Managing Minimum Wage Payroll in a Flexible Industry
Flexible labour markets have been at the center of workforce equality for a while. For as long as labour pools were limited and manual systems were the only option, payroll management was simple. However, a boom in production has led to a need for managing dynamic labour. This, coupled with more stringent wage compliance requirements, has made payroll a lot more complicated.
In flexible labour markets, especially ones that are modeled on shift timings, such as the manufacturing and facilities management sector, minimum wage computation may be tricky because of all the moving parts involved. Apart from managing different components of minimum wage like basic pay, shift allowance and performance-based incentives, the difference in nature of work also warrants diverse pay – an assembly worker will not be paid at par with a skilled machine operator. To top it off, a basic payroll software may not be designed to handle such complexities.
However, payroll laws have to be adhered to, irrespective of how payroll is computed. Non-compliance with laws and incorrect calculation can result in heavy fines that will take a toll on the bottom line.
Flexi Systems for Flexi Needs
Companies that have a diverse worker base with flexible payroll requirements need a system that can handle the intricacies of the industry. For instance, an effective solution may include managing Time & Attendance integrated with efficient software that computes and verifies payments, to speed up the payroll process and also reduce errors.
A versatile, cloud-based payroll system with self-service features can help workers keep tabs on their own pay and spot errors faster than manual scrutiny. An instant rectification request can be processed through the payroll software and fixed on the spot, thereby saving time and effort in error correction. Integrated payroll software can also make attendance log sheets automated.
Outsourcing Your Payroll Needs
While an in-house single-service payroll software may work for some, outsourcing your payroll needs to an experienced provider can reduce the stress associated with payroll and leave you with more time to focus on core activities.
Allsec’s end-to-end HR solutions incorporate over two decades of expertise in handling complex payroll and tax scenarios to provide you with automated solutions that ensure accurate and timely payment to workers every time.