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.
List of Enactments in Indan Labour Law
Labour laws enacted by Central Government and enforced both by Central and State Governments 1. The Employees’ State Insurance Act, 1948 2. The Employees’ Provident Fund and Miscellaneous Provisions Act,1952 3. The Dock Workers (Safety, Health and Welfare) Act, 1986 4. The Mines Act, 1952 5. The Iron Ore Mines, Manganese Ore Mines and Chrome Ore Mines Labour Welfare (Cess) Act, 1976 6. The Iron Ore Mines, Manganese Ore Mines and Chrome Ore Mines Labor Welfare Fund Act, 1976 7. The Mica Mines Labour Welfare Fund Act, 1946 8. ...
What is Human Resource Management and Why it is Important?
What is Human Resource Management(HRM)? Human resource management (HRM) encompasses the coordination, organization, and administration of employees within an organization to effectively accomplish its mission, vision, and goals. This involves various functions such as recruitment, selection, training, compensation, retention, and motivation of employees. The HRM department, commonly referred to as human resources (HR), plays a crucial role in formulating, implementing, and overseeing policies that govern employees and manage the organization's relationship with its workforce. HRM entails the development of personnel policies and procedures...
The Role of Soft Skills in Building Strong Teams and Leaders
What is Soft Skills? Soft skills training is a way of teaching an individual how to improve various attributes, such as speech, body language, behaviour, etc. Having soft skills empowers professionals and gives them the confidence to seize opportunities and create sustainable productivity. What are the seven soft skills? The seven most important soft skills that are desirable in almost every job are:CommunicationProblem-solvingCreativityAdaptabilityWork ethicCritical thinkingTeamworkThis guide provides an overview of what are soft skills and the requirement for soft skills training. Plus, the...
End-to-End Services in Bangalore: What You Need to Know
End to End HR services company in Bangalore offers comprehensive HR services, covering all aspects of human resources management from recruitment to retirement. These services include payroll, performance management, employee engagement, compensation and benefits, training and development, and HR compliance. With end-to-end HR services, businesses in Bangalore can streamline their HR processes and focus on their core operations. The increasing complexity of modern businesses has made them heavily reliant on human resources. This dependence carries inherent risks and costs that extend...
HR Compliance Checklist 2023: A Guide for HR Professionals
Human resource compliance refers to rules and standards guiding human resource planning and management, setting benchmarks for HR practices. The management of these standards in line with the organization's overall objectives is known as human resource compliance management. By ensuring that HR practices comply with relevant laws, regulations, and internal policies, employers can create a work environment that is both safe and productive. HR compliance management involves ongoing monitoring and evaluation of HR practices to ensure that they align with the organization's...
How to Streamline Payroll Management in HR? Importance of Payroll Management in HR
What is Payroll management in HR? Payroll management in HR is a critical function of HR which involves paying employees accurately on time. It includes the administration of financial records related to employee salaries, wages, bonuses, and deductions. In payroll management, HR professionals typically handle tasks such as calculating employee salaries, withholding taxes, managing employee benefits, and distributing payslips. They must ensure that payroll is processed accurately, and that all employees are paid in compliance with legal and regulatory requirements. Payroll management also involves maintaining...
HR Training and Development in 2023: Trends and Predictions
Training and development programs helps the employees to learn and acquire new skills, as well as in gaining the professional knowledge required to progress in their careers. Training and development programs are essential for organizations to achieve their objectives, as they improve employee performance, engagement, and motivation, as well as enable employees to adapt to organizational changes and stay competitive in the marketplace. Moreover, effective training and development programs can help organizations attract and retain top talent, as they demonstrate a...
Thinking About Using a Staffing Agency in India? Here’s What You Need to Know
A staffing agency in India is a company that specializes in connecting employers with the skilled candidates. Staffing agencies work to identify and recruit potential employees for various industries. They often maintain a database of job seekers, and use this information to match candidates with client’s requirements based on their qualifications, experience, and skills. Staffing agencies work to find the most qualified candidates for your company can be a smart business move. It frees up your time and human resources. Staffing agencies...
Maximizing Efficiency: The Benefits of Payroll Outsourcing
Cost savings: Outsourcing payroll can help reduce costs associated with hiring and training payroll staff, purchasing software, and maintaining payroll systems. Outsourcing can also help minimize the risk of errors and compliance issues, which mitigates fines and penalties. Time savings: Processing payroll can be a time-consuming task. Outsourcing frees up time for business owners and managers to focus on core business activities. Facilitate employee self-service: Full-service payroll typically allows employees to view their pay information, log their hours and manage their leaves –...
Labour Law Compliance Checklist 2023
The Labour Law Compliance Checklist is designed to be a short, practical guide on how to comply with the law. It can be used by individuals and organizations alike, whether they are small businesses or large multinational companies. The checklist is divided into three sections: Section 1 - General Information about your business and employees; Section 2 - Application for Contractor Status or Employment Permit; Section 3 - Employment Standards Act (ESA), (Hours Worked) & Wage Rate Requirements for Contractors & Self-Employed Persons; A labour...
Payroll checklist for 2023
When processing payroll in India, there are certain procedures and processes to follow in order to ensure compliance. First, it is important to make sure all the information related to the payroll is accurate, such as salaries, deductions, benefits, and reimbursements. Additionally, make sure that the appropriate taxes and contributions are calculated, deducted, and remitted on time. It is also important to keep track of all payments and documents related to the payroll process. Finally, it is necessary to keep...
All you need to know about: Importance of HR Statutory Compliance in Different Organizations
Statutory compliance in HR helps a company to manage a demanding regulatory environment and avoid non-compliance risks. All the labor and taxation laws of India come under statutory compliance. HR statutory compliance is crucial for any organization to ensure they follow all legal requirements related to employment laws and regulations. Failure to comply with these regulations can result in legal penalties, fines, and damage to the company's reputation. HR professionals are responsible for staying up-to-date with the latest laws and regulations and...
How much is the Payroll Service Costs? Overview of an average Cost for the Payroll services
A payroll structure covers all details of the compensation offered to an employee with a complete break-up of the components. Payroll pricing structure refers to the way in which a company charges for its payroll services. There are different pricing models for payroll services, depending on the provider and the specific services offered. Any change to this payroll structure has a major effect on the tax exemptions that can be claimed by the employee. Overall, the pricing structure for payroll services will depend on...
