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@hrtoolkitbyexela
Even as technology cements its crucial role in business, the real driving force behind success today lies in having the right people. In thi
Role of standardized RPO in reshaping manufacturing hiring
Explore the game-changing impact of RPO and its standardized approach to manufacturing hiring. Learn how this strategic shift enhances efficiency & consistency.
The dynamic landscape of Human Resources (HR) is undergoing a profound transformation, propelled by technological advancements, shifting wor
Navigating the Future of HR with Essential Competencies
Explore the must-have HR competencies that will shape the future workplace in 2030. Stay ahead, adapt, and lead with the evolving standards in the coming year.
Organizations today are increasingly turning to Recruitment Process Outsourcing (RPO) to streamline their hiring processes and gain a compet
3 Pillars Promoting a Robust RPO Partnership for RPO success
Explore vital elements that fortify successful #RPO partnerships. Dive in for insights on building lasting connections and driving #recruitment excellence.
Change is the only constant in today's ever-evolving world. Organizational restructuring is a pivotal phase that many businesses encounter,
Undergoing Restructuring in 2024? Fix Hiring Problems First
Discover the pivotal role of #RPO in achieving #TalentAcquisition success during a business restructuring effort in 2024.
We are specialized in recruitment process outsourcing and HR Services. Our services range from Payroll outsourcing, RPO, Document Scanning &
Exela HR Solution - RPO & Payroll Outsourcing Services Provider
Exela HR Solutions offers world-class RPO and payroll processing services to businesses around the world that operate in different industries like manufacturing, SaaS, banking, and healthcare.
Get in touch with our experts today to learn more - https://ehrs.exelatech.com/contact-us
Last week, we gave you a brief introduction to the “Future of Work Strategy.” This week, we will be learning about initiating Phase 1 of you
An Expert’s Guide to Building a Powerful Future of Work Strategy | Weekly Series | Phase 2
10 HR Workflows that can be Transformed by AI
In the mid-20th century, researchers started exploring the idea of creating machines that could mimic human intelligence. Since the earliest times, philosophers and scientists have dedicated their efforts to unravel the complexities of human intelligence and reasoning. As a result, we witnessed tremendous advancements in areas like space travel and ocean exploration. And then, the techies came up with the greatest of all innovations - Artificial Intelligence (AI), a model inspired by human intelligence.
Gradually transitioning from the realm of science fiction to practical applications in our everyday lives, AI carried the potential to revolutionize various aspects of human existence. Recognizing its transformative capabilities, entrepreneurs emerged as early adopters and champions of AI across diverse industries. The field of AI has since evolved and has significantly impacted various aspects of human resources. And consequently, human resources was established as one such area where human and machine intelligence convergence exhibited eminent potential.
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50% of HR professionals say AI can transform HR.
The AI in HR market is growing at a CAGR of 35.26%. It is estimated to reach USD 17.61 Bn in 2027.
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This synergy is driving significant transformations within HR practices, including recruitment, onboarding, assessment, and management. It is no surprise that a substantial number of HR professionals recognize the potential of AI to revolutionize critical HR responsibilities. In a nutshell, Artificial Intelligence (AI) is no longer just a buzzword; it has become an essential part of our lives, influencing every facet of HR practices in ways we could only dream of a few years back. Let's dive deep into how AI can improve HR operations and discover 10 AI applications transforming HR operations.
How can AI improve HR operations?
As we all know, talent acquisition is a critical function within HR departments. But the question is: how can we guarantee that we genuinely acquire "talent"? What happens when we end up hiring individuals who may possess charm and personality but fail to meet the initial promise or desired skill sets? Unfortunately, HR departments, consisting of fallible humans, are susceptible to human biases. However, AI technology offers a potential solution by emphasizing the analytical processing of vast amounts of data, surpassing individual observations, and streamlining the talent acquisition process.
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Over 60% of people say their organization currently uses AI for talent management.
Moreover, 92% of HR managers plan on using AI to acquire new talent.
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The human resources landscape is undergoing a significant transformation due to technology, particularly AI. The AI technology is impassable to stereotypes and the impact an applicant's race, gender, or ethnicity may have on employee screening outcomes. Through AI software, relevant interview questions can be designed that entirely disregard an individual's background and focus solely on their professional competence for a specific job.
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68% of HR leaders say incorporating AI in recruitment will handle unintentional bias.
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In addition to mitigating human bias in candidate screening, AI significantly benefits HR departments by alleviating the burden of sifting through vast amounts of data found in candidate resumes, social media profiles, reference letters, and other sources. This process ranks among the most time-consuming tasks faced by HR professionals, who often find themselves compelled to take shortcuts to meet their deadlines. While it is clear that AI can revolutionize HR operations in numerous ways, let's discover a few applications of AI that can help you reinvent your HR operations.
10 AI applications reinventing HR operations
Administrative Work
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Time-consuming administrative tasks take up about 73.2% of HR's time.
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HR professionals deal with tedious and repetitive tasks daily, driving lower productivity and efficiency. AI can automate numerous manual tasks, enabling HRs to focus on other value-added initiatives. For instance, automating time-consuming administrative tasks, such as tracking employees' status, scheduling, managing payroll, surfing through more extensive sets of employee data, and more, gives HR professionals the time to focus on crucial aspects of organizational growth.
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45% of HR people agree that AI in HR drives business impact and boosts a company's scalability.
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Recruitment Intelligence
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49% of HR leaders claim that AI in recruitment will benefit the IT sector.
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AI has substantially enhanced recruitment and talent acquisition, emerging as a valuable tool for HR professionals. In addition, introducing AI technology has reduced the time dedicated to recruiting new employees by automating manual tasks.
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44% say that AI will free up recruiters' time.
