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For many business owners and HR professionals, payroll can feel like a never-ending chore. Every month, hours are spent tracking employee hours, double-checking calculations, reconciling discrepancies.
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Payroll processing is a complex task that every organization must handle with care. Accurate and timely payroll generation ensures that employees are paid correctly. It also keeps the company compliant with evolving tax laws and regulations.
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Payroll calculation is one of the most important activities in any organisation. For payroll managers, ensuring accurate and timely salary disbursement is crucial—not only to keep employees satisfied but also to comply with numerous legal and tax regulations.
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Young employees often get confused between different salary terms. It is important to understand these concepts when joining a new company. We will clarify these terms and provide an example of take-home salary calculation to help you understand salary structures.
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We often wonder why business owners don’t invest in payroll software. Even when they know that a payroll system automates complex calculations and reduces the risk of human error.
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Ask any business owner in private, and they will agree: payroll generation is a headache. And we are not talking about generating funds for salaries every month. Even payroll processing is a complex and lengthy process.
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Payroll processing refers to the series of steps an organization undertakes to calculate and distribute wages or salaries to its employees. This includes: determining how much each employee earns, and also managing various deductions (such as taxes and benefits) before arriving at their final take-home pay.
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Payroll generation is an integral part of any business, but it can often be a time-consuming and complex process. We see payroll managers struggling every month, coordinating between accounts departments, HR managers, line managers. We see them losing their mind over calculations of salaries, uploading Excel sheets and many other mundane tasks.
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What Is Data-Driven HR?
Human resources have undergone a significant transformation in recent years. No longer is it solely focused on hiring and firing employees. It has evolved into a strategic function that can drive business success. One crucial tool that HR can leverage to achieve this is data.
This has become more and more affordable as HR tools like HRMS software capture a large amount of relevant HR data. This is a goldmine for business owners, with a data-driven HR approach.
Data-driven HR means using data analytics to make informed decisions about workforce management. In other words, it’s all about using data to inform and guide the HR function.
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Diagnostic centres are under huge pressure to deliver. As the demand for services is high due to the pandemic. It is not just a business but a responsibility to handle the mounting pressure well.
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