Storing and maintaining physical records can be expensive. By embracing document digitization, organizations can significantly reduce their financial outlay and minimize the need for physical storage solutions.

 ·         Compliance with digital communication: As digital communication technologies advance, digitization becomes essential for organizations handling large volumes of records. Going digital ensures compliance with modern communication practices.

 ·         Embracing the green initiative: With growing concerns about climate change, many industries are adopting paperless approaches. Document digitization helps reduce paper consumption, aligning with environmental sustainability goals.

 ·         Enhancing data security: Physical records are vulnerable to various risks, including theft, destruction, and mishandling. Digitizing documents eliminates these risks and enhances data security on a larger scale.

 ·         Unlimited backup and disaster recovery: Unlike physical storage, digital backups are impervious to natural disasters. Opting for digital backup solutions ensures secure and easily accessible records in case of unforeseen events.

 ·         Instant access to data: Searching through physical records can be time-consuming and impractical. Document digitization enables instant retrieval of records regardless of time or location, improving efficiency and productivity.

 ·         Space optimization: Managing physical records in urban office spaces can be costly. Offsite physical storage and data digitization services offer a viable solution, freeing up valuable urban space.

 Why Choose Exela HR Solutions

Exela HR Solutions offers advanced HR document and records digitization services backed by over 20 years of industry leadership. Our expertise in scanning and processing ensures high-quality results, rapid speed, and exceptional resolution. Key reasons to choose Exela HR Solutions include:

·         Customizable solutions.

·         Support across multiple industries.

·         Dedicated technical assistance.

·         Expertise in automated data extraction and quality assurance.

 Our secure data capture solutions utilize cutting-edge technologies such as OCR, ICR, and OMR to accurately convert various data types. Speak with our experts and get Exela HR Solutions today!

 DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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Four HR trends reimagining HR processes in 2023 | Exela HR Solutions Blog

The human resource industry has a long-known history of dealing with unforeseen circumstances and finding a way through the most challenging situations. However, with the turn of the decade, we have witnessed a global pandemic, a likely global recession, and a war. Now is when HR functions have become as important to organizations as finance or global security.

Recent unforeseen circumstances due to global issues have brought in an array of new challenges for businesses worldwide. Organizations have been striving to navigate these challenges and stay ahead of the curve in today's competitive business environment. The same goes for human resources - the vast majority of organizations have been experiencing this significant change in one of their most crucial processes, human resource management.

 According to Gartner, employee experience, change management, and the future of work are a few of the top priorities of HR leaders.

 With evolving times and advanced technologies, businesses today have found their way around dealing with challenges and setting new HR trends. Here are some top HR trends we’ll likely witness in 2023.

 Four HR trends in 2023

In the last few years, HR functions have been tested like never before worldwide. HR leaders have faced countless disruptions, from abrupt shifts to remote and hybrid work, economic volatility, and geopolitical events. These significant changes, elevating digitization journeys, and shifting employee expectations have posed a real challenge for HR professionals. However, technology has made HR functions a lot easier and better. Here are four HR trends expected in 2023.

·         Future of work

The 'future of work' indirectly refers to the remote and hybrid workforce. This shift in the work mode is a seismic change for several organizations, yet it is only a part of the equation. Anticipating future needs of talent teams or workforce planning is at the epicenter of a future of work strategy, and so the top priority for HR leaders.

42% of HR leaders say the future of work is their top priority.

On the other hand, 43% reported the absence of an explicit future of work strategy.

Today, for most organizations, workforce planning is disconnected from reality. And the current strategies are futile at combating the disrupting landscape. However, integrating AI and ML in HR will likely remain a sweeping trend.

35% of organizations reported using AI in business, while 35% are exploring it.

In the coming years, the trend in AI integration will assist HR teams in better analytics, predictions, and diagnoses to make informed decisions based on data - helping the organization become more agile. AI will likely be the stepping stone for HR teams to furnish work-life balance for their employees - especially hourly and frontline workers. In addition, automating repetitive, mundane HR tasks will allow HR professionals to spend more on delivering the best employee experience.

