TalentPro’s Human Resources blog is a knowledge portal where we discuss the latest and best practices related to the Human Resources Industry. The portal educates the reader in various areas of interest such as Payroll, Compliances, Staffing, Human Resource Management Services (HRMS), Recruiting, etc.

Third-Party Payroll in 2020- Less Stress, More Efficiency

Third-Party Payroll in 2020- Less Stress, More Efficiency

2020 is finally here, and with it come a whole new set of challenges for organizations in terms of finding and retaining the right talent. Workplaces are continually evolving to keep with the times and the ever-changing needs of the marketplace. With Glassdoor’s chief economist Andrew Chamberlain declaring that employees would be organizations’ sole focus in the year ahead, the race is on for employers to find, manage, and retain the best talent. A survey by Paycor found that 2020...

What is the importance of having an HRMS?

What is the importance of having an HRMS?

HRMS is an integrated system providing information that is used by the HR department in various strategic decision making. These days’ majority of the corporates have an HRMS portal. It is an important tool by which any company can keep track of all its employees and information about them. The company may choose to store many kinds of vital information such as employee demographics, benefits tracking, and performance-related information. To cover all day-to-day HR tasks and personnel and payroll needs, you...

How to Simplify Your Organization’s Payroll Process?

How to Simplify Your Organization’s Payroll Process?

This blog focusses on various ways to simplify the payroll management system in your organization. Payroll processing is an ever-changing process and a complicated one too. Payroll process, in reality, is a very complicated process, and it generally refers to the administration of employee's financial records, including salaries, wages, bonuses, deductions, and net pay. Payroll processing is, of course, a very time-consuming process. As such, the Indian corporate houses resort to payroll outsourcing to some of the very best payroll processing companies...

A Primer to Payroll Taxes

A Primer to Payroll Taxes

Payroll Taxes are taxes that are deducted from an employee’s salary by an employer. Payroll taxes are usually a small percentage that is deducted from an employee’s salary. These taxes are used for various purposes and to cover programs such as medical insurance and social security for employees. This is done when employers deduct those amounts and send them to appropriate government agencies. This is how employees look out for their employee's interests. The Basic Categories of Payroll Tax Payroll taxes...

How staffing industry in India grown over the past five years

How staffing industry in India grown over the past five years?

The staffing industry in India has grown to an extraordinary level, especially in the area of a third-party payroll service provider. Staffing in India has shown much activity with the growth of business and commerce. Temporary staffing has shown remarkable growth over the last few years. In simple words, the staffing industry is all poised to make a giant leap in the coming years. Over the past five years, the industry has grown at a rate of 20-25% per year, and...

The Rise of Flexi Staffing - Tomorrow's Workforce

The Rise of Flexi Staffing – Tomorrow’s Workforce

Flexi staffing refers to the situation where organizations hire employees temporarily, either for a fixed period or until the completion of a task. These employees can be from staffing agencies or referrals on a contract basis. Flexi staffing is becoming increasingly popular among workplaces to complete short-term projects and goals effectively.Flexi staffing also helps organizations who might require a lot of workforce during a specific period. Temporary employees who are sent to an organization from Staffing Companies for a specific set periodLeased employees, a portion of the workforce from a...

The Company Law Act Amendment

The Company Law Act Amendment- How it Affects Corporate India

Organizations and companies in a nation or society are subject to scrutiny as well. When organizations or companies are held accountable for their actions according to a set of regulations, it is called compliance. It refers to an organization adhering to a set of laws and rules that governs how it does business. Statutory Compliance takes care of how an organization treats its staff, the payment of wages, and the treatment of its consumers — thus making corporations behave responsibly. Major Compliances in India:Businesses and organizations must adhere to...

Revolutionizing Payroll Through Artificial Intelligence

Revolutionizing Payroll Through Artificial Intelligence

AI or artificial intelligence is slowly catching on as a viable means of streamlining key HR processes. Using AI could help managers and organizations take key decisions in lesser time periods by providing real-time information and analysis. This extends to all components of HR, such as payroll, recruitment, and talent acquisition as well. According to the Mercer Global Talent Trend Report, 2019, 88% of companies globally are reliant on AI in some form or the other, already. 100% of Chinese...

How Digital Marketing is Changing Recruitment and Staffing

How Digital Marketing is Changing Recruitment and Staffing

In this digital age, digital marketing is gaining prominence even in the field staffing services and is helping to change the face of recruitment and staffing. Nowadays, most of the companies use the services of various staffing services companies for manpower need fulfillment. Digital marketing is changing the face of recruitment and staffing in today’s world. It helps to speed up the entire process. Helps to reach the qualified candidates quicker Digital technology has become an integrated part and parcel of recruitment process outsourcing firms. Today’s...

10 Innovative Hiring Strategies for 2020

Today’s world markets are in a constant state of flux. There is a frantic struggle to keep up with developments across various fields and markets. Aspects such as government policies, trade, international all impact how markets constantly evolve, which in turn will impact the hiring and staffing strategy of major organizations. As the year is almost at an end and a new one dawns, companies must be flexible yet taut when the time comes to hire the best talent for their firms....

Remote Workforces

Remote Workforces – The Next Big Thing

Cutthroat competitiveness has become stable across markets and workplaces globally. Employers and investors must consistently keep abreast of the competition by turning to innovative strategies that give them an edge. Organizations are attempting to get the best out of their employees as well as stay effective is using remote workplaces. Remote WorkplacesRemote workplaces refer to the concept where employees do not have to be in a physical office space to execute their tasks. Employees that may find it difficult to commute to work or may not be within...

