5 Important FAQs Related to Gratuity

If you do not clearly understand gratuity, you are certainly in the right place now.

Here, we will tell you everything about gratuity, from the gratuity formula to the gratuity calculator.

Let’s dive in.

What is Gratuity?

Gratuity is one of the most important employee benefits in India. In simple words, gratuity means gratitude or thanks.

It is a favor from employers to employees for their services rendered to the company during their employment period.

The gratuity amount is received by employees after retirement, resignation, and death. Gratuity benefits employees in a host of ways.

How is it Calculated?

The calculation does not take into account various calculation parameters. The gratuity amount is decided based on eligibility criteria and the gratuity formula provided by the gratuity act 1972.

So, G = AS (B + DA) * ½ * TSY

Here,

• G stands for gratuity
• AS stands for the average salary
• B stands for basic
• TSY stands for total service years

What is the Eligibility?

Generally, gratuity is given to employees who have worked continuously for a minimum of 5 years in an organization.

Gratuity benefits are not available if the employee quits the job or dies while working in an organization.

Gratuity benefits are not available to daily wage employees, workers on a contract basis, and workers away from work for more than a month.

What is a Gratuity Calculator?

Gratuity calculators help you determine the gratuity amount in just a few seconds. All you need to do is fill in the asked details, and the calculator will give you the accurate result.

How to Apply for Gratuity?

Employees need a gratuity application form to apply for gratuity in India. The form is given by employers. The gratuity form should be signed by the employee and submitted to the company HR department.

There you go.

That’s all you need to know about gratuity.

3+1 Republic Day Celebration Ideas While Working From Home

Republic Day is around the corner. Last two years, we have celebrated almost every festival virtually. Of late, things were getting better, but we are again shifted to work from home and hybrid workplace models due to the new COVID-19 variant. In such a scenario, employers and HR managers are looking for new republic day celebration ideas. If you are also one of them, you are certainly in the right place.

Here, we will give you four awesome ideas to celebrate republic day virtually. So, let’s dive in.

Arrange a Themed Musical Concert

Who doesn’t like music? This Republic Day, arrange a musical concert for your employees. You can either book a professional band or include your employees in the same. From Vande Mataram to Maa Tujhhe Salaam, try to include as many patriotic songs as possible.

Host the Flag

Republic Day celebration is incomplete without flag hosting. But, the good news is that you can host the flag virtually as well. There are various online applications that can help you offer this awesome experience to your employees.

Play Games

To make the whole celebration fun and engaging, try to include some interesting games. Without a doubt, employees are going to love games. Also, do not forget to include rewards for every game.

Invite a Guest

Last but not least, invite an eminent person who has faced several challenges and brought a positive change in the society. Knowing life journeys of such people will surely inspire your employees and help them to be the best version of themselves.

There you go.

So, you have four excellent republic day celebration ideas that will keep your employees happy and engaged.

Do not let Omicron come into the way of your republic day celebrations. Hope you have a memorable one.

Also Read: Best Ideas for New Year and Christmas Celebrations 2021

Why Should Companies Choose Payroll Software Over Manual Payroll Processing?

Over the years, payroll software has become more and more popular over human processing due to its advantages. The popularity of payroll software in Hyderabad, Delhi, and several other states is not an unknown fact.

All that said, here are five reasons why payroll software is better than manual payroll processing:

Accuracy: The first advantage of using payroll software instead of manual processing is that it's likely to be more accurate than doing your calculations by hand.

Convenience: Using payroll software as opposed to manual payroll processing has its own advantages such as speed and convenience.

Security: Manual payroll processing is prone to human error, which can be really risky if it's not an easy fix. The payroll software gives you a lot more security and safety than doing payroll manually.

Compliance: Processing payroll within the parameters of all payroll-related compliance laws so employers have peace of mind knowing that their company is in compliance— payroll software helps with this.

Data Entry: Once payroll is processed, it's time to enter all payroll data into payroll systems and payroll software can make this part easier and faster.

So, payroll software is definitely a better option than doing payroll manually, especially for a medium or large-sized company where payroll can be complex and time-consuming.

Now, not all payroll software in Hyderabad or Delhi, or Chennai offers the benefits discussed above. To acquire those benefits, a system should have the following features:

Direct Deposit- To transfer the payroll in just a blink of an eye

Automated Payroll Tax Calculation- To automatically calculate payroll taxes from all hours entered by employees

Pay Stub Customization- Customizing payroll reports and paystubs is quite helpful, particularly if companies want to share payroll information with their employees effortlessly.

