Understanding Payroll and Benefits
October 7, 2021
Payroll regulations are a major source of concern for both employees and businesses. Creating a reasonable payroll policy and procedures is always a top priority in order to help businesses achieve their strategic goals.
Using an outsourcing payroll service to reduce the load on the internal payroll department on salary issues is the most logical choice.
The significance of correct salary calculation
Payroll refers to the basic salary as well as other benefits such as insurance, health care services, holiday bonuses, Tet, holidays, etc.
Payroll is one of the most important factors in attracting talent; they affect the stability and sustainability of employees and business, and they determine employee loyalty and dedication to the organisation.
When ensuring that the calculation and payment of salaries and bonuses are accurate, quick, and timely, busniesses are motivating and encouraging employees to work more productively, devote more time to the company, while also demonstrate the financial stability and market reputation of the business.
Doing payroll – not an easy game for businesses
As one of the most difficult management functions in a business, salary calculation necessitates meticulousness and care while still meeting time constraints. Although every business has a system in place to store employee salary and bonus information, even a minor error can cause the entire salary and bonus results to be incorrect, affecting the internal payroll department. Payroll not only takes time to fix, but it also has compliance and security issues. Furthermore, a disparity in salary and bonus or a delay in salary payment causes employees to lose confidence and reduces their level of satisfaction with the company, affecting talent retention.
Some simple tips to help businesses make payroll more efficiently:
- Create a detailed human resource management system that includes methods for calculating salary and bonuses based on the nature and quality of employees’ work.
- Making payroll as quick and efficient as possible by utilizing technology and appropriate timekeeping and management systems.
- To ensure that the payroll process always complies with the law, the internal payroll department must regularly update the latest regulations and requirements on salaries, bonuses, and benefits.
- The storage and confidentiality of payroll-related information should be done carefully and thoroughly to facilitate inventory, internal searches, and working with authorities when necessary.
Outsourcing payroll service – fast, safe and effective
Using an outsourcing payroll service to reduce the load on the internal payroll department on salary issues is the most logical choice. The following advantages are provided by a professional payroll service provider:
Save time: in addition to payroll professionals who are well-versed in laws and regulations and have extensive experience, payroll service companies also have a comprehensive integrated payroll system solution (E2E – end-to-end payroll & system solution), which makes salary calculation quick, accurate, and convenient, especially in companies with a large staff and diverse human resources.
Information security: In addition to having an international standard system that integrates many services, companies that provide outsourced payroll services have policies in place for securely backing up sensitive data, protecting against hacker intrusion, assisting businesses in easily extracting and storing data, and securing payroll information. Anti-intrusion tests, for example, are performed annually at Talentnet to ensure optimal information security.
Ensure legal compliance: Payroll service providers always update and provide the most accurate and up-to-date information on laws, taxes, fees, and related procedures, allowing the human resources department to supplement information and expand professional knowledge, to plan a reasonable human resource strategy and ensuring compliance in salary calculation.
Understanding the market: A reputable payroll service provider, such as Talentnet, always has multi-dimensional and in-depth perspectives on the salary and bonus market in a variety of fields in Vietnam and around the world. It is then simple to assist businesses in developing and adjusting salary and bonus plans, as well as establishing an appropriate human resource management process.