Switching Jobs

Switching Jobs in the middle of the Financial Year? Here’s How to Deal with Multiple Form 16s

These days’ professionals often tend to switch their jobs as if they get better paymasters. Form 16s is one of the most critical documents for filing income tax return at the end of a financial year. This form contains a summary of taxes deducted by your employer and deposited against your PAN with the government. This form also includes a summary of the total amount that is actually paid by the employer to the employee. Managed payroll services are an important part and parcel of handling form 16s if an...

Payroll Statutory Compliance – The Factors that Drive It

Payroll Statutory Compliance – The Factors that Drive It

Payroll is a process central to any organization. It directly affects how an organization does business, how it treats its employees, its growth, and several other ways. Payroll may refer to not just the list of employees and their records but the task of managing them as well. Payroll processing is indeed a grueling task, one that has no margin for error. The consequences would be detrimental to the organization’s growth. In this regard, most HR managers choose to outsource...

The Compliance Calendar: A Guide to Crucial Dates for HR Managers

The new year is fast approaching, and with it come afresh set of tasks and challenges. Below are some important dates to be taken note. These dates are as per Labour Compliance in India and are consistent across all companies.TDS is tax deducted at the source; This means that employees whoa repaid a certain amount of money will have a small percentage of deducted as per managers can quickly finish this task by using the ITNS 281 challan.The ITNS 281 challan is a tax payment challan...

What is the penalty for not paying payroll taxes?

What is the penalty for not paying payroll taxes?

TAX bills are bad enough, but worse are the penalties involved with the non-payment of the same. There may be many reasons for the penalty to be levied, but the chief reason is either failure to pay the amount or not adhering to income tax return processing and filing. It can be also due to several retirement account inactions or non-possession of health insurance and not paying the full tax money. There are many different ways in which the IRS...

SEZs and Labour Law Compliance: Protecting Worker Interests

SEZs and Labour Law Compliance: Protecting Worker Interests

Special economic zone (SEZs) are a direct consequence of the phenomenon of foreign direct investment (FDI). In simpler terms, SEZs are geographical areas within a country that have different laws and systems than other geographic regions. These zones are designated for trade and business and the overall economic development of surrounding areas. Some of the earliest, most successful SEZs are in China, with the most successful one in Shenzhen province. They have been operational since the 1980s.SEZs in IndiaIndia set up an export processing zone (EPZ), one...

Payroll Structures in India: All you need to know

Payroll structure is the details of the salary that have been offered in terms of the breakup of different components constituting the compensation. Knowledge of the components is very crucial to the employee as he gets an idea about how much goes into forced savings and what kind of tax exemptions to claim.Components of Pay Structure in IndiaBasic SalaryIt is the base income of an employee, comprising of 35% - 50% of the total salary. This is determined by the designation of the employee and the industry...

Why Strategic Talent Sourcing is Key to High-Quality Hires?

Why Strategic Talent Sourcing is Key to High-Quality Hires?

Talent sourcing strategies are the first step in getting the best talents on board. It is both time-efficient and cost-effective. Let us see the entire process in a bit of detail.What is talent sourcing?Talent sourcing is a structured method of identifying, engaging, and networking with relevant talent pools of best fit. It is also defined as to finding prospective candidates to generate a steady flow for current and future positions.Talent sourcing strategies are very important for high-quality hires due to the following reasons:High quality hires need analysis based...

Special Compliance Requirements for Government Contractors

Special Compliance Requirements for Government Contractors

Government contracts, as the name suggests, are those undertaken or signed by state or central governments. They are initiatives signed for various purposes such as construction and maintenance, manpower and staffing, IT-related projects, and so on. Government contract compliance is a constantly evolving challenge While one of the parties in the contract is the government, the other part is typically an organization that carries out the activities in the contract. They are called contractors. Types Contracts in India are of 4 major types:Fixed...

Payroll Fraud: Prevention is Better Than the Cure

Payroll Fraud: Prevention is Better Than the Cure

Payroll processing services play a significant role in the running of any organization. The overseeing of processes that are involved in the payment of wages to employees is one of the HR department or manager’s chief objectives. Of course, when it comes to payroll, it encompasses various elements. Some of these include:Tax computation and deduction Benefit awards Gross wage estimate and award Employee record upkeep.In most cases, organizations outsource most or all these processes to payroll outsourcing services. These third-party concerns take...

Is your Payroll Statutory Compliant?

Is your Payroll Statutory Compliant?

This Blog deals with the subject matter, whether the payroll system that you are using is statutory compliant or not? It is very must for the companies to use a statutory compliant payroll system. What is Statutory Compliance in HR means? Statutory compliance in HR, refers to the legal framework within which the organizations must operate. Every country has many laws to which the companies must adhere to. A lot of company’s efforts and resources often go into ensuring compliance with...

10 Reasons Why Executive Search is the Most Effective for your company

10 Reasons Why Executive Search is the Most Effective for your company

Here are some important reasons as to why Executive search firms are just so necessary for your company. This blog details some of the essential criteria that still make these firms so relevant. Recruiting the best candidates is not easy; it is labor-intensive, complex, and requires people skills and business expertise. Here are some reasons as to why you need to hire an executive search firm.Recruiting a senior executive candidate: It comes to hiring a senior person; it is just not easy; it...

How to Identify and Overcome Challenges of Payroll Processing

How to Identify and Overcome Challenges of Payroll Processing Services

Today payroll processing services are an essential HR activity of any organization. This post deals with challenges of payroll outsourcing and the ways to overcome those challenges.   Compliance:   For a business that runs in several places, ensuring a standard payroll process with respect to local federal bodies becomes a challenge. Good corporate governance is a must for companies, and not meeting legal obligations will cost the company a high cost. An ideal payroll process is generally formulated by keeping the industry standards...

