Monday, October 3, 2022

Three of signs that your business should switch to payroll software

It's hard to find a good reason to keep manually processing payroll as payroll software has now become more affordable, secure, convenient, and accurate. Let's find out what signs indicate that it’s time to take your business’s payroll system to the next level.

Advantages of payroll software

Time savings: Payroll software helps ramp up the process, thereby freeing up your time for other business areas.

Expert support: Most payroll solutions are accompanied by customer support to assist you with compensation issues.

Tax compliance: Payroll tax rates may vary annually, which sometimes makes it difficult for businesses to keep up with all the new local taxes that may apply. With the payroll software, rest assured that everything is taken into payroll calculations.



Payroll software helps businesses speed up the payroll process more efficiently. (Source: Internet)


Document management: As security requirements are no stranger to payroll software providers, they can help your business store the necessary documents in a secure and appropriate manner.

Report generation: Investors may request payroll reports to review employee compensation. This can be done by payroll software reports within minutes.


When should your business switch to payroll software

You have more than five employees

The more employees you have, the less reasonable it is to process payroll manually. Microsoft Excel, with no doubt, is a powerful program for calculating and organizing wages, yet it may not ensure accurate payroll tax calculation. Running payroll by hand becomes too laborious as the number of your employees is going up drastically.


You have a complicated wage issue

Payroll solutions are designed to handle pay cuts and other complexities. As a problem arises or assistance may be needed, customer support can help you process your pay run on time.


When should your business switch to payroll software? (Source: Internet)



You are spending too much time on payroll

As your business grows, you may have less time for running payroll. Don't turn it into a labor-intensive task - invest in software instead.

Payroll processing isn't one of those tasks that cut down your workload, so don't hesitate to turn to payroll software if you want to skip any part of the manual payroll process, especially the payroll reconciliation.


You want to avoid some common payroll mistakes

When detected and corrected timely, payroll errors would not be so concerning. However, perhaps the most persuasive reason to prioritize payroll software is that it is here to help you avoid mistakes in the first place.



Wednesday, August 10, 2022

What is PEO and when should businesses use a PEO?

What is PEO and when should businesses use a  PEO?

Business scale-up is one of the most important parts of SMEs’ development plan to accelerate their growth. This almost always includes workforce expansion. A small-sized business may run into a problem where there is no dedicated department to manage hiring and requirements that come along with it, as well as payroll and benefits administration. This is where a professional employment organization - PEO jumps in.


What is PEO?

PEO acts as a “co-employer” with the company that it is hired to support. This means a PEO will share responsibilities with its customer’s employees.

PEOs typically help with hiring and referral processes, payroll management, employee benefits, and other human resource-related functions. In essence, PEO is a type of full-service HR outsourcing for business.



What is PEO and when should businesses use PEO? (Source: Internet)


What are the benefits of the PEO service?

One of the biggest advantages that a PEO offers is to help businesses accelerate their go-to-market strategies in new geographic locations.

It may take ages to set up a new business and recruit all the relevant expertise in a new market, while making sure that the recruitment process is strictly followed. This would also be costly to businesses, particularly those that only intends to have a handful of employees in the new location. 


What services does PEO offer?

The PEO will be “ready to go” from day one to provide business expertise in the following functions:

● Payroll processing

● Benefit plans

● Risk management

● Workers’ compensation insurance

● Cost savings




PEOs provide expertise for most of the important functions within an organization. (Source: Internet)

When does your business need to use PEO?

How to find out whether you really need a PEO or not? Consider all the factors that will help you determine the pros and cons in terms of the benefits and costs of using PEO. Thoroughly review all the benefits gained via PEO that match your needs. For example, you are only able to handle 85% of HR demands and need support for the other 15%. Therefore, understanding the scope of your needs is a way to justify your PEO need.

In any business decision, it is imperative that all angles of the solution are considered to determine if it is relevant to your business’s current and future operation or not. 

Thursday, June 30, 2022

Digital transformation in HR management

 

Digital Transformation in Human Resource Management 

Like the other part of an organization, digital transformation in human resource management is the most essential thing in technology today. So what does digital transformation in HR mean, what does it require and what are the challenges which businesses have to face in implementing t?

What is HR Digital Transformation?

