Complete Details on Payroll, Salary & Compensation - hr activitiesPage 1 of 9 FIND INFORMATION HOME ANSWERED NEW Ξ ASK or SHARE HRM Sales Operations CONTACT ABOUT LOGIN Finance Legal Section Home > Human Resource Section > Employee Compensation & Benefits Complete Details On Payroll, Salary & Compensation Octavious Started The Discussion: Hello, I am sharing Complete Details on Payroll, Salary & Compensation that I have collected through various sources This result is efforts of many people who have used their expertise, time & hard work to explain the concept of compensation as simple as possible Thank You Octavious For various links to my posts, kindly visit the links provide herein below http://www.citehr.com/99968-major-hr-links.html Knowledgebase Categories Human Resource Management Talk To Seniors Forms, Formats & Questionnaires Building A New Business Business Schools/Management Institutes Employee Compensation & Benefits Labor & Employee Relations Organizational Development HRIS & ERP Employee Training & Development Business Knowledge Management DISCUSSION NO.: 99840 72060 views 180 replies Payroll Management Human Resource is the most vital resource for any organization. It is responsible for each and every decision taken, each and every work done and each and every result. Employees should be managed properly and motivated by providing best remuneration and compensation as per the industry standards. The lucrative compensation will also serve the need for attracting and retaining the best employees. Compensation is the remuneration received by an employee in return for his/her contribution to the organization. It is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. Compensation is an integral part of human resource management which helps in motivating the employees and improving organizational effectiveness. Components of Compensation System Compensation systems are designed keeping in minds the strategic goals and business objectives. Compensation system is designed on the basis of certain factors after analyzing the job work and responsibilities. Components of a compensation system are as follows: Performance Management Financial Management Organizing Corporate Events & Conferences Safety & Health Of Employees The Best Case Discussions Complete List Of Categories http://www.citehr.com/99840-complete-details-payroll-salary-compensation.html 5/9/2013 Pf/Gratuity. If the compensation offered is effectively managed. Leave travel Assistance Limits. Retirement Benefits. Facebook social plugin View Testimonials° Popular Discussions Payroll System In Excel Format Salary Preparation . leave travel allowance. etc.182 people like Citeman. house rent allowance.Time Office http://www. it contributes to high organizational productivity.Complete Details on Payroll..citehr.Network Like 16.Profession Tax Factory Act. Car policy. Esic. Salary Slip/ Salary Certificate Format Roles Of Hr-manager . Hospitalization.html 5/9/2013 .compliances Schedule. Types of Compensation Compensation provided to employees can direct in the form of monetary benefits and/or indirect in the form of non-monetary benefits known as perks. Pf Calculation. They include Leave Policy. Salary & Compensation . time off. The monetary benefits include basic salary. etc. DA & HRA Etc. Payroll In Xl Format . medical reimbursements. bonus. Compensation does not include only salary but it is the sum total of all rewards and allowances provided to the employees in return for their services.Tax Calculator How To Calculate Basic.Joining Formalities Indirect Compensation Indirect compensation refers to non-monetary benefits offered and provided to employees in lieu of the services provided by them to the organization. special allowances. conveyance.Form A Salary Calculation Formula . Overtime Policy.Network. Insurance. Holiday Homes. PF And Professional Tax Registration Forms Payroll Management .hr activities Page 2 of 9 FIND INFORMATION HOME ANSWERED NEW Ξ ASK or SHARE HRM Sales Operations CONTACT ABOUT LOGIN Finance Legal Section Citeman.com/99840-complete-details-payroll-salary-compensation. Direct Compensation Direct compensation refers to monetary benefits offered and provided to employees in return of the services they provide to the organization. Labour Laws ESI. They are given at a regular interval at a definite time. • The most competitive compensation will help the organization to attract and sustain the best talent. The compensation systems have changed from traditional ones to strategic compensation systems. the employees have other psychological and self-actualization needs to fulfill. compensation helps in running an organization effectively and accomplishing its goals. In today’s competitive scenario organizations have to take special measures regarding compensation of the employees so that the organizations retain the valuable employees. With the changing organizational structures workers’ need and compensation systems have also been changing. The higher education standards and higher skills required for the jobs have made the organizations provide competitive compensations to their employees. It depends on both internal and external factors as well as the life cycle of an organization. http://www. • Salary is just a part of the compensation system. employees have started asking for their rights and appropriate compensations.citehr. Thus. Compensation strategy is derived from the business strategy. Salary & Compensation . • Unless compensation is provided no one will come and work for the organization. hr report leave travel allowance basic pay hr field comp & benefit tax exemption salary break up monthly report payroll processing Location-India-Mumbai Evolution Of Compensation Today’s compensation systems have come from a long way. employers contribution salary slips supreme court judgments compensation strategy payroll system business goals hr strategies insurance payroll outsourcing employee insurance working conditions knowledge sharing central govt Strategic Compensation Strategic compensation is determining and providing the compensation packages to the employees that are aligned with the business goals and objectives.Complete Details on Payroll. Thus. Then the compensation committee or the concerned authority formulates the compensation strategy.hr activities Page 3 of 9 FIND INFORMATION HOME ANSWERED NEW Ξ ASK or SHARE HRM Sales Operations CONTACT ABOUT LOGIN Finance Legal Section Topic Categories >> leave policy provident fund hr activities direct compensation compensation and benefits organizational effectiveness hr monthly about payroll pf benefits Need of Compensation Management • A good compensation package is important to motivate the employees to increase the organizational productivity. compensation serves the purpose. The compensation package should be as per industry standards.com/99840-complete-details-payroll-salary-compensation.html 5/9/2013 . The business goals and objectives are aligned with the HR strategies. From the bureaucratic organizations to the participative organizations. It was assumed that humans work for money. Maslow brought in the need hierarchy for the rights of the employees. employees started asking for their rights. He stated that employees do not work only for money but there are other needs too which they want to satisfy from there job. House rent allowances. safety needs. Employees feel secured and valued in the organization.html 5/9/2013 . Salary & Compensation . Now the employees were being treated as human resource. employees were expected to work hard and obey the bosses’ orders. The compensation system was designed on the basis of job work and related proficiency of the employee. i. etc.hr activities Page 4 of 9 FIND INFORMATION HOME ANSWERED NEW Ξ ASK or SHARE HRM Sales Operations CONTACT ABOUT LOGIN Finance Legal Section Evolution of Strategic Compensation Traditional Compensation Systems In the traditional organizational structures. etc.e. pension plans. Organizations offer monetary and non-monetary benefits to attract and retain the best talents in the competitive environment.citehr. psychological needs. Some of the benefits are special allowances like mobile. Employees were expected to work hard to have the job security. Competition among employees existed. The employees are expected to work and take their own decisions. Authority is being delegated. Payroll Management Process http://www. In return they were provided with job security. company’s vehicle. salary increments and promotions annually. for the employees.com/99840-complete-details-payroll-salary-compensation. Change in Compensation Systems With the behavioral science theories and evolution of labour and trade unions. there was no space for other psychological and social needs of workers. Their performance was being measured and appraised based on the organizational and individual performance.Complete Details on Payroll. statutory leaves. Some of the organizations provided for retirement benefits such as. self-actualization. social needs. The salary was determined on the basis of the job work and the years of experience the employee is holding. Today’s Modern Compensation Systems Today the compensation systems are designed aligned to the business goals and strategies. He/she is responsible for all the activities related to payroll accounting. It also helps in generating the http://www.com/99840-complete-details-payroll-salary-compensation. He/she has the sound knowledge of accounting principles and globally accepted standards. Accountant Accountant is a professional having a degree/diploma course in finance/accountancy. software and other computerized aids. The financial control regarding salary goes in the hand of accountant. It involves paying someone who is responsible for calculating the salaries of others. payroll system has also developed itself into automated software that performs every action needed by the payroll process. The process adds costs to the organization.citehr. etc instead of computers. adding machine. Sometimes the construction industry and manufacturing industry also use the manual payroll systems for the contractual labour. Payroll Software In today’s computerized environment. An organization opts for any of the following payroll processing methods available Manual System Manual payroll system is the traditional payroll system which involves pen and ink. The process was very popular when there were no computerized means for payroll processing. Now-a-days it is only few small scale organizations in the remote areas that use the manual payroll. But the process is tedious. It helps in calculating the payable amounts and deductions very easily.html 5/9/2013 . time consuming and risky as it is more prone to errors. There is full control in the hands of owner. Salary & Compensation . spreadsheet.hr activities Page 5 of 9 FIND INFORMATION HOME ANSWERED NEW Ξ ASK or SHARE HRM Sales Operations CONTACT ABOUT LOGIN Finance Legal Section traditional manual method of payroll processing and some go for the advanced payroll processing software.Complete Details on Payroll. as theses contracts are on daily/weekly basis. 