#hr & payroll

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Your Go-To ERP Solution Provider in Mumbai | shantitechnology | STERP

Discover the leading ERP software providers in Mumbai! ShantiTechnology offers top-notch ERP solutions tailored for manufacturing companies in Mumbai. Streamline your operations, boost productivity, and stay ahead in the competitive market.

Contact us today for the best Manufacturing ERP software in Mumbai!

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Outsourcing Human Resource Management Services in UAE

Outsourcing HRM refers to the practices and policies that a company puts in place to manage its employees. That can include recruiting, hiring, training, performance management, and compensation. In the United Arab Emirates (UAE), HRM practices are shaped by the country’s unique culture, labor laws, and business environment.

If you are looking for Outsourcing HRM services in the UAE, a number of companies offer a range of HR-related services to businesses in the region. These services include HR consulting, payroll management, employee benefits administration, and more. You can search online or consult with a local business association or chamber of commerce to find HRM service providers in the UAE.

Outsourcing HRM in the United Arab Emirates (UAE) refers to hiring a third-party company or individual to handle HR-related tasks and responsibilities for an organization. That can include hiring and onboarding employees, managing employee benefits and payroll, handling performance evaluations, and conducting training and development programs.

Outsourcing HRM can help organizations in the UAE reduce costs, improve efficiency, and focus on their core business activities. Some companies choose to outsource all their HRM functions, while others may only outsource specific tasks. If you are considering outsourcing HRM in the UAE, it is essential to carefully research and compare potential vendors to find one that is a good fit for your organization.

The UAE HR Solution is a comprehensive package designed to help businesses in the United Arab Emirates effectively manage their human resources. The package includes a range of tools and resources to help businesses with tasks such as:

Recruitment and selection: The UAE HR Solution offers a range of recruitment and selection tools, including job postings, resume database searches, and applicant tracking systems.

Employee onboarding: The package includes resources to help businesses effectively onboard new employees, including employee handbooks and training materials.

Performance management: The UAE HR Solution includes tools for setting and tracking employee performance goals and resources for conducting performance evaluations.

Compensation and benefits: The package includes tools for managing employee compensation and benefits, including salary and bonus calculation tools.

Employee development: The UAE HR Solution offers resources to help businesses develop their employees, including training programs and professional development opportunities.

Compliance: The package includes resources to help businesses comply with local laws and regulations, including labor laws and employment contracts.

Overall, the UAE HR Solution is designed to help businesses in the UAE streamline their HR processes and better manage their workforce.

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Human resources (HR) consulting firms provide advice and support to organizations on HR-related issues, such as employee benefits, hiring and firing, training and development, and compliance with labor laws.

These firms typically have a team of HR experts who work with clients to assess their HR needs and develop strategies to address them.

Some HR consulting firms also offer payroll and employee benefits administration, HR technology implementation, and HR process outsourcing. HR consulting firms can be valuable resources for organizations looking to improve their HR practices and better manage their workforce.

[cloudforcehr]

What is HR Payroll?

There’s a lot that goes behind running an organization! There are accounts, human resources, administration, and operations to name a few! Now imagine all these data-loaded, complex procedures merging to create what we know as Payroll. If you run a budding business, by now you must have a clear idea of what payroll stands for! To simplify, it’s the intricate process of managing and monitoring employee compensation and making sure they get paid on time. So where does the term HR Payroll fit in, if these two are completely different processes? Let us explain.

Thanks to the technological advancements today, the complex processes of HR and finance can now be clubbed into one excellent software. The HR Payroll software comes with incredible problem-solving features that can not only streamline the entire process but also make monitoring and record-keeping feel like a breeze! But how does it do that? Let us walk you through the method of processing payroll through payroll outsourcing software.

How Does Payroll Processing Work?

To understand the method involved in payroll processing, here’s what you need to know.

Automation is the future, regardless of the nature of your business. When you automate a process, you are minimizing paper people errors, reducing data clutter, resolving challenges, and automatically updating your process as per the latest industry standards.