The Pitfalls of Manual Payroll Processing

The Pitfalls of Manual Payroll Processing

According to an online report, 25% of American organizations still rely on traditional paper and pencil methods when it comes to calculating and processing payroll. Payroll includes processes such as the maintenance of employee records and the calculation of salaries/ wages, processing taxes, and so on. Some organizations that have just started tend to go in for manual payroll process as a way of keeping costs down instead of looking at payroll outsourcing services. Manual Payroll: Manual payroll typically is seen...

Data security – Major Concern in Outsourcing

Data security – Major Concern in Outsourcing

The data security risk is a massive worry in today's outsourcing arena. Almost all the companies are lining up to outsource their HR functions, let's have a look at some of the concerns. With the advent of IT, outsourcing has become a big business trend as this helps firms to concentrate on their core business. Data Security risk is a preeminent concern for most companies that depend on outsourced services. Cyber Security is a significant issue in the IT department of any company....

What Happens When Small Business Ignores HR Issues

This Blog deals with HR Challenges that small business often faces. Let us see the far-reaching consequences if a company ignores HR issues and that too if it is a small business. The following are some of the very far-reaching consequences for a small business if they do not give adequate attention to the HR issues facing the company. HR factors are a very strategic issue for any company, whether big or small; however, the small businesses are hurt more...

HR and Mobile Technology – The Future of HR

HR and Mobile Technology – The Future of HR

Mobile Technologies and Business: Businesses are becoming increasingly competitive and must look at innovative strategies to stay ahead. One of them is the sudden reliance on smartphones and related mobile technologies. Given that India is the second-largest manufacturer of phones, almost 30 million people use smartphones. Smartphones have seeped into the world of business as well, with businesses taking advantage of the capabilities of a smartphone. As of 2018, India became the world’s fastest-growing market for mobile phone applications. The ease...

Trending Recruitment Strategy 2019: Inbound or Outbound?

Trending Recruitment Strategy 2019: Inbound or Outbound?

Recruitment Strategy has changed over the years. This Blog tells us about some of the best recruitment strategies being implemented in 2019. Let us have a look. 2019 is turning out to be the year of inbound recruiting. Let us understand what inbound recruiting strategies are. It leverages the way people look for jobs today. It recognizes the employment decisions that can lead to outstanding results for everyone. There are three main reasons why inbound hiring will be the leading recruitment strategy...

Overpayment- A Payroll Oversight. What to do when it Happens

Overpayment – A Payroll Oversight. What to do when it Happens

Salaries and HR A salary is a fixed amount of money given to an employee for services rendered to an organization or business. Salary is paid at regular, fixed intervals. Salary or payment of wages comes under payroll, a critical function of human resources. The HR department is also responsible for the structuring of salaries. Salary structure is the breakup of various elements that go into the making of wages. It includes aspects such as HRA-house rent allowance and LTA- leave...

HR Technology and Outsourcing – Synergy and Progress

HR Technology and Outsourcing – Synergy and Progress

Workplaces are now evolving and becoming leaner to keep up with the impact of competition and globalization. According to a report by Grand View Research Inc., 33% of millennials are now in management positions and have brought in new perspectives and initiatives to workplaces. This includes the field of HR processes, development, and management, as well. There is a greater reliance, more than ever, on technology, which has led to the growth in the field of HR technology. HR Technology  HR...

Staffing During the Festival Season- All That You Need to Know

Staffing During the Festival Season- All That You Need to Know

The Festival Season Festival seasons are now a significant part of any industry. It affects almost every industry as well as the amount of business a company does. It affects productivity as well as how organizations look at hiring workers during a potentially stressful time of the year. Festival seasons also see a massive upsurge in consumer demand. The holiday season is also an opportunity for companies to push marketing and sales and market more aggressively during this time. Many companies...

Your Tax Return was rejected. What Now?

Your Tax Return was rejected. What Now?

Have you ever faced a situation where your ITR was rejected? Yes, ITR can be rejected by the Income-Tax department. Let’s see how to avoid ITR Rejections. Why the tax returns get rejected? Your tax return gets rejected if your ITR doesn’t reach the CPC within 120 days of e-filing or you fail to e-verify it. It may also get rejected if you send your ITR without a proper signature. It may get rejected if all the information is not filled in...

Employee Life Cycle Management

Employee Life Cycle Management

The employee life cycle is the different stages that an employee goes through during their time in an organization. This Blog gives an overview of employee life cycle management. Recruitment The first step in employee life cycle management starts before the organization even employs them. Hiring the right people is a very crucial part of business development. HR must have a strategic recruitment process for the same. These are some of the factors that you must keep in mind for attracting...

Common Payroll Errors – What You Need to Know

Common Payroll Errors – What You Need to Know

Payroll can either refer to a list of employees that are currently employed in an organization or the amount of money that are paid to the employees. It includes aspects such as attendance, tax returns, HRA, and LTA. However, no system is perfect. Payroll Errors and the Importance of Focus: Payroll Errors happen despite the best of efforts. They are inaccuracies or errors that happen in the payroll process. Payroll errors and mistakes happen mostly due to human error. Therefore, it...

POSH Compliance – Creating Safer Workspaces

POSH Compliance – Creating Safer Workspaces

POSH: POSH is an acronym for the prevention of sexual harassment. This act was passed in 2013 thanks to the efforts of the Vishakha group who battled for the cause of safer workplaces. Now organizations have systems in place that exist for grievance redressal regarding workplace sexual harassment. The POSH act was published in the Gazette of India as Act No. 14 on December 09, 2013. The Indian Ministry of Women and Child Development declared December 09, 2013 as the effective...