Traditional HR processes are based on face-to-face communication, records, and paperwork. A lot of paperwork is required from payroll, attendance systems, and performance/ KPI management to candidate management. HR digital transformation involves moving those processes to technology.

(Human Resources Management). (Source: Internet)

Digital transformation makes HR operations more centralized and consistent via the system. No more records, documents, or complicated spreadsheets, but modern working Dashboards, easy to do as well as reduce mistakes and confusion because of warnings messages or information support features.

Steps to build and apply a digital transformation strategy in human resource management

  • Making goals: There should be clear goals so that enterprises can evaluate the effectiveness/ result of business digitization.

  • Determine who will make this transformation: Enterprises need to ensure the spirit of digital transformation from leaders to employees. Organizing well for communication and internal training for digital transformation for all staff.


Steps to build and apply a digital transformation strategy in human resource management (Source: Internet)

Change and adapt: Changes in HR processes mean that all stakeholders need to be prepared for the change. However, it is recommended that you start from a small thing to the impact of failure (if any) which can be minimized compared to implementing change across the organization and resulting in complete abandonment of all efforts. digital transformation.

So, it is important to ensure the optimal application of technology in human resource management. Keep up-to-date and make sure you know what your competitors are doing so you could meet your goals in the digital transformation process.



Monday, June 27, 2022

Things to consider before outsourcing payroll services.

 

Things to consider before outsourcing payroll services

More businesses are opting to payroll outsourcing to reduce risk and stay focused on other important strategic goals.


Payroll service is now no stranger to Vietnamese small and medium-sized enterprises (SMEs). Nonetheless, selecting a reliable, responsible and suitable partner remains challenging. Here are some reminders for businesses when outsourcing payroll services.

Things to consider before outsourcing payroll services

Company size

Company size should be taken into priority when it comes to payroll outsourcing. Keep in mind that not every accountant shares the same expertise, so don’t expect to find a trustworthy accountant, who specializes in both payroll processing and internal accounting, with a low expected salary.


Most SMEs often hire newly-graduated accountants with a monthly salary range of around VND6-7 million, who are required to perform various tasks including office administration, payroll processing, internal accounting, monthly and quarterly tax declaration, etc. Instead, payroll service is a more viable option that cost less than in-house staff, yet ensures legal compliance and confidentiality for your company.

Things to consider before outsourcing payroll services. (Photo: Internet)

Do your own research

In today’s IT-led world, there is a plethora of information about the scope and cost of payroll outsourcing that you can find and refer to on the Internet. You should be cautious of any provider offering numerous promotions or free-of-charge basic services. It’s better to look for a reputable company when in need of a full payroll package.

Arrange meetings with 2-3 payroll outsourcing companies

After thorough research, you should meet with 2-3 payroll outsourcing companies to discuss the following matters:

● Responsibilities of each party

● What are the responsibilities of the employer to the state authority?

● Does the cost match your company’s budget?

● What are their monthly customer services like?

● What are the ways to update your company’s payroll monthly?

Arrange meetings with 2-3 payroll outsourcing companies to discuss related matters. (Photo: Internet)

Data protection and security 

The safety of your employees comes before all else and as an employer, you’ll need to take extra measures to protect the sensitive data related to payroll activities, namely employee addresses, banking details, among others.

Understand the processes carried out by the provider to encrypt sensitive data, the type of technology they’re using to safeguard data from being compromised, the list of users who have access to the information, and what type of business insurance the provider has.

Make sure that outsourced payroll services take great care of data security. (Photo: Internet)

It is recommended that you should find out about the payroll provider’s background to check that they can be trusted to ensure the integrity of your data. Certifications such as ISO 27001 and ISAE 3000 are the international standard for information security management, often referred to by organizations for quality assurance.

Enhance visibility with performance metrics

Payroll is vulnerable to risk as its structure comprises different components. Hence, you should look for providers that have a clear communication plan and reporting interface when weighing up the options. This helps you with a better understanding of the performance metrics behind your payroll processing.

Choose a payroll service that provides you with easy-to-understand reports and simplified processes. (Photo: Internet)

Learn more about basic features on offer and whether the management reporting dashboard is easily accessible and suits your company's needs. Some payroll services also include an employee self-service portal – a useful tool that enables direct access or personal information adjustment.


