What is payroll processing? Payroll processing encompasses the complete sequence of steps necessary to calculate each employee’s total remuneration. This process typically includes three to four stages and involves tasks such as defining salary structures, gathering employee data, accounting for components like deductions and allowances, and setting up necessary policies related to taxes and other…
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Vendor compliance refers to the adherence of a supplier or vendor to the terms, conditions, and standards set forth by a buying organization. Essentially, it’s about ensuring that the products or services provided by a vendor meet the specified requirements, such as quality standards, delivery timelines, and any other contractual obligations. This helps maintain consistency,…
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Your organization is embarking on a critical project with a tight deadline, but the internal team is already operating at full capacity. Compounding this challenge, one team member needs to take parental leave, and another has pursued an opportunity at another organization. In such situations, utilizing temporary hiring can fill the gaps by bringing in…
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Ensuring Compliance: A Comprehensive Guide for Businesses Under the Shops Act in India In the realm of business operations in India, compliance stands as a cornerstone, signifying adherence to legal regulations and norms. Each statute, including the Shops Act, delineates a set of compliance requirements, encompassing tasks such as filing returns, submitting applications, and fulfilling financial obligations. For enterprises…
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Employee compensation policy refers to the structured framework a company implements to determine how it remunerates its employees for their work. It encompasses various components, including salaries, wages, bonuses, benefits, and incentives. Crafting an effective compensation policy is crucial for attracting and retaining top talent, motivating employees, and ensuring fairness and equity within the organization. Employee compensation encompasses various elements, each…
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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…
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What is a recruitment strategy? A recruitment strategy is a formal plan that details how recruiters identify and hire top talent. Recruiters should define the types of roles they’re hiring for, the formats for job advertisements and the criteria for determining top candidates. These basic starting points can help you recruit the job seekers you…
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An effective human resources department is essential for any company as it focuses on one of the most valuable assets a company can have—its employees. A poorly managed human resources department can lead to employee dissatisfaction and eventual failure, even for the best companies. In every industry, the role of the human resources department is…
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Labour law compliance refers to the process of ensuring that a business or organization adheres to all the relevant labour laws and regulations governing employment practices in a specific jurisdiction. These laws are put in place to protect the rights and interests of workers and to maintain fair and ethical working conditions. An end-to-end guide…
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Effective human resource management is crucial for any organization dealing with people, and this holds for the banking industry, which has always been and will always be a “People Business.” The nature of the banking industry, primarily service-based, amplifies the importance of human resource management, as managing people within the organization while handling financial and…
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