·         Employee experience

Employee productivity and engagement is the key to a successful business. A dedicated and engaged employee brings passion and commitment to the work, positively impacting the business's growth. However, to engage today's modern workforces, organizations must deliver an uber-tech, consumer-forward convenience - in a nutshell, an elevated and evolved employee experience.

47% of HR leaders say that employee experience is a top priority.

There are numerous reasons why employees feel unsatisfied and unhappy at the workplace. Some expect competitive pay and attractive benefits, while some seek an employee-friendly environment. Many also lose interest in their current jobs because they lack compelling career paths.

44% of HR leaders believe their organizations do not have compelling career paths.

According to a survey by Gartner, 1 in 4 employees expressed confidence about their career at their organization, while three in four employees are looking out for new roles and showing interest in external positions. Moreover, the work landscape is experiencing a sweeping change – career options are less visible, current skills are becoming obsolete, employees aren't trained for future roles, and existing jobs are less likely to satisfy employee needs. This represents a new career imperative for HR leaders to create suitable careers for employees and provide them with the best employee experience.

 Also Read: The Most Common Recruitment Process Challenges Hindering Business Growth

 ·         Total Rewards

In the last few years, it has become clear that employees want choice and flexibility in the workplace. When it comes to benefits and compensation, more than a single benefit stack is needed. Reward programs must consider employees' choices and preferences. Here are a few benefits that are likely to trend in 2023:

o    Employees with low earnings and unpredictable expenses are the most financially vulnerable group. Augmenting their longevity and productivity within the system can directly impact the organization's financial health. Providing this class with benefits such as insurance, performance bonuses, and retirement plans can help. In addition, making your employees financially resilient can help open up untapped pools of talent for the organization.

o    With remote and hybrid work cultures becoming the norm, HR professionals must also consider revitalizing HR policies and processes to support remote work. This can be done by simple initiatives like planning virtual get-togethers and events for employees, giving them the freedom and flexibility to manage their work, and making remote work convenient and comfortable.

o    Employees' mental health and wellness is a significant factor that boosts employee morale. Arranging virtual sessions to educate them about anxiety, stress, work-life balance, and burnout can increase employee productivity and loyalty.

·         Organizational design and change management

53% of HR leaders say change management is their top priority.

While 45% say, their employees are exhausted from the change.

Economic uncertainty, digital transformations, and political tensions have led to significant change and disruptions. As a result, organizational design and change management will likely remain a top priority for human resource professionals, especially with organizations witnessing so much uncertainty and change. Consequently, employees are also growing more immune to change.

74% of employees are willing to change work behaviors to support organizational changes.

However, the percentage dropped by 38% in 2022.

Change exhaustion has clear ramifications. Human resource leaders must help employees navigate this change and mitigate the impact it has driven on their work and well-being.

 Conclusion

 2023 as a year has an immense scope of opportunities for human resources - with its own share of challenges, though! HR must acknowledge and strategically address challenges to enhance organizational growth and the employee journey. The future of work, employee experience, rewards, organizational design, and change management are a few trends that will likely transform the HR industry in 2023.

 Exela HR Solutions is the market leader in outsourcing HR services that streamline your HR processes and provide employees with a smooth, hassle-free experience. Diving through workforce challenges and prioritizing actual business functions at the same time can be exhausting for the business and HR leaders. Exela HR Solutions helps eliminate this hassle from your processes and enables you to dedicate your time to revenue-generating goals and strategies.

 Source of the original blog: https://bit.ly/3qoS1Cs

 Contact us for more details: https://bit.ly/42rmYmR  

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10 Critical HR Metrics to Measure in 2023 | Exela HR Solutions Blog

In today's fast-paced business world, HR professionals make strategic decisions about the company's success and future growth - knowing what's working best for the company and where to infuse future efforts. However, it’s not the HR professionals alone – they always work with other departments, and the collaboration goes both ways.

