Glossary of Human Resources Management and Employee Benefit Terms
Payroll refers to the process of calculating and disbursing payments to employees for their work, including regular wages, overtime pay, bonuses, and benefits. It involves determining the amount of money an employee is owed based on their salary or hourly wage, the number of hours worked, and any deductions or taxes that apply.
Payroll can be a complex process that requires close attention to detail and accuracy to ensure that employees are paid correctly and on time. It is a critical function of any organization, as it affects employee morale and satisfaction, and can impact the organization's financial health and compliance with labor laws and regulations.
Payroll is the process of calculating and disbursing payments to employees for their work, including regular wages, overtime pay, bonuses, and benefits.
The components of payroll can vary depending on the organization and the country, but they typically include the following:
Payroll taxes are taxes that are paid by both the employer and the employee to fund various government programs. The taxes are typically calculated as a percentage of an employee's gross pay, and are deducted from the employee's paycheck. The employer is responsible for withholding and remitting these taxes to the appropriate government agency.
The most common types of payroll taxes in the United States include:
Payroll processing is the process of calculating and distributing employee payments, including wages, salaries, bonuses, and benefits. The payroll process typically involves several steps, including:
Payroll accounting is the process of managing employee compensation, including salaries, wages, bonuses, and deductions. This includes calculating and distributing payments to employees, as well as managing tax withholdings and deductions for benefits such as health insurance and retirement plans.
Payroll accounting is essential for businesses of all sizes, as it ensures that employees are paid accurately and on time, and that the company is in compliance with tax laws and regulations. It also provides a record of employee compensation and benefits for accounting and financial reporting purposes.
Managing payroll involves several key steps. Here is a general overview of the process:
To manage payroll effectively, many businesses use payroll software to automate the process and ensure accuracy and compliance. It's also essential to stay up-to-date on tax laws and regulations and seek advice from a qualified accountant or payroll specialist as needed.
Calculating payroll can involve several steps, depending on the complexity of your organization's pay structure and the payroll processing system you use. However, here is a general overview of the steps involved:
Note that payroll processing can be complex and time-consuming, and there may be specific requirements or regulations in your jurisdiction that you need to follow. Many organizations use payroll software or outsource their payroll processing to third-party providers to ensure accuracy and compliance.
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.