How Recruitment Software can help reduce the Attrition Rate?

Retaining employees is crucial for a company to save costs of hiring and training new staff, and improve productivity and efficiency. But how do you keep your employees? In this article, we'll help you find out how recruitment software can reduce the attrition rate and help keep your business moving forward.

Recruitment software can help you reduce your attrition rate in a number of ways-

Employee Application Management: A comprehensive software solution should allow you to receive applications through various channels and organize them in one place for easy access during the recruitment process. This will help you shortlist candidates with the specific skills needed for a job, which reduces the chances of a wrong hire leading to an increased attrition rate.

Gathering Feedback from Employees: A software solution should allow your employees to give valuable feedback on their work, which will help them feel valued and engaged with their jobs, reducing the likelihood that they leave.

Keeping Track of Deadlines: An automated system will help remind you when deadlines are coming up or past due, keeping your employees on track and reducing delays in projects that could lead to dissatisfaction with work and thus an increase in attrition

Streamline Employee Hiring Process: Recruitment software makes communication between managers and teams easier by automatically updating them about important events in the hiring process so that nobody feels left out or confused about what needs to be done next.

Additionally, provide ongoing training and development opportunities for your staff: Many companies offer training programs at least once a year and help your team stay motivated with incentives and rewards.

Also Read: 5 Tips To Improve Your Virtual Recruitment

The right recruitment software can not only help you find the right employees, it can also help you keep them. In fact, a recent survey found that getting the right recruitment software in place can reduce attrition rates by 23%!

How to Calculate Basic Salary from CTC?

The basic salary is the amount you will be getting each month, and it constitutes a significant part of your CTC (cost to company). While it is easy to calculate the basic salary once you have the CTC in hand, knowing how to calculate it will be useful when you're trying to negotiate with your employer. Additionally, having knowledge of how your basic salary is calculated will also allow you to plan your finances better.

If your CTC sounds like a lot of money at first, that's because it includes other benefits like bonuses and allowances on top of your basic salary. That's why it's important to always ask what the basic salary is when you're negotiating a new job.

How to Calculate Basic Salary from CTC?

When you're looking at job offers, comparing CTC won't tell you much unless you're comparing jobs in the same industry or field—and even then, there can be some important differences you'll want to take into account. For example, one company might give a 20% performance bonus while another offers 30% off its own products as an employee benefit.

So how do you calculate the basic salary from CTC? Divide CTC by 12 and add any special allowances (like house rents). Subtract professional taxes or any other deductions like union fees from this amount to get your monthly gross salary. Then remove statutory deductions like provident fund (PF) contributions from your gross salary to find your monthly take-home pay.

To calculate your annual salary, take the number listed for gross annual compensation and divide it by 12. That'll give you the amount that you earn in a given month. Here is the formula used to calculate the basic salary from CTC:


Basic Salary = CTC/[12 + (HRA/100) + (Special Allowance/100)]


Where CTC or cost to the company is the total amount paid by the company to its employees. This includes basic pay, HRA (house rent allowance), special allowances, employer EPF contributions, gratuity, profit sharing and other employee benefits.

How HR Tech can Redefine Return to Work for Employers?

Many companies have already planned how to bring them back to work for their employees. A lot of them will be working from home or part-time in the office, others will be working full time with new rules and practices to respect. In a nutshell, the return to work is a complex process, but automating it can help you save a lot of time and human resources.

Return to work is not only about ensuring a healthy and safe environment for employees but also about addressing several other aspects. HR tech-based tools can help reduce administrative tasks like payroll processing, performance appraisals, compliance reporting, recruiting, benefits administration and other repetitive tasks that take up an enormous amount of time. With the use of this technology, HR professionals have more time to dedicate to strategic initiatives like employee retention and talent management.

Workforce Management: The ever-changing workforce dynamics have made it challenging for HR to manage their workforce effectively. HR Tech-based tools can ensure that your employees have access to all information regarding the return to work policies, hygiene protocols and safety norms. There would be an effective seamless communication channel like chatbots and emails in place that can help you reach out to your employees with ease.