HR Outsourcing - An Essential Business Strategy

HR Outsourcing – An Essential Business Strategy

HR outsourcing is one of the essential business strategies of the day. Most business owners agree that their employees are their most valuable assets. Hence most businesses are outsourcing their HR functions. Let us have a look at some of the significant benefits of outsourcing HR functions. Cost Savings Cost savings is one of the major benefits of HR outsourcing. A fully operational HR department requires office space and highly trained and experienced staff. The small businesses can’t simply afford this expense,...

Consequences of GST Non Compliance

Consequences of GST Non Compliance

Usually, GST returns comprise of two types of returns – periodic and annual returns. The periodic returns comprise of monthly and quarterly returns, and these are for transactions during the month or the quarter. The annual return is for reporting the summary of the periodic returns filed during a financial year. Annual GST return has a special significance as it is supposed to be the last return of the year. Who is required to file an annual return? It generally covers all...

Importance of Filing your Business Tax Returns

Importance of Filing your Business Tax Returns

ITR filing is perhaps one of the most fundamental activities in one’s life now, especially if he/she is a well-placed professional or a businessman. Let’s look at the benefits of filing returns. Saves from prosecution The most significant advantage of income tax return filing is that it helps you to avoid some severe punishment. Late filings can cut into your profits. Filing returns on time saves you from a lot of physical and mental hassle. You can eventually focus on your...

HRMS vs. Personnel Management

HRMS vs. Personnel Management – An Overview

Human Resource Management system is the most comprehensive and involved HR solution. It includes all the features of HRIS and HCM systems. This is used widely in all corporate sectors.Let us have a look at some of the critical features of both HRMS and Personnel Management.HRMS – In simple terms, it is a combination of systems and processes that usually connect human resource management and information technology through HR software.Personnel Management: It is the traditional approach of managing people in an organization. It focuses on personnel administration, employee welfare,...

CSR Compliance – What you should know about CSR Rules & Non-Compliance?

What is CSR (Corporate Social Responsibility)? Any industry or business changes environments, societies, or communities. They provide livelihoods, raise living standards, and contribute to the GDP of a nation. Corporate Social Responsibility (CSR) is an initiative or a model where organizations become socially accountable. These are initiatives focused on improving the state of society. CSR benefits businesses by building their brand. It also projects the message that they engage in worthy causes and make a difference in society. Most of these...

An Outsourcing Guide for Startups

Why outsourcing is Important? HR is the backbone of any organization. It lends structure and support and manages an organization’s most valuable asset: the people. But there are instances where specific vital processes can be and are outsourced. For instance, startups may look to outsource certain key processes due to cost-cutting and the time and effort needed to complete them. In scenarios like these, organizations may choose to outsource key processes. HR outsourcing is the act of delegating certain key HR...

10 Important Compliance Issues that an HR Must be Aware Of

HR is a very strategic department in any organization. Legal compliance has a considerable role to play in the functioning of HR. Every HR professional must be aware of the legal modules under which he has to function. Violating Legal compliance may attract punishment for the organization from the government. As one goes up the ladder in the HR profession, knowledge about legal compliance becomes very necessary. Let’s say that you are drafting a leave policy for a company, but fail...

CLRA Compliance- Its Role in Fair Business

CLRA Compliance: CLRA compliance stands for the Contract Labour Regulation and Abolition act. It was passed in 1970 to raise the standard of working conditions and prevent exploitation of employees. The CLRA Act applies to establishments or organizations that employ twenty or more people. These people must be employed on any day of the last twelve months as paid workers or employees. The act concerns the principal employer of the organization and to the employer who employs or employs 20 or more people,...

IT Staffing Services

IT STAFFING: IT is a highly competitive field and even large organizations must play catch-up at times. Technology is a major component in a business’ success and there will always be a need for a skilled workforce. In cases like these outsourcing IT staffing is the way to go. How IT staffing is usually carried out: IT staffing is a process outsourced by companies to hire the best talent. IT staffing companies or agencies are concerns that recruit talent based on...

Automated Performance Management System – A Must for Businesses

A good Automated performance management system is very must for any business to grow and succeed. In today’s world, businesses are fast-paced and move quickly with their strategies and goals. The performance system being followed in a company should be agile enough to adapt quickly to the changing business priorities and should be able to provide employees with a clear understanding of how they can support the corporate vision through their work and individual goals. Goal alignment is a...

How Recruitment Agencies Help You Avoid Bad Hires

For any company, recruitment is a primary strategic function. HR managers often take a chance whenever they recruit a new person. Even if a new recruit is hired based on his excellent candidature, he may not turn out to be the right candidate. Sometimes People unexpectedly turn out into bad hires after they sign on the dotted lines. Manpower recruitment agencies help you to avoid bad hires by virtue of their professional insight and the desired skills that they possess....

Payroll Compliance – An Ultimate Guide

Payroll Compliance is defined as the set of processes that go into the generation of payroll and other related procedures. It is the effective calculation and distribution of funds and following of related compliances. It is a must for all businesses. It ensures that all employees are treated and compensated fairly by management. Company’s managers and concerns that deal with payroll must be proficient in related laws and regulations. To understand payroll compliance, we must first understand the aspect of...

Strategic Staffing Solutions- A Key to Your Talent Needs

Many companies choose to outsource certain administrative or HR aspects. It is a practice that gained value owing to a highly competitive industry. Many companies make use of the processes of manpower recruitment outsourcing to carry out those specialized tasks. One of the most critical processes in the recruitment process outsourcing. Companies choose to delegate the staffing solutions to third parties or vendors through the process called manpower recruitment through manpower recruitment agencies and services. Staffing Services/ Agencies: Staffing services...

Payroll Outsourcing Leads To Better Tax Reporting

Payroll outsourcing is the order of the day with the corporates. Outsourcing payroll leads to various kinds of benefits for the companies. Saving cost and time are the prime reasons for outsourcing. Also, outsourcing payroll services leads to numerous tax benefits. Given the complexities of India’s tax system, employers with global employee populations may choose to outsource the process to gain the advantage of third party expertise. Certain tax-free allowances are allowed to employees such as rent, transport, medical, meals,...

