The Juntrax Team, Author at Juntrax

Five Stunning Strategies To Design a Complete Employee Benefits Program

A quick reality check– in modern times, just a few paid time off (PTO) and healthcare package fall short in front of the mounting issues in the professional and personal lives of employees.

Which firms would take care of them financially after their retirement?

Which companies provide tele-health services for emergency medical guidance on a Sunday night?

And if they decide to adopt a child into their expanding family, who will offer parental leave?

These are some of the few questions that bother them.

In such a scenario, the most effective method to meet the complicated and evolving needs of your workforce is to create a solid Employee Benefits strategy. Being absolutely fruitful in developing an encouraging work environment, an employee benefits plan is a road map for your recruitment and staff retention campaigns.

In this article, we’ve narrowed down several kinds of employee perks that you need to incorporate and the strategies to design a comprehensive employee benefits program. Read on to know more!

Three Must-Have Employee Benefits

The umbrella term “Employee Benefits” comprises a whole range of workplace benefits. Although every organization designs its compensation program in a different way, here are three key categories to be aware of:

Compulsory benefits

Depending on your company’s location, you might need to offer your staff some basic perks like:

Community Security
Workers’ compensation, includes payments for lost wages, healthcare, job rehabilitation, and other advantages
Insurance for the unemployed
Prolongation of Health Insurance (COBRA)
Disability insurance benefits (as per the Family and Medical Leave Act)
Sick leave

Health Insurance Benefits

Considering the current situation, it’s crucial to support the physical and mental wellness of your employees. This might appear as follows:

Medical coverage (such as prescription drugs, doctor visits, and hospital stays)
Dental insurance benefits
Vision insurance benefits
Accounts for Flexible Spending (Employees are given a stipend to use as they see fit.)
HSA or Health savings account (Employees are permitted to set away pre-tax funds for healthcare expenses.)
Health Reimbursement Plans (Employees receive tax-free money to cover qualified medical costs specific to their needs.)
Mental health counseling
Stress management classes
Dietary advice, and other wellness programs

Financial Benefits

According to MetLife in 2023, 48% of employees reported that their financial worries were negatively affecting their mental health.

Employers can provide financial security to their employees in the following ways:

401(k) plans (employers and employees contribute to this company-sponsored retirement plan)
Life Insurance Benefits
Equities compensation (a form of employee reward whereby employees are given stock options in the company)
Plans to buy stocks (A form of employee reward whereby employees getting equity compensation may buy and own stocks.)
Bonus schemes
Plans for incentives and acclaim (programs that link monetary awards to career milestones, accomplishments, anniversaries, and birthdays)
Financial planning

Now that you’re aware of the kinds of employee perks you need to incorporate, let’s dive right into the ways to create an employee benefits program.

Strategies to Design a Comprehensive Employee Benefits Program

The foundations of a compelling strategy will include obligations for contributions, benefit design, communication, delivery, and compliance costs. If you want to provide a benefits package that is truly competitive, you’ll also need to keep track of employee trends in the larger labor market. Follow these five strategies to succeed.

Determine the organization’s goals, objectives, and budget

Finding the goals is the most significant step in establishing an employee benefits program. In most cases, this approach does not result in the enlisted benefits; rather offers a summary of the organization’s goals for providing perks that take into account the requirements of both the employer and the employee. The formulation of the objectives will be guided by the HR of the organization because these objectives should aid in achieving the overarching strategic goals.

Establishing the budget is equally crucial because it will influence the overall employee benefits packages you can offer. Don’t forget to account for extra expenses like implementation fees, foreign currency fees, administrative expenditures, and the possibility of price hikes when summing everything up. If your employees don’t spend their entire allowance, it’s important to know if your perks are refundable.