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By leveraging AI, you can streamline the recruitment process by analyzing job descriptions, resumes, and job applications, enabling the identification of suitable candidates without bias. Additionally, AI-powered recruitment tools can aid in candidate screening and simplify the scheduling of interviews.
Onboarding Support
The first day of an employee's tenure with the organization is always special and equally challenging. Why is it so? Many HR teams don't even have a defined onboarding procedure, and those having one in place often fail to adhere to it.
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76% of HR leaders claim that employee onboarding practices at their organization are underutilized.
While 36% blame insufficient technology for their inability to better organize and automate onboarding programs.
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HRs can use AI tools to efficiently share onboarding information with new employees and streamline the overall process. This usually includes sharing organizational and employment information, such as regulations, job descriptions, group member information, work assignments, employee handbooks, and so on. In addition, chatbots and virtual assistants can direct new employees through the onboarding process. AI can also aid in personalizing the experience for each individual, ultimately resulting in enhanced employee retention.
Payroll Automation
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30% of organizations say they'd consider moving to AI for a better user experience.
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AI-powered payroll processing can automate time-consuming and repetitive tasks, such as payroll calculation and data entry. This saves time and eliminates the risk of human errors. Moreover, AI can empower HR professionals to identify the most attractive and adequate employee compensation and benefits packages. This can help enhance employee retention and engagement, ultimately skyrocketing business growth.
Learning & Development
Learning and Development programs will only grow in the coming future as organizations battle to retain talent. AI can help identify training needs, deliver intelligent content, assist in actual training, and perform assessments. With the assistance of AI tools, you can provide your employees with more growth opportunities.
Employee Engagement
AI helps analyze employee behavior, sentiments, feedback, and engagement data. This further aids in identifying trends, opportunities, and areas of improvement for rewards and recognition. The algorithm can scan tens of thousands of remarks, identify patterns, perform sentiment analysis with the help of natural language processing, and provide insights. However, employing sufficient security and privacy protocols while implementing this functionality is advised to avoid future disputes.
Performance Management
AI helps HR professionals track employee performance, identify areas of improvement, and provide feedback and coaching. AI-powered tools evaluate employee performance by analyzing attendance, productivity, and quality data. This results in improved employee engagement and productivity.
Predictive Analytics
AI in HR empowers them to solve problems at an earlier stage, which can further drive more informed decisions influencing both employee and organizational success. In addition, AI-powered tools can analyze larger data sets to determine trends and portend future outcomes, such as absenteeism and employee turnover. This helps HR professionals take proactive steps and address potential issues.
Employee Benefits
HR professionals can use AI to decide remuneration based on several parameters, such as the market price for specific skill sets, performance, and the demand for a particular expertise. In addition, employee benefits are crucial to retaining the best talent. AI enables HRs to analyze employee data and create personalized benefits plans, optimize benefit utilization, assist employees in benefits selection, and detect benefit misuse.
Compliance Monitoring
Organizations worldwide have to adhere to numerous regulations and laws to survive in the modern business world. With countless geographic locations and employees situated worldwide, it becomes overwhelming for businesses to manage compliance. AI helps monitor compliance requirements and regulations, such as labor or tax laws. This helps HRs ensure that HR operations and policies are up-to-date and aligned with legal necessities.
Conclusion
In today's ever-evolving business landscape, organizations strive to identify ways to attract, recruit, onboard, engage, and retain their essential assets - the talent that brings enterprise success. However, incorporating AI tools in business processes is still not a feasible option for many organizations. And this is where outsourcing comes into the picture. Exela HR Solutions is a market leader in delivering HR outsourcing services and helping organizations streamline and expedite their HR operations. We at Exela HR Solutions employ the latest technologies and tools to provide our clients with a smooth and hassle-free experience. Talk to our experts now to discuss your specific HR requirements. Get started with Exela HR Solutions today and optimize your HR workflows!
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.
Source of the original blog: https://ow.ly/87Lf50PCM76
Contact us for more details: https://bit.ly/42rmYmR
Effective payroll management is the lifeblood of any organization. It's the process that ensures employees are compensated accurately and on
Boosting Accuracy and Efficiency in Payroll Management
Discover key strategies and expert tips for enhancing payroll accuracy and efficiency. Streamline payroll management process and ensure precision every payday.
9 Passive Recruiting Strategies To Help Employers Land The Right Candidates
Recruiting - or active recruiting - a commonly practiced approach, sometimes feels like a repetitive game of pong, where recruiters bounce back and forth between a limited pool of candidates actively searching for new opportunities. Breaking free from this cycle and discovering fresh talent with unique perspectives and untapped potential can become challenging. This is where passive recruiting comes into play as a game-changer.
Passive recruiting occurs when you actively seek out candidates who are not actively seeking you. By looking outside the confines of active job seekers and proactively engaging with individuals who may not be actively searching, passive recruitment opens up a vast and untapped pool of candidates. It's like stepping out of the familiar pong game and exploring a whole new playing field. This approach allows recruiters to cast a wider net and attract candidates with exceptional skills and a willingness to consider exciting new opportunities. Moreover, passive recruiting introduces a refreshing element of surprise and discovery, uncovering hidden talents and creating opportunities for individuals who might have been overlooked in the traditional active recruitment process. It expands the horizons of talent acquisition and brings forth a diverse range of candidates who can bring fresh perspectives, innovative ideas, and exceptional value to organizations.
But where do you find such candidates? Well, embracing certain proven strategies such as social media marketing, active participation in relevant communities, promoting your organizational culture and values, and more can indeed help you land the right candidates. Let's explore some of these passive recruiting strategies that will help your organization thrive with a competitive workforce. Dive into the below session to learn more.
