What Is Payroll Outsourcing

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Payroll outsourcing which involves employing an outside agency to do the routine work of managing salary, its calculation and payment, along with any other related functions, has transformed into an extremely successful industry. India is today one of the major destinations for payroll outsourcing.

Some of the reasons for this are:

  • Team is headed by group of Chartered Accountants which means all the statutory laws are taken care.
  • Cost savings for the company on outsourcing payroll processing are extremely significant and can go upto 50% at times.
  • Reductions and cost effectiveness can be achieved.
  • Productivity is improved, as service quality provided is excellent and this frees the company from non-income generating tasks.
  • Latest technology and software for payroll processing are used.
  • Indian payroll processing service providers have a very highly specialized and expansive knowledge base in finance and accounting which would be of help to businesses globally.
  • These service providers are fluent in English and extremely competent and efficient.
  • Where India and the USA are concerned, the time difference is also favourable, thus work completion is faster.

 

Payroll outsourcing has been highly productive for companies and has been functioning since 1997. In the past five years this industry has recorded a CAGR of 15 per cent. In short, it is a win-win situation.

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Increase Employee Motivation in Your Company

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All of these benefits can lead directly to higher retention as well as increased productivity and morale. How can you improve employee motivation in your company? The answer can be found in understanding and identifying the primary motivators in your company in payroll management services.

Understanding Employee Motivators

A recent study found that as employee motivation improves, the business’ stock enjoys higher subsequent returns the following year.

Depending on the nature and size of a company and its workforce, there can be a wide array of motivators. Six common motivators include:

•    Compensation

•    Flexibility

•    Time off

•    Benefits

•    Incentives

•    Bonuses

The first reason is that consistency is an important attribute for motivators and monetary motivators are dependent on the profitability of the business, which can vary from year to year. Employees still need to be motivated when budgets are tight and bonuses and salary increases are not available. In fact, this is likely the time when they need the most motivation. Secondly, when monetary motivators are small or non-existent, employees may feel undervalued even though this was not the intent of the employer in payroll processing services. Lastly, monetary motivators are usually only given once a year and it is important to motivate your staff all year round. These challenges can be minimised by understanding other ways to motivate.

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How to Manage Payroll Effectively Across Borders

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The costs of doing all this, per employee, are steadily rising year over year. Payroll management services is a equation to solve. In fact, according to Ernst & Young, 55% of global firms doubt they will ever find a payroll solution that satisfies their payroll processing services needs. On top of this comes the required technology infrastructure, which can become particularly expensive when a company operates in multiple locations across the world.

However, in order to reap the benefits of standardisation and automation, HR and payroll can work in harmony. Working with a single supplier and implementing a cloud will help organisations move forward on this journey and further reduce costs.

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8 Benefits of cashless payroll processing for small business

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One such highly important activity is the payroll services for the employees, Usually to manage this, SME’s prefer to outsourcing payroll services, However, now SME’s can try the new cashless online payroll services solutions available in the market. The benefits of using such services can add up in the long run and the recent demonetisation effect and cashless movement has opened up new opportunities.

Every though few people have shown resistance towards the cashless movement, if electronic monetary systems will be successfully implemented across sectors and organisation, people will necessarily have to accept the new cashless system. Cashless payroll systems provide various advantages to the organisations and it is easy to understand why everyone will gladly accept it, without having to be forced into. Listed below are  few such advantages that organization will receive with cashless payroll processing for their employees.

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