As payroll becomes more and more complicated for many businesses, partnering with a payroll service provider can help you reduce risk and free up time, resources for other business aspects. 




Experience in ensuring an effective balance of recruitment time and cost for businesses

 


Experience in ensuring an effective balance of recruitment time and cost for businesses 


Inefficient hiring seems to be an unavoidable problem for most businesses. So what are the ways to best achieve cost-time balancing in recruitment?


The recruitment period of businesses often lasts from 1 week to a maximum of 1 month. In fact, recruiters, depending on the job grade, will allocate the most appropriate time and budget. However, cost-time balancing is never an easy job for businesses, particularly when the labor market has undergone many changes due to the impact of the Covid-19 pandemic. Here are some tips on how to effectively balance hiring time and cost for businesses.

How to effectively balance hiring time and cost?

The recruitment processes will vary depending on the vacancy details.

Vacancies with a high recruiting success rate

These vacancies often have a minimum requirement of experience and qualifications, which are suitable for inexperienced candidates, fresh graduates, or those with just 6 months - 1 year of experience.

These easily fill positions can be simply reached out via setting up accounts and posting on social media networks, namely Facebook, Twitter, Linkedin, etc. At the same time, engaging actively in recruitment groups and forums on these platforms is also a great way to approach potential candidates. By doing so, recruiters can save a huge amount of time and cost.

Mid-level vacancies

The requirements of mid-level vacancies up the ante for candidates in terms of qualifications, job-related expertise, experience and skills. Therefore, businesses should plan ahead and be more precise in their demand to target the right candidates:

  • Graduated from a university or college with the relevant major

  • Over two years of experience in the similar position

  • Good communication, negotiation and analytical skills

  • Specific qualifications required by each position

Businesses can leverage paid media to seek professional candidates. (Photo: Internet)

In this case, recruiters should use paid media to ensure the fastest access to the most qualified candidates as their fees are not too high. These job posting websites can be a great solution for businesses to optimize their hiring process.


Senior management vacancies

It is no doubt that the qualifications, management capacity and skills for these vacancies are in their strictest term, making it more challenging to fill these positions. Consequently, businesses often opt for one of the following solutions to balance the time and cost of recruitment more effectively:

Building internal staff capacity

This approach focuses on developing, providing training and creating opportunities for internal employees to take senior management positions that are hard to fill.  The upside includes an easy selection of suitable employees, quick adaptation to new job progress and almost no recruitment analysis cost incurred.

Building internal staff capacity enables easy selection of suitable employees and quick adaptation to new job progress. (Photo: Internet)

Outsourcing hiring services

This is now a new recruitment trend preferred by many businesses. In particular, the business will sign a contract and transfer its recruitment to the service provider. In this way, businesses can get access to an extensive network of human resources via a dedicated recruitment process outsourcer. In addition, it is a legally binding contract with terms on deadlines, quality of candidates, responsibilities of the service provider during the recruitment process and service warranty. Therefore, businesses can allocate a reasonable budget to secure quality candidates.

Outsourcing recruitment services is one of the tips to ensure effective cost-time balancing. (Photo: Internet)

A thing to keep in mind is that businesses should choose a reputable and experienced service provider to ensure all terms are strictly adhered to during the contract period at the most reasonable cost.


Above are some tips to effectively balance recruitment time and cost that businesses can refer to and apply.






Friday, April 1, 2022

Overview of the HR market in 2022

Overview of the HR market in 2022

In 2022, following the severe impact of Covid-19, it is predicted that there will be more adaptable approaches to pandemic prevention and control, resulting in increased demand for workers in certain industries.

2022 – a prosperous post-pandemic human resource market
By December 2021, the labor market had rebounded, with over 95% of the workforce in export processing zones, industrial parks, and job centers re-entering the labor force. According to state agency statistics, demand for labor, particularly mid-and senior-level personnel, will increase in certain industries. The real estate sector is expected to grow rapidly in 2022, while the logistics and supply chain management industries are expected to set new trends.

HR Outsourcing - the perfect solution for businesses
According to statistics, the year 2022 will see a rapid increase in the trend of project-based recruitment in Vietnam's labor market. Maintaining current trends in the search for qualified project personnel capable of ensuring project participation until completion is another headache for the recruitment department.

