“You need to have a collaborative hiring process” Steve Jobs
Our focus is on succession planning in the workplace. Would your company survive and thrive should the CEO, Finance Managers or critical employees leave or worse still have an untimely death? There is nothing more challenging than trying to find information that has not been stored centrally or worse still been deleted by an unhappy employee that is leaving. There are a few steps that can be put in place to ensure a smooth handover in the event of any staff member leaving, retiring, deceased or disabled.
- Each employee should save company information on a shared server which is backed up periodically. These files can be secured with the help of your IT.
- Objective – To identify potential candidates to move into executive or succession positions.
- Scope – identify high risk positions, identify staff who would be interested and assess their competencies, prepare a development plan which could provide development opportunities.
- Formalise – identify the job requirements and training, mentorship required for each position and agree on the method of assessment.
- Prepare a development plan – individual outlining specific activities to develop required competencies and agree the timetable with milestones to assess the progress. The employee is to take personal responsibility for their own development.
- Communicate to staff the reason for the process taking place as they may feel that the position currently filled is in jeopardy.
- Ensure that the employee is being mentored properly and getting the appropriate training.
- Each member of staff needs to develop a “manual” of Standard Operating Procedures. These can be short outlines of each task that is to be performed, where to find the information or who to contact. Each task should be defined and easy to follow in the event that the person who is currently doing the work is no longer available.
Top 5 Reasons why Outsourcing your payroll is the Smart Choice
For many businesses salaries and wages are one of the biggest overheads. Managing this non core aspect of the business can be time consuming and complicated. If salaries and wages are not processed on time, it can negatively impact staff morale and create the impression that the company is not financially stable. Staying on top of your payroll obligation to employees and SARS can be a headache. This is why more and more businesses are choosing to outsource their payroll processing to professional payroll administrators.
For professional payroll services contact:
George Guirguis
Director
T +27 10 599 0224
Here are the top 5 reasons businesses choose to outsource their payroll:
1. Keep payroll data secure and confidential
It can be embarrassing and detrimental to morale if the wrong eyes fall on the wrong payroll information. By outsourcing your payroll, sensitive and confidential payroll data is calculated off-site, so there’s little chance of a breach in confidentiality.
The recent introduction of PoPI (The Protection of Personal Information Act) requires companies to conduct themselves in a responsible manner when collecting, processing, storing and sharing employees personal information by holding them accountable should they abuse or compromise any personal information. Payroll is often the most confidential information of an organisation’s and it has to be secured in a PoPI compliant manner.
2. Outsourced payroll saves time
One of the major challenges to in-house payroll processors is simply the amount of time it takes to complete and the inability to find much in the way of efficiency. If you handle your payroll in-house, you know that it requires a lot of time and attention to detail. That demand on your time increases as your staff grows. Each pay period becomes a series of checks and balances to ensure no errors are made while handling a considerable amount of data that varies from employee to employee.
That’s time taken away from the core tasks that help you manage and grow your business. When you outsource your payroll, you immediately free up all that time. You can devote that free time to refining sales and marketing strategies and improving workflow efficiencies. The inability to relinquish control, and the failure to delegate tasks to better manage your time is a bad business habit you need to give up.
3. Avoid costly penalties and filing worries
Payroll experts stay current with the ever-changing tax rules and regulations, so you don’t have to. When you choose to outsource, you won’t have to worry about filing payroll tax-related paperwork. Trained professionals can handle all the calculations, direct deposits and SARS tax payments according to the latest rules and regulations so you don’t have to worry about penalties for paying your taxes late.
4. Avoid Technology Advancement costs
A constant question for business owners is whether they have the latest version of their payroll software and the most recent tax tables installed on their computer. Using the wrong tax tables can result in stiff penalties. Paying a maintenance fee and having to upgrade software is a fixed cost ongoing. Outsourcing payroll removes those costs / headaches and keeps payroll running smoothly.
5. Eliminate guesswork
Most payroll providers can give you a wide selection of payroll reports. Everything you need to see to run a clean and concise payroll. You will even get a completed payroll journal entry, listing all your debits and credits. No guesswork! Get all your payroll information in concise, easy-to-understand formats. For your convenience, you will even have access to your electronic payroll data, fully downloadable into Microsoft Excel & PDF
A worry-free payroll
A professional payroll provider employs people who know payroll processing–professionals who specialize in the complexities of regulations, government compliance, taxes, and human resources. It’s what they’re trained to do and the core of their service guarantee. You can save yourself a lot of time, money, and headaches when you outsource your payroll, so you can get back to growing your business.