Corporate Governance – Its Role in Effective Business

The Need for Corporate Governance: Corporate governance exists as a framework for the workings of an organization. One of the main ways that corporate governance helps organizations is that it takes care of conflicts of interests within an organization and aligns everyone’s goals and interests to work for the betterment of the organization. It also clearly states the rights and responsibilities of those involved in the day to day workings of the organization. Elements of Corporate Governance: The major elements...

Compliance Audit - A Must for Businesses

Compliance Audit – A Must for Businesses

What are Audits and Compliance? Compliance refers to a company’s conforming to a set of rules, regulations, and standards. They are usually set forth by one or more governing bodies. This is to ensure fair business practices and transparency. There are benefits like avoiding legal or criminal charges, higher productivity, and better public perception. Many companies have taken to adopting compliance as a growth strategy as well. In order to check a company’s compliance, a compliance audit is undertaken. Types of...

Top 10 Benefits of Employee Self-Service Portal (ESS)

Top 10 Benefits of Employee Self-Service Portal (ESS)

Top 10 Benefits of Employee Self-Service Portal (ESS) What are ESS Portals? HR managers face a lot of challenges in a constantly evolving job market. Adapting to innovation, dealing with a large workforce, and managing expenses and records are some examples. In instances like these, employee self-services exist to reduce the burden on companies and managers. Employee self-service software or employee self-service portal programs are software that allows employees to access their HR information. Employees are given profiles and login credentials....

Top 7 Manpower Recruitment Mistakes and How to Avoid Them

Top 7 Manpower Recruitment Mistakes and How to Avoid Them

There is no guaranteed process for a flawless staffing process. Only if you have proper knowledge of the usual faults that occur, then you can have a chance to avoid them. Manpower Recruitment is a very strategic part of any business, and hence, it should be taken in the process to make it free of errors and get the best possible candidates. Let us look at some of the common mistakes that happen in the Manpower recruitment processes. Inaccurate job description Describing...

Contract Staffing – Its benefits to employers

Contract Staffing – Its benefits to employers

Contract Staffing is an excellent opportunity, and employees learn a lot on the job, but the misconception creates a feeling of insecurity in the minds of the employees. The following are the major types of Contractual Employment: 1)    Part Time Contract 2)    Fixed Term Contract 3)    Agency Staff 4)    Consultation on Freelancing 5)    Zero Hour Contract 6)    Voluntary Employment Benefits of Contract Staffing Services Contractual staffing offers plenty of benefits to both employers and employees. Let us have a look at some of the opportunities that contractual...

Banking’s Hidden Hero – Back Office Outsourcing

The banking industry is the sector of the economy focused on holding onto and generating wealth with customers’ assets and regulating those activities with government agencies. It is a highly competitive, volatile field and has undergone various metamorphoses to be the field that it is today. Let's look at how bank office outsourcing helps the banking sectors. According to the Banker’s Top 1000 Banks ranking for 2018, the total assets of these banks were worth USD 124 trillion and had...

How IT Staffing Companies Helps the Banking Industry

How IT Staffing Companies Helps the Banking Industry

Why do Banks Outsource Staffing? The banking sector focuses on holding and investing assets to create more wealth and regulate those activities by government agencies. Today it has evolved into a highly competitive industry that has to adapt to a constantly changing market and cater to clients more effectively. There has been a higher demand by the banking industry for better systems and software to handle their workload as well as a demand for individuals that are competent or proficient...

The Role of Staffing Agencies on Small Business Enterprises

Staffing Companies are now an essential part of the recruiting process, especially for small business enterprises. By taking the help of the staffing agencies, small businesses are able to keep constant needs on their staffing needs and also cut operational costs. Let us see some of the advantages being derived by small enterprises as they involve the staffing companies for their manpower needs. 1)    Employees with Specific Talents: Staffing services offered by the staffing agencies in India are a boon...

Resume Fraud – It’s a Criminal Offence

In simple term resume, fraud means discrepancies in the resume of a job seeking candidate, where the information is given are forged purposely with the sole aim of achieving the said job. It is the manipulation of data or can be a complete falsification of the information. Cases of Resume fraud has been reported not only in the junior and middle level but also in the senior levels as well. The corporates these days are taking the help of...

Recruitment Process Outsourcing – RPO Services

What is Recruitment Process Outsourcing? Recruitment Process Outsourcing (RPO), is a business process where a company outsources the recruitment function to the third party recruitment agencies. Recruitment is one of the HR department’s key functions that is initiated and overseen by the management of an organization. It is the process of searching and hiring the most competent candidate from within or outside an organization for a position, in a timely and economical manner. The process includes the analysis of a...

How to Choose the Right Staffing Service for Your Business

Staffing as a practice is essential to most organizations and is usually carried out by management. Staffing in management refers to the method of selecting qualified and eligible applicants in an organization or firm for relevant positions and roles. It also involves recruiting qualified candidates after evaluating their knowledge, skills, and attitudes. It is an integral function in any organization as it directly ties into the output achieved by an organization. There are different types of staffing involves permanent...

Payroll Migration – A Step-by-Step Guide

Payroll traditionally referred to the total amount to be paid to workers or employees during a specific time period. Today the definition includes the list of employees to be paid within a specific time period, the amount to be paid to those employees and other details pertaining to the employee including their designation, department, salaries, bonuses, incentives, and leaves. Managing the payment of wages within an organization to its employees is called Payroll Processing. Traditionally, organizations handled the Payroll in-house....