Instead of manually managing hundreds of data crammed up in hundreds of excels, how about streamlining the whole process through a cloud-based spreadsheet, readily available at your beck and call? That is how a payroll software system works. You have all your important data ready in a data silo, with features like access control and monitoring. For instance, imagine a digital portal that lets your employees view their overtime expenses with access control preventing them from changing any data. Only the admin or the dedicated resource team is allowed to make changes.

Now comes the most important part of the payroll process- outsourcing! But isn’t outsourcing a dangerous and expensive affair? Not if you shake hands with the right experts in town! Outsourcing is the process of handing over your responsibilities to a group of industry professionals for an affordable sum of money. In most cases, professional payroll outsourcing companies understand the relevance of data confidentiality and offer iron-clad security backed by professional payroll processing services.

What Are The Steps Involved In Payroll Processing?

If you’re new to payroll processing, we have good news for you! You are about to be part of a booming industry that is expected to grow tremendously in the upcoming decade. Did you know the demand for payroll outsourcing is expected to rise at a 6.1% CAGR value by the year 2033? But before you become a part of something big, you need to understand the skeletal backbone of the industry! This brings us to the next section where we discuss the steps that a payroll outsourcing organization follows to make your payroll problem disappear.StepsPurposeEmployee onboardingThanks to automated updates, new employees joining the team or old employees leaving the organization can be easily accounted for.Policy MakingGet all your policies, both new and existing aligned and incorporated under one roof without manually having to do so.Integrating Employee DataFrom overtime and leave calculations, to handling multi-tier and international employees, this software can seamlessly integrate all the data.Validating Data & InformationOnce the policies and employee data are updated in the system, verifying and validating the authenticity of the data either manually or through the software will feel like a breeze.Calculating PayrollNow with all the data authenticity verified, the payroll process can begin. The best part? Automated payroll processing doesn’t need in-house resources.Disbursing CompensationAfter the calculation is done and all errors are eliminated, the payroll system can disburse all compensation directly to the respective employee accounts.Computing TaxesUnderstanding taxes and calculating tax breakdowns is one of the toughest jobs out there. Thanks to payroll processing experts, companies can now do it easily without defaulting on their taxes.Clearing ComplianceWhen all the data is retrieved, salaries are disbursed, and taxes are cleared, your automated system will look into compliance errors or setbacks and work on them to keep your system up-to-date with the latest rules and regulations.

As you can see, a payroll software process performs end-to-end services, covering the entire platform of employee and payroll management under one big umbrella. Sounds too good to be true? Don’t worry, we are here to tell you about some limitations that you may encounter if you sign up with the wrong outsourcing crowd!

Benefits And Limitations Of Using Payroll Processing Software

AdvantagesDisadvantagesYour payroll processing will be time-efficient & automatedAutomated processes can be challenging at first without proper usability training in placeYour business can enjoy enhanced employee satisfactionYou may have to shell out some expenses on software training and usageWith an automated outsourced payroll process, you can expect overall reduced payroll costsIf you don’t sign up with the right company, you may risk data theft or privacy issuesYou can always expect your process to be at the top of compliance modificationsYour employees may not have a lot of time to adjust to the new compliance modifications

Just like two sides of a coin, it is important to understand that change can be difficult to incorporate. However, in the long run, turning to automation will be beneficial for your business. Here are what business forecasts predict about HR Payroll processing.

The Future Of HR Payroll

In today’s day and age, businesses hardly have the time to manually rectify errors, collate data, and handle multi-level operations. That’s why the world is turning towards automation where a simple process can resolve all these complex issues in one go! Additionally, a seamless process can also benefit your business in terms of productivity.

For instance, most employees today live a pay cheque to pay cheque kind of lifestyle. Delays or errors in payment processing may reduce their working morale. On the other hand, a company that’s on top of its salary disbursement schedule will always fetch happy, satisfied, and productive employees. In a nutshell, the future of HR Payroll lies in payroll process outsourcing, automated payroll software, and professional companies that excel at both of these jobs.

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5 Reasons to break-up with Traditional Payroll

In today’s mobile age, where business is done anytime, anywhere and from any device, it is time start-ups and SMEs embrace advanced and cutting-edge technologies to stay ahead of the curve. Mobile and cloud technology has a pivotal role to play in this technological revolution.

