Archives

The payroll process acquires a great sense of importance for business, especially from small to midsize range, during any period whereupon the fiscal period of a company is coming to an end. Such tasks as movement of employees inside or outside of the organization, deadlines for projects and final sales push are all compounded by an innate need to ensure that financial requirements to be finalized. Human Resource Management System, in all its encompassing state, is mainly responsible for making sure that all of these concerns have been quite satisfied. Easy payroll facilitation require, however, some proper financial planning to ensure that all employees receive their allotted finances in a timely manner. However, there are some tips, which should be followed to ensure that employees continue to receive paychecks without not having any noticeable burden upon the company’s own assets.

A proper plan additional payroll allotments

It is very important for any financial year to end on a positive note for any company, and this include all aspects of the company’s most direct concerns. Some of these may include effective bonuses, incentives, and other financial allotments, which are quite apart from the job based salaries promised. Under such a scenario, it is very important that all accounting concerns are satisfied well ahead of time. Doing so will allow the HRMS to properly satisfy all possible financial concerns well before the time promised.

The implementation of proper payroll management software

Software has been a blessing for all industries, and perfect for such a complex and exhausting task as disseminating all payroll concerns while keeping the entire status of any form of brick-and-mortar system completely updated. Any effective payroll software would not only ensure that proper maintenance of paycheck concerns are satisfied, but would also keep check with regards to various forms of tax returns and other financial returns that the company might be obligated to satisfy. A great example would be the Spine Payroll software, which effectively ensures that all the payroll concerns mentioned above are met with application of high performing computing technology.

An encompassing assurance of keeping all information detailed but easy to access

For any organization, maintaining the relevant information with respect to every employee is complex and filled with hard work simply because there is so much to do. Moreover, these information pool has a continued to be constantly updated, and yet to be tracked in terms of past status. This points to the extremely essential need to connect Human Resource Information System (HRIS) with the HRMS. A software like Spine HR Suite can ensure that such a state of affairs are effectively managed with no overhead costs being sustained by the organization at large.

Keep the documents ready for additional reviews

Despite the large scale, and often confusing heaps of data that year-end payroll obligations bring forth. It is important to, at least, perform a single all-encompassing review of all the activities that the company has engaged in a comparatively shorter amount of time. Spine Technologies can aid in ensuring that such activities are as foolproof as humanly possible.

These tips would quite effectively help in assuring that all of company’s obligations and promises to every stakeholder has been met with, and the fiscal year could reflect upon the profit and loss figure could be properly and correctly estimated. This would all lead to a new start of planning with new plans and theories, but amongst all of them payroll process should not be discounted for.

Employee retention and turnover are two sides of the same coin. In every company, HR policies and processes cover both joining employees and leaving employees. On boarding and training are critical elements for the former, while exit interviews are essential for the latter.

For employers, exit interviews matter because they provide valuable information in terms of (employees’) perceptions, morale, troublesome trends and problem areas (e.g. bullying or sexual harassment).

For employees, an exit interview can be a tempting opportunity for no-holds-barred venting about their horrible experience ‘slogging’ for the ‘company from hell’. Often, expressing such frustration or anger is likely to be taken as sour grapes or bitterness rather than as constructive feedback.

To avoid leaving a poor impression of you after you leave, resist the temptation to offload, and limit your exit interview discussion to the below elements:

1. Full and Final Settlement

Payroll processing for employees who have resigned and are now serving their notice period typically takes longer than it does for regular employees. An exit interview is a good time to ask for details about your full and final (FnF) settlement – amount, release date, tax payable, etc. Also ask about its break-up – salary, reimbursements, arrears, applicable bonus, etc.

It is also a good idea to ask about the correct contact person in HR or Payroll who can answer any questions you may have about your FnF.

2. Letters of recommendation/reference

Ideally, recommendation letters should already be written before the exit interview so the employee doesn’t have to worry about the impact on their evaluation. However, the manner of your departure can have negative consequences for you in this area so be careful about what you say in the interview. Ask when the letters will be available.

3. Experience certificate

In some companies, outgoing employees can download their experience certificate from the self-service module of the company’s HRMS system. If your company does not use a system, ask your exit interviewer when you can expect to receive it and from whom.

4. Letter of resignation acceptance

Your exit interview may be a formal step to indicate the company’s acceptance of your resignation. It may be preceded by an email from your direct supervisor and HR representative acknowledging your resignation. Some companies also provide letters or send notifications to indicate resignation acceptance. An exit interview is a good time to discuss this document and its contents.

5. Leave balance

Discuss your leave balance and ask if you can either convert your remaining leaves into a monetary payout or if you can utilize them to shorten your notice period.

6. Other documents

Ask about any other documents that you are entitled to, including letters, certificates, pay slips, etc.

To ensure that you don’t burn any bridges, here are some useful ‘exit interview tips’:

• Remain cordial and respectful, even if you are angry/frustrated/disappointed
• Stick to the facts, not opinions
• Include positive feedback

Avoid giving negative feedback but if you have to, keep it general and never, ever make personal attack