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Payroll refers to the process by which an employee gets compensated in form of salary, sometimes by shares, commission and other benefits .
Payroll deals with employees’ compensation while human resources takes care of employee relations and engagement.
A streamlined payroll process can be split into three stages — Pre-payroll, Pay run and Post-payroll.
Payroll outsourcing is the process of engaging an external vendor to handle the administrative and compliance functions of paying employees. It includes
It varies from organisation to organisation. It depends on several factors, such as number of employees, whether a company has time to handle the complexity of the manpower laws regarding employment. In many cases, the time and cost of setting up and administering a local payroll cannot be justified, so the payroll functions are outsourced to a Payroll expert.
Companies choose to outsource payroll for several primary reasons:
Depending on their needs, a company may customize the payroll services that they outsource, while retaining control of other aspects.
Payroll processing inside your business is a time-consuming and tasking process. Keeping track of benefit deductions, new hires, allowances, paid and un-paid leave as well as CPF,IRAS,MOM reports can be frustrating tasks. Each month significant man-hours are spent preparing payroll and ensuring timely payslip distribution. Outsourcing payroll allows stakeholders to concentrate on their core business and frees up the business owner, human resources or accounting personnel to work more on strategic tasks that could ultimately benefit the overall organisational growth. Regardless of the number of people employed by your business, attending to payroll demands a great deal of time and attention to detail.
To add on to the already complex process, multiple currencies, multiple pay frequencies, complex commission & allowance determination, termination, different OT & Pay Structures and multiple pay periods requires the business owner to input critical amounts of data and double-checking for any keying errors. These time consuming repetitive clerical tasks should not be the precious hours taken away from a key management’s daily productivity. Employers only need to make contact with their outsourced payroll specialist by approving attendance & draft payroll once each pay period
Following are the few key factors to consider prior to outsourcing, to minimize any issues with service quality:
Apart from the above, leave like Un-paid Leave, Marriage Leave, Compassionate Leave, Garden Leave, Sabbatical Leave , etc depends on the employment agreement.
To know more about the leave eligibility & entitlement -click here
Managing talent within the organization, brand building, enhancement of corporate culture, the human resources department aims to bring out the best in employees, thus contributing to the success of the organization. The primary responsibility of the human resources department is to attract ,hire, engage and motivate talents
The HR department is also responsible for motivating employees by developing compensation packages that may include holiday or bonus awards, benefits and salary increments. HR also develops training programs and ensures that employees follow a general direction by reminding them of the organization’s goals and culture.
Many payroll activities are related to HR issues so the payroll and human resource departments must co-d ordinate shared functions. This includes recruitment, salary increases, bonus payments, benefit deductions, leave management and firing employees. The human resources department must be sensitive to the time devoted to payroll processing because as the champion of employee relations, they’ll face issues directly if salaries aren’t processed correctly and on time.
The payroll and HR departments are also privy to confidential employee data, including financial information, NRIC numbers, family particulars and home addresses. The two departments must work together to ensure that this information managed securely and doesn’t fall prey to unauthorized individuals or companies
Generally Payroll functions are covered by either the finance department or human resource department in most organizations. Essentially, payroll is numbers driven and deals with people and calls for knowledge of people management, pay policy and tax laws. Thus, many experts believe it should be positioned individually as a standalone department with deep finance and HR ties.
There are legal requirements associated with the maintenance of records and safe-keeping. Policies should be in place on where the P-files are stored and who has the authority to access them. Essentially, P-Files are kept for up to 7 years after the cessation of employment in Singapore.
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