Recruitment trends in 2022 are expected to focus on several prominent industry sectors, including: Commerce, information technology, finance-banking, consumer goods, real estate, information and communication, tourism – accommodation and catering services, electrical engineering - refrigeration - industrial electricity - electronics... The finance-banking industry will require a large number of human resources with expertise in information technology (IT) and sales. Numerous businesses will seek qualified personnel in the fields of artificial intelligence (AI), Big Data, crypto, and Blockchain. As a result, businesses must now concentrate on effectively catching up with new recruitment trends while also focusing on training to improve the quality of existing human resources in order to meet their plans and objectives.


Tuesday, February 15, 2022

How to pick a cost-effective payroll service for your business

 

How to pick a cost-effective payroll service for your business

A right outsourcing payroll service can enable businesses to improve payroll processes, save costs, mitigate errors, and streamline data entry.


Payroll management can be complicated or straightforward, depending on the number of employees and relevant payroll processes. Small and large businesses often turn to payroll service providers to both avoid errors and ensure well-planned and effective payroll administration. As a result, selecting the best payroll service is of utmost importance. The real question is how to find a payroll service that is within your budget, yet allows you to have certain control over the processes. We have the answer for you.


Things to consider when choosing a cost-effective payroll service

Services and Fees

An outsourcing payroll service must ensure necessary HR activities such as calculating wages and keeping track of employee work hours, withholding deductions and taxes, printing and delivering checks or direct deposit and paying employment taxes. The main features of a payroll service include management of attendance, overtime work, allowances and leave, as well as report generation. Therefore, businesses should be aware of the fee for each service provided in order to allocate their budget properly and avoid incurred costs from unnecessary services.


Considering only essential payroll service features for cost optimization. (Photo: Internet)


Simplicity and Ease of Use

The best payroll service should be simple and easy to access and use. Particularly, the data must be available as needed, including management reports and employee information, comprehensive employee details, and a full history of past and current payslips. 


An effective, simple and easy-to-use payroll service allows you to change employee data easily, manage employee payroll, and transfer funds electronically to all major banks and payment services. Plus, all balances and details are displayed in a user-friendly format, facilitating your online budgeting and staff costs planning.


Security and Responsibility

When applying a new payroll system, you should look for security features that guard against information tampering. In addition, that payroll service provider must be well-known for its reliability and quality. You can also decide the level of control over the processes when outsourcing to a third party. The best payroll service allows you adequate control and the option to view all information and previous reports. Consequently, clarifying responsibilities with them will help you to know what to expect and what you should provide.


Businesses need to choose a reputable and reliable payroll service provider to protect important confidential information. (Photo: Internet)

Flexibility

Payroll service needs are unique for every organization. However, it should generate customized reports that are flexible to your company’s specific requirements in each stage, or even scalable as your organization grows. Besides, businesses need to consider a service compatible with their current systems to facilitate quick and precise data automation.


Training employees on a new payroll service

Guiding your HR team and staff through new payroll processes is vital to successful implementation. The efficiency of payroll outsourcing can only be ensured given they adhere to the new payroll procedures. That means selecting a service provider with adequate online support and training manuals to assist your HR team and employees in accessing the necessary data.


Training employees to comply with the new pay regulations will help optimize the efficiency of the payroll process. (Photo: Internet)


Choosing a good, suitable payroll service provider helps businesses not only to spare the hassle of a manual payroll system but also to optimize costs and business performance via a simplified payroll process.


Top 9 recruitment channels that businesses can’t miss in 2021

 Top 9 recruitment channels that businesses can’t miss in 2021 

Finding the right candidates is a challenging task for businesses. Here are the nine best hiring channels for businesses in 2021.


The recruitment landscape is changing, and so are the employer branding strategies. Though approaches to recruitment can vary from business to business, some are mainly applied regardless of industry, position, or potential candidates. The combination of a variety of hiring platforms enables companies to target more candidates, reach new talent markets, and improve recruitment in either an active or passive way. The reason behind this is these widely used platforms have proved their efficiency in reaching out to potential candidates. Here are the top 9 hiring channels that businesses can’t miss in 2021.