TOP 5 THINGS TO KNOW ABOUT COMPLIANCE IN MANUFACTURING SECTOR
Noncompliance can ruin corporate reputations, shatter financial performance, with the non-compliant regulation are undivided attention in the organization? Manufacturing companies must be aware of various legal, regulatory, technical and corporate governance requirements, they must comply to operate as a successful business. Manufacturing compliance refers to the adherence to regulations and laws applies to the manufacturing sector. These requirements are designed for the businesses and consumers from risk for manufacturing legally. These standards are appropriated to environmental protection, health and safety, product...
How to hire the Best Talent in manufacturing industry?
Let’s take a look about recruitment in manufacturing. Recruiting for an array of roles in a tight market is easier if an organization stands apart from the competition. The challenge of finding the right person for the job can be daunting, especially when it comes to specialized roles in the sector. Manufacturing is a complex industry, with many obstacles that need to be managed while hiring. Hiring the best talent for the manufacturing business is crucial to ensure the success and...
What is payroll? What are the key strategies for the effective payroll management?
What is payroll? What are the key strategies for the effective payroll management? What is payroll? What is payroll? In simple terms, Payroll is an end-to-end process wherein the company calculates the employees’ salaries. It lines up the with the employees’ payroll cycle list to be paid, trace of hours worked, calculating the employee's pay, and ends with recording the payroll expense after adjusting the required deductions like employees’ PF contribution, TDS and meal coupons, etc. The core objective of payroll processing is...
An Ultimate Guide: Five Challenges of Payroll Which the Organization Will See in The Future and How They Can Overcome
Payroll is a critical aspect for any organization, and the payroll processing is essential for the company's long-term success. The payroll challenges are compliance regulations, managing a remote workforce, processing efficiency protecting sensitive data and employee data management. Organizations must address these challenges to ensure their payroll process to be more efficient, compliant, and aligned with their overall goals and organizational growth. Here are some of the most prominent payroll challenges organizations face and how they can overcome them: CHALLENGE 1: Compliance with...
TOP 5 RECRUITMENT STRATEGIES TO ATTRACT SKILLED TALENT IN A HIGHLY COMPETITIVE MARKET
In a competitive job market, to recruit the best candidates, we need to create a good hiring and recruitment strategy by utilizing the previous recruitment data and metrics, thus helping the HR, and hiring teams source the best candidate by building the most effective recruitment process in the recruitment services, thus ultimately gives the companies a competitive edge, allowing them to get to the best candidates quicker. Improving the company strategies can become more competitive and help snag the best candidates. Is...
THINGS TO KNOW ABOUT THE FULL AND FINAL SETTLEMENT PROCESS
Full and Final Settlement, popularly known as FnF Settlement, happens when an employee decides to leave, resigns from an organization, or is terminated by the employer. The significance of the settlement policy is to pay all the balance payments to the employees including retirement benefits, bonuses, gratuity, incentives, etc. Significant components of FnF: Unpaid SalaryNon-availed leaves and bonusGratuityDeductionsPension Primary components of the Full & Final Settlement: Unpaid Salary: Unpaid salary defines the number of wages paid to the respective employee from the date of the...
5 Key Roles of HR in Training and Development
Training and development is an integral part of an organization and it is one of the essential HR function development activity. The role of HR is vital for sailing the training and development process. HR is the person who believes the employees are the most valuable assets and indispensable sources of the organization. A good HR leader sees the employee's potential and make them utilize their training hours at their fullest core. A competent HR aims to make the employees...
WHAT IS PAYROLL DEDUCTIONS?
Payroll deductions refer to the cost the employer deducts from the employee's Salary every month in the form of taxes or voluntary deductions. The employer withholds a certain percentage of the employees' Salary every month to cover contributions towards insurance premiums, investment plans, and retirement plans. While the government-mandated taxes, employee provident fund, employee state insurance, and TDS are compulsory deductions and implemented throughout the employee's tenure. These deductions are removed from the employee's total earnings, including bonuses and commissions. Let's...
Top 5 Recruitment challenges and how to overcome them
Recruiting in today’s world is a challenging task. Recruiting is a process that requires time, effort, and patience. Having the right candidate for the right job is the most valuable asset to an organization. However, the main challenge for a start-up or a well-established enterprise is to attract top-talented and qualified people to their team. Hiring and retaining suitable candidates are the two most significant factors that set apart a great company from an average one. Here are some challenges...
What is Corporate Compliance? How is it important?
Corporate Compliance: Compliance is "the action of complying "or "the state of meeting rules or standards." In the corporate world, it is said as the process of making sure the company and employees follow all laws, regulations, standards, and ethical practices that apply to the organization and industry. Corporate Compliance in a Business: Corporate Compliance refers to how organizations follow all the rules, regulations, and policies that apply to the business in all compliance aspects. It usually involves designing, implementing, and monitoring all...
What Are Payroll Reports? How It Is Useful For Business Decisions?
Payroll is more than just paying people's baseline salaries. A payroll report is a document that provides valuable workforce insights, which employers use to verify their tax liabilities or crosscheck financial data. These reports are used in business decisions and to predict short-term right to long-term growth. As the name suggests, these reports are generated from the payroll process and are primarily related to manpower. It includes information such as compensation, working hours, overtime work hours, taxes withheld from wages,...
What are the employee benefits? A guide to know the employee benefits
Employee benefits are the non-wage compensation to employees by an organization in addition to their salaries or wages. Employee benefits include insurance, retirement benefits, education loan, other loans (house loans, vehicle loans, etc.), sick leaves, and vacations. Employee benefit plays an essential role for every organization, which aims to retain the best talent in the industry. Have a Quick take on the Employee benefits: Upskilling Opportunities for Employees: Investing in employee skill development is a major requirement to retain valuable employees. Companies can...
POSH awareness training: What and Why?
Prevention of Sexual Harassment (POSH) Training has gained companies' attention, big or small, due to the recent increase in sexual harassment cases. Sexual harassment in the organization is a legal offense and cannot be taken easier by any employer. Organizing POSH training in the workplace fosters healthy relationships and equality among employees, ensuring a quality work environment. POSH training- a crucial role in the workplace: POSH training helps employees identify and differentiate between appropriate and inappropriate behavior in the workplace. Training gives...
