Must Have Modules Of The HR Payroll System
The basic understanding of having a payroll system is to have the employee database with minimum bare information of the commercials. Other important features which are necessary for payroll processing are delivered as add on a feature by the payroll software companies.
While deciding on the kind of payroll software you want to zero down on, you must ensure that it is beneficial for both the employer and the employee. Listed below are some of the basic modules every HR payroll system must have:
● Payroll Processing: The basic need and function of the software are to automate the accurate calculation of the wages based on different criteria, benefits, and compliance features. This helps in timely payouts reducing the processing cost and saving on the tax penalties the companies might incur due to manual errors. To further ease this process of payroll processing, the following basic modules should be integrated as they are required for payroll calculations.
● Recruitment Module: As the employee life cycle begins as soon as the candidate is shortlisted and is interviewed. Including strong recruitment, the module is a must in your software. This module has the capability of creating job advertisements, managing applications, administering candidates’ documents, etc. Capturing the details of the potential employee begins at this stage. Which can then be continued in the next module saving time in re-entering the details of the candidate, now an employee.
● Onboarding: Giving a congenial and welcoming environment to the new hires is the first step. Sending the required forms as per the compliance requirements and getting them filled helps in reducing the first-day paperwork hassle. Getting to know about the organization, management, departments can be simplified by automating this process.
Notifications to the relevant functions, issuance of the required assets can be managed smoothly.
● Time And Attendance: Keeping a track of the attendance and timing regularities, biometric information is the major benefit of this module. Integrating this module with the payroll module helps in easy and timely calculations of the monetary benefits that an employee is entitled to. For employees and managers, it is great to help in tracking the shifts and overtime schedules through the built-in calendar of this feature.
● Leaves And Holidays: By aligning the company policy, it gives a detailed history of the employee leaves and works offs. Applying and tracking of leaves by the employee, approval by the managers becomes easy by having this module in the payroll system.
The integration will also help in calculations of the rewards for the unclaimed leaves as per the company policy.
● Benefits Administration: Along with the normal automated payroll process which is the basic function of the payroll software, this module helps in educating and enrolling the employees in various benefits schemes like healthcare, pension, welfare, etc. This feature gives a clear understanding of the costs and contribution breakdowns.
● Learning And Development: Centralization of all the training data makes it easy to access from anywhere. It also helps in easy and effective knowledge transfer as the same can be tracked and assessed online. Having reported on the allocated training budget versus actual training expenditure can be done in a few clicks. This module greatly helps in reducing the overall training cost and provides the full visibility of the training process.
● HR Analytics: By integrating this module with other business modules gives you an oversight of the overall performance of the organization. This module helps in strategizing the business policies, cost-benefit analysis to plan and improvise the performance.
It is important to choose the right software with the intent that employees should get the maximum possible benefits which in turn will make them happier and more productive. By providing an integrated payroll software that includes all of the above will make everyone’s life simple.