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Human Resource (HR) is the heart of any Company or Organization. Companies have designated departments and a group of people in HR who run the entire organization smoothly. HR takes care of the most treasured asset of the organization, its employees. The HR department is responsible to take care of the employees by abiding by the organizational policy and procedures.
The HR department is responsible for overseeing the employee needs from the date they join the company until the last day of their work with the company. Their main roles are employee benefits, recruitment, training and development, performance appraisal, and reward management. The overall objective of the HR department is to ensure that the company is able to reach heights through its people. The main roles of Human Resource Management are as below
- Staffing – This has four main stages namely i) Staffing Plan should be in place to match the revenue expectation of the company ii) Policy pertaining to multiculturalism at work is very imperative as there are employees from different backgrounds iii) Recruitment – finding the right person for the vacancies iv) Selection – Interview, Selection and Proper Compensation here is vital
- Workplace Policies – Every company should have its policies to ensure fairness within the company. HRM department is responsible to develop these policies pertaining to employees, some of them can be Discipline Process Policy, HR Policy, Dress Code, Ethics Policy, Risk Management, Whistle Blower Policy, and so on.
- Wages and Admin Benefits – Wages are paid to the employees against the time and efforts they put in for the company. HRM has to make sure that all the employees are paid according to their skills and caliber. Examples of employee wages include monthly pay, health benefits, travel allowance, sick leave, bonuses, and so on.
- Retention – This process basically involves motivating the employees, give them a good atmosphere to perform, and keep them adhere to the company for the long term. Most of the employees leave the company for these reasons – not satisfied with duties, issues with the manager, not satisfied with the work culture.
- Training and Development – Once the employee is hired, then it is the company’s responsibility to enhance their skills so that the employee can perform in an effective manner. Training is again a key component because of which employees stay happier and stay long-term with the company. Some examples of Training are Job Skills, Communication Training, Team Building Training, Sexual harassment, and so on.
What is HR Payroll?
Payroll is basically a computer-generated register of employees who are compensated by the employer against the time and efforts they put in for their company. It has the below-mentioned functions which any company or an organization has to abide by for the payroll processing of their employees
- An Organization Policy including flexible benefits, leave encashment policy, etc for its employees
- A System generated pay-slip with components like basic, variable pay, HRA, and LTA
- Incorporating other payroll inputs, for instance, any canteen bills or monthly donation towards its CSR initiative (mainly the amount that has to be recovered from its employee on monthly basis)
- Net Pay Calculation to be paid to employees including the calculations of gross pay and statutory as well as non -statutory deductions
- Final salary payment to an employee
- Filing dues like TDS, PF, etc. with concerned authorities
Stages of HR Payroll
The entire payroll process needs proper monitoring and calculations which have to be taken care of by the designed payroll officer of a company. The entire payroll process has three main stages as below
Stage 1 – Pre-Payroll Activities
This stage basically covers about HR Payroll Policy of the Company such as pay policy, leave and benefits policy & attendance policy. The first step is to develop all these policies and get them approved by the Management of the Company for the smooth functioning of the entire payroll process.
The next step is data collection from all the multiple departments of the company. And the final step is validating the entire data before processing the payments. An assurance on any active employee is not missed out and any inactive employee is not paid is very important and crucial.
Stage 2 – Payroll Calculation
In this stage, after validating the data, the entire data of the company is fed into the payroll software which does the required calculations after adjusting the necessary taxes and deductions. Once this process is accomplished it is always a good practice to reconcile the entire data for accuracy and to avoid any errors.
Stage 3- Post Payroll Process
During this last stage, the filling of statutory deductions of EPF, TDS, ESI deducted during the payroll process is very important. The company has to remit the amount to the concerned government authorities. The reports are generated and filed once all the dues are paid.
The next step is payroll accounting which is again very imperative, each and every organization keeps a record of all its financial transactions. Salary is one of the most important operating costs which has to be recorded in books of accounts. Feeding the data into accounting or ERP systems is a part of payroll management.
Challenges involved in processing payroll
Everything comes with a challenge. Softwares are made to make our life easy, but challenges do come with them too. Similarly, this payroll process becomes tedious because of two main reasons
- Statutory Compliance Requirement – If a company or an organization fails to adhere to statutory compliances then it can lead to levy of fines and penalties and in the worst scenario, the existence of business can also be threatened. Today, the software companies have progressed well and there is some advanced software available that can process the payroll adhering to statutory compliances.
- Multiple Payroll Inputs – In the payroll process, there is a huge dependency on other sources like attendance register, conveyance facility, and revised data from HR which make the entire process complicated.
Various Methods Available for your business
There are three types of options available in the market for your business or company
- Excel Based Payroll Management – Small Businesses or companies who are in the initial stage of setup and have a handful of employees can go for this excel based payroll management. This process involves doing calculations on excel sheets that have pre-set standard formulas that can help the payroll officer to do the computation quickly and easily.
- Payroll Outsourcing – Companies that do not have a dedicated payroll office can opt for this option of outsourcing. This basically means you hire an external agency to carry out the entire process of HR Payroll. Every month based on the payment cycle, the company has to provide the salary sheet along with the attendance, leaves, reimbursements, etc to the service provider. Since payroll is one of the most important departments for a company, and most companies want transparency and control over it, so they often are reluctant in outsourcing payroll.
