What Challenges Modern World Is Facing In Payroll Processing?

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Payroll departments manage the most important aspect that comes in between a company and its employees: error-free payments to the employees. In addition to this, payroll serves as a valuable strategic component that helps in understanding the company’s labor costs and overtime trends. But, like any other department, a thorough knowledge and understanding of the key challenges that might occur, is extremely crucial to ensure successful implementation of the core processes. Following are the common challenges that companies are facing while processing payroll in the current era.

  1. Avoiding The Use Of A Payroll Software : It’s an undeniable irony that, although payroll is one of the most important components of human resource but most of the companies don’t value its importance and keep doing it in the old traditional ways. Most of the organizations still rely on paper processes that make professionals feel burdensome. Thus, using a payroll technology will definitely make the process easier, faster and error-free, thereby freeing-up valuable resources for more strategic tasks.
  2. Processing Taxes Accurately : Along with processing payroll seriously, it’s important that it is done accurately without any glitches. There has been a continuous pressure on companies of every size to adhere to corporate governance or else be ready to pay heavy penalties for non-compliance. Thus, it is vital that payroll system must comply with regional legal frameworks as well as other industry-specific requirements. Whether you choose to operate payroll in-house by purchasing your own software or outsource it to a third party, payroll tax laws must be mandatorily followed.
  3. Software Is Confining Opportunities: Usually, business owners don’t pay much attention while selecting a payroll solution for their company, which eventually leaves them with an inefficient tool. These kind of tools lack the integration capabilities with other systems already in use by the organization and this leads to data discrepancy and errors. Thus, it is necessary that adequate controls are guaranteed while processing payrolls and data privacy is kept on high priority.
  4. Providing Enterprise-Wide Visibility: A comprehensive view of enterprise-wide payroll data is extremely necessary for any company’s accounts managers to perform payroll effectively. This allows HR pros to analyze the data and create reports with minimal issues. But it is estimated that only 39 percent of the companies have this kind of visibility in their organizations. Thus, payroll leaders need to work hard in getting and maintaining this visibility to acquire more sophisticated analytical capabilities.

Implementation of successful global payroll technology is although a challenging task, but if it is done carefully and with the right tools in hand, then an organization can benefit from the enhanced efficiency and better decision making capabilities. TeamWise Payroll provides comprehensive and well-integrated payroll processing technology, which makes it a vital asset to a successful global organization. It helps you streamline all the time-consuming payroll tasks with utmost ease and without any chances of errors. So, overcome all the payroll challenges with the best payroll processing solution and leave your worries behind, for a never like before satisfied workforce, stress-free HRs and definitely a better company future.

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How Can Job Hopping Affect One’s Career?

“It looks bad on your resume”

“It shows that you lack the sense of commitment.”

Have you ever heard these comments when someone reads your resume or an HR pro saying this during an interview?

These days, job hopping is a practical way of life. Gone is the idea of spending entire professional life at one company and ultimately retire with a gold-plated watch and a pension plan. If you talk to the Baby Boomer generation or older people, it’s not a surprising fact that they have worked for maximum 2-3 organizations in their lives. On the other hand, present generation employees, if we talk about those between 25-40 years age bracket, might have already switched 3-4 jobs.

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In the present era, employees are more focused on finding their dream job which makes them fail to realize that such frequent job switching might jeopardize their entire career. Employees today are so much impatient that they don’t give their present jobs a chance to gain necessary skills and required maturity to succeed in their career. They don’t even realize that the next time they’ll face an interview, what questions might be red-flagging into their interviewer’s mind?

  • You’re potentially a bad investment.
  • You’re restless and will not stay for long.
  • You’re unfulfilled no matter how much ever is given to you.
  • You’re not focused on the long-term goals.

Frequent job hopping might hurt your career growth drastically. According to the Office for National Statistics (ONS), employees who stayed in the same job role in 2014, earn way more than those who left the job for a better opportunity.

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But, what makes an employee to switch jobs?

Professionals have a long list of reasons for departing from a company; including corporate downsizing, insufficient career growth, unfair employee treatment, desire to get advanced degree, more money or completely switch to a different field.

Here, organizations too need to take important measures so that employees don’t feel deprived of growth. Companies can retain their employees for a sufficiently longer time by supporting their value systems, providing them meaningful work, becoming more social and understanding the generation differences. All this can be done by properly managing each employee’s performance through a Performance and Talent Management System.

Employees want to have an assurance of long-time career which only the organization can provide by giving a diverse career path to its employees.

The Astounding Cost Of Making Wrong Hiring And How To Avoid One?

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“If you don’t have time to do it right in one attempt, how will you have time to do it again?”

Although your organization might be a growing one and you are in a great rush of filling positions; the process of hiring an employee shouldn’t be rushed in any way. Split second decisions might lead you to hiring a wrong employee for the job that can eventually end up costing you a significant amount of money. Moreover, your good employees may have to work harder in order to compensate for that single bad hire; this can lead to the risk of losing a good employee too.

