How an end to end HRMS solution can help you to be compliant?
An HRMS Solution to Help You Stay Compliant
Did you know that 28% of organizations are finding a way to re-design their HR approaches, systems, and processes?
Think about it, the HR department of the business has to handle many responsibilities. One of these responsibilities is maintaining HR compliance. The payroll processing is as complicated as sales and the role of tax and regulations only increases the misery of the HR. The HR team always has to stay updated with the laws and regulations to avoid legal implications against the business.
Thankfully, today, we have technologies such as Human Resource Management System that can help the HR mitigate these compliance risks and streamline other functioning. Even when the business is ready to scale its working, the HR department can assist the business. Let’s see how HRMS solution can improve the compliance structure.
The main objective of the solution is to streamline and automate processes of the HR department. There are various repetitive tasks that the HR team might be performing such as attendance management. The HRMS can complete these tasks – allowing the HR to take over strategic responsibilities.
Here are a few functions of an HRMS solution:
- Estimating resources requirements and streamlining recruitment activities.
- Ensuring that the candidates with the right skills and competencies enter the recruitment process.
- Completing joining formalities of a new employee.
- Storing information regarding employee data such as personal data, salary details, previous work experience, etc.
- Formulating and managing leave policy and procedure.
- Tracking attendance of individual employees so that it can be utilized during salary dispatch.
- Managing salary changes, bonuses, and revisions for eliminating inconsistencies.
- Handling payroll and monthly salary related formalities.
- Ensuring smooth communication between the employees and the HR department.
- Maintaining company compliance in accordance with new laws and regulations.
Staying Compliant With HRMS
If you are manually calculating the income tax deductions of your employees, mistakes might seep into the system. You won’t realize that you are calculating the tax wrong until it is due for payment. Then, a series of other issues arise when you have to inform the employees about the same. Needless to say, these glitches can’t change the tax process. Hence, the business has to incur that loss.
Often the HR won’t realize a missed payment until notice is received regarding the delayed dues. This brings another set of stressful issues in front of the HR team. Not only the HRMS solution can automatically update the correct calculations but also it will send reminders of when the tax legalities are due. You won’t miss the deadline and penalties can then be automatically avoided.
The value of an HRMS lies in its ability to accurately manage employee-related information. This data includes managing paternal, maternal, sick leave, paid leave, overtime, half days, work from home, etc. When the HRMS solutions handle the leave calculations without human errors, the mistakes in salary calculations can be mitigated.
Scalability places a major non-compliance bottleneck in front of many businesses. As organizations scale their operations, various compliance laws and regulations change. This means the responsibilities of the HR increases, which can be easily managed with an HRMS. The solution can automatically adjust to changing business demands to avoid non-compliance implications.
Troupe: The Right HRMS Solution for You
The Troupe is a Human Resource Management Software that helps you mitigate compliance risks and manage various HR activities. From calculating payroll to income tax compliance, the solution can allow you to automate repetitive activities for reduced human errors. For more information, visit our website or write to us at firstname.lastname@example.org