Read More: 5 Reasons to break-up with Traditional Payroll

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To become a successful professional payroll specialist, opt for HR Payroll Training in Delhi. It is advisable to get a clear understanding of their role in the organization before setting foot in this domain.

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What is Payroll Processing? Understanding Its 3 Important Stages

Payroll processing can be compared to a puzzle, with each piece representing a different aspect of an employee’s compensation and benefits. The payroll department is responsible for collecting all the pieces of the puzzle, such as employees‘ personal information, salary, and deductions, and putting them together to create a complete and accurate picture. Just like in a puzzle, if one piece is missing or placed incorrectly, the whole picture can be affected.

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"Want to experience faster payroll processing? Consider working with SBS to see the improvement in your next pay cycle. Contact us to schedule a free demonstration."

For more details: Website: www.shreshtha.in Call Us: 9940477723

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Top 10 Best Payroll Software List For All Businesses

If you operate a business, you know that maximum output depends on treating your staff well and paying them on time and accurately. Health insurance, retirement savings plans, and other perks may also be available.

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EBR are easy to manage, and hold all features your organization might ever need. Our ERP software, POS, HR and Payroll, and inventory management solutions are a favourite among businesses in UAE.

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Why Outsourcing HRM Operations Works - Top 5 Reasons

It’s common for some organisations to overlook HRM operations especially when revenue-generating operations and other priorities consume management attention. Nevertheless, human capital is critical, and the success of the organization has been strongly linked to the performance of its human resources.

A large body of empirical research, the US Bureau of Labour Statistics, has proven that an increased emphasis and investment in strong HR practices benefit the organisation through higher retention rates, better returns on employee costs, and employee satisfaction. These benefits deliver real impact to the top and bottom lines of your company.

To manage this critical function, some organisations may form an HR department and resource HR specialists operate their HR functions. While others consider outsourcing their HRM functions to specialist companies. In this blog, we discuss which option is better suited to your business.

Read More About Outsourcing HRM Operations Work

[cloudforcehr]

There’s a lot that goes behind running an organization! There are accounts, human resources, administration, and operations to name a few! Now imagine all these data-loaded, complex procedures merging to create what we know as Payroll. If you run a budding business, by now you must have a clear idea of what payroll stands for! To simplify, it’s the intricate process of managing and monitoring employee compensation and making sure they get paid on time. So where does the term HR Payroll fit in, if these two are completely different processes? Let us explain.

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Verification of Uploaded Documents

We have robust measures in place to verify the authenticity of uploaded documents such as address proofs and employment contracts. This includes automated verification tools that cross-reference details provided with trusted databases or through verification services. Additionally, designated personnel review documents to ensure compliance with organizational standards and regulatory requirements.

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Masterclass on National Pension System

What is NPS?

Popularly known as the National Pension Scheme, the National Pension System is a voluntary contribution-based retirement savings scheme designed to help subscribers make systematic savings during their working life.

NPS is regulated by a government agency called Pension Fund Regulatory and Development Authority (PFRDA). Introduced in 2003, NPS was provided only to government employees. In 2009, private sector employees and all Indian citizens became eligible for it. Any Indian citizen aged between 18 and 65 years is eligible to join the scheme.

What are its salient features?

NPS is a low-cost investment compared to other investments like mutual funds, debt funds or equity funds. It offers tax breaks for individuals. Since it is a market-linked scheme, the returns will be high if the market performs. Even in terms of contributions, NPS also offers more flexibility compared to other products.

What are the different types of accounts under NPS?

There are two types of accounts: Tier 1 accounts and Tier 1 accounts. One must open a Tier 1 account before opening a Tier 2 account; which means a Tier 1 account is mandatory to open an NPS account.

A Tier 1 account has some withdrawal restrictions since there are significant tax benefits. The Tier 2 account is like a voluntary savings scheme where the members can withdraw the amount anytime without any restrictions. But there are no tax benefits. A Tier 2 account is similar to a bank account. However, it earns returns based on fund performance since it is completely linked to the market.

What are the steps to open an NPS account?

It is similar to opening a bank account. By submitting a form and the KYC documents, an NPS account can be opened within a few hours (if done right). If the Aadhaar is available, the individual can link the KYC to the Aadhaar and open the online NPS account (on the NSDL portal) within minutes, and get a permanent retirement account number (PRA). Contributions and withdrawals can be made online.