Examine the demography of your entire workforce

Instead of considering a certain character when planning your perks, consider your workforce demographic. Design your benefits package in a way that appeals to employees of every generation. Notable points are:

By 2024, a quarter of the U.S. workforce will be over 55. This would thereby make them eligible to receive retirement, financial planning, and health insurance benefits.
Ensure family planning benefits since 68% of younger adults would be likely to switch jobs to acquire fertility support.
Employees in the “squeezed middle” who are in charge of both youth and senior citizens, may require more help in juggling work and personal life.

Analyze the advantages of competitors

You must be aware of what your competitors are offering in order to surpass them. For a better understanding of the present landscape, undertake benchmarking and research.

Explain the importance of your benefits program

The ideal situation when businesses invest in benefits is for the utilization by their employees to maximize growth, development, and well-being. Explaining the value of your perks to your employees is thus important if you see a lack of participation in your rewards program.

Maintain compliance

Alongside post-employment support, consider the legal standards you must follow as you routinely review your approach. To avoid any sort of issues, be sure you are familiar with both local and federal labor regulations.

Conclusion

Your team members ought to feel valued and heard at all times in the office. What could be more motivating for them than a complete employee benefits package that takes employee wellness into account on every level? By employing the above-described tactics, you can design a plan that caters to the various needs of your workforce. After all, by investing in the future of your employees, you are also investing in the future of your business.

An Effortless Guide to Payroll Management

Deferment of tax payments, unaudited accounts, and unfollowed TDS requirements leading to fines and imprisonment– this is the worst nightmare an organization can ever have!

Well, these apparently haven’t occurred with your organization but they can happen if there is improper payroll management.

In the context of business, Payroll Management is the administration of an employee’s financial records, including their salary, deductions, bonuses, liquidity, investments, profitability, and net pay, in line with the country’s labor regulations. It requires both a comprehensive strategy and hands-on implementation.

Even though payroll management is difficult, it needs to be done properly since errors in payroll management can cost a firm both money and its hard-earned reputation. Hence, organizations need to learn how to handle payroll for workers in several countries, comply with local laws and regulations, and follow various tax laws and standards.

In this guide, we’ve compiled possible solutions to overcome payroll processing challenges that companies face time and again. Read on to know more!

Strategies to Overcome Payroll Management Challenges

Here are some strategies to ease your payroll processing:

Follow a Payroll Calendar

An effective payroll calendar displays each pay period or date for the whole fiscal year. Removal of any uncertainty among employees regarding their pay dates and the time period that their paychecks would cover simplifies the payment processing procedure.

A payroll calendar is useful for all employees as it aids in the planning and execution of payroll tasks, in addition to assisting the employees in understanding their probable dates of salary credit. It is a good idea to highlight certain information with colored typefaces, such as premature card deadlines due to a potential holiday.

Acquaintance with the latest payroll laws and regulations

Keeping up with the latest rules and regulations is one of the key components of handling payroll. One of the most successful ways to manage people at work is to group employees according to their roles. An individual working for a limited period of time can be classified as an independent contractor, for instance. The benefits, incentives, and tax deductions that apply might not be the same as those that apply to the regular workforce. As a result, it makes payroll processing for setting up an employee account simpler. Nonetheless, it is crucial to comprehend how to correctly classify employees in accordance with laws and rules.

HR staff should take payroll training

Although HR would have given all employees better clarity on payroll laws, payroll training will them avoid any sort of misunderstanding or uncertainty between the payroll department and HR personnel. This enhances productive working connections between both the departments and staff members and management.

Distribution of Payroll Tasks

We know that managing payroll records can be difficult and if you have a small workforce supervising it, they are prone to making mistakes. You ought to think about distributing their payroll responsibilities. Nonetheless, everything must be documented, and the new procedure must be explained to all parties involved.

By dividing the payroll tasks (s), a particular employee’s workload will reduce. Also, it will assist in reducing errors, preventing fraud, processing payroll for more employees, meeting deadlines, etc.