Top 9 most effective recruitment channels in 2021

Staffing agency or Headhunter

A staffing agency is a good solution if you need to quickly fill a gap in your workforce or face tough competition that requires expert assistance. With extensive experience in locating possible candidates, staffing agencies may leverage talent networks to deliver the most appropriate sourcing for vacancies. As a result, if your company has to fill any essential positions or increase your human resources to keep up with market growth, partnering with staffing agencies is a suitable option.


Staffing agencies are an effective recruiting channel for today’s businesses. (Photo: Internet)


Recruitment platforms

Recruitment platforms are the most preferred digital hiring channel by businesses. Online job listings have become an integral part of today's employment market since their first appearance in the form of short posts on forums. 


Recruitment platforms provide a space for employers and candidates to meet each other at halfway. Though this discovery is often on the candidate’s side, there are quite a few platforms out there that help employers browse through currently available talents.


Social media

Social media is by far the brightest side of the digital world and the best way for businesses to connect directly and instantly with potential candidates.

Social media is the most effective hiring channel for businesses to connect with potential candidates. (Photo: Internet)


Candidates often make the most out of social media groups to find jobs or ask others what they know about a particular workplace. Also, utilizing channels like Facebook, Instagram, and LinkedIn in recruitment can provide very positive results. One open job post on Facebook can be shared by many people, maximizing its visibility towards potential candidates. 


Email Marketing

Currently, leveraging email marketing in hiring is also a popular recruitment strategy among many businesses. Email lists are made up of people who signed up to hear more from your company or people in the talent pool you're targeting. You should inform potential candidates about the open career opportunities at your organization.


Company website

When candidates come across a job post, the first thing they do is visit your website. A company website not only confirms the credibility of your business, but it's also a wonderful marketing tool for attracting potential candidates.


Employer brand

According to survey results, up to 75% of job seekers investigate a company's employer brand before pressing the "apply" button. Whether you're recruiting for your own company or clients, you should provide candidates with insights into potential employers by sharing company culture content such as recent team-building events, employee testimonials, or writing a blog post about the department looking for candidates. 


Good employer branding is an effective way to approach candidates. (Photo: Internet)


Employee referrals 

Potential candidates frequently trust current employees more than any other type of employer branding that you splurge on. That is why there are so many businesses using the employee referrals strategy, which helps them to attract more than 58% of candidates and retain more than 20% of top talents.


Job fairs

Job fairs are also one of the most successful ways for businesses to approach potential candidates nowadays. Participating in events not only helps businesses to attract future employees but also provides networking opportunities and increases the chance of recruiting staff in higher positions.

Job fairs bring the chance for businesses to approach potential candidates. (Photo: Internet)

Businesses should consider attending on-campus job fairs at universities and colleges, as well as posting job and internship opportunities on various schools’ job boards.


Candidate rediscovery

Candidate rediscovery is an approach suitable for previously discovered candidates. Artificial intelligence (AI) should be integrated into your existing recruiting systems to locate, scan, and score potential candidates who have previously expressed interest in your company.

Don't worry if they don't have the specific abilities you're looking for; those can be learned later. Instead, you should look for candidates possessing flexible soft skills or who fit in your company's culture.



Above are 2021’s top best hiring channels that businesses should not miss to improve future hiring strategies.


Wednesday, January 12, 2022

Three of top of mind human resource management trends

 Post COVID-19: 3 Top of mind human resource management trends

1/ Just in a short window of time, the COVID-19 has led to a dramatic change in the major functions of human resource management (HRM). While COVID-triggered crises are becoming less frequent and less severe, some businesses are still having trouble managing their employees during these testing periods. This article covers several HRM trends that businesses should keep in mind to adapt to the new normal in the post-COVID era.


2/ Develop comprehensive HRM strategies:

Changes in business trends post COVID-19 have created challenging situations for HR managers and HRM practitioners. As strategy development and workforce transition become more vital than ever, businesses need to rethink and re-evaluate their key people during and after the COVID-19. 

Develop comprehensive HRM strategies post COVID-19. (Source: Internet)


Businesses are also required to change their talent management system to identify, engage and retain high-potential employees. An increase in wages and perks can be used to motivate employees and boost their productivity.

