What Is Payroll and its components?

Payroll Definition: Payroll can be defined in three different ways

1. Payroll refers to the employees you pay, along with employee information.
2. Payroll is also the amount you pay employees during each pay period.
3. Or payroll can refer to the process of actually calculating and distributing wages and taxes.


The Components of Payroll:

1. Gross Wages
The total dollar amount paid to the worker, before any deductions. The items listed below are deducted from gross wages to arrive at the worker’s net pay. Gross wages may include commissions, bonuses and other payment arrangements.

2. Benefits
Your company may provide health insurance, retirement plans and other benefits to workers. While your business pays some of these costs, a portion of the benefits may be deducted from the employee’s gross wages. Many of these deductions are taken out of pay before taxes are calculated.

3. Social Security and Medicare
You must deduct the employee’s portion of Social Security and Medicare payments from gross wages. Your employees may have additional deductions that are required by federal or state law.

4. Tax Withholdings
The employer must withhold the employee’s share of federal and state income taxes from payroll. Depending on the location, the company may also need to withhold local or city income taxes from payroll.

The amount of money the employee actually receives in their paycheck is known called net pay.

Advantages Of Outsourcing

Benefits Of Outsourcing

Outsourcing is a business practice in which a company hires another company or an individual to perform tasks, handle operations or provide services that are either usually executed or had previously been done by the company's own employees.


Reasons for outsourcing

Companies often outsource as a way to lower costs, improve efficiencies and gain speed. Companies that decide to outsource rely on the third-party providers' expertise in performing the outsourced tasks to gain such benefits. The underlying principle is that because the third-party provider focuses on that particular task, it is able to do it better, faster and cheaper than the hiring company could.

Advantages Of Outsourcing

There are many advantages of Outsourcing, the most common advantages are as follows:

1. Low Cost : Hiring a Outsourcing Company and get our Staffing and recruitment tasks done is much more cheaper than struggling by own for recruiting staff. When we are searching staff by own then first of all its a wastage of time that can be utilize in increasing company productivity.

2. Improve efficiency: The task done by Dedicated team of professionals is always better. If we hire a Dedicated staffing Agency then will surely give us better results in less time.

3. Speed : A staffing Agency can provide staff in very less time.

Basically these are common advantages of Outsourcing.

Xeam ventures offers the best Manpower and HR outsourcing services. We are global leaders in providing best Hr services, Manpower Services and Payroll Services.

Difference Between Manual and Computerized Payroll System

Manual Payroll:
Manual payroll means that you, or another employee within your company, calculate the payroll each pay period entirely on paper. You should compute all gaining heads and statutory applicable deductions with no start-up costs.

Computerized Payroll System: The Computerized Payroll framework, many organizations offer PC programming that will help you in preparing payroll. You will need to input information for each employee when he is hired, but after that, the software will calculate payroll taxes and other deductions automatically.

The main difference between manual payroll and Computerized Payroll System:-

1). Speed: The main difference between manual and computerized systems is speed. Accounting software processes data and makes reports much quicker than manual frameworks. Calculations are done automatically in software programs, minimizing errors and increasing efficiency.

2). Cost: Second difference between manual and computerized systems is cost. Manual accounting with paper and pencil is much cheaper than a computerized system, which requires a machine and software. Other expenses associated with accounting software include training and program maintenance. Expenses can add up fast with costs for printers, paper, ink, and other supplies.

3). Backup: The third difference between manual and computerized systems the simplicity of backup of a computerized system. All transactions can be saved and backed up, in case of fire or other mishaps. You cannot do this with paper records unless you make copies of all pages–a long and inefficient process.


4). Accuracy: More Accuracy is there in case of the machine and lack of errors will be there. But in the case of manual payroll, chances of errors will be there.

5). Less Manpower Required: To calculate the same payroll in the same amount of time we need more manpower in case of manual as compared to computerized.

If you want effective payroll management for your business, contact us :  (+91) 172-4360000
or visit: https://www.xeamventures.com/

Factors Behind Successful HR Outsourcing Strategy

HR outsourcing strategy should be carefully thought of before approaching a third party vendor. There are a few factors that organizations need to keep in mind while developing a strategy for HR outsourcing, for it to be successful.