Compliance Failure – A Big Mistake

Be it a play school, college, or a business; there are rules and regulations. The other word is compliances. As a parent, student, entrepreneur, or an organisation, the essential term or condition is that you need to comply with compliances. There are compliance requirements for companies in India that are not negotiable. Failure to comply is the biggest mistake anyone makes, and by not adhering to the law of the land, you are taking a huge compliance risk. TalentPro...

Why attendance and leave management tracking system are crucial for Small & Medium business?

Most of the small businesses work on the belief that initial work is important, and once due revenue pours in, everyone will be rewarded. Sometimes the employees need to put in arduous labor, and they will be exhausted, if not their lives are made more comfortable. Taking care of the employee’s attendance and leave management tracking system is very important and certainly a very major step in this direction. Attendance systems based on paper time cards, registers, buddy punching,...

Importance of Human Resource Management in the Healthcare Sector

In recent times, the renewed importance of Human Resource Management is being felt in the healthcare sector. To enhance collaboration and to enrich organizational culture, it is very important to focus on legal and ethical issues, safety and welfare of employees and motivation and support activities. Healthcare Sector is a place wherein you may come across increased diversity of cultural backgrounds of both patients and employees. A strong Human Resource department is needed to pay closer attention to the...

Blog - Labor Related Statutory Compliance in HR

Labor-Related Statutory Compliance In HR

The labor laws change on a widespread basis in India, and it is essential to keep abreast of the latest changes that are happening. Labor Law compliance is a crucial thing to carry out business successfully. For businesses to operate successfully in India, it is essential that the companies must avoid compliance risk and follow the statutory compliance checklist. Statutory compliance outsourcing helps you to ensure compliance without having to maintain a separate unit for the same. It is very vital for every...

TalentPro India Blog - Payroll Vendor

Switching Your Payroll Vendor – A Quick Checklist

In business, a change can always happen. Anytime a change happens, you may feel the effect and it is all but natural also. Switching payroll vendor is no exception. Payroll process should be error-free and always compliant with the norms of the government. This is one of the major reasons why businesses opt for Payroll outsourcing Services and focus better on their growth. However, getting the thing wrong can result in an administrative nightmare or worse – hence you may follow...

TalentPro India Blog - Statutory Compliance for Pharma Industry

Drug Makers’ Laws – Statutory Compliances For Pharmaceuticals

Being a chemical-based, life science and life-saving industry, the pharma industry is regulated and monitored strictly by many rules and compliances. Statutory compliances for pharma companies is compulsory and non-negotiable. Compliance laws for pharma companies are quite stringent and Indian pharma regulations violations are viewed very seriously. TalentPro’s statutory compliances solutions are your insurance against any problems arising out of non-complianceIndia’s pharmaceutical manufacturing journey started even before we attained our independence. Bengal Chemical and Pharmaceutical Works Limited, later renamed as BCPL,...

TalentPro India Blog - Data Analytics

Big Tax Data Analytics – Tax Planning & Compliance

Rules and regulations keep changing. For example, labour laws or taxation are critical areas which are subject to changes depending on the political and governance situation. It is quite an effort to be abreast of the changes in compliances and rush to incorporate the changes or alterations. Understanding previous rules and their amendments pile on the additional workload on small business.The tax has been a relatively late adopter of analytics. However, nowadays tax integrates technology enabled; group-wide tax processes, and feeds...

Blog - HR Challenges in Automobile Industry

Automobile Industry: Critical HR Challenges

Indian Automobile Industry has grown well over the years. With the rise in income of general citizens, there has been a strong demand from across the board. However, with growth, there come challenges. The recent spate of product recalls it has shaken the confidence of the industry somewhere or the other. The problems and difficulties associated with the Automobile industry have a human dimension too.Automobile industries need effective HR management to build and maintain teams.  The Human Resources (HR) department manages all...

TalentPro Blog - HR Challenges in the Manufacturing Industry

10 CHALLENGES FOR HR IN THE MANUFACTURING INDUSTRY

After agriculture, manufacturing is the key employer for low skilled and semi-skilled workers in India. The manufacturing sector in India contributes majorly in uplifting rural areas through industrialization. Manufacturing sector empowers the country in reducing regional imbalances by ensuring equitable distribution of national income and wealth. HR is a very critical factor in the business development for any sector. To enhance overall performance in the manufacturing sector, there is a need to improve competitiveness via better human resource management....

TalentPro Blog - HR in OLA, Uber & Taxi Firms

How do Human Resources work in Uber, Ola, and other Taxi firms?

Uber and Ola are online transportation network companies. Both these companies operate on a pan India basis, having a network in every major city in India. These companies develop markets and manage the Uber Mobile App, which allows the customer with a smartphone, to submit a trip request, which is then routed to Uber drivers, who use their cars. Fares are calculated according to a formula. Uber and Ola have a minority share in the bills, and the drivers...

Payroll Solutions

10 Exciting New Tax And GST Offers In The New Financial Year

As we enter new Financial Year 2019-20, let’s have a look at the various changes under the Income-tax law and GST which shall be applicable from April 1, 2019.Income tax1. Section 87A rebateThe amount of tax rebate has been increased from Rs. 2,500 to Rs. 12,500. It is applicable for income not exceeding Rs. 5, 00,000.2. E-deduction from salaryThe limit of standard deduction has been increased from Rs. 40,000 to Rs. 50,000.3. No deemed rental income on having two...

TalentPro Blog - Financial Year End

Top 15 Crucial Things Every Businessperson Should Complete Before The Financial Year End

In India, the financial year is from 1st of April to 31st of March every year. By the 31st of March, all the financial obligations like tax filing, returns, should be fulfilled. It is essential for those who are required to follow the mercantile system, to ascertain the transactions accrued up to 31st of March and to accurately record the same in the books of account. Employee payroll and abiding the legal compliance are even more critical in the fiscal year-end.Here is a...

