HR & Payroll

HR & Payroll

Human resources manages the employee life cycle, including recruiting, hiring, training, onboarding, performance management, administering benefits, compensation and firing. Human resources (HR) is the division of a business that is charged with finding, screening, recruiting, and training job applicants, as well as administering employee-benefit programs. HR is considered by many business strategists to be the most important of all company resources. That’s because employees can gain new skills, thereby increasing the size of a company’s competitive advantage over time.

The 7 Major Functions of HR Activities

1. Employee Relations.
2. Employee Records
3. Continued Education.
4. Recruitment and Employee Screening.
5. Company Benefits and Compensation
6. Performance Evaluation.
7. Enforcement of Disciplinary Actions.

Here are some of the tasks your HR Department

1. Recruit candidates
2. Hire the right employees
3. Process payroll
4. Conduct disciplinary actions
5. Update policies
6. Maintain employee records
7. Conduct benefit analysis

What is Payroll?

Payroll is the compensation a business must pay to its employees for a set period or on a given date. It is usually managed by the accounting or human resources department of a company. Increasingly, payroll is outsourced to specialized firms that handle paycheck processing, employee benefits, insurance, and accounting tasks, such as tax with holding. Payroll can also refer to the list of a company’s employees and the amount of compensation due to each of them.

Payroll is a major expense for most businesses and is almost always deductible, meaning the expense can be deducted from gross income lowering the company’s taxable income.