How a Neem/Naps facilitator overcomes challenges while training a youth?
The skill sector of the employee drives productivity and helps them make their skills nurture while working on learning them. The traces of development skills make them feel confident about their work over their enhancement of focusing in their ambition duly taking their expectations to plan up to upskill their learning approaches in engaging them for their entitlement of skilling ecosystems to multiply the productivity by the massive extent in reaping all the vital components of evolution skills pervasively. "The cutting...
The Role and Job Responsibilities of an HR Consultant
An HR Consultant is a much-desired role in a company accounting for specific organizations and concerns within the HR management or department. HR consultants and specialists can increase the aspect of the workplace and many other significant components that successfully leads to many human resource projects with assistance in optimizing daily processes. HR consultants should know about human resources management, functions, and the HR field. What does an HR Consultant Do? A typical HR Consultant takes a sought-after role in guiding and advising...
Understanding Statutory Compliance Requirements in Payroll, what are the important payroll statutory compliances?
What Is Statutory Compliance? Statutory compliance is a predefined legal framework with which the organization functions and treat its employee in a way that abides and adheres to various central and state labour laws. Statutory compliance is beneficial to all employees and employers. It makes an assured definite structure for the employees to get their salary on schedule. It reveals the satisfactory level of the employee. The employer clarifies rules and regulations and secures the employer from penalties and legal actions. Statutory Compliance...
Choose your payroll provider
A payroll service provider assists with or assumes all aspects of payroll on behalf of another business. This arrangement is often beneficial for employers who value their time and want to ensure that their employee's salaries are paid accurately and on schedule. It is a very popular and efficient method for a hassle-free, smooth functioning of all your payroll administrative tasks. The overall goal of using a payroll service is to guarantee that every employee receives the correct payment on time. Components of Payroll Processing: Payroll...
Corporate culture – to build an enviable workplace culture
The key to a well-owned organization is having a solid culture and a broad set of beliefs assisted by strategies and structure. When the organization has a strong foundation culture, Employees know how top management is responsive to any circumstances, and employees believe that the expected response is proper. Employees will be complemented for upholding the organizational culture. What is corporate culture training? Corporate training, a process of training employees through a structure of activities that educate employees by using various forms...
All you need to know about the Child Labour Act (Prohibition and Regulation Act, 1986)
Child labor is a global issue that prevents children from fulfilling their potential. Child labor is work done by children that puts their health, safety, development, and education at risk. According to the UN Convention on the Rights of the Child (CRC), "children have the right to be nurtured from hazardous coverings."Child labour violates children's rights, and this work can harm them mentally or physically, expose them to hazardous conditions, or chuck them away from schooling. According to the latest ILO statistics, most...
Communication Skills – Essential for Workplace Success
Regardless of your industry and location, you must develop your ability to communicate effectively. Not just with colleagues and superiors, employees in the digital age are required to convey ideas effectively and share information efficiently—be it through email, over the phone, on social media, or in person. Effective communication is the critical factor that ensures employees of an organization are engaged and enthusiastic. It offers a feeling of belonging. Read more: Why is Critical Thinking Considered a Key Skill Key Communication Skills...
Ensure Peace of Mind by Outsourcing Labor-Related Statutory Compliance Services
Intro Business organizations in India are required to operate within the established legal framework and treat their employees in the manner stipulated by law. There are numerous laws and Acts associated with labor law compliance and statutory compliance. Failing to meet these compliance requirements may lead to monetary penalties and other legal liabilities. One of the best ways to achieve complete compliance is to outsource compliance services to professional service providers. The Need for Outsourcing Labor Law Compliance Services There are quite a...
All That You Need to Know about a Staffing Agency
Intro Contemporary businesses look for ways to acquire the best talent available while not having to spend time and resources on the tedious recruitment process. Not every company has the appropriate setup to scan, attract, and filter its human assets. At the same time, the critical need for amassing the right human potential—one of the major contributors to business success—cannot be underestimated. The Need for Staffing Agency in the Modern Business Arena Staffing agencies are the best-supporting entities that help start-ups and all...
Essential Factors to Look for in Your Payroll Management Service Provider
Intro The payroll process has always remained a crucial factor among business organizations. Entrepreneurs worldwide have been facing additional challenges due to the endless demands and constant changes in the payroll management domain of business. Outsourcing payroll management services is the best option for modern businesses to ensure an error-free and efficient payroll process. The Crucial Need for Shop and Establishment Compliance Amid hectic activities and progress in the recent past, governments throughout the world have realized the need for stringent measures to...
Compliance Requirements under the Factories Act, 1948
Intro With modernization, there has been a considerable rise in industrial activities across the globe. Especially during and after the later part of the nineteenth century, developed and developing nations in the world have been witnessing an exponential increase in the number of factories. Statutory compliance and employee safety in the workplace have become of paramount importance. The Crucial Need for Shop and Establishment Compliance Amid hectic activities and progress in the recent past, governments throughout the world have realized the need for...
Deciding on The Right Payroll Outsourcing Provider Benefits your Business in Various Ways
Intro It is well known that a business organization's critical assets are its employees. In the quest for managing their human assets, businesses have to pay special attention to appropriate payroll management, which is a key factor in achieving employee satisfaction. Payroll outsourcing helps entrepreneurs to manage payroll perfectly, thus paving the way for enhancing their teams' performance and their company's goodwill. The Importance of Choosing Your Payroll Solution Providers Similar to several business processes, payroll management can also be handled either with...
The Importance of Honing Problem-Solving Skills
Intro Every individual and organization in the modern world is required to meet challenges ad face problems, so they may do well by learning problem-solving skills. Mild or severe, we all are faced with problems. Honing problem-solving skills and improving decision-making allows us to handle issues we encounter in our professional and personal lives. Why is Problem-Solving Skill Considered a Critical Quality? Problem-solving skills enable individuals and business owners to resolve issues effectively and quickly. Considered one of the key skills expected among...
Crucial Factors to Consider While Outsourcing HR Services
Intro Outsourcing HR Services is beneficial to small and large business organizations alike. Partnering with a skilled HR consulting agency helps save considerable time and money, so there is little wonder that modern businesses are making a beeline to outsource their HR services. The right HR service providers can help your business enhance productivity and efficiency, ensuring that your employees are highly satisfied. Importance of Choosing the Right HR Services Agency In addition to taking care of your company’s reputation and goodwill in...
