PROJECT REPORTOn”Payroll Management at Randstad”FORTHE PARTIAL FULFILLMENT OF THE AWARD OF THE DEGREE OF”MASTER OF BUSINESS ADMINSTRATION”FROM GGS IP UNIVERSITYDELHIBATCH: 2017-2019SUBMITTED BY: SUBMITTED TO: Himanshu Choudhary Prof. Biswa Kumar Ranjan217170048260ARMY INSTITUTE OF MANAGEMENT & TECHNOLOGY,GREATER NOIDA (UP) – 201306Certificate of Training – Industry MentorSample- Certificate of Training(On the letter head of the company duly signed by the authorities)TO WHOMSOEVER IT MAY CONCERNThis is to certify that Mr. Himanshu Choudhary of MBA 2017-19 Batch from Army Institute of Management & Technology, Greater Noida has undergone Summer Internship Project in our organization. His project title was Payroll Management at Randstad , supervised under Mr. Manoj Kumar Rout (Industry Mentor/ Guide) from _________June 2018 to _______July 2018. His conduct and effort during the Internship is highly appreciable.
Authorised PersonSignatureName Designation(With stamp)Supervisor Certificate – Faculty MentorThis is to certify that Himanshu choudhary a student of Master of Business Administration, Batch 2017-19, Army Institute Management & Technology, Greater Noida, has successfully completed hi/hers project under my supervision.During this period, he/she worked on the project titled “Payroll Management at Randstad” in partial fulfillment for the award of the degree of Master of Business Administration of GGSIP University, Delhi.To the best of my knowledge the project work done by the candidate has not been submitted to any university for award of any degree. His/her performance and conduct has been good.(Signature) Name of the faculty supervisor AIMT-Gr.
NoidaDate: Certificate of OriginalityI, Mr. Himanshu Choudhary, Roll No.______________ of MBA 2017-19 Batch of Army Institute of Management & Technology has undergone a Summer Internship in Randstad India Pvt. Ltd (organization) for a duration of ______ weeks on a project title “Payroll Management at Randstad, hereby declare that this project is my original piece of work. Signature of the student:Student Name: Himanshu ChoudharyDateAcknowledgementI want to show my sincere gratitude to all those who made this study possible. First of all I am thankful to the helpful staff and the faculty of Army Institute of Management and Technology.
Second I would like to extend my sincere thanks to my Industry Guide, Manoj Kumar Rout , for his/her untiring cooperation. One of the most important tasks in every good study is its critical evaluation and feedback which was performed by my faculty guide Prof. Biswa Kumar Ranjan. I am very thankful to my Faculty as well as Industry guide for investing his precious time to discuss and criticize this study in depth, and explained the meaning of different concepts and how to think when it comes to problem discussions and theoretical discussions. My sincere thanks go to my Institute and family, who supported and encouraged me.Himanshu ChoudharyCourse – MBAExecutive SummaryPayroll Management is the essence of any company and includes main tile operations related to employee’s employment. In general terms Payroll Management is the administration of employee’s financial records that includes salary, wages, bonuses, deductions and net pay. This department highly affects the net income of the organization.
Payroll software is one of the first HR software solutions small business owners must implement for their growth as it covers the basics for future HR processes which includes “attendance” and “tracking” of employee’s data.Any organization with workers/ employees ought to have a payroll system with a mundane task of collecting, organizing and formulating the required information for a payroll structure to be designed in favor of the company and the employee.A Payroll Management is a framework intended to sort out issues related to employee’s payment of undertaking of representative installment and the recording of employee taxes.As narrowly focused and transaction-oriented process, payroll management has provided the required accuracy and timeliness in terms of data, process but has been peripheral to the larger concerns of human capital management accordance with changing economy.The primary mission of the payroll department is to ensure rules and guidelines are followed subject to employee pay scale withholdings and deductions.The system requires various tasks including user name, employee id, updating of personnel information, updating of the deductions and incrementing and calculating gross pay.A set series of processes in order to make corrective payments and deductions with compliance to government rules and regulations.Table of ContentsCertificate of Training – Industry Mentor(i)Supervisor Certificate – Faculty Mentor(ii)Certificate of Originality(iii)Acknowledgement(iv)Executive Summary…………………………………………………………………………….
.(v)Chapter Page No.Chapter 1- IntroductionProfile of the OrganizationTopic Introduction Chapter 2- Objective of the Research undertakenChapter 3- Literature ReviewChapter 4- Research MethodologyChapter 5- Data AnalysisChapter 6- Result Discussion Chapter 7- Conclusions & RecommendationsBibliographyAppendices- to include questionnairePROFILE OF THE ORGANIZATION1170940-133350Mission is “taking the lead in shaping the world of work”.