9 Passive recruiting strategies to land ideal candidates
Create evergreen social media posts
Using evergreen social media posts on platforms like LinkedIn can yield remarkable results. LinkedIn is widely recognized as a go-to platform for job seekers. Crafting compelling and timeless social media posts with live career links proves to be highly enticing. These posts capture your LinkedIn followers' attention and attract jobseekers to explore the career page. In addition, this approach drives engagement and creates valuable connections within the professional community. Leveraging evergreen social media posts on LinkedIn and other platforms can be a game-changer for organizations looking to expand their talent pool and establish meaningful connections in the industry.
Conduct stay interviews
Prioritizing an exceptional employee experience is paramount in recruitment, allowing you to illustrate your employer branding. And the powerful tool for that is conducting stay interviews with your current employees. Instead of waiting for an employee to resign, take proactive steps to understand how you can enhance their journey within the company. Engage with them during their tenure, seeking their insights on what the company and the leaders should begin, cease, or continue doing. This feedback acts as a catalyst for positive change, enabling you to take actionable steps and demonstrate your commitment to their growth and satisfaction. Stay interview can be leverages as a secret weapon to cultivate a thriving work environment, foster long-term employee loyalty, and get a pulse on your overall employee sentiment.
Hire a candidate sourcing firm
Many organizations traditionally turn to retained or contingency search firms when seeking top-tier passive candidates. However, there is a more streamlined and impactful option available - candidate sourcing companies. These specialized firms offer a highly efficient and cost-effective alternative by connecting companies with interested and qualified candidates. In fact, the services provided by candidate sourcing companies come at a fraction of the cost compared to traditional search firms. By embracing this approach, organizations can enhance their recruitment strategies and tap into a broader range of qualified candidates for their professional-level positions.
Highlight your EVP
Take a moment to reflect on how your organization brings forth positive benefits for its employees. Once you've successfully sourced passive candidates, make it a point to showcase your unique employee value proposition (EVP) during your initial conversation. By doing so, you can effectively draw attention to any areas of dissatisfaction they may be experiencing in their current organization, igniting potential interest in what your company has to offer.
Be active in relevant communities
Motivate your employees to participate in relevant professional associations actively. Extend an offer to speak at or host local chapter meetings to establish valuable connections. Engage with individuals present at these events, regardless of whether you are hiring. You cultivate a "warm" network of relevant professionals by nurturing these relationships. When the time comes to fill openings within your organization, you can tap into this network, leveraging the power of referrals. Even if the individuals are not direct candidates, they will likely have connections who may be a great fit. Proactively building and leveraging a network within professional associations and creating a web of relationships can serve as a valuable resource for your future hiring needs.
Use technology intentionally
Leverage technology strategically while maintaining clear intentions regarding your recruitment goals. LinkedIn and other job portals offer a valuable platform to search for profiles that align with the precise skill set you require. Instead of adopting a generic approach by sending templated messages to numerous candidates, focus on identifying two or three exceptional individuals and reaching out to them personally. Crafting personalized messages demonstrates sincerity and authenticity, which is crucial when engaging with passive candidates. By approaching potential candidates with sincerity and personalized interactions, you can establish meaningful connections and increase the likelihood of capturing the interest of high-quality talent.
Promote the company culture, mission, and impact
A pragmatic strategy for passive recruiting involves strongly emphasizing external communications. This entails leveraging social media platforms to offer glimpses into your company culture, mission, and your organization's positive impact on customers. Additionally, showcasing industry recognition and highlighting workplace benefits further contribute to building a reputable image that resonates with passive candidates. Nurturing your company's reputation among passive candidates through effective external communication channels can yield myriad benefits. By strategically crafting and sharing these messages, you can establish your organization as an attractive and desirable employer, capturing the attention and interest of potential candidates who may not be actively seeking new opportunities.
Offer an internship program
Developing a robust internship program collaborating with local universities can yield significant benefits. By forging strong connections with university staff and offering valuable internship opportunities to their students, employers unlock two distinct avenues for passive recruiting. Firstly, they establish a passive recruiting channel with the university itself, opening doors to engage with alumni and tap into their network. Secondly, as interns complete their program and transition into the workforce, employers have the opportunity to convert these interns into potential passive candidates. By cultivating these connections, employers can foster long-term relationships with students, alumni, and the university community, enhancing their recruiting efforts and ensuring a steady influx of qualified candidates.
Plan an open house
Organize an engaging open house event at your headquarters, allowing candidates to interact with employees, hiring managers, and the recruitment team in a relaxed and informal setting. Such an event aims to foster meaningful conversations within the office environment. The goal is to identify essential competencies, such as curiosity, motivation, intellect, or other valuable characteristics, that can contribute to your company's team. By hosting such an event, you can assess candidates beyond their resumes, tapping into their potential and evaluating their suitability for your team more holistically.
Conclusion
Implementing passive recruiting strategies can be a game-changer for employers seeking to secure the right talent. By casting a wider net and engaging with individuals who may not be actively seeking new opportunities, employers can tap into a vast pool of untapped potential. Numerous effective strategies are available, from leveraging social media platforms and nurturing employer branding to conducting stay interviews and embracing candidate-sourcing companies. The key is to be intentional, genuine, and proactive in building connections and showcasing the unique value proposition of your organization. By adopting these passive recruiting strategies, employers can increase their chances of landing suitable candidates with the necessary skills, mindset, and potential to thrive within their teams. Ultimately, passive recruiting opens doors to a new realm of talent acquisition, enabling employers to find the perfect fit for their organizations and fuel long-term success. Exela HR Solutions specializes in finding, hiring, and onboarding the right talent for your organizational needs. If you are looking to advance your recruitment efforts, get in touch with our experts at Exela HR Solutions today!
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.
Source & to read more: https://ow.ly/35X250PVvPQ
Contact us for more details: https://ow.ly/FYyy50PxmSI
From Complexity to Simplicity: Navigating the Payroll Function with an End-to-End Approach
Direct deposit, introduced more than four decades ago, is a significant innovation in the world of payroll processing that stood out as a true game-changer.
