Complete Details Payroll Salary Com

Complete Details on Payroll, Salary & Compensation - hr activities
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Complete Details On Payroll, Salary & Compensation

Octavious Started The Discussion:
Hello, I am sharing Complete Details on Payroll, Salary & Compensation that I have collected through various sources This result is efforts of many people who have used their expertise, time & hard work to explain the concept of compensation as simple as possible Thank You Octavious For various links to my posts, kindly visit the links provide herein below http://www.citehr.com/99968-major-hr-links.html Knowledgebase Categories
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DISCUSSION NO.: 99840
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Payroll Management Human Resource is the most vital resource for any organization. It is responsible for each and every decision taken, each and every work done and each and every result. Employees should be managed properly and motivated by providing best remuneration and compensation as per the industry standards. The lucrative compensation will also serve the need for attracting and retaining the best employees. Compensation is the remuneration received by an employee in return for his/her contribution to the organization. It is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. Compensation is an integral part of human resource management which helps in motivating the employees and improving organizational effectiveness. Components of Compensation System Compensation systems are designed keeping in minds the strategic goals and business objectives. Compensation system is designed on the basis of certain factors after analyzing the job work and responsibilities. Components of a compensation system are as follows:
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Types of Compensation Compensation provided to employees can direct in the form of monetary benefits and/or indirect in the form of non-monetary benefits known as perks, time off, etc. Compensation does not include only salary but it is the sum total of all rewards and allowances provided to the employees in return for their services. If the compensation offered is effectively managed, it contributes to high organizational productivity. Direct Compensation Direct compensation refers to monetary benefits offered and provided to employees in return of the services they provide to the organization. The monetary benefits include basic salary, house rent allowance, conveyance, leave travel allowance, medical reimbursements, special allowances, bonus, Pf/Gratuity, etc. They are given at a regular interval at a definite time.
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Indirect Compensation Indirect compensation refers to non-monetary benefits offered and provided to employees in lieu of the services provided by them to the organization. They include Leave Policy, Overtime Policy, Car policy, Hospitalization, Insurance, Leave travel Assistance Limits, Retirement Benefits, Holiday Homes.
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Topic Categories >> leave policy provident fund
hr activities
direct compensation
compensation and benefits organizational effectiveness hr monthly about payroll pf benefits Need of Compensation Management
A good compensation package is important to motivate the employees to increase the organizational productivity. Unless compensation is provided no one will come and work for the organization. Thus, compensation helps in running an organization effectively and accomplishing its goals. Salary is just a part of the compensation system, the employees have other psychological and self-actualization needs to fulfill. Thus, compensation serves the purpose. The most competitive compensation will help the organization to attract and sustain the best talent. The compensation package should be as per industry standards.
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Strategic Compensation Strategic compensation is determining and providing the compensation packages to the employees that are aligned with the business goals and objectives. In todays competitive scenario organizations have to take special measures regarding compensation of the employees so that the organizations retain the valuable employees. The compensation systems have changed from traditional ones to strategic compensation systems.
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Location-India-Mumbai Evolution Of Compensation Todays compensation systems have come from a long way. With the changing organizational structures workers need and compensation systems have also been changing. From the bureaucratic organizations to the participative organizations, employees have started asking for their rights and appropriate compensations. The higher education standards and higher skills required for the jobs have made the organizations provide competitive compensations to their employees. Compensation strategy is derived from the business strategy. The business goals and objectives are aligned with the HR strategies. Then the compensation committee or the concerned authority formulates the compensation strategy. It depends on both internal and external factors as well as the life cycle of an organization.
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Evolution of Strategic Compensation
Traditional Compensation Systems In the traditional organizational structures, employees were expected to work hard and obey the bosses orders. In return they were provided with job security, salary increments and promotions annually. The salary was determined on the basis of the job work and the years of experience the employee is holding. Some of the organizations provided for retirement benefits such as, pension plans, for the employees. It was assumed that humans work for money, there was no space for other psychological and social needs of workers.
Change in Compensation Systems With the behavioral science theories and evolution of labour and trade unions, employees started asking for their rights. Maslow brought in the need hierarchy for the rights of the employees. He stated that employees do not work only for money but there are other needs too which they want to satisfy from there job, i.e. social needs, psychological needs, safety needs, self-actualization, etc. Now the employees were being treated as human resource. Their performance was being measured and appraised based on the organizational and individual performance. Competition among employees existed. Employees were expected to work hard to have the job security. The compensation system was designed on the basis of job work and related proficiency of the employee.
Todays Modern Compensation Systems Today the compensation systems are designed aligned to the business goals and strategies. The employees are expected to work and take their own decisions. Authority is being delegated. Employees feel secured and valued in the organization. Organizations offer monetary and non-monetary benefits to attract and retain the best talents in the competitive environment. Some of the benefits are special allowances like mobile, companys vehicle; House rent allowances; statutory leaves, etc. Payroll Management Process
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traditional manual method of payroll processing and some go for the advanced payroll processing software. An organization opts for any of the following payroll processing methods available Manual System Manual payroll system is the traditional payroll system which involves pen and ink, adding machine, spreadsheet, etc instead of computers, software and other computerized aids. The process was very popular when there were no computerized means for payroll processing. Now-a-days it is only few small scale organizations in the remote areas that use the manual payroll. Sometimes the construction industry and manufacturing industry also use the manual payroll systems for the contractual labour, as theses contracts are on daily/weekly basis. There is full control in the hands of owner. But the process is tedious, time consuming and risky as it is more prone to errors.
Accountant Accountant is a professional having a degree/diploma course in finance/accountancy. He/she is responsible for all the activities related to payroll accounting. He/she has the sound knowledge of accounting principles and globally accepted standards. The process adds costs to the organization. It involves paying someone who is responsible for calculating the salaries of others. The financial control regarding salary goes in the hand of accountant. Payroll Software In todays computerized environment, payroll system has also developed itself into automated software that performs every action needed by the payroll process. It helps in calculating the payable amounts and deductions very easily. It also helps in generating the
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working. Payroll Outsourcing Payroll outsourcing involves a third party (an outsourcing company) in the calculations of salaries and deductions. The outsourcing organization is responsible for all the activities of the payroll accounting. It saves time and cost for the organization. If there is more number of employees (say more than 900-1000) in the organization, payroll outsourcing would be very much beneficial. The data is provided to the consultants/outsourcing firms. The various payroll functions undertaken by the outsourcing organizations are as follows: < ul>Analysis of Payroll records, payroll taxes Medical claim processing Employee Insurance & Provident fund processing
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SALARY WORD.zip (222.4 KB, 40026 views) SALARY PDF-PPT.zip (3.03 MB, 24460 views) SALARY EXCEL.zip (551.1 KB, 37401 views) payroll & reward ppt.zip (1.29 MB, 14506 views)
[ Vijayabaskar ]
Member Since: Mar 2007
very usefull information , pls continue the good work. hi any one having the IR Case studies - relating to strikes & lock outs
[ Mycareer ] Member Since: Feb 2008 Hi, Thanks alot octavious. I have seen you with a great knowledge and would like to know more about u. Let me know ur background,the way u had improved urself,... Regards, buddy.
[ Hema.hr ] Member Since: May 2008 Dear Sir, You are the best guide Thanks a loooooooooooooooooot for all the information shared by you Regards Hema
[ Kusuma66 ] Member Since: Mar 2008
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very good posting and thanks for the same . we all have gained much more information on pay roll than required. Thanks for sharing such a good posting............. Regards, Kavitha
[ Ruchika_Rohilla21 ]
Member Since: Aug 2007 (Contributing Member)
Thanks Dear, This info is very helpful. But can you also tell me about the Cost of living analysysi in delhi as we want to start the City compensatory allownace in our company. REgards, Ruchika
[ Navrozpanjwani ] Member Since: Feb 2007 (Contributing Member) Hi Octavious, This is something Fabulous - The value of this work is known in dept to a person working in Payroll. Thank you very much for the details concept of Compensation. Thanks and Best Wishes, Navroz Panjwani
[ Manish.sincere@Gmail.com ] Member Since: May 2008 pretty good info. thanks buddy. would you have a excel with salary levels/designations and experinece?
[ Garginaha ]
Member Since: Jan 2008
HI! Your posts are really very helpful. Im learning lots of things from u....Thanx once again... Regards, Gargi
[ Ajsahib ] Member Since: Nov 2006 (Contributing Member) Dear octavious, Thanks for posting such good information. It is really very helpful. Regards, Ashish
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Complete Details on Payroll, Salary & Compensation - hr activities