Keep Records of Your Payroll Process

In order to manage payroll effectively, this step is essential. The payroll system’s complexities are revealed step-by-step as it is documented. This makes it easier to spot process shortcomings (if any) and gives you the chance to fix them. After the creation of a sound payroll system, it should be distributed to the payroll team so that everyone is aware of how to conduct payroll audits and how it will be managed moving forward. In case of emergency, it would be smart to offer instructions on how to complete payroll manually. It should also include instructions on how to print and file tax returns and payroll registers, as well as the names of those in charge of collecting pay paychecks and stubs.

Employ an Automated Payroll Software

Your company runs the risk of making errors while processing payroll manually, which could thereby result in fines and penalties; plus it’s time-consuming.

A cloud accounting software can easily automate payroll management services. It facilitates rapid and simple payroll handling and management. Payroll management software eliminates duplicate duties like filling out timesheets or updating them. It also provides a calculator to calculate how much payroll taxes should be withheld from employees’ salaries. Payroll processing software comes in a variety of forms, but choosing the right one for your company can be challenging.

Having said that, you must be wondering what features you should be looking for in automated payroll software. Here’s a list of four significant features:

Four Must-Have Features in an Automated Payroll Software

Monitors attendance and time

Employers must accurately log the hours worked using time and attendance software in order to determine the correct pay for non-exempt workers.

Determines the employee wage

After determining gross earnings, employers are required to conduct payroll deductions, such as taxes, superannuation, PAYG withholding, and optional deductions like health insurance, and child support payments.

Payroll software, which also determines the employees’ actual net or “take home” pay can also manage all these deductions.

Safeguards employee data

Top payroll management software uses modern security to protect sensitive employee data. They can automate the security of your account and cleanup tasks, perform updates for you, and notify you right away if they see any suspect or fraudulent behavior.

Provides pay statements to employees

Payroll software supporting STP allows you to send the necessary data to the ATO concurrently with processing payroll.

Workers can then access into myGov to view their payment summary information. ATO uses STP reports to formally keep track of the money paid out in wages, salaries, and contributions to superannuation.

Wrapping it up

Although it can be hectic, payroll management is essential for the efficient operation of the company. Consequently, you must ensure that you have the appropriate personnel and equipment for the job.

Nonetheless, given the complexities of payroll processing, you can also outsource your payroll to a reputable service provider like Juntrax.

A Quick Rundown Of An Effective Recruitment & Onboarding Process

Right after the completion of academics, one kicks off his/her professional career by applying for jobs. With diligence, they succeed in bagging a job as well. But that sheer happiness tends to miss from their face. Here’s why-

According to a recent survey, 83% of applicants were left with terrible memories, like being ghosted, dealing with prejudice, or unfriendly hiring supervisors. This thereafter has left approximately 75% of employees with the thought of resigning from their jobs.

Although the Recruitment process is essential for maximizing employee strength, it has undergone seismic change, particularly since Covid-19. To attract brilliant talent and take the business to the summit of success, it is important for the organization to have a solid recruitment strategy. Wondering how to set the seal on an effortless recruitment and onboarding process and what are its benefits? Here’s a quick rundown of how you can design a successful recruitment process in a few simple steps alongside retaining top talent.

What Is the Recruitment Process in HR?

First and foremost, let’s learn about the recruitment process in HRMS.

Finding, enticing, and choosing a new employee to fill a position in an organization comprise the whole process of recruiting. The recruiting manager, and other team members, such as the financial team and executive leaders, normally work together to lead this process.

A successful recruitment process entails meticulous evaluation to ensure talent management. It requires succession planning so that everyone involved can access the equipment and materials needed to execute the plan properly. The following stages typically occur throughout the hiring process:

Identifying the applicant who perfectly fits the position in terms of abilities, experience, and personality
Gathering and evaluating resumes
Conducting interviews for jobs
Choosing the new employee
Beginning of the onboarding procedure

Four stunning strategies for Successful Recruitment and Onboarding

Now that you’re familiar with what a good recruitment process entails, let’s dive right into the strategies that you can implement to make it a systematic affair.

