Payroll

What is Payroll?

The term ‘Payroll’ refers to the list of the compensation provided to the employees in a company based on their employment status and designation while taking into consideration their working hours, the benefits they are eligible for, the leaves they have taken and calculating the exact value of the amount they need to be paid based on their salary cycle.

 

Payroll also deals with making the necessary statutory deductions as well as other deductions pertaining to the employee, such as loans, before calculating the exact value.

 

It is a complex task for any company, irrespective of its size and it needs to be undertaken with complete accuracy. Hence, many companies outsource it or buy payroll software to make the process seamless and mitigate the risks involved with payroll errors.

 

More HR Terms

Compensation

What is Compensation ?    ‘Compensation’ is defined as the remuneration provided to an employee in lieu of his or her services. It is distinct

Human Resource Planning

What is Human Resource Planning?   ‘Human Resource Planning’ refers to setting the goals for the HR department and planning the process to achieve that

Buzz Marketing

What is Buzz Marketing?   ‘Buzz Marketing’ is a marketing tactic used to create buzz or interest among the masses for the product or service

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