It revolutionized the way employees receive their hard-earned money.
However, fortunately, recent years have seen technology permeate the payroll realm, bringing forth exciting developments in time reporting and flexible payment options. The future of payroll is poised for further transformation, ensuring a seamless and rewarding experience for both employees and employers.
Handling payroll is a vital but intricate task for businesses. In today's unpredictable economy, ensuring timely and error-free delivery of employee paychecks has become a paramount concern.
Organizational leaders must offer their staff clear, concise, and comprehensive guidance on accessing payroll information to minimize payroll mishaps.
Additionally, HR departments must remain vigilant about staying abreast of evolving government policies or consider leveraging the services of a global payroll provider, particularly in a hybrid-remote work environment, to streamline payroll information for employees residing in different states or countries. By adopting these practices, businesses can navigate payroll management challenges with confidence and efficiency.
While payroll processing may appear daunting initially, rest assured that paying your employees doesn't have to be complex.
Simplifying Payroll: Definition, Standard Terms, and Processes
Payroll processing refers to the process of calculating and distributing employee compensation, including wages, bonuses, and deductions. It involves ensuring accurate payment calculations, tax withholding, compliance with labor regulations, and maintaining records of financial transactions related to employee compensation.
Here are some standard payroll terms you will encounter while dealing with your company's payroll function.
Standard Payroll Terms
Gross Pay
The gross salary is the complete sum of all the elements of an employee's compensation package. It represents the total salary amount before any compulsory or optional deductions, such as income tax, provident fund contributions, medical insurance premiums, and other similar deductions.
Net Pay
Once the gross pay has been determined, it is necessary to deduct government-mandated withholdings, such as income tax and provident fund, from the gross pay. The remaining amount that an employee receives after these deductions is referred to as net pay or net salary.
Overtime
Overtime is the additional hours worked by an employee in a company that exceeds the standard hours set by government regulations. The policies established by the company determine the compensation or additional remuneration an employee receives for working overtime.
Pay Period
Pay periods are specific timeframes during which employee wages are calculated and payslips are issued. These periods are scheduled and repeated either every two weeks or every month.
Compensation
Payroll management encompasses administering, analyzing, and calculating employee compensation, including salaries, benefits, and performance-related bonuses.
Contractual Employees
These individuals are typically engaged temporarily and do not hold permanent employee status. The specifics of their employment arrangement are outlined in the contractual agreement.
Payroll Processing: An End-to-End Approach to Elevated Payroll
Payroll management is an essential aspect of any organization.
It involves complex calculations, compliance with legal regulations, and timely processing of employee payments. As businesses grow and the workforce expands, managing payroll becomes increasingly challenging.
However, you can streamline your payroll function and ensure accurate and efficient processing with the right approach and measures. Here are steps to consider while building a robust payroll processing function, simplifying the entire process, and saving valuable time and resources.
Understanding State and Federal Payroll Laws
Irrespective of your industry, you must be aware of and comply with the payroll laws at the state, federal, and local levels.
It is advisable to conduct thorough research to understand the specific laws that apply to your situation.
Take the time to ascertain the minimum wage set by your state, the method for calculating overtime, the provisions for paid or unpaid leaves, the requirements for workers' compensation, and the frequency at which paydays should occur according to your state's regulations.
Additionally, it is crucial to determine whether you are obligated to withhold funds for disability insurance and local income tax. By familiarizing yourself with these legal requirements, you can ensure that your payroll processes adhere to the applicable laws and regulations.
Choose a Payroll Schedule
Typically, there are four primary pay schedules available: weekly, biweekly, bimonthly, and monthly.
It is crucial to carefully assess the advantages and disadvantages associated with each schedule before finalizing your decision. Several factors, including the nature of your workforce, industry, budgetary considerations, and payroll procedures, should be considered when determining the most suitable payroll schedule for your organization.
Considering these variables, you can choose the optimal pay schedule that aligns with your business requirements.
Collect Employee Paperwork
Payroll processing requires specific forms from both current and new employees.
These forms include the W-4, I-9 Employment Eligibility Verification, and State Tax Withholding (if applicable for state income tax withholding). Additionally, if you opt for direct deposit, you will need the banking information of each employee. Some payroll services allow employees to submit these forms electronically for additional convenience.
Calculate Pre-tax Pay
Now it's time to perform some calculations to determine the gross pay for your employees, which is the amount they will receive before taxes. The specific calculations will vary depending on the types of workers you employ.
For hourly employees: Multiply their hourly pay by the number of hours they worked during the pay period. Be sure to deduct any hours they didn't work if they took time off.
For salaried employees: Divide the annual salary by the number of pay periods in your yearly payroll schedule.
For commission employees: Determine their hourly or salaried base pay and add their commission earnings for that particular pay period. The commission earnings will be based on your unique commission structure.
Figure out tax withholding
The paperwork provided by your employees will indicate the amount of earnings to be withheld. Typically, this includes federal, state, and possibly local income taxes and FICA taxes encompassing Social Security and Medicare. It may also involve deductions for court-ordered child support and tax levies. Moreover, if your state mandates unemployment insurance, it is essential to calculate this amount, as you will be responsible for paying it on behalf of the employer.
Determine net pay
Net pay, or take-home pay, is the actual remuneration employees receive after deductions from their gross income. To determine the net pay, you can subtract the applicable deductions from the gross revenue. For instance, if an employee has a gross salary of $5,000 and $1,250 is withheld for taxes, their net pay will amount to $3,750, which is the amount they receive on payday.