Exhibit your Company’s Mission and Core Principles

The recruitment and onboarding process is double-edged. Just as candidates devote time to impress prospective directors by sketching out their talents and experience, your company should also do the same by outlining ‘why’ individuals should work for you.

In the current times when everything is available in just a click, it’s significant to build employee engagement by ensuring that your company’s mission and values are prominently displayed and communicated on your social media pages and undoubtedly on your website. This includes internal diversity statistics, accolades they have received so far, and several opportunities to enlighten candidates about their career options.

Publicize on social media

The recruiting industry is still very much active on social media. You should broaden your audience reach by publishing items on social media in addition to promoting your primary website. You can also build specific recruitment social media accounts. This gives applicants a better idea of upcoming projects that they might be working on if they are selected and also gives them confidence that their engineering team is a leader in the sector.

Invest in HR Software

To meet your automation demands to the fullest, use HR Software to capture the applicant details and streamline the onboarding process with the Human Resource administrator. This would enable the HR admin to convert the applicant into an employee within minutes. You’ll be able to track the number of applicants, automate where you publish job postings, and also filter resumes to find the best candidates. The shortlisted candidates can next be phone screened to see whether they are qualified for in-person interviews. You may spend more time learning about potential candidates if you spend less time on these administrative responsibilities.

Establish a program for employee referrals

For increased employee engagement, establish an employee referral program that would make them more eager to circulate the job poster and are likely to introduce you to more qualified applicants. A Columbia University study found that an employee referral program produced 70% more quality recruits than other methods.

Nonetheless, it’s crucial to encourage or honor reliable recommendations. According to the same study, “strong connections,” were nearly three times more plausible to “result in a good hire” than online referrals.

The benefits of an effective recruitment and onboarding process

Apart from aiding the company to surpass recruiting challenges, having a successful recruitment procedure has several advantages. They are as follows:

Conserves Time

An efficient hiring procedure exhibits the professionalism of your business, helps to trim down the time and resources needed to find, attract, engage, screen, interview, hire, and retain good talent. Hiring an unworthy candidate could result in a wastage of your time and the effort you had put into training them. The road map to success for your business is laid out for you as soon as you find the correct fit.

Boosts employee productivity

Human Resource Professionals can devote their efforts to onboarding new staff by using a thorough recruitment procedure. When the entire emphasis is on learning and development, staff productivity increases alongside fostering employee engagement and performance.

Conclusion

Consider applying this comprehensive viewpoint to your recruitment and onboarding process to provide candidates with a positive, unified experience from beginning to end. High-quality candidates become long-term workers when you incorporate this level of consistency into your hiring procedure.

Timesheet: A Smart Way To Log and Track Time

Running a business and reaching the summit of success- the gap between the two is enormous. Creating an effortless bridge between the two requires impeccable managerial skills. In this, one of the significant tasks is tracking the employees’ working hours.

Beyond a question of doubt, time tracking is a tedious and highly monotonous job, and if the systems aren’t in tandem, time tracking can prove to be extremely arduous. And here, a timesheet is your absolute savior!

What is a Timesheet? How can automated timesheets prove to be fruitful in benefitting my business? What are the modern-day applications of timesheet automation? Indeed, these questions are popping into your head. Rest assured, as we’ve narrowed down everything you need to know about timesheets in this article. Read on to know more!

What is a Timesheet?

An employer can track the amount of time a specific employee has spent working on a given activity using a timesheet, which is a data table. This tracks working hours, making it an essential tool for project managers to manage resources, track payroll, determine holiday entitlements, and keep tabs on employee progress.

Timesheets in the past had the appearance of simple weekly schedules that were hand-drawn or printed on sheets of paper, requiring manual work. There was a risk these paper timesheets easily being lost, harmed, or destroyed. Contrarily, modern timesheets are digitalized, adaptable, and largely automated, which makes workforce management incredibly simple and efficient for all parties.

