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Employees are the greatest asset in any company and each company has a common need to figure out how to manage the payment rate, professional growth, Time and Attendance Management System in Pakistan of their team. These four management requirements are the focus of how an organization increases its revenues, products, and services offered, and expand within its chosen market. If a company is local or global, physical or Internet-based, and small or large, it is necessary to compensate employees accurately and in a timely manner. The recommended route to successfully pay your team to continue working on behalf of your business interests is a Time and Attendance Management System in Pakistan.
Exempt and not exempt:
Employee payment rates are regulated by government standards based on the type of work they do and if they are paid by the hour or a standard monthly amount that is not determined by the number of hours they spend completing their work. Exempt employees are salaried employees and, therefore, receive a standard amount of money, as long as the tasks are completed according to the schedule and they do not have the right to receive the overtime payment. Most job opportunities are non-exempt positions that are paid according to the rate per hour worked and are subject to paying (on average) a rate and an average hourly rate to employees who work more than 40 hours a week. An effective Time and Attendance Management System in Pakistan will allow organizations to track the time and attendance of exempt and non-exempt employees.
The main objective of any Time and Attendance Management System in Pakistan is to provide a clear and complete review of how much of the company’s income is allocated to the payroll. Since this is the highest expense within your company, competent operational managers must justify increases and decreases in payroll. When organizations pay more for staff time, managers must analyze whether spending more money on employees is resulting in an increase in revenue. Conversely, when organizations spend less than usual on paying employees, managers must ensure that the savings are real and do not translate into a corresponding loss of benefits.
Companies are executed by allocating detectable and eligible costs within the organization to specific accounting categories. Tracking the amount of time spent on various efforts within the organization is critical to knowing how you are spending on budget items. Your accounting team bills the employee’s time according to the number of hours dedicated to the effort related to the cost center, project, and account or identified customer. The best way to track and report your billing records is through a timing system that allows employees to inform their managers what accounting category they should pay.
The exact payment of team members is not an easy task for companies of any size, regardless of the product or service offered. According to the American Payroll Association, 60% of respondents do not have fully automated Payroll Software in Pakistan and only in the United States, a third of employed workers are forced to pay their bills late due to payroll errors. Payroll errors are linked to poor performance in which employees lose faith in organizations that do not pay what they have earned and are promised. Something that apparently is a small problem or failure can easily lead to a problem of greater relationship between employers and employees.
An ideal Time and Attendance Management System in Pakistan will allow managers to produce reports of various types of queries to analyze what budget adjustments are necessary. Performance Management Software in Pakistan reporting tool has unique filters that allow the creation and visualization of customized reports. Some queries will be based on the types of billing within an organization, while others will be based on the names of the employees.
There is nothing like a Time and Attendance Management System in Pakistan that employees can access no matter where they go. While the choice of a system is discouraging, the most effective will allow your employees to enter and exit any location and, therefore, must rely on the cloud. Internet-based time and attendance tracking systems are not only great for staff, but they also allow managers to review the data as well. The agility and comfort of having access and mobile 24 hours a day, 7 days a week, are invaluable for commercial operations.
Projects are delayed when they are not managed properly and it is quite difficult to follow a project that has multiple stakeholders. It is much more complicated to track multiple projects with multiple stakeholders and assistance tools and time tracking that is specific to the project. Without a way to accurately track the completion of tasks in real time, it is almost impossible to find the exact reason why the projects are not completed on time, task and budget.
Market surveys have found that seven to ten years is the average life of an organization’s Time and Attendance Management System in Pakistan. However, any company can experience drastic changes for many reasons within that time frame. Operational instincts lead commercial managers to hire people, equipment and systems that meet the minimum needs at the lowest cost, but once a company reaches a point of growth, this strategy can hamper the ability to keep up with the demand for the company, customer and the market. Migrating to a new system is extremely detrimental and it is better to have one that easily adapts to the needs of your business to scale. Spend valuable time evaluating and reviewing the available systems now is a sure way to avoid many hours of frustration and lose finances in the future.
Here is the list of features which you can get by using PeopleQlik:
- PeopleQlik Core
- Core HR Software – HRMS
- Cloud Payroll Management Software
- Employee Self Services
- HR Analytics Software
- Corporate Wellness Platform
- Performance Management Software
- 360-degree feedback form
- Compensation Planning & Administration
- Social Recognition
- Workforce Administration
- Leave Management Software
- Time and Attendance Management Software
- Shift & Scheduling
- Claims & Reimbursements
- Timesheet Management Software