What are the potential benefits of outsourcing HR functions?

Some of the advantages of outsourcing are Cost savings, HR functions handled by the best talents, increased efficiency, help with Compliance, health insurance benefits, better risk management, streamlined payroll and accounting processes, and reduced employment-related expenses. 

 What are the services that can be outsourced in HR functions?

These days, companies are outsourcing HR functions, and obviously, these involve major benefits. Some essential HR functions that are usually outsourced are Payroll, travel expenses, health benefits enrolment, and pension administration.

Why is outsourcing the right solution for you?

Outsourcing is delegating a company’s business process to a third party or a professional agency. The benefits involved are low labour cost, improved quality to product and service innovation. In many times, outsourcing transgresses national boundaries and is managed by companies located in other countries.

Is outsourcing expensive?

Many professional companies are turning to outsource many of their core HR functions. A few of the most significant advantages of outsourcing are cheaper labour, cut operating costs, Lower labour training costs, access to better technology, increased productivity, and focus on core business. 

What are the things to consider when outsourcing?

Some of the most important factors to consider while considering outsourcing are cost Savings, pricing, the resources, and technology used by the vendor, the ability to meet deadlines, minimal supervision, trustworthiness, service level agreements, and, of course, communication.

What is Payroll?

Payroll refers to the employees you pay along with the employee information. It also takes into account the amount that you pay to each employee during each pay period. It can also refer to the whole process of calculating and distributing wages and taxes.

How does TalentPro’s payroll processing work?

In TalentPro, payroll processing usually involves handling regular payslips, flexible benefit plans, dynamic earnings and deduction component creation, salary revisions, customized reports with digital signatures, Investment proof and reimbursement entry, income tax return processing and filing, travel, and other allowances.

What are employee deductions?

employee deductions are those standard deductions from the pay pack of an employee that gets deducted monthly as per the rule. Generally, the employee deductions are Employee provident fund, professional tax, employee state insurance (esi), Income tax or tax deducted at source.

What is EPF, ESI, wages, and gratuity?

The Employees’ Provident Fund Organization manages EPF. Under the EPF scheme, an employee has to pay a certain contribution towards the scheme, and the employer pays an equal amount.

ESI: Employees’ State Insurance Scheme is a self-financing social security and health insurance scheme for India Workers.

Wages: A wage is monetary compensation paid by an employer to an employee in exchange for certain work done

Gratuity: Gratuity is a benefit payable under the Payment of Gratuity Act 1972. It is the sum of the money paid by an employer to an employee for his/her services to an organization for the tenure of their services.

What are the benefits of PF?

Here are some of the benefits of having a PF account. Tax Benefits Lifelong Pension Insurance Benefits Premature withdrawal options Higher Returns

How third-party Payroll Company works?

Third-party Payroll is outsourcing an employer’s payroll responsibilities, such as a part of their Payroll and tax-related duties, to third-party payroll service providers. An employer enters into a contract or agreement with a third party so that they agree to fulfil some of the responsibilities of their employees.

How does the payroll data can be transferred to the third-party provider securely?

In today’s world, technological advances allow specific tasks to be performed on data without decrypting it. This can help defend against unauthorized access and pilfering of data.

How long does it take to set up a new payroll system?

Considering the technological advancements, setting up a new payroll system is relatively easy and convenient. Generally, it depends on how fast you negotiate and outsource the function to your vendor. The vendor may require some data from your side. As a whole, the process should not take more than 15 days.

Does outsourcing payroll cost more than doing it in-house?

Generally, outsourcing payroll does not cost more. Instead, it costs less and is a cost-saving method. Hence, more and more companies prefer to outsource Payroll to a third party.

What features does Payroll include?

The most striking feature of Payroll is that it keeps calculations consistent and accurate. When processing wages, it factors in key elements like salary grade, benefits, expenses, allowances, and deductions.

How much does payroll cost?

On average, a necessary payroll process has a per-employee or per-check fee in addition to the base account fee, which varies from one provider to the next. There is also an additional charge per Payroll run for each employee.

After how many days an employee can withdraw the PF amount?

Under the existing rule, if an employee quits employment before 58 years of age, he can withdraw full PF money if he out of employment for 60 straight days or more. Also, the employees who resign from their service can now withdraw 75% of their total provident fund kitty after one month. 

What are all things an employee should know about their PF?

For an employee, the knowledge of the following things about PF is of utmost importance: UAN, EPF Contribution, EPF Interest rate, EPF Auto Transfer, Online facilities, EPF Withdrawal, Availing EPF services using the UMANG App, Paperless New Company Registration, Integration of Centralized payment system, Employees’ provident fund advances.

What does it mean by Statutory Compliance?

Statutory Compliance means what we usually call laws or regulations. Compliance means to comply with or adhere to. Statutory Compliance means you are following the laws on a given issue. 

What is Labor Compliance?

Labor Compliance refers to a set of accepted terms of conditions of employment. It can refer to several regulatory compliances such as the Minimum Wages Act, workmen’s Compensation Act, Contract Labor Act, Factories Act, etc.

Will TalentPro takes care of Audit Services?

TalentPro is one of India’s leading compliance solutions companies. It provides a complete range of corporate legal services and statutory compliance services. As part of this process, TalentPro handles statutory, internal, and external audits as and when required.

How much does Talentpro charge for the compliance activity?

The fee can vary depending on various factors such as your company’s location, workforce size, payroll frequency, tax requirements, etc.    

How crucial is it to outsource Compliance?