Distribute paychecks
The next step is to distribute the net pay owed to your employees after processing your payroll. Various methods are available for this purpose, with direct deposit being the preferred choice for many. To proceed with direct deposit, ensure you have the bank details provided by your employees. However, it's important to note that some employees may still prefer traditional paper checks. If that's the case, you can simplify the paycheck distribution process by utilizing a payroll service. To explore the top payroll services suitable for small businesses, find out more about the subject here.
File taxes
As an employer, you must fulfill your tax obligations on behalf of your W-2 employees. These obligations include paying taxes to the IRS, state tax collection departments, and local government, depending on your operational location. Additionally, you are responsible for FICA (Federal Insurance Contributions Act) or Social Security and Medicare taxes, which are divided between you and your employees. Another tax you must pay is the FUTA (Federal Unemployment Tax Act) tax, which covers unemployment insurance at a rate of 6% for each employee. Fortunately, deducting the taxes paid for your employees is possible, providing some relief.
Pay into benefits
When it comes to employee compensation, a portion of the funds withheld from their paychecks is allocated towards employee benefits, provided that your organization offers them. These benefits encompass various offerings, such as health insurance, health savings accounts, retirement plans, and flexible spending accounts. It is your responsibility as an employer to ensure accurate and timely payments towards these benefits, depositing them into the appropriate accounts on a per-pay-period basis.
Maintain payroll records
According to the Fair Labor Standards Act (FLSA), it is mandatory to maintain specific payroll processing records for nonexempt employees for a period of three years. Nonexempt employees are eligible to receive minimum wage and overtime pay if they work beyond 40 hours in a week. These records should include information such as employee pay rates, hours worked, vacation pay, overtime payments, and holiday pay. To ensure convenient accessibility, storing all employee records securely in a centralized human resources system is recommended. This allows for easy retrieval whenever necessary.
Conclusion
Simplifying your payroll function is a strategic move that saves time and resources, minimizes errors, and ensures compliance.
We at Exela HR Solutions provide a wide range of services, including accurate payroll calculations, efficient tax processing, and seamless HRFM (Human Resources and Financial Management) integration. By leveraging our extensive expertise, strategic approaches, and state-of-the-art technology, we are dedicated to handling your administrative tasks with utmost precision and effectiveness.
Here are the benefits of choosing Exela HR Solutions as your HR services partner:
Ongoing management of payroll operations
Mass data corrections and uploads
Management of compensation, benefits, and annual talent cycles
Proficiency in legal and compliance matters
Efficient risk mitigation
Speak with our experts to learn more about our services.
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.
Source of the original blog: https://ow.ly/Ml4F50PTQHZ
Contact us for more details: https://ow.ly/w26L50PKpGy
Payroll outsourcing is the practice of hiring an external provider to manage an organization's payroll processes. This can include tasks suc
Hello, Payroll Outsourcing! Hello, Payroll Outsourcer?
Make informed decisions and streamline your business operations. Read this short article to learn how to evaluate payroll outsourcing providers.
In the symphony of business orchestration, two critical notes resound louder than the rest: scalability and flexibility. In a world where ad
How Payroll Outsourcing Drives Scalability and Flexibility
This blog talks about scalability in payroll management and how outsourcing payroll helps accelerate business growth with enhanced scalability and flexibility.
10 Key FAQs to Reinvent HR In The 21st Century
Starting from the origin - the story begins in the late 1800s when an esteemed economist first introduced the term 'Human Resources' in his influential book, 'Distribution of Wealth.' This fascinating concept quickly caught the attention of thinkers and leaders, spreading like wildfire across disciplines and attracting the curiosity of management gurus.
As the 1950s rolled in, a new label - the 'personnel department' - added a new layer of understanding to this evolving field. However, the term 'Human Resources' took root, firmly establishing itself within the business world, carrying with it a multitude of characteristics and nuances that would shape the course of this transformative domain.
Join us as we unravel the rich history and captivating journey of HR.
Stepping into the early 2000s, the business world experienced an exhilarating transformation, racing ahead at an unprecedented pace. In this dynamic era, the role of HR underwent a remarkable evolution, embracing agility and strategic prowess. As the spotlight firmly landed on talent as the key driver of success, HR emerged as the true powerhouse behind the business strategy.
While businesses today strive to stay ahead of the curve to keep up with the pace of the ever-changing market, HR practices also need to evolve. And doing so might land you in a pool of questions and doubts. So, here are 10 FAQs about reinventing HR in the 21st century.
Throughout this awe-inspiring journey spanning a century or so, the traditional term 'HR' faced numerous challenges in capturing the essence of this transformative function and its vital standing in today's corporate landscape.
10 FAQs for Reinventing HR in the 21st Century
The business landscape is rapidly evolving in the 21st century, and so does the field of Human Resources (HR).
Traditional HR practices are being challenged by new technologies, changing workforce demographics, and a greater emphasis on employee well-being and engagement.
To navigate these challenges successfully, HR professionals must be willing to reinvent their approach.
1 - How can HR leverage technology to streamline processes and enhance employee experience?
Technology has become an indispensable tool for HR professionals in the digital age. Automation, artificial intelligence, and data analytics can significantly improve HR processes like recruitment, onboarding, performance management, and learning and development.
By leveraging technology, HR can not only save time and resources but also enhance the employee experience, making HR more efficient, personalized, and user-friendly.
2 - How can HR adapt to the changing nature of work and the gig economy?
The rise of remote work and the gig economy has transformed the traditional employment landscape.
HR departments need to address the challenges posed by a more flexible and remote workforce. Questions around attracting, engaging, and retaining gig workers, ensuring their well-being and inclusion, and managing remote teams effectively become crucial.
HR must adapt its policies, practices, and culture to accommodate these new work arrangements and foster a sense of belonging for all employees, regardless of their employment status or location.
3 - How can HR promote diversity, equity, and inclusion (DEI) in the workplace?
Diversity, equity, and inclusion have rightfully gained significant attention in recent years.