- Payroll Software – The option of buying payroll software is one of the best ideas for all the big and multinational companies as this help in making the salary payments in a timely manner and without any hurdles. There are options of advanced Softwares available in the market which not only automates payroll computation but also assists in leave and attendance management, HR Management, and employee self-service portal. Every company should try to go with this option depending on the size of the employees.
Best Payroll Software for your organization
The move from manual to automated HR payroll software is time-saving and error-free. It not only helps in faster calculations but also does accurate payroll processing because of which the management and other regulatory bodies are happy.
When your company is planning to opt for Payroll Software, the below-mentioned points should always be taken into consideration
- Easy to Operate & Proper Documentation
- Scalability
- Self-Service Unit
- Integrated with Time, Attendance & Leaves
- Integrated with Accounting System
Henry Harvin HR Academy
Henry Harvin is one of the top three notch institutes in India which offers world-class HR Payroll Courses. This institute is ranked at the 3rd position by BestcourseNews.com. This HR Payroll Course teaches details about the entire payroll process that makes the individual become industry-ready for HR-related job offers. This course is a virtual class of 24 hours led by an industry expert and also makes you eligible for CHPRS certification to enhance your skills in payroll processing.
Why Henry Harvin?
The topmost reason for enrolling with Henry Harvin – HR Payroll Course is that they have huge collaboration with Corporates like Tech Mahindra, KPMG, Bajaj Finance, HDFC Bank, GAP, Genpact, and so on. In addition, they also have the best College Clientele like BITS Pilani, IIM Ahmedabad, DIT University, and so on. They have been associated with 160+ corporates and 60+ colleges.
The second reason being its 20+ Media recognitions across the leading newspapers and finally ranked by various portals as the best institute for various courses. In addition, it has also attained 1100+ Google reviews and 200+ Youtube Video Testimonials.
Significant Features of the Course
- 24 hours of Virtual Classes by top-notch industry expert
- Trainers, here are with 10+ years of experience working with top multinational companies
- Ranked 3rd by Trainings360 as one of the best HR payroll Course
- Unlimited Sessions – Once you have enrolled for this course, you are eligible for unlimited batches with the best industry experts
- Access to Learning Management System (LMS) which goes on for a lifetime.
- Reiterate the entire learnings in 12+ Bootcamp sessions by industry experts
- 365 days of Support on Live Projects, Internships, Job Support, Interviews & Career Services.
- Get a globally recognized certification of CHRPS
Who can enroll for this HR Payroll Course?
- HR Specialists
- Freshers looking for a successful career
- Employees who are currently in the Payroll and HR Department, and willing to enhance their skills.
- Employees willing to shift to HR Department
- HR Department willing to get additional certification from a globally certified institute
- Finance Professionals or Payroll Executives
Course Curriculum
This HR Payroll Course by Henry Harvin covers the entire syllabus for an individual to become Industry Expert in Payroll Course. The various broad topics covered under this course are
- Overview of Payroll Management
- Labour Laws Compliance and Computation
- Tax Saving Investment Deductions and Exemptions
- Payroll Processing and Reports
This institute also provides a Complimentary Module on 1) Soft Skills Development & 2) Resume Writing which will add more value to your payroll course.
Certification Process
Henry Harvin has a 4-step certification process for the HR Payroll Course
Step 1 – Enroll yourself after checking the eligibility for the course.
Step 2 – Join the 24 hours of HR Payroll training and add 24 credits to your profile towards the certification process. All the sessions are compulsory to attend before you proceed with applying for a certificate.
Step 3 – You will be committed to working on the mini assignments imparted during the virtual sessions, which would then be checked and verified by the trainers for you to be eligible for the certification process.
Step 4 – Once the course and assignments are accomplished, you will be awarded the HR Payroll Specialized certificate from Henry Harvin. Simultaneously, you can add a hallmark next to your name, get it framed, and share it on social media to increase your value in the industry.
Learning Benefits
An Individual taking up this course will have a plethora of benefits as mentioned below
- Will become expert into the HR Functions
- Will gain theoretical and practical knowledge under this HR Payroll Course
- Will be able to process the payroll of the employees in a timely and accurate manner for any organization
- Will Learn about several Indian Provision Acts
- Will become proficient in payroll auditing, payroll accountancy, salary payments, provident fund, ESI Schemes, Income Tax deductions, Financial Management, Corporate and Labour Laws, and so on.
- Will gain immense knowledge on salary structures and will be able to process the payments
What do you get with the Henry Harvin – HR Payroll Course?
Once you have enrolled for this Henry Harvin – HR Payroll Course, there are 10 huge take away with this course
- CHRPS Certification
- 24 hours Live Training
- Industry related study material
- 1-year subscription to LMS Portal
- Monthly Bootcamps
- Recordings of all the sessions are readily available on your LMS
- Internship Opportunity
- Hallmark Certification of CHRPS
- Placement Assistance
- Opportunity to work with best-known companies
5 Best Institutes for HR Payroll Course
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