FIND INFORMATION HOME ANSWERED NEW

Finance Legal Section

Complete Details On Payroll, Salary & Compensation

Complete List Of Categories

Complete Details on Payroll, Salary & Compensation - hr activities

FIND INFORMATION HOME ANSWERED NEW

Finance Legal Section

Complete Details on Payroll, Salary & Compensation - hr activities

FIND INFORMATION HOME ANSWERED NEW

Finance Legal Section

Topic Categories >> leave policy provident fund

employers contribution salary slips

leave travel allowance basic pay hr field comp & benefit

tax exemption salary break up monthly report payroll processing

Complete Details on Payroll, Salary & Compensation - hr activities

FIND INFORMATION HOME ANSWERED NEW

Finance Legal Section

Evolution of Strategic Compensation

Complete Details on Payroll, Salary & Compensation - hr activities

FIND INFORMATION HOME ANSWERED NEW

Finance Legal Section

Complete Details on Payroll, Salary & Compensation - hr activities

FIND INFORMATION HOME ANSWERED NEW

Finance Legal Section

Member Since: Mar 2007

[ Kusuma66 ] Member Since: Mar 2008

Complete Details on Payroll, Salary & Compensation - hr activities

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Member Since: Aug 2007 (Contributing Member)

Member Since: Jan 2008

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Complete Details on Payroll, Salary & Compensation - hr activities

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