1 KB. 24460 views) SALARY EXCEL.4 KB. payroll taxes Medical claim processing Employee Insurance & Provident fund processing Attached Files Provided by community member octavious.hr ] Member Since: May 2008 Dear Sir.zip (1. SALARY WORD. 37401 views) payroll & reward ppt. 14506 views) [ Vijayabaskar ] Member Since: Mar 2007 very usefull information . 40026 views) SALARY PDF-PPT.html 5/9/2013 . Join us to learn and grow with your peers. The various payroll functions undertaken by the outsourcing organizations are as follows: < ul>Analysis of Payroll records.relating to strikes & lock outs [ Mycareer ] Member Since: Feb 2008 Hi.the way u had improved urself.Complete Details on Payroll.zip (551. pls continue the good work. buddy. payroll outsourcing would be very much beneficial.. Salary & Compensation . Regards.03 MB. Thanks alot octavious. Payroll Outsourcing Payroll outsourcing involves a third party (an outsourcing company) in the calculations of salaries and deductions.. The outsourcing organization is responsible for all the activities of the payroll accounting.citehr. I have seen you with a great knowledge and would like to know more about u.hr activities Page 6 of 9 FIND INFORMATION HOME ANSWERED NEW Ξ ASK or SHARE HRM Sales Operations CONTACT ABOUT LOGIN Finance Legal Section working. The data is provided to the consultants/outsourcing firms.com/99840-complete-details-payroll-salary-compensation. If there is more number of employees (say more than 900-1000) in the organization..zip (222.29 MB. It saves time and cost for the organization. hi any one having the IR Case studies .zip (3. [ Hema. Let me know ur background. You are the best guide Thanks a loooooooooooooooooot for all the information shared by you Regards Hema [ Kusuma66 ] Member Since: Mar 2008 (Contributing Member) http://www. ... Ashish Found This Useful? +Vote Up This Page Via Google.The value of this work is known in dept to a person working in Payroll. Regards.... Gargi [ Ajsahib ] Member Since: Nov 2006 (Contributing Member) Dear octavious.citehr.. REgards.. Kavitha [ Ruchika_Rohilla21 ] Member Since: Aug 2007 (Contributing Member) Thanks Dear..Complete Details on Payroll. would you have a excel with salary levels/designations and experinece? [ Garginaha ] Member Since: Jan 2008 HI! Your posts are really very helpful. Thank you very much for the details concept of Compensation. we all have gained much more information on pay roll than required..Thanx once again. This info is very helpful. Navroz Panjwani [ Manish.. Thanks for sharing such a good posting. Regards. Ruchika [ Navrozpanjwani ] Member Since: Feb 2007 (Contributing Member) Hi Octavious. Thanks for posting such good information.com/99840-complete-details-payroll-salary-compensation. But can you also tell me about the Cost of living analysysi in delhi as we want to start the City compensatory allownace in our company. Regards.com ] Member Since: May 2008 pretty good info..hr activities Page 7 of 9 FIND INFORMATION HOME ANSWERED NEW Ξ ASK or SHARE HRM Sales Operations CONTACT ABOUT LOGIN Finance Legal Section very good posting and thanks for the same ... Thanks and Best Wishes. thanks buddy.html 5/9/2013 . It is really very helpful.. ⇑ GO BACK UP http://www. I’m learning lots of things from u. This is something Fabulous ...sincere@Gmail. Salary & Compensation . .. LABOUR LAWS Complete details. Development of complete hr payroll portal hi all am going to develop a complete hr and payroll software with all new . 100K+ Documents & 450K+ Discussions Share » Community Support & Professional Insights. http://www.. Payroll process Dear Seniors I would be thankful if you let me know the complete payroll processing ..hr activities Page 8 of 9 FIND INFORMATION HOME ANSWERED NEW Ξ ASK or SHARE HRM Sales Operations CONTACT ABOUT LOGIN Finance Legal Section 1 PLEASE KEEP YOUR CONDUCT PROFESSIONAL AND POLITE Add New Query 3 Easy Steps Add To This Share What You Know Top Discussions The Best Of Today How It Works Learn & Grow Related Information Re: details about payroll & their deduction Hi Sukhdev Payroll is the salary processing system. Payroll can be seen from two aspects. Access to years of discussion data available to everyone at no cost. Salary & Compensation .com/99840-complete-details-payroll-salary-compensation. Login & Explore. LABOUR LAWS Complete details.citehr..... Need help in payroll system Hi friendsGreetings plz let me know the complete details abt the payroll process. Download Thread 37.html 5/9/2013 .. .Complete Details on Payroll..doc (655 Downloads) FIND INFORMATION 3M Users.pdf (585 Downloads) Payroll Offer Details.. Complete abc of payroll required Dear all I have recently joined in the HR dept of a product based IT . Email/Username Password Log in Login Trouble? | Register Discuss problems with your peers without getting into personal specifics.pdf (1272 Downloads) 37. com/99840-complete-details-payroll-salary-compensation.hr activities Page 9 of 9 FIND INFORMATION HOME ANSWERED NEW Ξ ASK or SHARE HRM Sales Operations CONTACT ABOUT LOGIN Finance Legal Section About Us .Complete Details on Payroll. Member comments are owned by the poster. Salary & Compensation . 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