Organizations that are looking forward to outsourcing their HR functions mainly do so for the purpose of reducing overheads. However, it is important for an organization to realize that cost effectiveness is just one of the successful HR outsourcing benefits. There are many other advantages of outsourcing your HR functions, which if realized, can prove much more beneficial for the business.

Understanding internal HR functions

Many a times, organizations fail to understand and analyze the HR functions that are being taken care of by their own department. This inadequacy leads to an agreement between the organization and vendor that fails to define the services to be provided. As a result, it also fails to deliver the expected benefit of cost savings and requires a significant number of your internal staff for filling in the gaps along with watching over the outsourcing partner. Hence, for effective HR outsourcing, it is important that you first identify cost saving areas in your internal HR functions before you outsource them.

Understand your outsourcing options

HR outsourcing vendors generally provide strategic or transactional HR services, since there are many HR functions outsourced to vendors. The latter provides you with a niche service and is such that can be replicated across various clients. On the other hand, strategic HR outsourcing is more like the vendor being your business partner. Under this, the services provided are customized with respect to your needs and will be difficult to replicate across various clients. Hence, for successful HR outsourcing, it is important for an organization to understand the differences between the two types of services and identify the right one.

When We are in Need of Hr Outsourcing ??

1. Excessive Work Load: Whenever we have a lot of tasks to do and have insufficient time to do that particular task then we prefer to outsource that work.

2. To reduce cost: When we are new to that particular task and instead of doing investment on it we prefer to do that task by a team of Professionals.

3. Lack of Manpower: Whenever we have insufficient manpower then also we may think to outsource work and make it done properly.


If you are also looking for someone who can help you in increasing your business and help you in HR activities then please contact us: https://www.xeamventures.com or Call us: (+91) 172-4360000

What is a payroll? What is its importance?

Payroll refers to the employees you pay, along with employee information. Payroll is also the amount you pay employees during each pay period.

Important of Payroll

Payroll is an integral part of all organizations. The payroll department is not only responsible for employees’ salary compensation, but it also plays a vital role in protecting the company’s reputation by ensuring compliance with various legislations. Too often, many view the payroll as merely a processing function. They fail to recognize the importance of payroll and the mammoth effect it has on businesses. Payroll affects every aspect of the organization, from the reputation of the company right down to the morale of its employees.

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How to Find Best Staff for your Business ?

Knowing how to find the perfect match professionally or filling a new position or role at your organization can feel like an uphill battle. You’re on a journey to find “the one”.

You sift through hundreds of bad items (or ineffective resumes) in order to find at least one, or hopefully, a handful of good ones. There will be loads of items you won’t need, like a wool sweater in July (or several inexperienced candidates after you just spent months training the one you had to fire). You’ll find things that were probably amazing at one point, but now have damage like a stain (or candidates who feel entitled from past experiences).

Periodically, you might even find something that seems perfect on the rack, but you go to try it on and realize something isn’t working (or the candidate who had the perfect resume, killed the interview, appears to have all the right qualifications but now has you questioning your decision after the first week). It’s difficult to know what the exact problem is but you can’t put your finger on it.

That's why hiring is the most important and crucial part of any organization. Hiring good staff for your organization leads you to increase your company productivity and helps you to enhance your business with new innovative ideas and similar in case of vise versa, hiring bad staff or Unfit staff for your organization leads you to decrease your business and decrease your company productivity.

Due to the above reasons, it is very important for any organization to hire the best employees that fit your organization needs. Now, this recruitment process is a very time-consuming process if the putting lot of your time in hiring people that also may decrease your company productivity because instead of giving time to your business strategic planning, you start giving time in recruiting which is not good for any Organisation.

How can i handle my company recruitment and payroll?

Its one of the most common and most important question asked by many organizations. The Solution to this problem is you can search for a staffing agency. In the current Scenario, there are a lot of well know staffing and recruitment agencies which can handle all your staffing needs and can provide you best staff for your business according to your business needs.