HR plays a critical role in driving DEI initiatives within organizations. HR professionals must ask themselves how they can create diverse talent pipelines, mitigate bias in hiring and promotion processes, foster an inclusive work environment, and provide opportunities for underrepresented groups to thrive.
Reinventing HR requires a genuine commitment to DEI and the implementation of concrete strategies to ensure that all employees feel valued and included.
4 - Is your HR department keeping pace with the changing times?
The effectiveness of human resources (HR) departments can be hindered when they remain stagnant and fail to adapt and progress.
Business leaders must ensure that their HR teams are well-informed about the latest regulations and best practices. To achieve this, leaders can allocate a budget for HR professionals to attend conferences, webinars, seminars, workshops, and other relevant events.
Subscribing to industry-related magazines, newsletters, and podcasts can also help the HR department stay updated.
5 - How can HR prioritize employee well-being and mental health?
Employees' well-being and mental health have emerged as top priorities in the modern workplace.
HRs must go beyond traditional benefits and wellness programs and consider how to create a supportive culture that addresses the holistic well-being of employees. Questions around flexible work arrangements, work-life balance, stress management, and mental health support must be addressed.
HR professionals should explore innovative approaches, such as employee assistance programs, mental health resources, and promoting healthy work-life integration to ensure the well-being of their workforce.
6 - How can HR become a strategic partner in driving organizational success?
To reinvent itself, HR must transcend its administrative role and become a strategic partner in achieving organizational goals.
HR professionals need to develop a deep understanding of the business, align HR strategies with the overall business strategy, and demonstrate the value of HR initiatives in driving bottom-line results. By leveraging data and analytics, HRs can provide insights to inform decision-making, identify skill gaps, and develop talent strategies contributing to long-term organizational success.
7 - How can you ensure the facility staff members feel safe at work?
Ensuring the safety and well-being of facility staff members is paramount for any organization.
Several measures can be implemented to provide assurances that they are safe at work. Firstly, clear communication is essential. Regularly sharing information about safety protocols, procedures, and any updates or changes helps create a sense of transparency and trust.
Providing training sessions on safety measures, emergency protocols, and proper use of personal protective equipment (PPE) is crucial. Regular safety audits and inspections to identify and address potential hazards or risks also instills confidence.
Additionally, establishing channels for staff members to report safety concerns or incidents without fear of reprisal and promptly addressing those concerns further reinforces their safety and well-being.
Ultimately, by prioritizing and actively managing the safety needs of facility staff members, organizations can create an environment where employees feel secure, valued, and motivated to perform their best.
8 - What infrastructure support is needed to support a shift to an at-home workforce?
Facilitating a successful transition to an at-home workforce is necessary for today's work environment, which requires several infrastructure support measures for effective application.
First and foremost, reliable and secure internet connectivity is vital to ensure uninterrupted communication and access to online resources. Employers may consider providing or subsidizing high-speed internet connections for employees without adequate connectivity.
Additionally, offering company-issued laptops, computers, or mobile devices enables employees to perform their tasks efficiently from home. Virtual private networks (VPNs) should be implemented to ensure secure remote access to internal systems and data.
Collaboration tools, such as video conferencing software and project management platforms, promote effective communication and coordination among remote teams.
Data backup and cloud storage solutions help safeguard valuable information and allow easy access and collaboration on shared files. Furthermore, ongoing technical support and IT assistance are crucial to address any technical issues or challenges remote employees may encounter.
By investing in the necessary infrastructure support, organizations can empower their at-home workforce to remain productive, connected, and successful.
9 - How can your HR team stay attuned to evolving employee expectations and respond effectively?
Organizations that prioritize employee voices and foster a culture of continuous feedback will gain a competitive edge in the future.
Implementing regular surveys and focus groups allows companies to gather valuable insights into specific HR concerns and find practical solutions. Combining these inputs with human capital analytics and intuition makes employee feedback a powerful strategic tool.
Leaders must also demonstrate trustworthiness by responding to feedback transparently and promptly.
Consider asking yourself these questions to ensure employee satisfaction and retention at your organization:
How can we enhance and expand our current employee survey initiatives? What strategic objectives can we advance by leveraging employee feedback?
How can we ensure our employees recognize and appreciate their valued contribution to shaping our organization?
Organizations can build a responsive and engaged workforce by continuously improving survey methodologies, utilizing employee feedback to drive strategic decision-making, and consistently communicating the value placed on employee thoughts and expectations.
10 - Is your HR department capable of shaping the company culture in the future?
As the workplace landscape evolves, the development of organizational culture remains crucial, even if traditional methods of modeling values may be limited.
It is essential for HR teams to proactively explore new approaches to shape the company culture in this changing environment.
Ask yourself these questions to understand where you are with your cultural initiatives and how you want to drive your efforts:
How can we effectively communicate the core values and priorities of our company? What strategies can we employ to encourage employees to embody these values in their interactions with both customers and colleagues? Specifically, how can we update our plans for incorporating culture and values into recruitment, hiring, onboarding, and training practices? How can we ensure that employee perks, rewards, events, and rituals are meaningfully translated into virtual contexts?
By addressing these questions, organizations can adapt their strategies to foster a vibrant and purpose-driven company culture, even in the face of changing circumstances.
Conclusion
Reinventing HR in the 21st century requires HR professionals to embrace change and explore new ways of thinking.
By asking the above-mentioned key questions and addressing the challenges presented, HRs can transform their department into a proactive, strategic function that drives organizational success.
Leveraging technology, adapting to the changing nature of work, promoting DEI, prioritizing employee well-being, and becoming a strategic partner are essential steps for HR to stay relevant and make a meaningful impact in the modern workplace.
In the modern era, while most businesses are expanding their foothold worldwide, it might become challenging to keep up with the pace of changing business environment. However, businesses of any size can always opt for outsourcing options.