About CompanyRandstad is a multinational consulting company of Dutch human resources based in Diemen, Netherlands. Randstad is the second provider of human resources services. It was founded in the Netherlands in 1960 by Frits Goldschmeding and operates in about 40 countries. Randstad employs approximately 29,320 of its staff, while 580,000 people are deployed to other day-to-day companies through Randstad. In the world, there are 4,496 branches.Randstad India is a division of Randstad Holding NV, based in the Netherlands. Randstad India started in 1992 as “Ma Foi Management Consultants Ltd”, a HR service provider based in Chennai, which in 2004 merged with the Dutch human resource provider – Vedior NV.
In 2005/2006, with two consecutive acquisitions of Indian recruitment companies – ‘EmmayHR’ and ‘Teams4U’, Randstad sealed its entry into India. Randstad Holding NV acquired Ma Foi’s activities through the acquisition of Vedior in 2007; and named her Indian activities as “Ma Foi Randstad” in 2010. In late April, 2012, she renamed her “Randstad India”.Randstad is a full-service HR service provider to customers around the world and has directly participated in careers of over 320,000 people.
Business customers include over 250 Fortune 500 companies.RANDSTAD INDIARandstad India offers the widest range of human resources services ranging from recruitment and recruitment to recruitment (RPO). The organization has a large network of offices across the country to be available to customers, candidates and flexible workers. The company, formerly called Ma Foi, has been the leader in the human resources services industry in India over the last 25 years and has joined Randstad through the acquisition of the Vedior in 2008.
The Randstad group is one world’s leading human resource provider, operating in 39 countries around the world. Randstad India continues to focus on the development of personal and innovative HR services, leveraging its unique geographic presence and end to end capabilities in all aspects of HR service. LEADERSHIPlefttopPaul van de Kerkhof, Chairman of Randstad India and Randstad HoldingsPaul Dupuis, CEO of Randstad India.CoreActivitiesRandstad specializes in solutions related to flexible work and human resource services. Besides regular staffing services for temporary and permanent jobs, as well as, temporary and contract staffing of professionals and senior managers, Randstad also offers specialized HR solutions and supplies dedicated on-site personnel management with its in-house services.
Randstad divides its activities into several business areas, which it calls service concepts:Temporary and contract staffing:Temporary and contract staffing and the related recruitment and selection are traditionally Randstad’s core activities. Randstad offers these services through a network of branches in towns and cities in the countries in which it operates. In most of these countries, Randstad works according to a so-called unit structure, whereby each unit consists of few consultants who are responsible for service provision to clients and selecting candidates.Professionals/ search ; selection:A separate division of Randstad focuses on recruiting supervisors, managers, professionals, interim specialists and advisors. These people are deployed in (temporary) positions in middle and senior management, such as engineers, ICT specialists, or marketing ; communication specialists. Randstad calls this service concept?professionals’.In a number of countries, Randstad has operating companies that select managers for permanent placements in middle and senior management. This often involves recruitment and training programs.
Randstad calls this service concept ?search & selection’.HR solutions:HR solutions include Randstad Managed Services, whereby Randstad manages a client’s flexible personnel requirements. HR Solutions also involves a number of services such as selection processes, HR consultancy, outplacement and career support.
In-house services:With its in-house services, Randstad works on site for just one client. This involves offering a large number of candidates with very specific capacities, usually for industry and logistics. Randstad is responsible for all personnel matters, including recruitment and selection, training and planning.Company Vision and MissionVisionWe are experts delivering technology talent and solutions that power your business.MissionBy combining our experience and expertise in acquiring exceptional technology talent with our flexible delivery methodology, our experts help power your business by providing technology talent and solutions how and when you need it. With our deep industry expertise and full-service capabilities – Recruitment, Consulting, Projects and Outsourcing – Randstad Technologies will be our clients’ total technology Talent and Solutions provider.Our ValuesWe continue to adhere to and live by our core values, established in the company’s early days: to know, to serve, to trust, striving for perfection, and simultaneous promotion of all interests. The values we share serve as a compass for everyone at Randstad, guiding our behaviour and representing the foundation of our culture.
Our continuing success and our reputation for integrity, service, and professionalism are based on thesevalues. To knowWe are experts. We know our clients, their companies, our candidates and our business. In our business, it is often the detail that counts. To serveWe succeed through a spirit of excellence service, exceeding the core requirements of our industry.
To trustWe are respectful. We value our relationships and treat people well. Striving for perfectionWe always seek to improve and innovate.
We are here to delight our clients and candidates in everything we do. This gives us the edge. Simultaneous promotion of all interestsWe see the bigger picture, and take our social responsibility seriously. Our business must always benefit society as a whole.
There are 4 verticals that define service concepts:1) Temporary and contract staffRandstad staff provides temporary staff in a wide range of skills for a variety of industries, including social and industrial sectors, everywhere in India. They manage the entire HR process from selection, selection, shipment, payment, compliance, training to detailed management reports. The dedicated team of Randstad consultants, operating in more than 65 offices, is backed by robust technology, solid risk management processes, and the pioneering experience of this concept in India.