The Need for a Structured Corporate Governance, Risk, and Statutory Compliance Framework
Intro In addition to nurturing your business and achieving expansion, following a set of proven practices that run across your organization at different levels is crucial. It helps to enhance your company's principled performance while mitigating compliance risk. Statutory governance, risk management, and corporate governance are the three major elements of a modern business. Statutory compliance: In the human resource management parlance (associated with payroll management), statutory compliance is the specific legal structure within which a business organization must perform processes while...
A Complete Payroll Tax Guide that Helps Avoid Penalties
Intro Payroll taxes comprise all the taxes paid on the wages of an organization’s employees. These include the timely and accurate deduction of your employees’ wages and paying specific taxes to the Government on their behalf. Non-compliance to the norms and regulations related to payroll taxes results in hefty penalties and other unwanted liability. Payroll management can best be handled with the help of payroll outsourcing companies. The Fundamentals of Payroll Tax There are several regulations and laws associated with payroll management in...
Effective Vendor Management that Maximizes Business Benefits
Intro Defining vendor management in a simple, succinct way is the process that helps create, monitor, and cultivate your relationships with your vendors, thus enabling you to achieve business objectives smoothly. Vendor management is one of the factors that help prevent business disruption. It addresses issues such as supplier selection, ensures that goods and services are delivered and provided on time, and warrants adherence to standards. Vendor Management Process–The Fundamentals In addition to facilitating a streamlined business flow and undisrupted service by your...
Why is Critical Thinking Considered a Key Skill
Intro Amid competition and increasing demand for innovative skills, the ability to smartly analyze the available information and draw sensible, reasonable conclusions is crucial. Significantly, individuals and business enterprises develop the skill to recognize useful and relevant details while shoving off less important details. This discrimination is the much-needed caliber today that enables smart decision-making. Little wonder business owners and managers prioritize critical thinking as a key quality. The Need for Critical Thinking Capability Job applicants and potential candidates who can assess a...
Crucial HR Documents That Every Modern Business Must Be Aware of
Intro Entrepreneurs, especially small business owners, would likely want to spend time training their employees and expanding their businesses. In the midst of the hectic activities related to nurturing a budding business, being concerned about compliance issues and the consequences of being unable to meet such needs will be hard on the part of any business owner. Documenting and tracking crucial paperwork in your organization will help to achieve this. And here is where compliance service providers come to your...
How to Transform HR Compliance to Mitigate Risks and Achieve Rewards
Intro An increasing number of legislations and changing industry standards have made HR compliance more significant in the contemporary business ecosystem. As even a small error leads to the image of a business being tarnished—let alone the legal tangles—it is crucial to meet all compliance needs, especially labor laws. Tips to Transform HR compliance Having the right personnel to manage HR compliance is the first step: Meeting statutory compliance in HR can be achieved by first having the right kind of professionals....
All You Need to Know about the Taxable, Nontaxable, and Partially Taxable Components of Salaries and Allowances
Intro According to the IT Act of 1961 in India, regarding payroll processing, taxable benefits are classified into two broad categories: recurring and ad hoc. Allowances and perquisites are different benefits provided by employers to their employees. While some allowances fall under the salaries head and are fully taxable, other allowances may be partially taxable or, at times, fully exempt from the liability of tax. Understanding the nuances of payroll tax and meeting statutory compliance needs with regard to payroll tax is...
Acquire the Best Talent through an Appropriate Recruitment Process
Intro In the contemporary business setting, there is a heavy demand for hiring top talent. This necessitates sourcing candidates from the right pool through the right channels. The recruitment process, unlike before, demands a strategic approach and calls for striking the right balance between speed and quality. One of the best business ideas for modern entrepreneurs and managers to acquire their intended human assets is partnering with the right staffing solution providers. The Importance of Following the Right Recruitment Process The success of...
The New Employee Onboarding Checklist for Every Contemporary Business
Intro Even with all the technological advancements and innovative inventions, certain things are crucial in the business setting and stay that way forever. Manpower is one of those critical things. As people can only build successful businesses, the importance of understanding the nuances of building an effective team of talented and trusted employees can never be understated. And that is where the new employee onboarding process plays a critical role. The Need for New Employee Onboard Process Checklist With a business-specific, effective employee...
All That You Need to Know about ESIC—from Registration to Documents and Processes
Intro An employee-oriented multidimensional social security scheme, the employee's state insurance scheme of India, has been designed to provide socio-economic protection to Indian employees. Registration associated with this scheme is provided under the Employee Stare Insurance Corporation—an autonomous, self-financing entity that the ESI Act, 1948, controls. It is an integral part of corporate governance under the Government of India. Why is ESIC Registration Considered Crucial to the Working Community? ESI registration scheme has been introduced to provide social security to Indian employees who...
How Does the ESIC Inspection Procedure Impact Society
Intro Employees State Insurance Corporation (ESIC) is a multidimensional governmental system crafted to provide Indian workers the much-needed socio-economic protection. ESI scheme aims at providing a range of benefits to the Indian working population. ESIC inspection warrants employee benefits and labor law compliance, thus positively impacting society. The Fundamentals of the ESIC Inspection Process Falling under the Ministry of Labor and Employment, the Government of India, ESIC has been formulated to provide the working class with financial assistance during medical emergencies, considered one...
Tired of Payroll Processing Drudgeries? Try Payroll Outsourcing Now
Intro The payroll process is not just about calculating wages, salaries, deductions, and payments. It covers a wide range of activities associated with your company’s employees and their comprehensive financial records. Having tried their hands-on manual, in-house payroll management, numerous modern companies are opting for delegating their payroll process to the best possible payroll service providers. Why is Payroll Outsourcing a Sound Business Idea? Managing your payroll process demands a deep knowledge of the constantly updated regulatory requirements. Payroll involves—in addition to calculating...
Make Smart Business Decisions through Robust Payroll Management
Intro An efficient payroll service provider plays a crucial role in the business success of modern organizations. Joining hands with a reliable payroll service provider enables small businesses and big enterprises to save time and money. It helps them comply with the latest regulations while eliminating the risk of erroneous payroll processing. The Need for efficient payroll management with the help of skilled payroll service providers The global business ecosystem has been undergoing tremendous changes and continuous updates. Globalization and free trade arrangements...