88% of CFOs reported collaborating with HRs weekly, biweekly, or monthly.

While 57% of CFOs stated they coordinate with their HR counterparts to streamline processes efficiently.

The collaboration makes sense as CHROs and CFOs share several business objectives. These two functionalities work together across several verticals, including business and growth strategy, benefits and rewards, and compensation management. Employee data supports this collaboration by providing facts and figures, assisting HR to have a better understanding of the problem areas before they cost the company talent or money. However, collecting this data can be more challenging than it seems.

According to research, only 3% of surveyed 6,300 executives said they had the data to make sound people decisions.

If you are also amongst those not having sophisticated HR technology or HR data analysts, you can still measure key performance indicators (KPIs) or metrics to assess data and make more informed data-driven decisions. Dive in below to learn 10 critical HR metrics in 2023.

10 Critical HR metrics in 2023

HR metrics demonstrate the values that specify the effectiveness of your human resource initiatives. Once you have set critical goals for your HR needs, you can use HR metrics to take a data-driven approach to assess and track the challenges and progress.

Here are 10 crucial HR metrics you must measure in 2023:

Cost per Hire (CPH)

This old-school HR metric is still the same and relevant in 2023. CPH (Cost per Hire) demonstrates the average spending on acquiring a new employee. As with any per capita figure or any value per person, a value can be determined by simply dividing costs by the number of persons in question. For CPH, divide the total hiring money by the total new hires within a specific period.

HR departments worldwide have long relied on the CPH as one way to gauge the hiring process's efficiency. One reason is that the process is more descriptive than just adding up expenses. Moreover, the metric incorporates the costs incurred by outreach to all potential employees. This may seem counterintuitive, but it's less variable and more illuminating in cost-effectiveness. In addition, more practical to calculate.

Time to Hire

This is another essential HR metric that measures the time required to engage a potential employee in the recruiting process to accept the position. Similar to CPH, time to hire is expressed as a per-person average and used to evaluate the efficiency of the talent acquisition process. If you are encountering a lengthy time to hire, it is a signal of poor reach or the underperformance of the hiring teams. Unfortunately, many HR professionals need more consistency in defining the start of the time-to-hire period. The time to hire differs from the time to fill - it begins when an organization makes an initial job request and ends when a candidate accepts the position.

Also Read: 4 HR Trends Revitalizing HR Operations in 2023

Quality of Hire

Quality of hire is a super-metric exhibiting different employee metrics (often called indicators). The selection of these indicators varies according to the different goals involved. For instance, while the cost per hire and time to hire focus on the efficiency of the recruiting process, the quality of the hire tries to exhibit the value an employee brings to a company. You can calculate the quality of hire by simply adding the values from whichever employee indicators are being used and dividing the result by the total number of indicators being used.

Employee Net Promoter Score (eNPS)

Employee net promoter score (eNPS) shows how likely a group of employees would recommend employment with your company to others. It is relatively easy to measure and indicates reasonable overall employee satisfaction. Employers can carry out a survey asking employees to choose, on a scale from zero to ten, how likely they are to recommend your organization to others. For calculation, employees rating nine or ten are categorized as 'promoters,' employees rating seven or eight are categorized as 'passives,' and those rating a six or below are 'detractors.' To calculate an eNPS, the general formula asks to subtract the number of detractors from the total promoters, divide the result by the total number of respondents, and multiply the final result by 100.

An eNPS score of 40 to 50 is considered excellent, any score above 20 is considered good, and the range of 10 to 20 is fair. Any score below ten indicates serious workplace satisfaction issues. To know the scope for improvement, you can also incorporate an option to add comments to understand better what is driving the dissatisfaction or satisfaction.