Outsourcing HR services from a leading company is always a wise decision; it brings expertise, cost savings, scalability, and improved compliance, allowing businesses to focus on core operations and growth.
Exela HR Solutions is a market-leading organization specializing in HR outsourcing services with a team of experts to guide you through your HR journey. We at Exela HR Solutions help streamline your HR processes while staying compliant with all the necessary employment laws and security standards.
Talk to our experts to know more about our services. Try Exela HR Solutions today https://ehrs.exelatech.in/solutions/by-offerings
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Culture of Learning: Fostering Growth and Development in the Workplace
In the not-so-distant past, the mere acquisition of a certificate, diploma, or degree was sufficient to secure coveted employment and ensure long-term stability. Graduates would confidently embark on their professional journeys, armed with the knowledge and skills they had acquired.
It was customary for individuals to dedicate years, or even decades, to a single job, performing their tasks in a familiar and unchanging manner.
However, the tides have turned, and we now find ourselves in a world of unprecedented dynamism. The relentless pace of change has rendered many occupations obsolete, while a flurry of new career streams has emerged seemingly overnight.
Even those who have stood the test of time are experiencing a paradigm shift in how they approach their work, embracing innovative technologies that reshape their practices. With unlimited access to information around the clock, the pervasive influence of social media, the interconnectedness of a global economy, and the rise of multinational conglomerates, workers are forced to swiftly and frequently enhance their skills and adapt to new demands.
Developing such a culture necessitates purposeful endeavors from both organizational leaders and human resources (HR) departments.
Here are a few suggestions to help your HR teams develop a culture of learning and establish a robust training and development program. Dive into this article to learn how to establish a culture of continuous learning at your workplace.
Why Does Upskilling and Reskilling Matter?
By 2025, approximately 54% of the workforce will require either upskilling or reskilling. Interestingly, the study also revealed that 85% of employees are aware of their skill gaps, but only 41% feel that their managers genuinely understand them. Moreover, only 20% of workers feel confident about possessing the skills required for the future.
This study has also shown that CEOs consider skills shortages as a significant threat to the growth of their respective companies. These shortages have resulted in a hindered innovation process, compromised quality, and limited opportunities for market expansion.
It is important to note that the scarcity lies not in the number of workers available but rather in the availability of workers equipped with the necessary skill sets to drive organizations forward into the future.
The ongoing technological revolution is profoundly reshaping the job market, and it's evident to all. In light of this undeniable truth, organizations must embrace a culture of continuous learning and upskilling to remain relevant and thrive.
Actively supporting and integrating opportunities for professional growth allows companies to nurture a path for their employees' advancement and tackle employee retention challenges, ultimately enabling them to maintain a competitive edge in the market.
Here are the benefits of embracing the culture of training and development at your organization.
The Benefits of Training and Development
In today's dynamic business environment, it is imperative for organizations to always stay ahead of the curve through a proactive approach toward adaptability and innovation.
To achieve this, fostering a culture that places great importance on perpetual learning and advancement becomes essential. Unfortunately, many companies tend to concentrate solely on assessing an individual's skills and credentials, often neglecting the crucial aspect of their eagerness to acquire knowledge and evolve.
Training and development programs play a vital role in an organization's success by assisting employees in reaching their fullest potential, and investing in the growth of your workforce can yield numerous advantages.
Here are four key benefits associated with prioritizing your organization's learning and development culture.
Improved employee performance
Training and development are crucial in empowering employees to enrich their expertise and understanding within their specific domains. Offering such opportunities can enable employees to enhance their performance and productivity. Moreover, cultivating a culture of learning fosters a collective drive within your organization, leading to improved outcomes and achievements.
Increased employee engagement
Fostering a culture of training and development enhances employee engagement as it showcases the company's dedication and investment in its staff. When employees feel valued and perceive that their growth and progress matter to the leadership, they are inclined to remain with the organization for extended periods. Moreover, an engaged workforce boosts productivity and cultivates a positive work environment while actively aligning with the company's objectives.
Enhanced leadership capabilities
Training and development play a vital role in the growth of both employees and the leaders within a company. Offering learning opportunities specifically designed for management and leadership positions allows them to enhance and develop crucial skills like communication, decision-making, and conflict resolution. Your organization can foster a positive culture and effective management practices by promoting strong leadership capabilities.
Improved employee retention
Many organizations face the daunting task of grappling with substantial employee turnover. To address this issue, companies must create an environment that fosters growth and advancement because employees are more inclined to remain in such organizations. Enhanced employee retention rates often indicate a superior organizational culture, increased productivity, and improved long-term prosperity. By embracing a culture of continuous learning, enterprises can effectively convey their appreciation for their employees' potential and demonstrate their commitment to assisting them in reaching their career goals.
Steps to Develop a Learning Culture at Your Workplace
It is important to recognize the evolving nature of how individuals acquire knowledge to foster a culture of learning. Contemporary learning practices have significantly shifted towards being learner-centric, offering many diverse learning opportunities compared to previous eras. Here are steps to foster a culture of learning at your organization.
Personalize the learning experience
The availability of information through various channels has empowered individuals to acquire new knowledge according to their preferences and desired speed.
It has become commonplace for people to utilize platforms like YouTube for guidance on fixing a damaged lamp or to search for online tutorials on playing some game. The modern norm is for individuals to learn what they require, precisely when needed, and in a manner that suits their personal learning style.
When creating training programs and materials, it is essential to consider these various learning approaches. Nowadays, employees take the initiative to learn independently, but it is equally crucial for their organizations to provide guidance and ensure that their learning remains applicable. The vital factor for achieving success lies in harmonizing organizational requirements and learning resources with employees' interests and developmental needs.