Try Payroll Outsourcing for Accurate Employee Pay Management
Intro The payroll management system covers the administration of financial and accounting records related to the salaries, bonuses, deductions, and taxes of a company. Efficient management of the payroll process is instrumental in retaining the best talent and motivating the workforce. Payroll outsourcing is one of the effective ways to achieve accurate salary payments and filing of employees’ tax returns. How Does Payroll Outsourcing Services Help Modern Entrepreneurs? Payroll outsourcing enables business organizations to manage their regular operations smoothly. Payroll outsourcing service providers...
Why is Payroll Outsourcing a Smart Choice for Progressive Business Organizations?
Payroll management has always been an integral part of a business organization. With changing governmental regulations and increasing employee demand, a company's payroll plays a crucial role in business success and sustenance. The dearth of time and resources makes payroll outsourcing an intelligent business idea. The Need for Payroll Outsourcing Due to the complexities of the payroll process and the increasing need for the optimal use of human assets, most modern business enterprises look for reliable payroll service providers. Moreover, to avoid...
Begin the New Financial Year Remarkably Efficiencies with TalentPro
Intro Running a business in India requires companies to follow the April to March accounting period. For all business organizations, the accounting year traverses through this period. Payroll-related calculations and tax computations are expected to follow this regime. This necessitates corporates to contemplate, plan, and develop appropriate statutory compliance and payroll process strategies during the beginning of the new fiscal year. The Need for Crafting a Payroll Process That Aligns with Your Business Financial planning and strategizing the operations associated with taxes are...
Crucial Legal Compliance Needs for Start-Ups in India
Intro Statutory compliance is a multi-faceted regulatory mechanism that all types of business models must traverse in India. Numerous laws, with several sections, necessitate business organizations to meet varied statutory compliance needs. Every business establishment must abide by the stipulated statutory and labor law compliance requirements. This makes outsourcing the legal compliance services to an appropriate and experienced service provider a good business idea, especially for start-ups. The Major Compliance Needs for Start-Ups under Different Categories Compliance Requirements under the Companies Act,...
Effective Tips for Making the Most of Payroll Solution
Intro Payroll management comprises multiple activities. Managing your business organization’s financial records, administration of your employees’ salary, deduction, and bonus details, and timely filing of accurate tax returns are a few of these major activities. Not to forget the various laws and regulations that necessitate companies to adhere to stipulated standards and mandates. Regardless of whether you are running a small business or a large corporate company, as a business owner, you need to acquire the best payroll solution and ensure the...
Time-Tested Strategies for Retaining the Best Talent in Your Organization
Intro To succeed and sustain, global businesses not only have to acquire the best talent but also avoid employee turnover. Retaining employees is among the top priorities of companies in the modern world. To achieve this, they need to come up with effective strategies. Employee benefits play a vital role in employee retention and are a crucial component of employee management. Key Employee Retention Strategies for the Modern Business Organizations Employee engagement is crucialTo be able to retain the best talent, companies...
The Different Types of Payroll Services for Contemporary Businesses
Payroll management includes several critical elements such as payroll processing, tax filing, salary disbursement, and fulfilling statutory compliance requirements. While entrepreneurs may consider an in-house payroll management system to be economical, as the business grows, availing robust payroll solutions from experienced payroll service providers becomes inevitable and essential. Major Types of Payroll Services in Vogue In-house payroll management systemIn-house payroll management involves having a separate department in your organization to manage the entire payroll process. You need your own dedicated team...
Offer Added Benefits to Employees and Achieve Long-Term Business Success
Satisfied employees are likely to be more loyal and reliable. With the right perks and benefits, your organizational team is certain to put in more dedicated efforts, thus accomplishing the most optimal productivity. Today, planning a strategic employee benefits program is critical in employee management. An employee benefits plan is a terrific way to delight employees. Make Your Employees Feel at Home and Gratified The contemporary work atmosphere is cosmopolitan, and it is very important to ensure a level playground that offers...
All You Need to Know About Payroll Taxes and Income Taxes
Payroll tax and income tax form the major tax components in workers’ tax responsibility. It is required by employers to withhold part of the wages that they pay to their employees toward taxes. For accurately deducting payroll taxes and filing tax returns timely, business owners must delegate their payroll management process to be reliable and experienced payroll service providers. Payroll Tax: The Fundamentals Also known as employment tax, the payroll tax is a fixed percentage withheld from employees’ salaries to be paid...
HR Industry Trends to Watch Out for in 2022
HR Services has been continuously evolving with progressive technology and changing employee and employer demands. Especially after the pandemic, there are quite a few changes in how employees work and where they operate from. HR services play an even more responsible and significant role in any modern industry. To efficiently meet the changing requirements, HR services need to understand and act upon the latest trends in the industry. Key HR Trends to Watch in 2022 Employee well-being takes center stage Once considered an...
Outsourcing Payroll for MNCs – A Winning Strategy
Between April and June of 2021, there was a surge in the number of companies that were established in India, with over 17,200 companies being formed. Also, according to the same data from the Ministry of Corporate Affairs. 13.7 lakh companies were active during this period. Given the hyper-competitive nature of organizations, most companies have opted to go in for payroll outsourcing which can reduce the toll it takes on managers and employees and focus their efforts and energies in areas that...
All You Need to Know About Regulatory and Compliance Requirements
Setting up appropriate workplace policies in compliance with laws and norms as prescribed by the industry and governmental agencies is a basic need for running a business. Enforcing them is a crucial requirement of any modern business organization. Moreover, companies must have a system to ensure appropriate practices to adhere to such policies. All these make HR Compliance a critical part of the business. Partnering with the right compliance service providers proves helpful in this regard. Read more: Implementing Statutory Compliance...
7 Effective Ways to Communicate Your Company’s Core Values during Onboarding
Core values and organizational culture represent a company’s unique identity. Core values are considered the foundation blocks supporting an organization’s workforce. Instilling these among your team members ensures their inspiration, purpose, and guidance throughout their employment term. The Need for Developing an Organization’s Core Values among the Employees The initial stages of your employees, namely recruitment and onboarding, are crucial, wherein you need to communicate your company’s beliefs, principles, and core values to the freshly acquired talent. Strong values and a positive...
