posibolt Payroll Management Software

Payroll Management Software Necessities in a Post-Pandemic World

With the increase in complexities related to contract hiring and dynamic shifts in a post-Pandemic world, it is important to make informed decisions when choosing a payroll management software for your organization. Not having a proper payroll system hurts both the employer and the employee. For the employer, incorrect and sub-optimal systems may lead to higher labour cost and increased financial burden while for the employee, it impacts his/her morale and loyalty towards the organization. In this article, we try to unravel the mysteries associated with the payroll system and propose practical and palatable solutions.  

Let us analyze the top challenges that HR managers face in the generation of timely and accurate payroll of employees, and what could be probable solutions.

Timely Attendance and Leave Data

One of the fundamental challenges we often hear from HR Managers in generating Payroll is the non-availability of the daily attendance and leave taken data promptly. The issue looks straightforward but it is the one that serves as a major bottleneck and gives nightmares to HR Managers. The HR managers have to slog for hours together to reconcile the leaves, looking for policy deviations, Loss of Pay, and waivers (if any) to generate the payroll. This issue became more complex during the pandemic as people had to work in a variety of shifts, work a lot from home and in many cases were hired for a temporary duration.

The solution to this problem resides in improving the efficiency and integration with the attendance and leave management system. Attendance Management needs to support the new age requirements like QR or OTP based logging for staff members working from home. System to allow the creation of shifts on the fly and management of the associated work shift business rules, as per the changing needs. The leave management approval and accounting process have to consider the leave policy, be seamless and fully automated. These initiatives on attendance and leave management pave the way for the optimized preparation of the payroll.

Employee Commercial Engagements and Work Shifts

One of the challenges of a modern-day organization is the new normal of a growing variety of commercial engagements with employees coupled with a huge number of shifts and work requirements. The commercial engagements rules for example can be about payments to contract staff, commissions on services, fixed and variable pay components and accommodation of furloughs. These business rules are very much a norm and can no longer be treated as exceptions that can be managed manually, as used to be the case in the olden days. These rules have to be finely ingrained in a good payroll system.

Payroll for Small and Medium Enterprises (SME) 

There are two types of payroll software in the market, one that caters to the small and medium enterprises often lack in-depth and usually compromise on quality; on the other hand, there is the expensive software that caters to the needs of enterprise customers and completely out of reach of the small and medium enterprises. One needs to look for a balance in the cost to performance ratio. 

Overcome these Challenges with the right Payroll Management Software

No matter if you’re a small business owner, professional services provider or government agency – payroll is an important function that needs to be paid attention to.

For effective functioning of the payroll system the underlying systems of robust employee master management with commercial rules of engagement, attendance and leave management to have to be in place. These systems need to be well integrated with the payroll generation software.

Emerging trends in payroll management software offer organizations the ability to streamline payroll processes, reduce employee turnover, and improve employee productivity.

The following are some of the trends 

Posibolt would be worth considering if you are looking at addressing the challenges mentioned above and the functions/ features which address them.
PosiBolt is a leading provider of quality software solutions for over a decade with future-ready cloud-based HR Management Software that lets you manage all your Human Resource related activities. Its design is so intuitive and easy to use that even non-technical employees can easily handle most of its tasks.

Learn more about the various modules and discover how a complex payroll management process is made easy with Posibolt. 

Email us at info@posibolt.com, WhatsApp at 91 87141 13166 or visit www.posibolt.com for more information 

Leave a Comment

Your email address will not be published. Required fields are marked *