Absenteeism Rate

Absenteeism which refers to employees' unscheduled absences from work, can have a variety of reasons. These may include employees' challenges with commitment, workplace dissatisfaction, and poor health and overall well-being. However, irrespective of the reason, it is crucial for HR professionals to collect attendance data to evaluate the costs and patterns of missing days for a better understanding of employees' needs.

The basic formula to calculate an absenteeism rate requires dividing the number of unexcused absent days by the total number of expected workdays within any set period and multiplying the result by 100.

Employee Growth Rate

Employee growth rate - also called company growth rate – indicates the company’s number of employees growing or shrinking. This HR metric illustrates the change over a certain period – perhaps a year, a quarter, or five years – by using a headcount at the start and end of the period (Point A and B resp.).

To calculate the employee growth rate, subtract the headcount at Point A from the headcount at Point B. If the result is negative, there is a net loss in employees. Divide the result by headcount at Point A and multiply the figure by 100.

Employee Turnover Rate

The employee turnover rate (ETR) demonstrates the number of employees who resign within a given period – perhaps a month or a year. The figure is simply a ratio comparing the number of employees leaving the company to the total employees. Employee turnover rate can be calculated by dividing the number of employee releases by the number of employees at the outset of the period in question. Then, multiply the outcome by 100 to get the percentage.

Salary Averages

Salary averages are generally used to describe relative compensation for nearly any category within an organization. This HR metric incorporates subgroups of an organizational structure, such as different departments or position levels. To calculate salary averages, start by adding up the salaries of employees in a specific group and then divide the result by the total number of employees in that group.

Salary Range Penetration

Salary range penetration illustrates how well an employee is being paid compared to the determined salary range for the position. Consequently, there may be multiple reasons behind an employee being at the high or low end of the anticipated salary range. From an HR perspective, the critical part is ensuring appropriate reasons for employee variance.

To calculate this HR metric, start by identifying the minimum and maximum values for the estimated salary range for the concerned position and subtracting the range minimum from the employee's existing salary. Then, divide the result by the difference between the range maximum and minimum and multiply the figure by 100.

Diversity Ratios

Diversity in the employees can exhibit many things – though the terminology generally implies the employees with varied gender, cultural and racial backgrounds, to name a few. Organizations are increasingly pushing to incorporate diversity, equity, and inclusion (DE&I) terminology in their hiring processes and organizational culture; thus, it is crucial to have genuine estimations of the company's performance to back up the initiative. It often begins with calculating employee diversity ratios.

The bottom line

Having employee data or metrics handy is half the battle achieved for HR professionals – the more easily you get to the root cause, the quicker you can find a solution. Collecting data doesn't necessarily have to imply violating employee privacy. It is as simple as aggregating employee data or analyzing employee behavioral patterns to understand their needs better and optimize the hiring process. The HR metrics mentioned above will help you get to the root cause quickly so that you can find a quicker solution to optimize your recruitment processes.

If you are still not acquainted with the process of calculating these HR metrics, you can take assistance from HR outsourcing companies. Exela HR Solutions is one of the leading HR outsourcing providers that can streamline your processes, increasing efficiency and effectiveness. Talk to our experts to optimize your recruitment processes. Transform your HR function with Exela HR Solutions today!

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Banking Industry and Their HR Problems | Exela HR Solutions Blog

The banking industry is one of the few industries not known for "openness to fast change," technological or otherwise.

This is because banks deal with a large amount of sensitive information, so it makes more sense to go with what works best. For example, people strategies or technologies that have worked flawlessly in the past are more likely to be used in the present and the future.

 The pandemic forced banks to undergo crucial changes that were not all usual for them.

HR leaders in these banks were forced to lead remote teams, IT heads were tasked with providing top-notch security and equipment for these employees who worked from home, and the employees themselves were pushed to adapt to the new normal.

 These circumstances gave birth to newer challenges that the banking industry faces today.