Mobile Application- To help employees to download their salary slips on their own.

Now that you know why payroll software is better than manual payroll processing, it is your turn to invest in a payroll management system that suits your payroll needs best.

Why should Every Company Invest in Expense Management Software?

There is no denying that expense management is one of the most crucial operations for any business. At the same time, it is the toughest operation as well. Not to forget, manual tools make this process even more complicated and difficult for companies. From auditing to filling expense reimbursement forms, everything takes lots of time and energy. This is when expense management software comes into the picture.

For those who do not know, expense management systems are automated software tools used by organizations to process, pay, and audit employee-related expenses.

All that said, here are some of the top benefits of using expense management software:

Fast and easy operation: With traditional systems, managing expenses is not easy. Expense management systems, on the other hand, make the process easier and faster. It carries out every process in just a matter of time.

Quicker repayments to employees: Using expense management software, expense reimbursements become super easy. Such systems allow employees to submit the reports without any delay. Besides, they also aid managers to cut down the approval process.

Eliminates Errors: Unlike traditional tools, automated expense management systems need a bare minimum of human intervention, thereby ensuring 100% accuracy. As a result, companies can be double sure while managing the expenses of the employees.

Improves Visibility: Automated expense systems have a dashboard that stores the expense data of employees and represents the same in charts/graphics. This simplifies the whole process for them.

Boosts Productivity: All the points discussed above benefit managers in terms of productivity. They will save a lot of time that can be invested in other crucial business activities.

Here are some tips to pick the best expense management software:

• Make a list of the best systems in the market
• Ensure the features while selecting the software
• Meet the vendor
• Take a demo before picking the system

We hope now you understand why your organization needs an expense management system.

Best Ideas for New Year and Christmas Celebrations 2021

Finally, the merriest time of the year is here. It is no news that 2021 has been a tough year for all of us. So, it is every employer’s responsibility to give their employees a perfect end to this year.

If you were searching for ideas for the new year and Christmas celebrations, you have landed at the right place. Let’s dive in and explore.

Secret Santa

Let’s face it, secret Santa never goes out of trend. Employees wait for those gifts from their anonymous colleagues every year. So, do not change the tradition this year. To make the whole thing a little more interesting, add a twist to it. While assigning the names to every employee, give a specific spot to keep the gifts as well.

Charity

Not everyone out there is as privileged as you. So, take out some time and find a person/NGO who you think needs your support. Raise a fund and help needy people this Christmas/New Year. HR managers should interact with employees and give them a clear picture. Employees should know why they are being asked to contribute. This is one of the best things you can do this Christmas or New Year.

Party

Organize a party with a theme. Include tasty food and beverages to acquire more engagement of employees.

Play Games

This is a part of the previous point. To make the party more interesting, you must add some games for the employees. Employees will, undoubtedly, enjoy and have a great time playing games.

So, use the aforementioned ideas for your new year and Christmas celebrations 2021.

Most importantly, while enjoying festivities, do not forget to wear masks and maintain social distance.

All that said, wish you all a Merry Christmas and an advance happy new year.

How to choose the best HR software in Hyderabad ?

Opting for the best HR software in Hyderabad is a challenging task. With technological growth, the market has been perplexing for many investors. Each application has its own set of specifications. It has different tools that differentiate one application from the other. However, it is the task of the employer to opt for the best HR software for their organization. As stated by the HR veterans these applications mold the entire organization's functioning. Let’s list a few features that need to be considered before opting for the HR software in Hyderabad:

Employee self-service portal:

Each employee desires to feel empowered by the changes in the working environment. At Least be in control of his own goals and responsibilities. This imparts a sense of empowerment to the employee he/she feels responsible for the changes in the servicing portal. The employees can easily apply for the changes or keep a tab on their own performance for the betterment of the organization. They can keep hold of the performances and continue to improve in accordance with the KRA assigned to them.

Data management

Each organization has its own asset in the form of data. Any breach in data may cause havoc in the organization. This is why it is essential to have a secure platform to ensure the security of data. The HR software in Hyderabad or any metropolitan cities has equipped TOI house data in a secured platform as the responsibility of the organization.

These are a few such tools or areas which an employer needs to keep an eye for. However , it is upto the employer and the requirements of the organization to decide the best and install the best HR software in the organization.