Attendance Management: Employee attendance & time-off management is an important process that has a direct impact on the performance of employees as well as the growth of an organization. The traditional way of managing this process is via manual paperwork or spreadsheets which are inefficient and prone to errors. An HR automation software can eliminate these issues and make it easier to manage attendance and time-off effectively.

HR Processes Automation: Automating HR processes enables them to be compliant, more efficient, and more effective. This also allows HR departments to focus on what matters most, which is continuing to provide excellent service for their colleagues while ensuring a safe return to work in line with government guidelines.

It’s been a year since the COVID-19 pandemic began, and though some businesses are still working remote, many are arranging for employees to return to the office. The HR department has a lot of work to do during this process. It is important to be prepared and organized to ensure that this transition is as smooth as possible.

A brief guide on ESIC Employer Contribution, Returns, Consequences, and so much more

Employees State Insurance Corporation is a statutory body that works under the Ministry of Labour and Employment, Government of India.

ESIC provides social security coverage to the workforce in the organised sector. It also includes sickness and medical benefits (secondary and tertiary care) to insured persons through its hospital chains and leading private hospitals.

A firm is liable for paying their contribution for every Employee and deducting representative contributions from compensation.

ESIC Employer Contribution rate is around 3.25%, and they must make these pledges to the Corporation 15 days after the last day of the scheduled month wherein the contributions are expected.

The Corporation has permitted the selected State Bank of India and different establishments to acknowledge instalments on its behalf.

ESI Returns

Once the enrollment is concluded, what several profits are documented every year? ESI Returns should be recorded double a year after enlistment. The accompanying papers should be incorporated with the profits:

• Form 6-Register of Wages and follow any calamities on the company's premises.
• Returns and challans are expected consistently.

Consequences of employees for late payment

Non or late instalment of the Employee's commitment gathered from the worker's wages is a culpable offence under ESI Act.

Non or late instalments are culpable under the ESI Act by as long as two years in prison and a fine of Rs 5,000.

Consequences for employers on delayed contributions

Assuming a business neglects to contribute inside as far as possible laid out in the standard, they will be dependent upon a basic premium at the pace of 12% each year for every day of deferral or default in instalment.

Conclusion

Its an asset where contributions of ESIC are made by both the employer and employees. A plan assists with safeguarding the representatives in case of dubious and awful occasions as it gives both money benefits and medical services.

What made HROne the Leader of Asia Pacific for Winter 2022? Find Out.

We are currently experiencing the rise of automation. This is nothing but the beginning of revolutionizing the HR tech industry, and this revolution goes beyond the geographical locations of the industries.

Karan Jain, CEO & Co-Founder of HROne, has a vision of creating a globally competitive Indian HR tech industry. He has guided the company towards better performance to achieve that.

Recently, G2, World's largest tech marketplace and software review website, has recognized HROne as the "Leader of Asia Pacific for Winter 2022."

Managing the workforce, attendance, payroll, performance, employee engagement, faster and better recruitment process takes time.

However, HROne, one of the best HCM Suite solutions, wisely allows you to perform more than 50+ tasks with intelligent automation and simple interaction.

Karan Jain says, "We are glad to get the honor from G2.com. It has shot up the inspiration of everybody at HROne to keep doing their best. I think what truly separates us in the HR software commercial center are our USPs. For instance, we presented the world's first Inbox For HR making it super simple for HR to manage all tasks. It is just like using Gmail."

The success of this transition requires a greater focus on the future of human capital management.

HROne considers five essential points to achieve this:

Understand the new rules of the game and focus on accelerating the speed of change in the digital age.

Transform the HR function— and its value to the business—by embracing technology and developing new skills while building the workforce for the future.

Learn more about the skills and strengths of employees and how they can contribute to achieving your organization's goals while designing personalized experiences for them.

Value employees as "customers" in an increasingly digital, global, and agile world of work.

Prepare for the imminent advance of intelligent automation and understand how best to combine disruptive technologies with human skills and capabilities.