A bonus is an additional payment apart from salary given to employees with the intention to energize them. The Statutory Bonus came into existence with the approval of the Payment of Bonus Act in 1965 by the Government. According to this act, certain establishments had to pay an amount to their employees based on their profitability each year. This amount was to be over and above their basic salaries. The purpose of the act was to enable employees to partake in the profits of their respective companies. The bonus, when applicable, also gives employees an opportunity to earn more than the minimum wages.
Recently, the government approved amendments to the Bonus Act, 1965 raising the limit for calculations of bonuses. More so, it has also made this act applicable from April 1st, 2014. This implies a “retrospective effect”, which is an added liability for employers. Establishments will now have to pay the unpaid bonus for the previous 2 financial years as well. For HR folks, this also means a little baffle in configuring what their company’s statutory liability is.
TalentOz application happily introducing statutory bonus from this version according to the standards set by the Indian government in its payroll arsenal. Also a happy news, this statutory bonus feature is successfully implemented in one of our Indian business conglomerate whose business endeavors in hospitality and jewelry sector.
HR users can configure statutory bonus with a simple set of fields available in the configuration form in the settings page. They can select employee group, add formula for calculating bonus and pick processors for calculating bonus for the employees. All the fields in the form are created adhering to the policies set by the honorable Indian government. HR users
Once they configure bonus settings, users can generate the statutory bonus for the eligible employees by simply selecting the financial year and employee group to whom the bonus is to be generated in a single click. TalentOz automatically calculates who are the employees for the bonus in the selected financial year and calculate the bonus and list the amount to be paid to the employees in a list. Also when the users clicks the any employee detail they can view the detailed computation of bonus in month-wise for that financial year.
Yearly performance appraisals are critical. An employee performance appraisal is a process—often combining both written and oral elements—whereby managers/peers or sometimes subordinates of an employee evaluates and provides feedback on his/her job performance, including steps to improve or redirect activities as needed. A performance review is incredibly valuable for both employee and employer to learn more about what is and isn’t working, identifying areas for growth and planning for the future.
While the term performance appraisal has different meaning for different business owners, TalentOz takes into consideration that any performance reviews is sticking with the following traits. They are as follows:
As more organizations are now slowly changing their performance reviews approach and include more parameters in their process to make it humane. TalentOz happily introducing a new feature called “Recommendation” in the performance module from this version
Recommendation feature can be enabled by the HR users while configuring any performance appraisal template. If they are in no need of this recommendation, then they can simply uncheck this option and proceed with performance appraisal settings page according to their organization standard procedures.
While on enabling this “Recommendation” feature HR users can configure on what stages (Scoring or 1:1 meeting or Form appraisal itself) this section wants to view by the users who are all the employees/roles assigned for this recommendation. They can select the owners for recommendations process for scoring part. For Scoring, HR users can select Line1 or Dotted managers. Also, in the settings page itself, whether they want the recommendation section can opt for Position change / Grade change for the employees. Or in this process they can simply evaluate the employee performance by asking questions.
The questions which are going to be asked in the section can be of two types. a) Option b) Text Input. For options questions which are created can assigned with values. For input type of question, the owners can provide their inputs/feedback in a text field. They can add n number of questions for this process. Once they configure the questions, the options to enable like Grade/Position are set. Then the process owners will see the recommendation with the configured details.
Once the appraisal reviews of the employees are completed with all the stages completed successfully, then the recommendation section are used in the decision making for the management.
Also, the pending recommendations and completed recommendations shown to the users in the tab user interface for the HR users. Pending recommendations lists the recommendations which are in the pending status. Once the user clicks any recommendation from the list it will display the complete picture of the section.
TalentOz on-the-Cloud solutions covers the lifecycle of Human Capital Management from Recruitment to Separation, (also called Hire-to-Retire Processes).
This includes both strategic and transactional aspects of HCM. The hallmark of TalentOz is its tight integration across all the HCM Modules.
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