HRIS HRMS HCM – What’s the Big Difference
The global human resource management market is poised to have a market share of USD 39.5 billion by 2027 according to KBV research. The rapid growth in the HR management market has been further spurred on by the global pandemic, with an increased reliance on elements that have made HRM easier, such as AI and analytics. Easy access and efficiency in managing employees remotely have become easier for managers. HR managers now have a multitude of solutions to deal with challenges that may...
Here’s How You Can Stay Statutory Compliant and Achieve Hassle-Free Payroll Management
It is well-known that the entire payroll process is error-prone and expensive. To achieve a flawless payroll, most business enterprises have to spend hefty sums of money and precious time. Employees are invaluable assets for an organization. It is needless to say that compliance management and accuracy in the payroll process are two very crucial aspects in the contemporary business setting. Professional payroll and compliance service providers help businesses to achieve these. Why is Compliance Management Considered Critical for Business Success? With the...
How Does Payroll Outsourcing Bring Transformation to Payroll Management
Payroll outsourcing is touted to be one of the critical strategies that warrant timely and accurate payment of wages and salaries. Moreover, delegating your payroll management to third-party payroll solution providers helps transform the entire payroll process. It helps to streamline your business operations and control costs. What Does a Payroll Solution Provider Do? The shifting requirements and changing regulations make it more important for Indian businesses to go for payroll outsourcing. Professional payroll service providers can offer customized payroll solutions depending...
Top Human Resource Management Challenges That Modern Business Need
Growing the business and developing the means to increase the cash flow are generally the primary objectives of any business owner. However, human capital is considered one of the most important assets for any contemporary business. No wonder HR Services and employee management have taken center stage. Organizations that fail to achieve efficient HR Management naturally struggle to manage their key strategic processes. The Crucial HR Management Challenges Faced by Contemporary Businesses Organizations with more than 100 employees need to have an...
Payroll Management Systems – Eliminating Errors Made Easy
Payroll is the backbone of any organization and involves a number of processes. The task of payroll management is crucial, undertaken to ensure that said process runs smoothly. However, there are instances that payroll processes run into errors that can be costly. The global payroll survey of 2021 shed some insight on payroll and how the aspect of payroll would be a major aspect that would propel organizational growth in the time ahead. Some of the strategies and insights from this survey are...
Key Factors to Consider While Choosing Your Payroll Partner
Payroll management is a critical element in any modern business, and it is a challenging task as well. Not all business organizations will find managing their payroll and keeping up with the ever-changing rules and regulations easy. Payroll Solution providers help entrepreneurs and managers to handle the payroll management process with unwavering accuracy. Companies that go in for payroll outsourcing can better use their resources and time, thus ensuring increased efficiency and profitability. Major Points to be Borne in Mind When You...
Minimum Wage in India – What You Need to Know
A fair day’s wage for a fair day’s work is an adage that still holds today. All employees from all sectors and walks of life are entitled to a minimum wage. Under the purview of statutory compliance, organizations must pay employees a minimum wage for work carried out. Minimum wage is defined as a non-negotiable payment that an employer pays an employee for the work done by an employee during a specific period. An arbitrary body can previously agree upon this amount...
What Businesses Need to Know About Statutory Compliance, Crucial Acts, and Labor Law in India
The government of India has created a legal framework in the form of statutory compliance requirements. All business organizations having employees must operate within this framework to ensure the welfare of employees and a fair working atmosphere. Companies failing to adhere to such compliance standards and needs will face legal liability and other consequences. Labor law compliance is considered a critical factor in Indian industry and commerce. Adhering to standards and meeting all compliance requirements necessitate partnering with efficient payroll services. The...
Mental Health in The Workplace – Overcoming Challenges for a New Era
A 2016 survey by Optum found that 46% of the Indian workforce suffered from stress. A large percentage of the respondents also had a skewed BMI and risk for hypertension. Furthermore, the WHO found that 56 million Indians suffer from depression, and 38 million suffer from anxiety disorders. Owing to mental health conditions in India, the WHO has estimated economic losses amounting to close to 1.03 trillion USD between 2012 and 2030. The arrival of the CoVID pandemic only worsened...
How Companies Can Tie Up with TalentPro (Staffing Agency) to Save Time and Costs
Regular candidate assessment and employee recruitment processes are commonplace in global businesses throughout the year. Apart from this, business organizations are periodically required to meet an unanticipated surge in business or handle bigger projects. Due to this, in addition to their in-house human resource managers, entrepreneurs often feel the need to tie up with reliable staffing agencies and third-party payroll service providers. Tie up with the Best Staffing Agency to Reap Significant Business Benefits Reputed and reliable staffing agencies provide perfect staffing...
All That You Need to Know About Employee Reimbursement
As a part of compliance management processes, organizations must ensure that payroll compliance is followed. One of the processes involved in it is that of employee reimbursement. Employee reimbursement is the process of compensating employees for expenses that the employees from their own pockets have handled. This process extends to even customers, clients, shareholders, and third parties who have spent on business-related expenses for an organization. Reimbursement and Compensation – The Difference Reimbursement and compensation may seem like synonyms of one another, but there...
What Makes TalentPro Your Best HR Business Partner?
HR Services, especially third-party payroll services, have been identified as key factors that allow entrepreneurs and managers to succeed through human assets. Payroll management is gaining increased significance among the multifaceted human resource management aspects. This calls for delegating the HR services to a professional payroll service agency. HR Business Partners – the Fundamentals Experienced and skilled HR services such as TalentPro India act as reliable business partners for today’s entrepreneurs. We empower contemporary organizations to align their business strategy with their human asset strategy. TalentPro...
Understanding the Difference between RPO and Staffing Agency
A traditional staffing agency helps business organizations in fulfilling their short-term hiring needs. On the other hand, delegating your long-term recruiting process to a professional recruitment process outsourcing (RPO) partner ensures achieving business objectives through a comprehensive recruitment process. A reliable staffing agency operates on a specific requirement basis, assisting businesses to hire temporary and temporary-to-permanent employees. In the case of RPO, the primary focus is on crafting a strategic recruitment program that helps to attract, recruit, and retain the best talent on a permanent basis. Key Differences between RPO...
