Posts in category: Business

Introduction

Businesses should focus fully on their core activity and what they are good at and leave other functions to experts. Payroll is one of those functions that deserve the assistance of experts.

Payroll processing is not only a vital function but is also a highly complex operation and when managed perfectly will save the company a lot of time, money, and manpower. Outsourcing this vital operation to a reliable service provider is the best solution. Importantly, it will keep you on the right side of the law as it will enable you to stay compliant with the statutory rules and regulations.

The difficult part is to choose the right partner to handle the payroll operations. You should first decide whether you want to outsource the payroll module alone or also outsource to someone who can also handle the HR module. Ideally, it is advisable to outsource to a company that can handle both payroll and HR requirements as it will help you to handle month-end operations without much stress. Statistics show that one out of three employers has been penalized for mistakes in the payroll and for being non-compliant. This guide will enable you to ask the right questions and help you to make the right choice.

What do you need to decide first and foremost?

Before we jump into the aspect of choosing the outsourcer, you have to be very clear about what your requirements are.

– First, identify your company’s needs very clearly.

– Decide on your plans for future developments.

– Decide on how much funds you can allocate for this operation

– Be clear about the number of employees whose payroll will be handled by the service provider.

– List out the Statutory Compliant rules and regulations that you have to comply with.

– Whether future staff/employee recruitments will also be handled by the outsourcer.

– Whether you require a fully functional Employee Self Service portal to track time and attendance.

Tips to choose the right service provider

The next step is to choose the Payroll Service Provider that best suits your requirements. Here are a few points that you have to look for in an outsourcing partner before you hand over this vital operation.

1. Choose an outsourcer who is efficient in handling Payroll and HR management.
2. Verify their Experience.
3. Identify the Specializations that they handle.
4. Software features that they offer and the technology that they use.
5. Who takes responsibility for mistakes?
6. Flexibility in information transfer.
7. Whether the vital data is secure?
8. Their Service commitment.
9. Pricing of their Services.
10. Their ability to handle Statutory Rules and Regulations.

Let us now delve deeper into these points to understand their importance and why we should have the right answers before making our choice.

1.  Choose an outsourcer who can handle both Payroll and HR management:

This is the ideal choice because you will be able to free a lot of time for your HR team to handle the more important core business activities. On the other hand, if you outsource these activities to two different companies you may not be able to function smoothly. A sound choice made here would enable you to handle these issues without much stress and you will find that the operations work seamlessly without any hiccups.

2.  Verify their Experience:

This is very important as this industry matures with experience, the more the experience, the better the service. You can verify with the clients of the service providers about their experience before making your choice.

3. Identify the Specialization that they handle:

Identify whether they can handle the Payroll and HR operations of the core sector that you handle. Every industry has its complexity when it comes to Payroll and HR management, therefore handing over this operation to someone who is not specialized in this activity will only create complications that would upset the entire working of the organization.

4.  Software features that they offer and the technology they use:

The use of advanced technology has vastly improved the performance of the applications that are now on offer in the industry. Look for a service provider who is using cloud technology to store data as this would lessen your burden of equipping yourself with more advanced hardware.

Ensure that the outsourcer has the necessary technical skills to upgrade and customize the application as and when required. Verify the usability of the reports and whether they conform to industry standards. Features like the Employee Self Service (ESS) module that the employee can access are important in today’s working atmosphere.

5.  Responsibility for mistakes:

You have to determine who will take responsibility for the mistakes in reporting and the subsequent penalties that the company has to bear.

6.  Flexibility in information transfer:

The Service Provider should be in a position to provide flexibility in the way the information gets transferred. You should be able to print the reports, or post them to the net or transmit them in the form of a data file. They should be able to find a solution when there is some break in transmission.

7.  Whether the data is secure:

Data security is a vital factor in outsourcing. Your data is highly sensitive and you must verify that it is securely encrypted and has full control over who can access it.

8.  Service:

Timely service is vital for a process of this nature. Verify that the outsourcer is in a position to provide service always and not only on the days that the payroll is generated.

9.  Pricing of the Service:

Understand fully the cost for the package and see that all the features that you require are included in the entire package. Before you sign on the dotted line verify these facts.  Any misunderstanding here will create a lot of unpleasantness later.

10.  Ability to handle Statutory Rules and Regulations:

This is a highly critical area in any business and any weakness in one’s ability to comply with the government laws will bring greater problems by way of penalties that could be in the form of fines or some cases imprisonment. Make sure that the service provider is efficient in handling statutory compliant issues and is well prepared to handle changes as and when they occur.

Conclusion

Outsourcing your Payroll and HR management operations to an efficient Service Provider is a choice that makes the entire business run easier, quicker, and more efficiently. Since most outsourcers provide a package that integrates Payroll operations and HR Management, you can rest assured of a seamlessly running package that provides all information as and when you require them with greater accuracy. This not only saves you time and money but will also enable your HR team to concentrate more on core activities rather than on the mundane payroll activities. This will enable the entire workforce to perform with greater efficiency and in the long run, will bring greater growth.

GetifyHR is one of the top-rated payroll outsourcing companies in the industry and has over the years built a large number of satisfied clientele. We have the expertise to cater to a wide array of business needs and that could transfer to greater growth to the client. Whether your business is big or small, an association with an experienced and committed payroll outsourcing service provider will bring about a quantitative change in its growth. The tips given here are the result of serious research and we are sure you will be able to make the right choice in your search for a payroll outsourcing company.