Make learning a habit
Continuous learning is a fundamental and perpetual component of every occupation. The ever-evolving nature of technology necessitates individuals to adjust and remain knowledgeable swiftly.
It is, therefore, imperative for employee education to be anticipatory rather than responsive to ensure that organizations maintain a competitive edge.
Developing a routine of continuous learning is the most effective approach. Simplify the process by ensuring that learning is convenient, easily accessible, and holds significance.
Subtly remind staff about learning opportunities through regular updates. Encourage them to explore their colleagues' learning endeavors and suggest specific goals and deadlines for their training. Offer employees well-curated and pertinent learning materials, sparing them the burden of searching for the best resources. Assist them by aligning the training with their skill gaps, implementing systems highlighting the time commitment needed, and enabling them to track their acquired knowledge.
Socialize learning
Right from the first time we start learning, social interaction plays a fundamental role. Schools teach us the importance of collaboration, encouraging us to work in teams and exchange ideas, resources, and knowledge.
This aspect further extends to our professional lives, where we continue to engage in similar practices. Even during our leisure time, we actively seek opportunities to expand our knowledge by participating in clubs or online communities.
Unconsciously, we rely on observation, interaction, and imitation to acquire new skills and information effectively. Hence, it becomes imperative for organizations to prioritize the development of systems that facilitate social learning experiences.
Consider the below scenarios to socialize learning at your workplace:
Promoting collaboration among various teams
Supporting the endorsement of suggestions
Enabling seamless online teamwork
Offering the capability to distribute content
Encouraging interactive discussions and online connections
One can additionally facilitate educational gatherings, establish groups, or create mentorship initiatives. Ultimately, individuals in leadership positions serve as the organizers of learning experiences within the organization.
Create learner-driven experiences
Several prominent research papers indicate that employees have a strong desire to acquire knowledge.
To take advantage of this, leaders can utilize a strategic approach by providing learning experiences that correspond to the individual goals of their employees while simultaneously addressing the organization's needs.
A practical approach involves selecting a diverse range of learning materials that cater to employees' preferences regarding length, depth, and complexity. Moreover, these materials should be carefully chosen to bridge any existing skill gaps and facilitate the achievement of their individual goals.
Measure progress
A practical method for evaluating a skills gap within your organization involves data analysis.
Examining the disparity between employees' self-assessed skills and the assessments provided by managers makes it possible to pinpoint areas that demand additional learning resources.
In order to enhance participation in training programs, it is essential to inquire about employees' preferences regarding the type of learning materials they prefer. Are they more inclined toward podcasts, masterclasses, or recorded videos? Additionally, monitoring social engagement data associated with the learning process can be valuable.
This includes assessing the level of social interaction and the extent to which employees share the provided content. By tracking these metrics, one can gain valuable insights into employee engagement and the perceived value of the learning materials.
Things to Consider While Building a Robust Training and Development Program
In the realm of employee learning and development, organizations have a range of options to enhance the expertise and abilities of their employees.
These options include seminars, on-the-job training, mentorship, and e-learning. Each method possesses its own advantages and disadvantages, necessitating a thorough evaluation to select the most suitable approach for the specific requirements of your business.
Seminars
Seminars provide employees with a concentrated opportunity to learn about a particular topic or skill. They offer a structured and focused setting where individuals can engage with experts in the subject matter as well as their colleagues.
Nevertheless, it's important to consider that seminars can be costly, demanding both time-off from work and expenses related to travel. It is also worth noting that not all employees may effectively retain or apply the acquired knowledge to their professional responsibilities.
On-the-job training
On-the-job training provides practical, firsthand experience within the employees' actual work surroundings.
This approach benefits individuals who thrive on experiential learning and seek real-time feedback and direction. Customization of on-the-job training can cater to specific job demands, albeit it may not offer a holistic grasp of broader industry norms. Striking a balance between training and regular work responsibilities can pose difficulties, potentially influencing overall productivity.
Mentorship
Mentorship encompasses the collaboration between a seasoned employee and a less-experienced individual, offering tailored coaching and support. Such a strategy proves highly valuable in skill development and fostering relationships within the workplace.
Moreover, it facilitates the exchange of institutional expertise. Nonetheless, the success of this method relies on the strength of the mentor-mentee bond and the presence of qualified mentors.
E-Learning
The concept of e-learning revolves around the delivery of training materials via online courses or digital training modules.
This method provides the advantage of flexibility in terms of delivery and scheduling, enabling individuals to learn at their own convenience and pace.
Moreover, e-learning offers cost-effective and scalable training solutions compared to alternative methods.
Nevertheless, it's worth noting that e-learning may lead to a sense of isolation among employees as it lacks the face-to-face interaction found in other training approaches. Additionally, it necessitates a dependable internet connection and access to technology, which could pose a hindrance for certain employees.
Conclusion
Fostering a growth-oriented perspective before assessing one's capabilities is vital in establishing a culture that appreciates ongoing learning and personal growth.
Prioritizing the value of a growth mindset enables companies to cultivate a diverse and adaptable workforce, effectively equipped to navigate the dynamic landscape of the contemporary business world.
However, not every business can opt for an in-house HR team that can foster effective learning.
And that's where you get the option of outsourcing.
Exela HR Solutions specialize in providing HR outsourcing services, helping organizations thrive in the ever-evolving business landscape. Our experts can help you with apt solutions enabling you to effectively navigate evolving situations, encourage innovation, and achieve prosperity in today's marketplace.
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Employee engagement is not just about employee satisfaction or happiness but how it relates to individual and company performance and productivity.
It requires a multi-pronged approach that is fueled by continuous improvement, including matching talent to roles that supply engaging job aspects, effective communication, offering rewards, discussing career advancement, and creating a conducive environment for employees that will harness their skills and creativity for the betterment of the company.
Get started; Speak with an employee engagement expert today.
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