 Problems with Implementing HR Solutions in the Banking Industry

 Feeling Continuous Strain: Pandemic stress, as an emotion, has become a common problem for employees in many industries.

 In addition to this problem, banking workers have been unsettled by volatile markets and a futuristic trend pushing the industry towards automation.

 According to an independent study performed by meQuilibrium in eight different industries, employees working in banking or other financial services companies reported the second-highest level of sleep disorders and job stress.

 According to this study, employee motivation also dropped 30% in employees who worked in financial services.

 The pandemic has acted as a catalyst, speeding up changes in the banking services workforce that would've been inevitable.

 Remote working, adopting AI, and focusing on accurately matching the skills of their employees to their actual jobs, were just some of the changes that would be implemented sooner or later, irrespective of a pandemic happening.

 Also read: RPO: Is It Right For Your Business? | Exela HR Solution Blog

 Virtual Connections: According to PwC's Remote Work Survey, just 30% of financial services companies had at least 60% of their employees working from home once a week or more before the COVID-19 pandemic began.

 88% of banking employees identified WFH arrangements as the most helpful form of support they received from their employers, according to meQuilibrium, a digital coaching platform.

 Setting up employee resource groups around shared interests like pets, knitting, exercising, Lego building, films & television series, parenting, minorities, veterans, LGBTQ employees, women in leadership, etc., provides a chance for employees to connect, share advice, get to know each other better, and form strong bonds with each other, especially in a high-stress banking work environment.

 Such resource groups and platforms allow people to mentor each other on subjects useful for many people, like meal-prepping or maximizing banking credit card points.

 Such connections are difficult to form in an office-based setting which can be problematic when creating deeper relationships with other employees.

 Valuable Employee Support: Studies have shown a strong correlation between the mental health of employees and how much support they felt they got from their employers or direct managers.

 Like many industries, employees are stressed out in banking, which causes them to struggle and eventually burn out.

 If a desperate employee comes to ask for help or concession, most management teams will probably move forward with granting their request, but they will also probably never announce to everyone the availability of such help.

 This benefits employers and hurts employees because most employees assume that they will never get the help they need from their employer or are too fearful or shy to ask for help.

 Upskilling Existing Talent: As technology and financial markets evolve rapidly, many banking companies have experienced a struggle to keep employees updated.

 Such employers need to invest heavily in cybersecurity training and data visualization courses because of how more and more banking business is conducted digitally today.

 HR needs to upskill itself on digital tools to serve employees and candidates better, especially in this context.

 HR also has a vital role in ensuring that new talent does not get impatient and bored in the very traditional culture of the banking world.

 The millennial and Gen-Z generation of employees are thinking more than ever about their own careers, the skills they need, and the popular training.

 Providing such opportunities to your employees is a highly effective way to retain top talent in an industry where people are the only variable that makes your business a success or a failure.

 If employees are well taken care of, clients will always be well taken care of too.

 Conclusion

 The financial services sector consists of a wide range of businesses, including banking, insurance companies, credit unions, mortgage corporations, investment funds, and stock brokerages.

 The years following the 2008 financial crisis have seen this industry forced to deal with increased regulation, higher capital requirements for banks and insurers, and the need to implement robust processes across the board.

 This has resulted in unique challenges for HR leaders, IT heads, and employees.

The strain of the pandemic, coupled with market volatility and the push for automation, has affected employee well-being, motivation, and overall work environment.

 However, embracing remote work, leveraging AI, fostering virtual connections, providing valuable employee support, and investing in upskilling existing talent can help the banking industry navigate these challenges and retain top talent.

 The banking industry can ensure exceptional client service and long-term success by prioritizing employee well-being.

 Need help? Exela HR Solutions offers world-class HR outsourcing services to businesses across multiple geographies and industries. Speak with our experts to learn more about our offerings.

 Click here to read the full article: https://ehrs.exelatech.com/blog/overview-banking-industry-and-their-hr-problems