A business is the outcome of serious thought and planning to make life successful and significant. Many people set out their plans and step into the shoes of a businessman. The steps that they take thereafter may lead to success or failure and this would fully depend on the action they take to achieve what they have set out to do.

Why set goals?

When you wear a businessman’s shoe, your first and foremost priority is to clearly identify your objective. You should be clear in your mind about where you want to be in the next five years. If you want to succeed in your objective then you have to set clear goals. Without setting goals you will lack focus and be directionless.

Once you set goals, you are in effect taking full control of the direction of your business and life. Goal setting is, therefore, a process that needs careful consideration of what you hope to achieve within a specific time and follows up with a dedicated effort to achieve it.

Your company will be successful only when you have a clear vision of what you want to achieve, how, and when!

How to set goals?

There are different methods by which you can set business goals. Your choice will depend on the nature of your business and whether the method that you adopt fits your culture and approach in handling issues. The following paragraphs set out 7 effective strategies that will bring success to your business.

1.  Objectives and Key Results (OKR)

This is a collaborative goal-setting methodology that drives the entire company right from the top management to the employee level to fully focus on the goal. Everyone in the organization connects to the business goals and this enhances the performance and generates positive results. One advantage of this method is that it creates a greater rapport between the management and the employees, which in turn will push up productivity.

2.  The SMART way

The expansion of the word SMART will give you five actions that you need to implement to achieve your goals.  They are Specific, Measurable, Attainable, Relevant, and Time-Bound. When you use the SMART methodology to achieve goals, you are using a powerful system that drives performance. Normally this method is used to set goals for a year.  For example if you wish to improve your company’s performance by 20% over the last year’s performance, then using this method will help.

i. Setting Specific Goals:

In this method, you first set Specific goals that you hope to achieve. These goals will set the tone for the company and define where you want to be at a specific time.

ii. Setting Measurable goals

Measurable goals are amount and date-specific. You can measure your success by how much you have achieved and within what time frame.

iii. Setting Attainable Goals

The goals that you set should be attainable or achievable. When you set a goal that is way beyond your capacity it will only demotivate you and the people working with you. You will lose your confidence. So be judicious in the goals that you set and see that they are attainable by your team.

iv. Setting Relevant Goals

Set goals that are relevant to what you need in life and your career. This will give you more focus in achieving your goals.

v. Setting Time-Bound Goals

Every goal that you set must be time-bound. When you set a deadline, your focus and dedication to achieve it would be greater.

3. Plan your Action

Without clear planning, all the hard work that you put in will go to waste. Planning is without doubt one of the most important activities on your path to success. If you want to achieve success, you have to plan meticulously.

4.  Avoid Distractions

Distractions are the bane of our society. We have Smartphones, the internet, social media, entertainment media, and so on to distract us from our goals. Under these circumstances, it becomes harder to stay productive and achieve success. Your first step is to identify the distractions and take conscious efforts to eradicate them.  This will go a long way in helping you to achieve your goals.

5.  Time Management

Time management is very vital for achieving one’s goals. Set deadlines for your goals and keep track of them. When you organize time properly or systematically, you will manage your daily routines more effectively and will spend time on things that count. This will enable you to achieve your business goals within a planned time frame.

6.  Prioritize your Tasks

When you prioritize your tasks you will do the most important tasks first and then proceed to complete the other less important tasks. People generally tend to do the easier jobs first and then attempt the harder tasks. This is counter-productive and will stop you from achieving your company goals. The technique is known as  “Eat the Frog” technique and it recommends that you eat the biggest frog first and then proceed to eat the smaller ones; similarly, you take up the most important task first and then complete the lesser tasks.

7.  Monitor your Progress

Constant monitoring of the progress of the activities is a must if you have to achieve your business goals. This will enable you to keep track of your progress and will also help you to make course corrections when you identify some shortfalls. By constantly monitoring the progress, you can evaluate your performance and adjust to the needs to reach your goals.

How setting goals help businesses?

The goals that you set and the focus and dedication you have in achieving them will determine the success of your company. When you follow the steps enumerated here you are sure to achieve the success that you have planned for.

GetifyHR has been a leading player in Payroll and HR Management sector in the country.  Our Payroll Outsourcing Services have been widely accepted in the industry and is the outcome of vast experience and effective goal setting.  Using goal setting techniques, we have been able integrate HR Outsourcing Services within a set time frame.  We have achieved all our further integrations like Statutory Compliance Services, EPF and ESI Registrations, Attendance Management Services, Leave Management Services and Task Management Services by following the goal setting steps enumerated here.

Conclusion

Setting goals, implementing them, unitedly working to achieve them, monitoring and reviewing them to set the path to success, and finally achieving the goals are a continuous process.  This process gets back on track when you set newer goals.  Goal setting in many ways helps the organization and the employees to identify the Key Performance Indicators (KPIs) and update them over a period of time.  These activities facilitates business growth

By deploying these strategies you are not only enhancing the growth and productivity of the company, but you are also encouraging your employees to directly support the priorities of the company. This paves the way for a stronger Management – Employee relationship.

This helps the company to retain talent and reduces employee turnover. Setting goals and succeeding have their benefits. Nothing succeeds like success!