Xeam Ventures Pvt. Ltd is one of the best company which provides the best staffing and recruitment services. Now you don't need to worry about the payroll too, Xeam Venture offers best Payroll services. XEAM currently has 10000+ team count and has a state of the art infrastructure, expert, experienced managers to handle multi-vertical organizations. We have experience of deploying more than 1 lac in the last 15 years.


To know more about us. please visit: https://www.xeamventures.com/ 

IS THIS COMPANY FITS FOR ME??

To answer the above two questions we have to discuss "Organization fit" or what is fitness in terms of Organization ??

Let's have a Look:

What is organizational fit?

When an employee’s (personal and professional) values and beliefs align with and complement those of the company they work for, we speak of organizational – or culture – fit. As such, it’s important to establish what exactly defines a fit. And that starts with determining the organization’s values, norms, and vision.

However, organizational fit doesn’t mean you need to hire the same kind of people all the time.

It also constitutes much more than asking yourself: “Is this a person with whom you want to have a beer after work?” or wondering whether you have the same interests or lifestyles. A more useful question to pose is, for example: “Are this person and this company compatible in their way of working?”

1. Now, How to check that recruited candidates is fit for organization????

Imagine you’ve just recruited a great candidate. Three months into the job your freshly hired employee seems a little unmotivated; they get in late, leave early, take a few coffees breaks too many, etc.

When you talk to them about it you find they absolutely love the job, are more than happy with their compensation & benefits package, but somehow feel out of place.

Congratulations, it seems you’ve found yourself an organizational misfit…

It won’t be long before your now ex-superstar leaves the company – forcing you to start the recruitment process all over again – which is why it’s crucial to hire people who fit the organization and vice versa.

2. Is Company Fits for Employee or Vise Versa ???

While job fit, referring to how the person is suited for the specific role, is undoubtedly crucial to hiring the right employee, there are many reasons why finding candidates that mesh with your company culture is also important. Let’s take a look at a few of them.

The example we used in the intro of this article says it all. No matter how much someone loves the job they do – or how good they are at it – if they don’t feel like they’re in the right place they’ll end up leaving.

Luckily, the opposite is true too.

If you hire someone who fits your culture like a glove, they will be much more inclined to stay with the company for a longer period of time.

Employees who feel ‘at home’ in the organization they work for generally are happier which has a positive impact on their productivity – and of course their engagement. They’ll need less time to become fully operational for example and they’ll boost their colleagues’ morale while they’re at it.

3. Increased productivity

All of these elements lead to increased employee productivity. Once again, this stresses the importance of hiring for culture fit and not just for job fit.

Employees who feel like they’re right where they belong – professionally speaking – are super productive. They won’t get in late or leave early, let alone take coffee breaks every hour.

4. Better referrals

Employee referrals are a great way of recruiting new people. Referrals tend to be operational faster, they are more productive, more engaged, and stay with the company longer.

The reason for this ‘referral success’ is simple; since these candidates have been recommended by your current employees there’s already been some sort of natural organizational fit assessment.

Ways to assess organizational fit:

1. Standardized assessments: Always take assessments regularly after a certain time interval, so that one can able to see employee productivity. These can help in increasing employee productivity and increasing company productivity too.

2. Situational judgment tests: Include videos in your recruitment process that let candidates experience the job and find out how they respond to ‘real life’ on-the-job scenarios.

More broadly speaking, videos can be a great way to give applicants a sneak peek into your company. Just like it’s easier to get a feel for a candidate’s personality via a video call, it’s also easier to get a feel for the office vibe and the type of people working there through a short video.

3. Arrange a Team Meeting with Candidate: Try to arrange a team meeting of the candidates with other employees. So, they’ll get a feel for how employees interact with each other when they’re in a more relaxed, not purely work-only setting. As such, they’ll be able to better imagine themselves working for your organization (or not).

4. Ask the right questions: Always try to ask the right questions during the interview, now the meaning of "Right" may vary from organization to organization. Try to tell candidates about the company work culture, so that they can decide whether they will be comfortable in that environment.