Compliance is a strategic area for any company’s survival as it involves legal requirements. The need to outsource Compliance arises as most companies deal with talent shortages and want to cut costs.

Can Outsourcing Compliance help to ensure high data accuracy?

Generally, the vendors in the market have a good reputation and are known for their professionalism. Besides, non-disclosure agreements bind them. Hence, secrecy and accuracy of data can be assured.

How Compliance failures affect your company’s reputation?

A company may invite trouble if they do not follow the law of the land or in other words, statutory and labor compliances. Legal action against a corporation by the government gives a bad name to it in the market.

What is Temporary and Contract Staffing?

Temporary staffing is based on contracts between the organization and the recruitment company. Typically, the contracts can range from 3 – 6 months.

What is third-party Payroll?

Third-party Payroll is defined as outsourcing an employer’s payroll responsibilities to third-party payroll service providers. An employer usually agrees with a third party for this.

What does it mean to migrate from the existing company’s Payroll?

This means changing the payroll vendor. Nowadays, it is possible to change the payroll companies at almost any time of the year.

What are the advantages of working with a staffing agency?

One of the very major advantages is that it allows flexibility, as potential employees can dictate when and where they would like to work. It also helps candidates to save time and expand resources throughout their entire job hunt.

What is the difference between temp staffing & Perm staffing?

Temp staffing is usually done to meet short-term requirements or to complete specific needs that may not be part of the core business operations. Permanent staffing is done to retain the employee for a more extended period and is for critical business functions.

Why should I use staffing services instead of filling the position on my own?

Engaging a recruiting agency to fill a position is becoming increasingly popular. There are lots of advantages, such as cost-cutting and timesaving. The corporates are increasingly engaging in recruiting firms.

How does temp staffing work?

the temp agency pays the workers they send to a company. They charge the company a set amount from which they take a percentage.

Benefits of third-party Payroll:

The most significant benefit of third-party Payroll is that payroll companies provide tax guarantee benefits, which help avoid many risks.

What are the benefits that contract staffing services offer?

Some of the essential benefits are avoiding the hiring freeze barriers to all the client’s needs, improving direct hire business a new revenue stream.

How does IT staffing model work?

Most IT staffing agencies match the requirements of employers to IT employees. Most of the agencies offer the following staffing models: Project IT staffing contract IT staffing contract to hire IT staffing.

What are the benefits of MNCs opting for contract staffing?

The process of contract hiring is beneficial for businesses. Not only does it provide the workforce solution, but it also gives an economic edge to your business.

What are the reasons that stop companies from exploring outsourcing or

remote staffing?

The primary reason is the lack of proper information about how to proceed. Secondly, the company’s authorities still do not have an obvious idea of the entire process; sometimes, they are virtually scared of outsourcing due to the wrong perception.

How important is it for SMEs to outsource staffing?

SMEs are generally in a critical phase of growth. Hence, they need to outsource staffing to cut cost and select the right workforce.

How profitable are staffing agencies?

With corporations becoming more and more focused on quality and cost-cutting, staffing agencies are becoming more and more profitable. Nowadays, a staffing agency with qualified and experienced staff can hope to make the right amount of money.

What is the cost of Temp Staffing?

Staffing agencies make money in different ways. They either take a percentage of the employee’s salary or they charge the company a reasonable price for their services.

what are the components involved in Contract staffing solutions?

The important components or elements required for contract staffing are listed below recruitment Selection Training.

what are the industries covered by TalentPro in Staffing Services?

Talent Pro is the HR vendor for the recruitment of many across the country. TalentPro provides recruitment services for over 100 clients covering the IT, manufacturing, engineering, and pharmaceutical industries.

What is RPO in recruiting?

Recruitment Process Outsourcing is when a company transfer all or part of its permanent recruitment to an external agency. An RPO can act as an extension of a company’s HR.

How will an RPO solution benefit an organization?

RPO is an external service provider that assumes all or part of the recruitment responsibilities. The partnership may be limited to staffing but usually includes other efforts to optimize cost, quality, and efficiency and mitigate risk 

Does RPO Guarantee cost savings?

It has generally been served that most of companies have made savings on what they would have spent versus an internal recruitment team or using a traditional head-hunter or a recruiting agency.    

How do you maintain the confidentiality of our candidate database

Other than bound by laws which prohibit the recruiters from divulging the details of candidates, generally there is enough advanced software which professionally helps secure confidential data. 

What is HR Consulting

HR Consulting may be defined as specialist advice and services provided by a third party to help businesses maximize their HR functions’ efficiency and appropriately implement new policies and procedures in the best possible way.  

Does TalentPro do Compensation and Benefits restructuring.

TalentPro is one of the biggest players in the market when it comes to HR Consulting. Armed with a team of experienced and qualified professionals, TalentPro offers compensation and Benefits restructuring services.

Does TalentPro involve the company’s policy creation.

Though the company itself often makes the broad policies and guidelines that govern a company, but still as an HR consulting firm, TalentPro helps in implementation of the policies in the best possible way and often advise the corporates on policy formulation. 

Do we help in tax computation?

TalentPro is one of the very few vendors who can combine Payroll with time and attendance requirements, addressing leave records, reimbursements, loan accounting, arrears calculation, and tax computation.

What are the other services involved in HR Consulting service

some of the essential services involved in HR Consulting are Policies Development Recruitment, Contract Staffing, Training and Development, Performance Management System, Employee Grievances Management, Employee Engagement, Payroll management, Leave management, HR Statutory Compliances