Equality and Non-Discrimination in the Workplace – All That You Need to Know
Organizations are expected to follow certain guidelines and standards that ensure that they conduct their business activities ethically and look after the well-being and interests of their employees as a part of their statutory compliance. Shops and establishment compliance ensure that shops, cafes, hotels, or any commercial establishment also adhere to a certain set of protocols and rules similar to that of organizations. Factories and industries are not covered under this Act. Unfortunately, employees do face discrimination at workplaces across the country and denial...
Common Legal Registration Processes for Starting a Business in India
Before venturing into a new business in India, it is essential that you diligently follow the necessary steps to get your organization properly registered according to governmental regulations and legal requirements. One of the first steps toward establishing your new enterprises is meeting all legal and industry compliance needs. Meeting shop & establishment compliance and other company registration-related formalities necessitate start-ups to partner with reliable and efficient HR and business registration service providers such as TalentPro India. The Crucial Processes in Business Registration Start-ups must...
Payroll Management Tips for Start-Ups
With so many changes occurring in the global business ecosystem, the payroll process is considered crucial in any growing business. Entrepreneurs have started seeing their employees as their internal customers upon whom the entire business relies. Unlike in the past, mere payment of wages and salaries will not suffice in the modern business arena. Paying each team member his or her due wage, deducting the right amount of tax, and filing the tax returns accurately are all the responsibilities of business owners....
Managing HR Policies and Procedures Made Easy
It is essential to establish a reliable framework of guidelines that support efficient people management in any business organization. This calls for appropriate HR policies and procedures. These policies and procedures set the guidelines for various HR services-related aspects such as selection, recruitment, on boarding, timesheet management, and training, among other things. The Need for Formulating and Implementing Effective HR Policies and Procedures Any contemporary business having employees can significantly benefit from the proper implementation of HR policies. These policies and...
Strategic Staffing – Staffing Made Easy for a New Age Marketplace
Organizations globally have had to rethink hiring and staffing strategies in the wake of the global pandemic and the subsequent relaxation of restrictions. India’s staffing service industry saw a 3.6% growth in the fiscal year 2020-2021, which was driven by a recovery in the fourth quarter of the year 2020. According to data from the Indian Staffing Federation, workers were assisted by the flexi-employment market trends post the pandemic. The report noted growth in temporary staffing in IT staffing, e-commerce, logistics, and manufacturing....
Impact of the Pandemic on Regulatory Compliance
Intro It is a universally known fact that the pandemic has touched the lives of almost everyone in the contemporary world. With time, the impact of COVID-19 on individuals, businesses, and global markets has been growing and becoming clearer. Compliance Management is one of the myriad realms that have felt the pinch. Subjecting companies and business enterprises to unusual and unknown risks, the pandemic has necessitated the groundwork for new challenges. Influence of the Pandemic on Compliance Management on a Global Scale The ongoing crisis...
Managing your Contract Employee Workforce Made Easy
Intro The global economy has been making a smart comeback after the long lull caused by the pandemic. To quickly ramp up production while treading cautiously, business owners and managers are relying on contract workers. This allows them to remain flexible amidst the improving situation without heavy risk investments in human capital. Contract employment is touted to be a crucial contributor to the economy that is galloping back. Read more: The Contract Labour Act Explained The Need for Exercising Caution While Acquiring and...
Payroll Audits – Strengthening Your Payroll Process
The payroll process is an integral part of an organization’s activities. It involves more than simply keeping track of a list of employees and their wages. It involves processes like tracking leave and attendance, allocation of benefits and rewards, and insurance. Other methods involve record maintenance and documentation and, in some cases, analytics. Payroll is not merely limited to just these processes but also that of compliance. Taxation in the form of calculation and payment of payroll tax is a key requirement of the payroll...
All That You Need to Know About the Apprenticeship Act and its Eligibility
Apprenticeship programs are an excellent way for prospective employees to learn special skills skill that organizations may require. It is also easier for employers to identify talent and prospective employees for very specific needs. To ensure that apprentices are not exploited and that labour law compliance is followed, the Apprentices Act of 1961 was enforced and amended twice in 1973 and 1986. The pandemic affected organizations, who, despite the surge in economic activity, will always require employable talent, and a solution to this...
Migrating Your Payroll – All You Need to Know
The word payroll has come to mean more than just the list of employees in an organization and the payment of their employees. Today, the word is associated with many tasks, including the calculation, recording, and eventual automation of employee salaries, bonuses, incentives, benefits, taxation, and attendance processing. This also includes employees who might be both full-time and employees who may be part of contract staffing arrangements. Statistics by the IMARC group expected the global payroll outsourcing market to grow at a steady...
Proactive Steps to Identify and Prevent Workplace Harassment
In spite of every possible step being taken toward achieving gender equality and equal pay for equal work, workplace harassment has not faded out yet. Mostly sticking out its ugly head in the form of sexual harassment—among other forms—workplace harassment may prove detrimental to any business. Today, entrepreneurs across the world have started considering ways to fend off the evils of workplace harassment in any form. Major Types of Workplace Harassment To identify and ward off harassment that negatively impacts the stability...
The Key Roles and Responsibilities of a Payroll Administrator
Payroll administration is a crucial process that falls under the HR domain of any business organization. Payroll services help modern businesses and entrepreneurs to ensure timely and accurate payment of salaries and other benefits to their employees. Payroll administration covers critical activities such as appropriate calculation of working hours and applicable taxes and salary management. The Need for Outsourcing Payroll Services Accurately collecting and presenting the relevant data associated with payroll activities demands focus and punctuality. With their hectic schedules, business owners and managers...
The Role of Third-Party Payroll Management in Resolving Business Obstacles!
Intro Running a business has always been filled with challenges and obstacles. No thoroughfare takes you along a smooth, dream ride in business. It is not by trying to eliminate the practical challenges and obstacles; rather, standing up to them and overcoming them unscathed that you can succeed in your business. One way of assuring that you equip yourself with the aspects necessary for surpassing the difficulties is to partner with robust third-party payroll management service providers. Why is Third-Party Payroll Management Considered Significant? Partnering with...
Recruitment vs. Talent Acquisition: Know the Difference!