The actual cost of hiring a wrong employee varies widely, ranging from one third of the employee’s salary to more than a million dollars, depending upon the position. There are some costs that cannot be measured, like the cost of negative interaction with clients or a sudden drop in team’s morale and thereby productivity. Bearing such a heavy loss just because of a wrong hiring cannot be afforded.

TeamWise-The Astounding Cost Of A Bad Hire And How To Avoid One_ReviewedWhy Do Companies End Up Making Wrong Hiring?

The major reason for ending up hiring a wrong candidate is the urgency to fill open positions. In this course, the employers fail to perform adequate research on the new recruit, his / her skills and the past experience. Sometimes, the cause could be failure in doing proper reference checks. Basically, sometimes recruiters miss out important stages of the process and therefore end up paying heavily for that mistake.

Bad hire incur some direct and indirect costs.

Direct costs include exit interviews, overtime pay for employees who perform the duties of the employee who is leaving, hiring a temporary employee from a staffing agency, cost included in advertising and searching for the new employee and investing time and money in on-the-job training.

Indirect costs include reduced productivity as the departing employee spends most of his/her last days performing poorly or completing exit interviews, work quality reduces as the new employee takes time in learning the job responsibilities and you might lose significant clients as a result of customer service gaps.

What Can Help To Avoid The Costs?

Performing effective interviews can significantly avoid the chances of a bad hire. It is also important to know that an effective resume doesn’t mean that the candidate is efficient. Professional resume writers can make anyone look good; so it is better to conduct the interview process cautiously and most importantly, verifying the past employer references.

  • Conduct 10-15 minute phone interviews while screening the candidates
  • Prepare a checklist of specific questions crucial to the position
  • Pay attention to the answers and the candidate’s body language while answering
  • Rephrase the questions if the answers you receive are insufficient or vague
  • Don’t forget to take notes during the interview process

For the assurance of performing the hiring process effectively, a Recruitment Management System can come handy. It caters HR with a complete end-to-end hiring cycle, right from requesting open positions to finalizing the appointed candidate. With a system like this, maintaining candidate’s data and other crucial information like the candidate’s status, etc. will definitely be extremely simple. Every minute detail will be in front of you that will be helpful in making right decisions for your business as well as workplace culture.

 

An All-In-One HRMS Solution Best Fitted For Every Organizational Level

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We know that the employees are your most valuable assets, thus it is important to encourage and reward them as and when required. Doing this the old-school way is not at all recommended; you need to be smarter than ever. TeamWise offers the most effective HR management solution to improve your workforce management and take better decisions all across your key tasks, thereby helping you make most out of every penny that is invested in your people. It provides an all-in-one integrated solution that caters all the building blocks of an organization – from employees to HR Managers to Senior Level Executives.

How Do Employees Benefit From TeamWise Self-Service Portal?

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Personal Details Management

For the smooth flow of information and to avoid any data errors, get the power to edit / update personal details all by you.

Analyzing IT Declarations

Makes it easy to access individual payroll details, check IT declarations and accomplish Pay slips generation.

Pave the Way to Career Growth

Assess your performance for a better career growth and create new paths to success.

Complete Assessment of Daily Activities

Keep a record of your daily in-out timings, attendance and manage leaves without any hassles.

Optimum Level of Time Management

Fully automatic process enables employees to manage their productive hours, thereby increasing productivity.

Achieve Organizational Goals

Identify your roles and responsibilities towards your organization, using the précised performance monitoring.

What Makes TeamWise An Asset For HR Managers?

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Achieve More With Minimum Efforts

Get all core HR tasks done in a few clicks without having to get all the tasks done manually.

Let Employees Participate

Enable employees to efficiently manage routine activities like leave and attendance management.

Endorsing Right People

Have Line Managers handle their respective sub-ordinates solely and monitor their performance as and when required.

Skills Enhancement

Evaluate and enhance the strengths, skills and expertise of an individual through a summarized lot of employee data.

Fully Automated Process

All-automated process to manage routine tasks while utilizing the HR pros’ time in more strategic areas.

Self-Regulated Payroll Generation

A self-regulated Payroll Software that eliminates manual intervention and relieve HRs and payroll managers from getting into the hassles of this tedious task.

What Perks TeamWise Offer To The Top-Level Executives?

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Leading Towards Growth

Analyzing market scenarios and new organizational approaches to direct business in the road to success.

Cashing In Useful Workforce Data

Have a deep look at the employee data to take better decisions on allocating resources in right directions.

Revamp the Meaning of Productivity

Helps in maximum time and resource utilization, thereby multiplying organizational productivity through strategic business initiatives.

Help Building Oneself A Better Leader

Make yourself a true leader by keeping your workforce happy and satisfied feeding them with latest technologies and business processes.

Superior Enterprise Workflow

Fill in the gaps in your business with the best technology for systematic workflow and optimized performance.

Drive Hard Work into Right Direction

Evaluate every individual’s hard work and transform it into achieving organizational goals.

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Having a single HRMS system benefiting all the organizational levels can prove to be very effective in terms of meeting organizational goals with minimum hassles. So, redirect your path to TeamWise, your very own personalized HR Software and leave behind the traditional way of managing your employees’ data for a better workforce with unmatched precision.