Advanced Management of Payroll, Compensation, and Benefits

Introduction:

Effective payroll management is crucial for businesses with numerous employees. It requires meticulous attention to detail and a deep understanding of evolving labor laws. Harmonizing payroll operations with finance and human resources departments ensures smooth organizational functioning.

This Advanced Management of Payroll, Compensation, and Benefits provides a comprehensive understanding of salary accounting and practical control applications in the workplace. Ideal for those looking to manage payroll internally or advance their careers, this course covers essential aspects of compensation and benefits that significantly impact both employers and employees. Participants will learn about current trends in wage calculations, best practices, and the implementation of sophisticated payroll systems.

Objectives:

By the end of this Advanced Management of Payroll, Compensation, and Benefits, participants will be able to:

• Understand the regulatory environment of payroll systems.
• Manage the organization’s workforce, ensuring accurate payments.
• Evaluate risks and establish robust payroll controls.
• Integrate payroll functions with Finance and HR departments.
• Develop salary benchmarks and effective remuneration programs.

Training Methodology:

• Interactive Workshops
• Case Study Analysis
• Group Discussions
• Role-Playing Scenarios
• Hands-On Payroll Simulations
• Expert-Led Seminars
• Peer Review Sessions
• Best Practices Framework Development
• Real-Life Problem Solving Exercises
• Action Planning and Implementation

Course Outline:

Unit 1: Payroll Environment

• Exploring Different Types of Payroll Systems
• Efficient Payroll Department Management
• Legislative Acts Governing Payroll Practices
• Integration of Payroll with Organizational Policies
• Roles and Responsibilities of a Payroll Administrator
• Internal Auditing for Payroll

Unit 2: Practical Implementation of Payrolls

• Key Steps in Processing Payroll Activities
• Setting Cost Centers, Pay Points, Job Codes, and Badges
• Processing Leave and Creating Compliant Salary Slips
• Capturing Overtime and Other Payments
• Month-End and Week-End Procedures

Unit 3: Managing a Salary System

• Defining Employee Categories for Payroll
• Time Management Tracking
• Employee Compensation and Benefits
• Deductions and Their Significance
• Morals and Values in Payroll Management
• Liaising Payroll with HR Functions
• Formation of a Payroll Department

Unit 4: Merging of Organizations

• Liaising Payroll with Finance Departments
• Recording Cash Flows and Accrual Accounting
• Different Report Contents and Their Influence
• Identifying Problems through Payroll Reports
• Cost-Based Audits on Wages and Salaries

Unit 5: Efficient Payroll Controls

• Safeguarding Confidential Information
• Identifying and Implementing Internal Controls
• Evaluating Controls on Payments, Commissions, and Overtime
• Managing Subcontracting and Outsourcing Risks

Unit 6: Benefits & Compensation System Design

• Studying Worker Requirements and Setting Budget Plans
• Developing Procedures for Compensation Systems
• Understanding Compensation Functions and Benefits
• Direct vs. Indirect Compensation

Unit 7: Compensation and Benefit Environment

• Handling Environmental and State Policy Issues
• Impact of Collective Bargaining and Laws on Pay Structures
• Social Security Considerations
• Globalization and Technological Changes in Compensation

Unit 8: Building Internal Equity

• Overall Process of Job Evaluation
• Paired Comparison, Job Grading, Point Plan, and Hay Plan Methods

Unit 9: Benefits Management

• Concepts and Lifecycle of Benefits Management
• Planning for Benefits Realization
• Building Financial Cases and Managing Stakeholders
• Designing Compensation Policies and Benefit Packages