Welcome to our comprehensive guide on filling out payroll policies data in the Bayzat onboarding spreadsheet. This guide is designed to assist you in navigating through the payroll and attendance integration process, ensuring that your employee compensation is accurate and aligned with work records. Here's a breakdown of each section to help you accurately fill out your onboarding spreadsheet.
Payroll and Attendance Integration
Benefits of Integration: Integrating payroll with attendance data is essential for precise payroll management. This process affects late arrivals, early departures, overtime, and ultimately ensures that compensation is accurately reflected.
Overtime Policy
Setting the Overtime Policy:
- Rate Types: Choose between single or multiple rate multipliers.
- Multiplier: Define the rate, often set at 1.5 times the hourly rate or as per company policy.
- Salary Components: Decide whether to calculate based on Basic Salary alone or with Allowances.
- Working Days: Clarify which days are eligible for overtime.
Days in Lieu and Deductions Policy
Configuring Days in Lieu Policy:
- Day Off for Overtime: Specify the extra hours needed to qualify for a day off.
Defining Deductions:
- Late Arrivals: Set the grace period before deductions start.
- Absenteeism: Define a threshold for late arrivals to be considered as absenteeism.
- Early Departures: Determine the threshold for early leaving deductions.
Salary Proration and Leave Encashment
Proration Methods: Choose the method for prorating salaries, whether by Calendar Days, Working Days, or Custom Days.
- Salary Proration: Prorating an employee's salary is crucial when they haven't worked the entire pay period. For instance, if an employee joins or leaves partway through the month, their salary is adjusted according to the days they worked. This ensures fair and accurate compensation.
- Leave Encashment: This policy allows employees to be compensated for unused leave days. Companies may have different rules for leave encashment. Some might offer it annually for unused leave, while others might provide it only upon an employee's departure.
- Unpaid Leave Deduction: When an employee takes unpaid leave, their salary is adjusted accordingly. This deduction is based on the number of unpaid leave days and is calculated from the total salary (Basic + Allowance) divided by the actual working days in the month. Once unpaid leave is approved, the deduction is automatically applied to the payroll.
Approval Structures for Policies
Establishing Approval Hierarchy:
- Workflow Designation: Specify the approvers and determine the levels of approval.
- Adding Approvers: Assign appropriate individuals at each level.
Loan Policy and Air Ticket Allowance
Managing Loans:
- Policy Name: Designate a clear name for your loan policy.
- Loan Limits: Specify the maximum amount employees can borrow, either as a fixed amount or a percentage of their gross salary.
- Repayment Structure: Define the repayment terms, whether fixed or as a percentage of the employee's salary.
Air Ticket Allowance:
- Policy Details: State the allowance amount and select the appropriate currency.
- Request and Renewal Period: Determine when and how often employees can request air tickets.
- Eligibility: Decide on the eligibility criteria, whether it includes all employees or select individuals.
Custom Payroll Cycle and SIF File Generation
Setting a Custom Payroll Cycle:
- Custom Cycle: Check the box if you want a custom payroll cycle and provide the necessary dates.
Generating a Salary Information File (SIF):
- SIF Generation: Ensure you check the box to generate a SIF file.
- Bank Format: Upload the specific format required by your bank.
By carefully entering this data, you are taking proactive steps to ensure a well-managed and compliant payroll system.
For visual guidance, please watch our video tutorial on how to fill in payroll policies. This tutorial offers step-by-step instructions and practical examples to help you understand the process more clearly. If you have any questions or require assistance, please reach out to our implementation specialist team.