The increasing expectations of the employee to know the status of various components of employment has created a demand for a smart payroll solution. Likewise, there is also an equivalent demand for a smart payroll solution by employers to know their employees so as to use their skills to the best potential possible.
Some of the features sought or prominent features expected by organizations are discussed in the preceding paragraphs.
Employee data management
A smart payroll solution which has a master set of features to select from will empower employers to know exactly what they want about their employees. This is a data bank of the entire employment history along with their skill set, time and aspirations.
This data bank will give a complete employment history of the employee from hire to retire. This will include information like past performance of the employee, the rise or fall in the slope of the performance graph of the employee, the appraisal sections-what was pointed out as areas of improvement, what was appreciated. All complain and grievances of the employee, knowledge of specific, specialised trainings attended.
Labour iteration management
This data bank is also helpful in controlling and/or preparing for labour iteration. When the trend of labour iteration is known, this information will empower the management to put a plan together to keep the manufacturing unit running. To keep it running, the management can easily hire candidates with relevant experience from the data bank.
Attendance and leave tracking
To know and track employees’ efforts is as important for an organisation. A smart payroll solution which has the feature to integrate biometric system is an empowering tool for the management. Since all the time spent by an employee in the organisation is cost to the project, it is only fair that the employees’ time and efforts are also well utilized.
With such a biometric integrated smart solution, attendance tracking in real time is empowering the management to utilize resources to the right project. With biometric integrated smart solution, it becomes absolutely impossible for any manipulation. It will also help in implementing authorised leave concept and excess leave can be considered as Loss of Pay. Also it gives advance intimation for the concerned authorities to have a backup for the team members on leave and ensure smooth and on time productivity.
On-time payroll processing
With this system in place, it becomes absolutely convenient to process payroll accurately and on time. Since all the necessary and relevant information is in the system, it is only convenient to process payroll easily, and so accurately that there will be no objections or questions raised. And also since all this information is in the system and the payroll is processed in accordance with the set norms, it is further convenient to extract reports for audit in no time at all. All this is effective payroll processing and audit control.
Statutory and Audit control
Every place which has a manufacturing unit has to follow set government statutory norms. The operations have to be in compliance with these norms. With a smart biometric integrated payroll solution, it becomes easy to know at a glance all the benefits given to labours including the overtime (OT) benefits in a single report. This reports which can easily be extracted using the MIS reporting feature of the solution.
Employee Self Service (ESS)
After a long day it will be imposing on the employee to get to office only to log in the time spend on a project. A smart payroll solution which is ESS enabled will definitely be a blessing.
With such a user-friendly solution employees will readily log in their effort hours. It also will empower them to log in to check the various components of their employment like salary, leaves available, benefits, tax and many more.
This is one feature every company wants. Every quarter the leadership team sits down to analyse the various components of a project to ensure it is on track and on time. It will be a burden to extract all the necessary reports from various systems to facilitate this discussion.
A smart payroll solution with MIS reporting feature is the most sought after to facilitate and empower the decision makers to conclude. With MIS reporting all the possible ad-hock reports to know the actual cost on each project is reported. This will definitely facilitate and empower them to put together a better plan to optimise the cost and time of the project.
The smart HR-Payroll solution from IDBS is one of the best smart solutions, which has put a lot of smiles on many industry leaders.