HR Compliance is all about looking after your prized assets; your staff! Every year compliance rules and regulations change. Punishments can often deeply hurt a business if they get it wrong, so continue reading on to learn the key facets of HR compliance and how Lucent Advisory is here to help manage them.
As companies move towards digital operations, paperless onboarding has become increasingly popular. Not only is it more efficient, but it’s also secure, amendable if needed, and readily available to anyone within the business. The onboarding process can be completed entirely online, from the initial application to the final contract signing, meaning there’s no need to print out mountains of paperwork, saving time, money and the environment. Additionally, digital onboarding is more secure than traditional methods, as sensitive information is less likely to be lost or stolen. As more businesses move towards digital operations, paperless onboarding will become the new norm.
Time Off and Leave Management
In today’s fast-paced world, managing time off can be a challenge for both employers and employees. allowances, rights, and entitlements can vary depending on the country, company, and position. Keeping abets of who is taking leave throughout the year can become a nightmare if you’re not using a digital system.
By using an electronic, self service system such as Employment Hero, Employees can apply for leave online and managers and business owners can review and approve leave entitlements, and see leave calendars for their workforce in one simple dashboard.
Payroll and Wage Procedures
Payroll and wage procedures are an important part of any business. They ensure that employees are paid correctly and on time, and that entitlements are calculated correctly. Payroll can be complex, so it is important to have a clear understanding of the payroll lifecycle. The payroll life cycle begins when an employee starts work, their details entered into the payroll system, and their entitlement calculations are performed. Payroll deductions are then taken out of their wages, and they are paid their net salary. At the end of each financial year, a tax return is completed for each employee. Finally, when an employee leaves their job, their final pay packet is calculated and they are paid out any outstanding entitlements. Payroll and wage procedures may seem daunting at first, but with a clear understanding of the payroll lifecycle, and an electronic software system such as Employment Hero, they can be easily managed.
Employee record-keeping is more important than ever with ever changing government stimulus packages, rebates and other structures designed to support small to medium business. With an ever-growing pool of software options, it can be difficult to know where to start. However, there are some basic principles that all businesses should follow when it comes to employee record-keeping.
First and foremost, businesses should ensure that they are in compliance with all relevant laws and regulations. Second, businesses should consider using software that is specifically designed for employee record-keeping. This will help to ensure that important information is properly tracked and stored. Finally, businesses should be sure to keep accurate records of all employee contracts and agreements. By following these simple guidelines, businesses can ensure that they are properly handling employee records.
Although we have outlined some of the most important aspects of HR that are often taken for granted, it is by no means an exhaustive list. If you are in need of any assistance with your HR, whether it be onboarding processes, managing time off for your workforce or payroll, Lucent Advisory is here to help.
We offer migration services to Employment Hero, HR Compliance and Payroll Processing Services that will take the burden off of your shoulders so you can focus on what you do best – running your business. Contact us today to learn more about how we can help you.