Kinds of timesheets

Depending on the purpose, timesheets are mostly of three types:

Employee timesheets:

Used for hourly-paid non-exempt staff members

Payroll timesheets:

Aid in streamlining the payroll of employees

Online timesheets:

Traditional payroll timesheets in digital form

Benefits of Implementing Timesheets in Businesses

Time-tracking is nothing but meticulous management. Employing timesheet automation, on the other hand, can prove to be beneficial in a myriad of ways. Let’s find them out!

Task Management

Managing responsibilities is a gargantuan task. Because of this, it is important to use timesheet software to simplify all of your tasks. Without getting exhausted, you may add new work, categorize your jobs as billable or non-billable, design new projects, and manage several clients simultaneously.

Offers Comprehensiveness

With a comprehensive understanding of your current tasks, timesheet automation enables you to create a more realistic action plan. You can use the timekeeping log to record time for the week’s job in the list view, learn more about your monthly schedule and long-term deadlines in the calendar view. You can fill details of each project and task worked upon along with the details of clients, jobs, and billing options for each day of the month.

Swiftness of Work

Automatic timesheets can help employees to work swiftly because human error is less likely to occur. The number of hours that an employee has worked can be entered into automated software. This thereby would be more accurate than having to manually enter an employee’s hours worked into a system after they had written down their total workday.

Budget Management

Cost management is one of the essential elements of project management. Since timesheet automation provides accurate information for calculating labor costs, it is essential for controlling costs and staying within the set budget.

Project managers can analyze the actual and budgeted expenditures to see if there are any discrepancies and then can take the necessary action. Data derived from timesheets also enables early detection of potential budget overruns and timely corrective action to maintain it.

Legal Compliance

States have varying policies on overtime. As an employer, you need to be aware of the employees who are and are not exempt from them, the accepted regular workweek duration in your region, the overtime pay rate, and so on. Timesheet automation helps you in tracking the overworked hours and thereby determining the overtime pay. It assists you in minimizing legal risks and demonstrating flawless adherence to regional labor laws.

Future Work Estimation

In the professional world, you must estimate how long it will take to perform each task in a set of project requirements. You can estimate project tasks more precisely if you have a history of similar jobs in a timesheet system.

Real-Time Progress Monitoring

Timesheets play a significant role in project management by providing real-time information on how activities and tasks are progressing. By monitoring the time spent on each job, project managers can make a comparison between planned and actual tasks, identify anomalies, and take the right action.

This enables them to monitor project milestones, identify any delays, and ensure that the given project is finished on schedule. Data from timesheet can be used to generate progress reports and inform stakeholders about changes, which ultimately encourages accountability and transparency.

Timesheet Automation: Modern-day applications

Automated timesheets have a whole range of applications in the current times. Some of the examples are as follows:

Payroll Management

Employers use timesheets to keep track of employee hours. They can also keep track of accruals, any additional modifications needed for processing payroll, and leave or holiday allowance. Payroll administration is now simpler, quicker, less prone to errors, and more affordable.

For Freelancers

Freelancers value their time as money. Because almost all freelancers bill clients by the hour, precise time monitoring is of utmost importance. Determining the time spent on a project becomes challenging for people who work remotely. By using a time-tracking system, they can track working hours and provide their clients with these records. Additionally, they can use this to generate accurate invoices and appropriately charge clients.

For Law Firms

Law companies often charge clients by the hour. Thereby, keeping accurate records of their working hours and information on the services they provide to clients is of utmost importance. Here, timesheet automation steps in.

Conclusion

Timesheets might seem uninteresting, but being inculcated with such amazing benefits and features, they are unquestionably a great investment for your organization. Nonetheless, you must begin by selecting a good timesheet software and such as Juntrax which is an all-in-one cloud-based PSA, HR, and Invoicing platform for Startups and SMEs from the Professional Services Industry.