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


What is Cost-per-Hire ? ‘Cost-per-Hire’ is the overall cost of hiring an employee for the company. It includes the costs associated with advertising the vacancy

Mean Wage

What is Mean Wage?   ‘Mean Wage’ refers to the average wage given to a group of employees for the same amount of work performed


What is Induction ?    ‘Induction’ refers to the process of introducing a new employee to the company and its culture while also helping them

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