Provident Fund – Supreme Court Latest Judgement – The Real Story

The Supreme Court has recently passed a landmark judgement on the Employee Provident Fund (EPF). This 'Test of Universality' judgement is bound to affect and impact the salaried class.Before we get into understanding how the Supreme Court judgement impacts the salaried class, here is a quick run through about Salary Break Up and Provident Fund.Salary Break UpAn Employee's salary is distributed under different heads. This is done to facilitate the maximum Income Tax benefit for the employee. Following are...

Things that Motivate Employees More than Wages & Attractive Salaries – What Matters?

Money is not be all and end allMoney is undoubtedly a huge factor in motivation but certainly can’t buy an employee’s loyalty towards his organization. If we are completely honest with ourselves, pay can only motivate us so much. Even if we earn a good salary figure but are working to the point of exhaustion in some dilapidated office, working with unfriendly and in professional people, and working with a boss who is unsupportive and doesn’t appreciate, I am...

Payroll – Finance or HR – Whose job is it?

Payroll is the statement of salary payments to be made to employees of a company. It is a routine but one of the essential activities in an organisation, and if there is no Payroll, there is no salary. Many employed people may have experienced and know what it is like when the monthly salary is delayed. It is not at all a pleasant feeling.Payroll means money, but it is money to be paid to employees. It is not payments...

5 Key trends that are Transforming the IT staffing industry

New trends in the IT staffing industry are not a new thing. We find that every year new processes, tools and methodologies that are taking the IT staffing industry by storm. To stay relevant in this fiercer industry, you must be familiar with the present trends and implement those latest technologies and changes. If you fail to move with time, you may lose out in the ultimate race and may even be out of the market quickly. The IT...

Human Resource Management System (HRMS) – A Real X Factor

What Is HRMS?HRMS is a comprehensive IT-based tool that can effectively and efficiently manage all your Human Resource (HR) needs. An HRMS can handle all activities under Employee Recruitment, Employee Management, and Employee Development. This means that an HRMS can bring under its umbrella all the levels of employees like topmost employees, senior employees, mid-level employees, junior employees, non-executive cadre, full-time employees, part-time employees, contract staff, etc. As per market information, it is reported that over the years, many companies...

Labour Law Compliance Checklist 2019

Labour Law compliance is nothing but a set of standard terms or conditions of employment. It may refer to several regulatory compliances including minimum wages act, work men’s compensation act, contract labor act, factories act, etc. For carrying out business, companies are required to meet statutory compliance requirements. There are various laws and acts that a business needs to follow. Failure to comply with the regulations may lead to punitive action from the concerned authorities. There are central laws,...

Why Statutory Compliance Outsourcing is important for small businesses in India?

Manufacturing Organisations Service Organisations Micro scale – businesses whose plant, machinery, equipment, assets etc does not exceed 25 lakh rupees Micro scale – businesses whose plant, machinery, equipment, assets etc does not exceed 10 lakh rupees Small scale – businesses whose plant, machinery, equipment, assets etc does not exceed 5 crore rupees Small scale – businesses whose plant, machinery, equipment,...

Top Corporate Compliance Issues in 2019: How to Keep your Company Safe

Corporate Compliance refers to the various rules, regulations and laws of an area, region or country that a company or business has to follow or comply with. These compliances are a combination of guidelines for a corporate for both; it’s internal and external governance.Corporate Compliance is not only compulsory but also ensures that an organization is protected and safe. It is also very safe to say that non-compliance affects and impacts the internal culture, climate and environment of a...

Costly payroll mistakes that could ruin your business[Infographic]

Payroll is complex, time-consuming and highly detailed. Small business owners may choose to do payroll in-house for cost consumption. Payroll errors can easily damage a small firm.Small and medium businesses are finding it very difficult to manage their payroll function in-house. Many firms have outsourced their payroll functions to external third-party payroll service providers, as this enabled them to focus on their core competenciesCommon Payroll Errors:Late tax payments Tax form errors Submitting wrong payroll tax...

Should you Outsource HR or Keep it In-house – How to Decide?

The Human Resources (HR) department manages all employee related activities like new employee recruitment & Selection, payroll Management, employee management and employee developmentOutsourcing is engaging an external individual, agency or organization to run or manage a particular function or service within a business or organization. Many organizations and businesses have outsourced their secondary or support work to external vendors, as this enabled them to focus on their primary or main area of business.Before we go to the point of ‘how to decide’...

Employee Engagement – Why is it Important?

What is Employee Engagement?Ensuring the employees are happy is a challenge many companies face. Over the years, the Human Resources have put tremendous focus on employee engagement. For any business to succeed, it is essential the employees are happy and productive.Research studies have proved that employee engagement strategy has resulted in positive outcome improving profitability and turnover of a company. With growing evidence suggesting that happy employees result in better profits for companies, it is advisable to ensure that...

Payroll Outsourcing Services for Small Business – Why it is Crucial for Startups?

For the growth of every company, payroll management system. is highly crucial and an important step that sometimes goes forgotten. Read more to understand the importance of payroll management and the relation it has with small businesses.What Exactly Is Payroll?Payroll is based on the concept of paying employees. Basically, any company that has more than one employee will most definitely have a payroll system. The motivation behind every employee is majorly associated with their salaries. Now, an...

Third Party Payroll Outsourcing – Why it is So Important to Consider?

Payroll is complicated, time-consuming and involves a varied range of responsibilities on daily basis. Small and Medium businesses find it very stressful to manage it all by themselves and thus are increasingly preferring a third party payroll service provider. This is owing to the fact that it has been proven effective and easier to handle payroll when signing up with an agency.Third party Payroll outsourcing has several benefits. Here are a few:1.    Saves TimePayroll Processing is time-consuming and...

