HR, Payroll, and Benefits
Having happy employees is an essential first step for the success of any organization in any industry. Your employees are the drivers of customer relations, product distribution, and every other part of the day-to-day operation of your company. The best way to make sure your employees are happy is to make sure your companies systems of HR, payroll, and benefits are optimized for a new internet-based era. Here we’ll help you understand the key terms in HR, payroll, and benefits that will allow you to effectively manage within your organization in order to keep your employees happy to help you help your organization to succeed.
Global Human Capital Management
Involves international management through hiring and directing employees while developing the global organization. A main aspect of Global HCM is keeping a local interest in the various countries associated with the organization. To do so, employees are hired across geographic borders to create a better understanding of cultural sensitivities. Synonyms are Global HRM and Global HCM. For more on Global HCM, check out this whitepaper - UltiPro Global: Unifying the World of HCM.
Payroll Processing
The preparation and distribution of paychecks including payment and porting of appropriate local and national taxes to ensure employees are paid in a timely and accurate fashion. Also may include financial administration of employee contributions such as healthcare and retirement, as well as mandated deductions for garnishment.
Benefits Administration
Process of creating and managing employee benefits, such as healthcare and retirement accounts. Includes evaluation, management and administration of third-party providers, including the management of employee and dependent information shared with benefits providers. Includes open enrollment, re-enrollment and life-event administration. Benefits Administration may also incorporate employee education on coverage options, eligibility, and enrollment.
System of Record
A software information system used and relied upon by an organization and other software systems to provide the source of current, accurate information for a specific business element (e.g. people or customers).
HR Compliance
Policies, standards and reporting practices designed to ensure an organization, including its leaders, managers and employees, follows internal policies and applicable laws. Also includes reporting and data handling obligations on local, state, country and industry levels, among others.
Global HR
Administering, paying, developing and retaining people in multinational organizations. Higher-maturity approaches support regional and country-specific human resources administration and compliance requirements, while providing a worldwide business view of human capital. Sometimes referred to as International HR Management.
Self-Service HR Systems
Give employees the ability to view and update personal information, register for and personalize benefits, and modify payroll information. By allowing the workforce to personalize their information through a self-service HR system, businesses can decrease their HR costs, employees become more self-sufficient, and the organization is able to focus on its goals.
Read about the benefits of a paperless, online self-service: Benefits of Going Green.
Workforce Management (WFM)
The process used to optimize the productivity of a company’s employees by matching skill sets to specific tasks, in turn reducing under or overstaffing. Through this employee management system, the necessary procedures are available, such as scheduling employees, time and attendance, payroll, and more. WFM ensures that goals are met while decreasing costs and increasing time efficiencies.
Working Capital Management
Primarily applies to a firm’s short term financing, such as its assets and liabilities. The goal is to guarantee a company’s financial ability to meet current expenses as well as upcoming operational costs. Effective management of working capital is crucial for a firm’s success.
Payroll Software
Automates and streamlines the tasks of compensation in an organization. Payroll software will minimize the hours spent manually calculating and processing payroll. When managing payroll online, the user can enable direct deposit and pay bonuses, and reimburse employees. The software is also able to calculate payroll and, allows employees to fill out tax forms and draft financial reports. Synonyms are Software for Payroll and Payroll Online.
