The basics of employee payroll
A payroll service is set up for every company and is run by HR (Human Resources) department. The HR department takes on hiring, firing, employee welfare and payroll services for its company’s employees. The payroll service is particularly set up for employees handling their payroll process and queries. Payroll services are both offered in person and online. Each and every employee of the company is given access to their individual payroll services dashboard which will be accessed via both internet and intranet links.
Components of employee payroll
Employee payroll consists of various components, for example, employee performance report, employee hike letter details, tax declaration details and more. All the details are constantly verified and updated. The details are highly confidential. Hence to maintain the confidentiality the details pertaining to an individual is only made available. The details cannot be publicly accessed bearing the privacy in mind.
How employee payroll works
The HR department can also outsource the employee payroll system in case of cost cutting or for any other reasons. The outsourcing happens only after a formal knowledge transfer and contract signing. The contract may contain Non-disclosure agreements, payment cycles, pay out dates, tax form calculation systems etc. Employee payroll also maintains an employee data even after resignation or termination in their database for various purposes. One such could be if the employee was an exemplary candidate, he/she may be contacted in the future for new roles. Employment verifications, employee feedbacks and so more reason to maintain a database of ex-employees.
Importance of HR in employee payroll
Human Resources is the heart and soul of a given establishment. As per the rules of government, any company or association having more than 10 people working for it should have the HR department as part of the company to take care of the employees for their needs and requirements. Benefits of having an HR listen to your needs and support is that usually they take actions quickly and take care of the needs as efficiently as they can. They are the only department which works independently and as much rationally as possible. Payroll services are part of HR offered services and yet under that employee payroll is a component which handles the remuneration, hikes, and data pertaining to individual employees. Payroll services also offer a help in hand when you have payroll queries as investments declarations, filing tax returns and various other payroll related questions. The questions are answered professional and at satisfactory levels.