5. Do your reference checks: Generally, during the interview, most the people trying to behave more like a sugarcoated sweet but in actuall, they were not. If you ask the right questions to them, you will get to know more insights about their behavior and activities.

So from these Top 5 Points, you will be able to judge that employee you want to select will fit for your organization or not and same in the case in candidate too.

To know more about Staffing and Recruitment Services, please visit: https://www.xeamventures.com/

5 OUTSOURCING TIPS WHICH CAN INCREASE YOUR PRODUCTIVITY

1. TEMP TO HIRE AGENCIES HAVE VAST RECRUITMENT EXPERTISE
Why waste time on scouting talent when temp agencies can do that for you? Relax! Let recruiting specialists take the lead! Leading temp agencies have vast expertise in finding the right talent to fill a vacancy in your company, even for the most specialized positions. That’s why, when it comes to recruiting, investing in a temp agency is a smart move.

2. REDUCE COSTS BY INVESTING IN A TEMP AGENCY’S SERVICES
Remember spending an exorbitant amount of time and budget on job postings, interviews and training? Well, not anymore! Many businesses have the common misconception that investing on temp to hire agencies is expensive. In fact, hiring a temp agency is more cost-effective than doing the recruitment and on-boarding process in-house. Additionally, you will save on pay roll processing since you are paying a fixed rate directly to the temp agency.

3. APPOINT TIME TO OTHER ADMINISTRATIVE TASKS
Recruiting is a time-consuming process. Many times, employers are so desperate to fill the position, they put aside other important tasks that are essential to the firm. Is time for you to take a break and let the experts be in charge. By recruiting temp agencies, you can focus on other administrative tasks without having to worry about finding a replacement.

 4. TEMP AGENCIES ARE A RELIEF FOR YOUR STAFF
While interviewing future candidates for the position, current employees are usually in charge of delivering the tasks that belong to the vacant position. This causes exhausted and over-burdened employees who try to manage two positions at the same time. Therefore, company productivity declines. And when there’s no productivity, there’s no revenue. Temp agencies not only relief your stress as an employer, but your workforce tasks as well.

5. FROM “TEMP” TO PERMANENT WORKER
If you are impressed with the temp employee’s development in the firm, there’s a chance that you might want to make them a permanent worker in your company. Negotiate it with the temp agency. Think about it this way: the temp knows how your company works and how to deliver the job efficiently. Instead of wasting money on recruiting a long-term candidate, the temp worker might be the perfect fit for that position.

Ambitious companies aim for skyrocket levels of productivity. After all, productivity is what successful businesses are all about. To achieve that, it’s important to delegate tasks. And who is best to find the perfect fit for that vacant position in your company? You guessed it; temp agencies. Temp to hire agencies are the affordable solution you need.

We get it! Recruiting can be exhausting, but it doesn’t have to be that way. Ease the stress level on your side and leave it to us. We’ll find the right fit to fill that vacant position and contribute to your company’s success.

Xeam Ventures offers the best Staffing Services in India. For more details, please refer: https://www.xeamventures.com

What are Payroll Outsourcing Services ?

Payroll outsourcing is the process in which one organization contracts another to take care of the company’s payroll management needs as outsourcing this task to experts can greatly simplify the payroll process and allow the business to focus on their revenue-generating activities.

Payroll Outsourcing Companies Offer Services That Range From:

calculating wages and salaries
withholding income taxes
direct deposit, and
providing management reports
By hiring a company to handle all payroll functions, a company with can stand to save a significant amount in time and money by reducing the need to deal with having to hire, train, retain in-house payroll management professionals, purchasing the software and equipment/supplies that they need and making sure that are salaries/benefits are paid out in a timely manner so that employees are happy.

Another significant benefit to outsourcing your organization’s payroll needs is that you no longer need to worry about paying IRS penalties for late payments or miscalculation errors which are bound to happen eventually as payroll outsourcing providers take responsibility for making sure that payments are always made on time and in full compliance constantly-changing tax regulations.