Intro The constant evolution of modern business and the shifting business paradigms necessitate a clear understanding of the recruitment process and the need for effective talent acquisition. While the recruitment process helps business organizations to fill the necessary profiles, talent acquisition focuses more on strategic steps that ensure human assets, thus achieving and sustaining business success. How Does Talent Acquisition Differ from Recruitment Process? Sure, there exist significant differences between recruitment and talent acquisition in the modern business arena. The recruitment process primarily ensures hiring someone who...
HR Policies: Best Practices For Start-Ups In India
Start-ups are naturally ridden with myriad concerns associated with growing, stabilizing, and expanding their businesses. In the constant rush toward meeting these primary objectives, they often do not have sufficient time or resources to establish HR-related solid standards and strategies that are critical to business success and sustenance. Even if you have a strong HR team, trying to manage the multi-pronged business needs such as recruitment, onboarding, training, and payroll, among other crucial HR processes. Delegating your HR services to an...
Staffing Trends for the FMCG Sector: All You Need to Know
The onset of the CoVID pandemic heavily impacted the fast-moving consumer goods sector. However, the Financial Express reports that there will be growth in 2021 and beyond, driven by the FMCG sector. Given that the sector is poised for growth, innovators and organizations have taken to practices that have changed the way the sector does business. Flexible Costs: To survive in crises, organizations have had to adapt and become more flexible with their finances and practices. Organizations have taken fixed costs...
Everything you need to know: The Maternity Benefit Act,1961
Organizations conduct their business activities within an extremely competitive marketplace and operate and carry out their activities within a pre-defined framework. Adherence to that framework is statutory compliance. Organizations also have a responsibility to ensure that the safety and well-being of their employees are taken care of, given that they are crucial to any organization’s status, effectiveness, and public image. Ensuring that all compliances are followed falls under the sphere of compliance management. One section of employees that need to be taken care of...
Importance of Employee Self Service in Outsourced Payroll Services
Employee self-service is a part of modern payroll management solutions. It enables employees to get the answers to all their payroll-related queries promptly. Manually managing the questions and addressing the information demanded by employees might prove time and resource-consuming. Business-specific employee self-service offered by third-party payroll service providers significantly helps to take such burden off while ensuring the satisfaction of the team members. Payroll outsourcing enables modern businesses to efficiently manage the task of handling employees’ unique information requirements. The Crucial Role played by Employee Self-Service Portals The...
Recruitment Process Outsourcing – Hiring Processes in the New Normal
According to LinkedIn, India’s Labour Market Update for June 2021 showed a steady uptick in hiring activity for April 2021, around the second wave of CoVID-19 cases in India. Since then, hiring activity has seen a steady increase when compared to the pre-Covid levels in 2019. Hiring processes have also undergone drastic changes with respect to the practice of hiring itself. Recruitment outsourcing companies are a major reason for this. These third-party service providers have drastically improved the way client organizations carry out...
What Is Shop & Establishment Compliance, and Why Is It Important?
Introduction Business owners involved with any commercial establishments such as shops, restaurants, recreation facilities, and hotels, among others, need to register mandatorily and apply for a shop and establishment license. Falling under the department of labor and controlled by the state government, the shops and establishments Act applies to all premises where services are offered to customers. Offices, warehouses, stores, and various other commercial premises are required to comply with the regulations and stipulations under the Shop and Establishment Act in India. Various...
The Contract Labour Act Explained
The backbone of any organization is its employees. It becomes the responsibility of the organization to ensure that the rights, interests, and welfare of its employees are taken care of, thus ensuring labour compliance. The COVID-19 pandemic saw an unprecedented rise in contract workers across multiple sectors. According to a report titled ‘Decoding by Jobs-2021’, by recruitment business company Tagged, along with the Confederation of Indian Industry and Sunstone Eduversity, 1 in 4 hires will most likely be part of contractual...
Why is Payroll Outsourcing the Best Business Investment Plan?
Intro While it is general for business owners and corporate managers to retain essential business functions, outsourcing payroll has gained increasing popularity. Payroll management is a time-consuming, resource-demanding process that requires constant monitoring and the utmost care. With increasing compliance needs and the growing responsibilities associated with payroll management, outsourcing your payroll-related processes to a reliable third-party payroll solution provider is a smart business idea. Why Do Modern Businesses Consider Payroll Outsourcing as a Smart Business Investment? The payroll landscape is never at rest;...
Automobile Sector compliance in India
Despite prevailing pandemic conditions, the Indian automobile industry in 2021 will soon see some positive growth in the coming years. A report by McKinsey has stated that the sector is expected to generate 65 million jobs by the year 2026. The automobile sector is an intense and challenging one. The quality of its output depends entirely on the performance of workers and employees who are the backbone of this sector. It becomes essential to abide by rules and regulations relating to...
Simplify Your Payroll Process with Talentpro’s Efficient Payroll Management Service
Intro Payroll management is a crucial aspect of any modern business; it could be time and resource-consuming. There’s no shortage of complexities in this critical and sensitive element that demands diligence and care. While error-free payroll management and compliance management appear to be daunting tasks for companies with insufficient manpower and skill, there are ways to handle these important factors. Modern entrepreneurs are well aware of the importance of statutory compliance in business. Outsourcing your payroll and compliance management processes to a...
Things to know about RPO Partner
Intro RPO service providers today offer a wide range of services that include the best staffing service. They cover an extensive spectrum of recruitment-related services such as sourcing, screening, and evaluating potential candidates. Moreover, RPO firms help entrepreneurs hire for cultural fit, technology consulting, employer branding, and much more. Hiring the right recruitment services agency is crucial to acquire the best talent and achieve your business objectives. Key Factors to Look for While Choosing Your RPO Firm Partnering with a skilled and experienced...
Difference Between Permanent, Contract, and Temporary Staffing Services
Introduction The workplace in the modern business environment has been evolving continuously. Temporary Staffing and contract staffing are among the factors gaining momentum in the contemporary human asset management setting. The workforce in today’s organizational teams can be classified under three broad categories, namely, permanent, contract, and temporary staff. It is the responsibility of the skilled staffing agency to identify clients’ unique needs and provide the appropriate staffing solutions. Why is it Essential to Classify Your Workforce Properly? With rising costs and fluctuations in...