Are there any tax benefits for NPS contributions?

Tax benefits under NPS apply only to Tier 1 accounts. Any NPS subscriber can claim a tax benefit of up to INR 1.5 lakhs under Sec 80CCD (1), and an additional deduction of up to INR 50,000 is available under 80CCD (1B). The employer’s contribution of up to 10% of salary (Basic + DA) will also be deducted.

In the Tier 2 account, only the contributions made by government employees qualify for a deduction under Section 80C. The limit is INR 1.5 lakhs, and the lock-in period is three years. However, the Tier 2 account doesn’t offer additional tax benefits beyond those available under regular income tax laws.

What are the minimum contributions for different NPS accounts?

Tier 1 account: The minimum amount per contribution is INR 500, and the minimum contribution per year is INR 1000. There is no limit to the number of contributions that can be made in a year, but at least two contributions (in a financial year) are mandatory.

Tier 2 account: The minimum amount per contribution is INR 250. However, a minimum contribution of INR 1000 is required for account activation. Unlike the Tier 1 account, there are no mandatory contribution requirements for the Tier 2 account, and the subscribers can choose to contribute as per their financial goals.

How do NPS contributions through employers work?

Unlike PF, where equal contributions are required, NPS contributions are flexible. The same can differ from employer to employer and also between employee and employer. The contributions can also be unequal between the employer and employee.

What is the NPS interest rate, and how do we calculate it?

In the case of NPS, the government does not guarantee any return on the investment, since it is completely market-linked and based on the fund performance. Past trends show an average yield of 9% to 12%.

If you log in to your account, at the end of the year, you can see the percentage of return from the fund to date.

How does taxation work during withdrawal or retirement?

Subscribers can choose to make a withdrawal anytime between 60 years and 75 years of age. Although the person can continue the fund till the age of 75 years, the contribution has to stop at the age of 65.

A maximum of 60% and a minimum of 40% can be withdrawn as a lump sum. If 60% is withdrawn, it is entirely tax-free. If 40% is withdrawn, it has to be invested in an annuity that generates a tax-free monthly pension.

As per a recent amendment, if the total corpus is less than five lakhs, 100% withdrawal can be made.

Can NPS be withdrawn before retirement? If yes, what is the process?

Partial withdrawal is allowed for higher education/marriage of children, purchase or construction of a house, treatment of specified diseases and self-employment/set of a startup. But the subscriber should have also completed at least three years in the NPS scheme. There is also a limit of three withdrawals before 60 years. Withdrawal (only 25%) before three years is permitted only for expenses related to skill development, reskilling or self-development activities. Such a withdrawal is completely tax-free.

If there is an individual NPS account, the subscriber can merge the same with the new company’s corporate account. All future contributions will be made to the same account. If there is an existing corporate account, the person can request inter-sector shifting with the aid of an ISS form.

What are the fees/charges levied if the minimum contributions are not made?

NPS charges are considered minimal when compared to other investment schemes. To open an NPS account, an initial registration charge of INR 200 is levied; this can go up to INR 400 depending on the service provider and the amount of contribution. For subsequent contributions, a service charge of 0.5% is charged; this is reduced to 0.2% for online transactions.

A maintenance charge of INR 100 per annum is recovered quarterly, and a fee of INR 32 is charged for non-financial transactions such as a change of address. If the minimum contribution is not made in a financial year, there is no penalty, but the account will be frozen, and no transactions can be made until reactivation.

In Conclusion

Now that you understand NPS better, you may be eager to learn more. If so, we invite you to listen to the webinar recording, where the expert answered more questions.

Please note: As the government may make amendments to the laws, it is important to refer to official websites and documents for the latest information.

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Top 3 HR-Tech Trends In Store For 2023

The HR-tech industry is constantly changing, with new tech and new trends popping up every day. If you are looking to add new tech possibilities to your business then it is crucial to stay updated with the new HR trends.

[clarascuro]

If I made just $2 more per hour I could afford to live on my own next year. Like I would be miserably poor and I'd have to get all of my food from the community kitchen but at least I wouldn't have to live with my mother lol