For companies that have overseas operations, payroll outsourcing can prove to be even more beneficial as paying employees who work in other countries greatly complicates the payroll process especially when your organization is only just establishing their presence in a certain country doing payroll management in-house will require your in-house team to be familiar with local tax laws and standards regarding employee salaries which can prove to be difficult for someone that in unfamiliar with that environment which is why it would be wise to hire, train and retain an in-house team of local experts or take the most cost-effective option and contract it out to a good payroll outsourcing providers who can take care of everything.

When it comes to choosing a good payroll outsourcing company, here are some things you should consider:

Automatically Files and Pays Taxes– A good outsourcing provider will have a system set up where they will automatically pay and file the salaries and taxes for you in line with local regulations if they don’t provide that service, look elsewhere!
Reasonable Prices – A good payroll service should be able to save you time and money in the long run by offering a good value for money payroll management service.
Client-Focused Customer Service – Managing an entire organization’s payroll can get complicated and you will probably have questions about how some aspects are calculated, which is why it’s important to work with a provider that is always available to assist you whenever you need them.

Xeam Ventures offers the best Payroll Management Services.

10 Interesting facts to Increase Productivity at Work

Being more productive at work isn't rocket science, but it does require being more deliberate about how you manage your time. This post will walk you through 10 simple but effective strategies for increasing your productivity at work.

1. Track and limit how much time you're spending on tasks.
You may think you're pretty good at gauging how much time you're spending on various tasks. However, some research suggests only around 17 percent of people are able to accurately estimate the passage of time. A tool like Rescue Time can help by letting you know exactly how much time you spend on daily tasks, including social media, email, word processing, and apps.

2. Set self-imposed deadlines.
While we usually think of stress as a bad thing, a manageable level of self-imposed stress can actually be helpful in terms of giving us focus and helping us meet our goals. For open-ended tasks or projects, try giving yourself a deadline, and then stick to it. You may be surprised to discover just how focused and productive you can be when you're watching the clock.

3. Follow the "two-minute rule."  : The tasks which take less amount of time do them on an earlier basis or do them immediately, as by doing this one task is going to be reduced from our tasks list.

4. Just say no to meetings.
   Meetings are one of the biggest time-sucks around, yet somehow we continue to unquestioningly book them, attend them and, inevitably, complain about them. According to Atlassian, the average office worker spends over 31 hours each month in unproductive meetings. Before booking your next meeting, ask yourself whether you can accomplish the same goals or tasks via email, phone, or Web-based meeting (which may be slightly more productive).

5. Quit multitasking.
While we tend to think of the ability to multitask as an important skill for increasing efficiency, the opposite may, in fact, be true. Psychologists have found attempting to do several tasks at once can result in lost time and productivity. Instead, make a habit of committing to a single task before moving on to your next project.

6. Give up on the illusion of perfection.
It's common for entrepreneurs to get hung up on attempting to perfect a task--the reality is nothing is ever perfect. Rather than wasting time chasing after this illusion, bang out your task to the best of your ability and move on. It's better to complete the task and move it off your plate; if need be, you can always come back and adjust or improve it later.

7. Take exercise breaks.
Using work time to exercise may actually help improve productivity, according to a study published in the Journal of Occupational and Environmental Medicine. If possible, build in set times during the week for taking a walk or going to the gym. Getting your blood pumping could be just what's needed to clear your head and get your focus back.

8. Work in 90-minute intervals.
Researchers at Florida State University have found elite performers (athletes, chess players, musicians, etc.) who work in intervals of no more than 90 minutes are more productive than those who work 90 minutes-plus. They also found that top-performing subjects tend to work no more than 4.5 hours per day. Sounds good to me!

 9.  Say no phones calls: In office hours, it is good to restrict the use of phones and attend phones calls. This may reduce office hours productivity.

10. Always be Punctual: Always be punctual while entering and leaving office.


These 10 tips help
to increase productivity at Work.

Refernce Article: https://www.inc.com/john-rampton/15-ways-to-increase-productivity-at-work.html