 

As COVID-19 rears its ugly head, businesses are forced to move fast and adjust to new realities. In times like these, HR remains a major contributor to organizations. Practising HRM trends provide effective solutions for businesses to retain the workforce and embark on faster recovery from COVID-19 impacts.


2.2/ Outsourcing HR responsibilities

Extended business suspension, failure to meet certain COVID-related safety requirements, and a lack of time for reskilling and guiding employees’ journeys in volatile markets have left businesses with fewer alternatives than to terminate a significant number of labor contracts. While falling revenue and ineffective budget plans as a result of COVID-19 posed a roadblock to some, other agile businesses have found a way to deal with labor shortages and are in a better position to thrive after COVID-19. 


Numerous waves of COVID infections have resulted in a globally significant move towards HR outsourcing as a one-stop-shop for budget flexibility, quality of new hires (experienced, skill-specific, and best-suited to each period), and other complicated HR functions. SpendEdge, the global provider of market intelligence solutions, forecasted that the HR outsourcing procurement market was poised to experience spend growth of more than USD 25.92 billion in the next five years at a CAGR of over 5.84%. 


Outsourcing recruiting and training efforts can help businesses build a pipeline of already-specialized talents and achieve the highest performance. By transitioning time-consuming administrative management to HR outsourcing providers, businesses can optimize workflow and keep in-house teams focused on otherwise essential tasks to enable quick recovery from COVID-19.


Additionally, HR outsourcing results in cost savings in the new normal. Businesses can eliminate benefits administration and unemployment claims by contracting with HR outsourcing providers. Statutory benefits such as medical insurance, social security, vacations, and paid leave are all included in the outsourcing rate. 


HR outsourcing offers a flexible solution that ensures as-is business operation, be it pre-COVID or post-COVID. When businesses need to stretch or downsize the operation due to unexpected events, they can just go to outsourcing to temporarily adjust the number of staff. This way, they successfully avoid labor shortage or surplus and maintain just the right number of employees.


For HR outsourcing delivering the best results, consider the following practices:

  • Have a thorough understanding of HR outsourcing providers: Do they stand out in the industry? What is their hiring process? Is their HRM effective? 

  • Develop HR standards to easily pick out the right providers with suitable pricing plans and specialization. 

  • Develop quality requirements and regularly oversee the work implementation for timely risk management.

HR outsourcing helps businesses ease the financial burden, save time, and focus on what matters. (Source: Internet)



2.2.1/ Support employees' mental health 

Managing the mental health of employees impacted negatively by COVID-19 becomes a priority. Indeed, the pandemic and resulting income insecurity/benefit reduction have exposed a large number of people to significant mental health risks. Investments have been made in activities aimed at prioritizing employees' mental health and well-being, boosting morale, and assisting them in resuming their pre-COVID levels of productivity. 

Activities that address mental health make employees feel supported and be more productive. (Source: Internet)


Consider the following approaches to ensure the best results:

  • Be there for your employees, listen genuinely to their stories and their needs.

  • Regularly communicate with employees.

  • Provide adequate resources to drive employee performance in the new normal.


2.2.2/ Building training programs

COVID-19 has placed a challenge on businesses to help their employees adjust to a new work environment. The importance of workforce transition and employee training becomes more pronounced after COVID-19.


Employee training should be centered on the following skills: 

  • Remote management skills: These skills will keep employees motivated and engaged while working from home.

  • Leadership skills: Managers need to identify and master key leadership skills to navigate business growth.

  • Adaptability skills: These skills will help employees build resilience for a fast-changing environment and post-COVID recovery.


2.3/ Maintain flexible work arrangements

One of the most notable trends after the outbreak of COVID-19 is the shift away from office-centric culture to an employee-tailored workplace. Working from home has become a norm for most businesses. Employees now can enjoy more flexible work options that suit their lifestyles. Recently, PwC has told 40.000 US-based employees that they can work remotely from any part of the country in perpetuity. 


Flexible work arrangements benefit both employers and employees. (Source: Internet)


Employee engagement and cohesion provide the key to improving human resource management. Making employees’ work-from-home experience enjoyable, healthy, and stress-free, as a matter of course, is equally important. 



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