The efficient management of the payroll function is crucial for any business with multiple employees. It is an aspect that requires attention to detail and careful observation of the regulatory environment. The integration of the payroll function with the finance and human resource departments further contributes to the operational management of a successful organization.
This course gives a comprehensive understanding of the principles of payroll management and effective controls with a strong emphasis on practical application in the working environment. Whether you are seeking to manage these functions within your organization or to diversify your skills set for career progression, this course will provide you with the skills and knowledge needed to perform the vital function of payroll management and the effective implementation of controls.
You will find value in taking this course by formalizing and updating your skills and learning the most up-to-date processes and best practices involved in the payroll function.
Compensation and benefits is an emotive area, not only for the organizations but also for the employees. Establishing and managing a reward structure is one of the critical cornerstones of the human resource department. It is extremely important to design the right reward package that supports the business goals.
- Payroll Administrators who wish to enhance their payroll knowledge and application
- Human Resource Professionals who wish to gain a better understanding of the payroll system and how it is integrated into the corporate human resource environment
- Accountants who wish to diversify their skill set for career progression
- Benefits Specialists
At the end of this course the participants will be able to:
- Understand the payroll regulatory and compliance environment.
- Manage the payroll department confidently
- Identify the risk and implement controls
- Integrate the payroll division with the HR and Finance Department.
- Understand how to create different levels of salary benchmarks.
- Learn how to build high impact compensation systems.
- Deciding and initiating action
- Payroll systems
- Working with people
- Relating and networking
- Presenting and communicating
- Analytical thinking
- Applying expertise and technology
- Formulating concepts and strategies
- Following instructions and procedures
Unit 1: Payroll Environment:
- Types of Payroll Systems.
- How to Effectively Run your Payroll Department / Office.
- The Acts that Govern Payroll.
- Integration with Company Policies.
- Responsibility of the Payroll Administrator.
- Internal Payroll Audit.
Unit 2: Practical Payroll Implementation:
- The Key Steps Involved in Payroll Activities.
- Creating Cost Centers, Pay Points, and Job Codes.
- Maintaining Employee Data.
- Processing Leave.
- Setting up Payslips and Ensuring Regulatory Compliance.
- Capturing Overtime and Additional Payment Information.
- Making Amendments and Accounting for Specific Transactions.
- Updating to New Pay Period and Month-End Procedures.
Unit 3: Payroll Management:
- Definition of an Employee and How an Employee Designation Impacts Payroll.
- Employee Time Management and Tracking.
- Employee Compensation.
- Additional Employee Benefits.
- Types of deductions and why they are used.
- Ethical considerations in the Payroll Function.
- Linking payroll with the HR Function.
- Setting up your payroll division.
Unit 4: Corporate Integration:
- Linking Payroll with Company Finance Department.
- Recording of Payroll Transactions in the Accounting Records.
- Application of Payroll Accruals.
- Common Payroll Measurements and how they are used.
- Contents of the various payroll reports and how to use them.
- How to utilize payroll reports for problem-solving.
- Payroll and external audit procedures.
Unit 5: Effective Payroll Controls:
- Protection of personal information.
- What are the internal controls?
- Identifying risks in the payroll cycle.
- Implementation of payroll controls.
- Evaluating payroll controls.
- Outsourcing arrangements and responsibilities.
- Common mistakes and how to avoid them.
Unit 6: Design a System of Benefits and Compensation:
- Study the needs of workers
- Determine the goals of the system and establish a budget.
- Setting up system procedures.
- Understand the compensation function and benefits clearly and determine their importance.
- The advantages and disadvantages of direct and indirect compensation offered to employees.
Unit 7: Compensation And Benefit Environment:
- Environmental Factors.
- Governmental Regulation.
- Laws affecting compensation.
- Collective Bargaining.
- Social Security.
- Globalization / Technology.
Unit 8: Building internal equity:
- Overall process.
- Job evaluation method 1 – Paired comparison.
- Job evaluation method 2 – Job Grading.
- Job evaluation method 3- Point plan.
- Job evaluation method 4- Hay plan.
Unit 9: Benefits Management:
- Benefits planning and realization concepts.
- Benefits management lifecycle.
- Drivers for business change.
- Planning for benefits realization.
- Benefits dependency network.
- Identifying and categorizing benefits.
- Building the financial case.
- Implementing a benefits management approach.
- Managing stakeholders in the change process.
- Reviewing and embedding the benefits.
- Design Compensation & Benefit Policy.
- Design C&B Structure/ Pay Structure.
- Incentive-based Compensation.
- Different benefit packages.