Payroll Outsourcing Cost – The Benefits of Payroll Services Pricing

Payroll Outsourcing for a business of any size is essential and saves you the hassle, money and time to handle the payroll yourself. Increasing number of businesses today are turning to Payroll service providers to ensure smooth handling of Payroll. With not just giving you a hassle-free experience, outsourcing your Payroll to Talentpro helps a business to focus on its core value of building it and fostering its growth.The several key components of a monthly salary makes it troublesome...

Human Resources in ‘Gig Economy” – Temporary Employment

In a world swarming with over population, it is not surprising that companies and organisations find themselves full of employees. It is an absolute fact that employees form the root of any company, but for the company to grow strongly, the employees should be deeply rooted.The job description of every Human Resource executive mainly revolves around, well, people. How they manage people, how they bring in people, how they retain and sustain and so on. Though it is an...

DATA SECURITY AT WORK PLACE – Safety, Security & Privacy

What is Data Security? How to Keep your Data Safe & SecureThere are millions of security risks everywhere. From every single decision we make, or do not make, we intake and exude an enormous amount of data. It might not seem so hazardous, in fact, very little so. What harm could buying something off the internet be? Or what harm could not logging out for a day or so be? Truly, these unapparent safety concerns barely exist in any...

The Payroll Setup Checklist: Everything You Need to Know to Get Started

What is a Payroll?It’s a list of the employees working for your company and the money you pay to them as salary. Payroll Outsourcing Services actually makes it easier for you to manage the payroll, deal with statutory compliance, and manage taxation.Here’s the essential payroll setup checklist to facilitate a smooth transition:Get the company papers ready: You need to obtain RoC, Electronic Challan cum Return (ECR), Tax Payer Identification Number (TIN), GST etc. as those will be required prior...

Challenges for tech startups in Payroll Processing Services

What are some of the challenges for tech startups in Payroll Processing Services?As easy as it is, to begin a company; there are endless limitations and cons associated with such startups. To start a company altogether randomly, without realizing the implications of certain factors, can definitely be labelled as the mistake of a lifetime. One such limitation that poses as a constant challenge to most startups is, of course, the payroll processing services sector. Many startups tend to look...

Core components of payroll processing in India

The monthly salary and wages disbursement have several key components structured together in every payroll. Within and between gross and net salary, there are several ‘components’ that make a salary package. These are essential for the employers and employees to calculate taxes, provident fund (PF), medical expenses, benefits, travel allowance and so on. Framing the salary components is often one of the biggest challenges in every payroll management system. Every salary consists of ‘taxable’ and ‘tax-exempt’, variable, constant pay, some...

Trends In Payroll Processing That Will Change An Organizations’ Working Pattern

One of famous questions that often arises among working class is “What is Payroll?”. Payroll is a very important task of any business and insists an understanding of current regulations, detailed tax knowledge to ensure proper withholding and filing, and a highly organized system that can be relied upon to pay each employee the right amount of money. From a humble ledger book accounts; cash salary payments to e-transfers and auto-debits, the payroll system has come a long way....

Need and Importance Of Statutory Compliance

At the cusp of industry 4.0, businesses are often at the crossroads of digitization, change management and automation initiatives. Enterprises of all sizes are expanding their business territory thereby creating challenging supply chain networks. Along with this growth, statutory compliance and regulations are increasing exponentially. These days, enterprises hold collective responsibility for their vendors, suppliers, customers and partners. Therefore, there is an impending need for monitoring the statutory compliance services.What is Statutory Compliance? Statutory compliance simply means the...

What is staffing and the Facts about Staffing Solutions You Should Know

Staffing comprises of choosing the appropriate person for the appropriate job, training, and on-boarding while offering appropriate remuneration, performance appraisals, promotions, and transfer to employees.If you’re contemplating to outsource sourcing and recruitment activity to any of the Staffing Services providers in India then it’s wiser to lean about the facts pertaining to staffing solutions. Temp Staffing agencies have had a bad name in the industry but not all staffing providers are the same. There are some really efficient...

Payroll and its components

An inevitable aspect of HR, which often gets overlooked, or worse, tossed over is the payroll. Perhaps one of the most important details that fall under the job of an HR professional and/or their employee is the payroll, but unfortunately, there is a lot of blank gaps with respect to how the salary structures and what not should be drafted.Payroll outsourcing in India is one of the HR processes and is being outsourced since 1997. Payroll outsourcing involves an...

Across the Globe, Future of Employee Payroll in Cryptocurrencies

Evolution of CryptocurrencyHandling of money, often one of the most anxiety inducing jobs, has taken an even larger toll since the introduction of crypto currency. It has led to sleepless nights and aimless days of calculating and processing the sudden gain and abrupt loss of this exciting concept of virtual money. Someone would call the whole occurrence as a product of over indulging in online gambles, but it is far more than that.Bitcoin by itself became large and...

How A Payroll Systems Works

When we consider systems, we always think of an application – offline or online. But, that is a narrow way of looking at things. Many systems, such as production systems, train systems etc incorporate a much broader set of activities and structures. In the case of a Payroll System, we are essentially looking at how the activities related to payroll are handled by a computer application. To understand this well, let us move back a bit to understand what payroll...

Why Is Third-Party Compliance Management Important Especially For SMEs?

The Need for ComplianceThe other day I met a Company Secretary who was desperate to delink himself from his current employer and look for a ‘better’ employer. His grouch? In spite of his sincere efforts, his current employer was non-compliant on some counts. The Company Secretary feared that his reputation and employability will be destroyed.In a recent meeting with Chartered Accountants, the PM literally warned them that they would be held responsible for transgressions of the accounts they manage....