Compensation & Payroll

Compensation & Payroll

Employee Benefits

 

Companies provide their employees and workers with a variety of benefits. These benefits are basically forms of value or services that are provided by an employer to his employees for their contribution in the performance of the organisation. Such benefits are an important component of a company's remuneration package for attracting and retaining its employees. The benefits serve as incentives to the employees and encourage them to work harder for the organisation.

The employee benefits of a company generally includes:-

1. Wages

2. Bonus

3. Social security benefits (Provident Fund, Gratuity, Insurance etc.)

4. Different types and number of leaves

Read More on Employee Benefits

 

 

Payroll Management

 

Payroll management refers to administration of the financial records of employees’ salaries, wages, bonus, net pay and deductions.

In medium and large sized corporate groups, the Human Resource department takes care of Payroll. However, this is not the case in small businesses, which do not have a separate HR department. In small firms, the owner or sometimes the key manager generally take charge of the payroll system. Lack of subject knowledge, poor awareness about legal compliance and scarcity of first hand experience can make the task of payroll management difficult for small firms.

Prevalent payroll systems are:

1. Manual System

2. Accountant

3. Payroll Software

4. Payroll Outsourcing

Read More on Payroll Management