They provide internal services when our team operates from the customer office, works closely with them to increase the efficiency of human resources and productivity. Randstad offers specialized personnel to their customers when they need people with specialized skills for specific projects or to perform a very niche job. Have the experience of recruiting the best from the market and aboard with Randstad because of its image of a professional employer. Consultants provide adequate HR support to these specialists and help customers keep them during the contract period.
2) Professionals / Research and SelectionA distinct division focuses on the assumption of supervisors, managers, professionals, temporary specialists and consultants. These people are employed in (temporary) positions in the central and upper level, such as engineers, ICT specialists, or marketing and communication specialists.In several countries, there are operating companies that select managers for permanent positions in central and high management.
This often involves recruitment and training programs. They call this “search and selection” service concept.Executive Search aside, we offer Intermedia Manager – find suitable professionals for a specific period of a project or to fill an unexpected gap in the top direction. We developThe executive search methodology to find the right person. We take the person on our payroll and transfer to your organization until the temporary assignment ends.3) RPORecruiting process Subcontracting is the transfer of the operational responsibility of one or more functions or recruitment tasks, including recruiting management, from the customer to a service provider.Key Components of RPO – Recruiting Marketing – brand customer, procurement, screening, evaluation, selection, operation and administration of recruitment, deployment and technology management, agency management and internal recruitment.4) TechnologyThis is its new vertical to meet the needs of its customers in the IT industry due to the growing demand for IT professionals in the latest environment.
Where their main goal is to provide the best human resource for IT industries through which they can gain market share even in this vertical.Values ??and cultureThey remain adherents and live according to our fundamental values, established in the early days of society: knowing, serving, trusting, working for perfection and at the same time promoting all interests. The values ??we share serve as a compass for everyone in Randstad, guiding our behavior and representing the foundation of our culture. Our continued success and our reputation for integrity, service and professionalism are based on these values.Human Resource.
20002503368675Organization structure (overall)center8255CustomersCustomers are the clients to whom the company provides its various services of staffing.Most of the clients are Fortune 500 companies.3 major clients are: Some other clients of the company are: CompetitorsThe following are the competitors of the company:SWOT Analysisstrengths• strong brand in this industry.• Compliance with all laws (work, work, corporate, regional)• Pan India Presence (> 25 Seats)weaknesses• The process is slow in making decisions.• Low visibility in India today compared to its overall brand strength• A high operational cost implies.• No marketing for candidatesOPPORTUNITY ‘• Unused market (96% of India’s human resources sector)• Large sector and unorganized organization• Advancing the technological landscapeTHREATS• Local Players: Ease of Access, Corruption and Low Intermediation• Global Competitors: Manpower, AddeccoIntroductionOf the StudyPAYROLL PROCESSINGPayroll process refers to the steps by which a business pays its employees for each Period and involves hours worked. A payroll system ensures that employees are being paid according to norms and policies covered under Labor requirements.
A set series of processes are to be taken into order to make timely, correct payments in compliance with government regulations, it can be manually or computerized depending upon the company nature of work.The payroll process typically starts from hiring of an employee in the company with other components like calculating employee pay, recording payroll transactions and determining and paying payroll taxes. A company having timekeeping system that accurately reflects the hours being utilized or exempted by the employees as well as the regular salary workers.Payroll in India was a myth related to accounts departments (before 10 – 15 years). Those are the days when payroll was seen as a mere compliance function and also as finance/accounting function as money was involved.
Performance appraisal was more a ritual done once in a year and performance was not adequately related to pay. Moreover, Accounts personnel were the only people considered to be fit for doing statutory compliance realted jobs such as PF and ESI jobs in an organization. In countries like US, 15 years before Payroll was treated as part of the Compensation & Benefits Management, which is basically HR function. Payroll, seen as an only event been stipulated by the country/company rules, and is guided by the policy on Compensation & Benefits Management program of any company. Many other countries gradually adopted the concepts.Payroll is also a sensitive matter as employees may have queries when they receive their pay slips. Not to generalize, Accounts personnel are not very much the right persons to have the kind of human relations skills to answer such queries with empathy and patience. So, Payroll also became a matter of human relations over years when employees mattered.
Another reason is that salaries are linked with employee performance and retention with a substantial part of salary paid as performance-linked incentive. Performance Management as an HR function, payroll management is a goal oriented function focuses on the growth of the organization with employee sustainable growth.Accounts department mainly performs a control function and is therefore made as bottleneck.
A bottleneck approach is not the right approach for the management of the payroll when you need to reward people’s performance in a dynamic business environment. So, the payroll function has been transferred to HR to make it stay nearer to the people of the organization so as to respond quickly to the employees’ queries and performance. Of course, Accounts will ultimately monitor the expenses and give their advice regarding any lapse in controls through audit and other tools.
Broadly speaking, the payroll department pays employees accurately and on time with keeping in mind the employee working capacity and nature of work. Depending on the size of the business, the payroll department size increases or decreases accordingly.There are different types of task that are to be performed while managing any payroll of an employee:AttendanceDuring payroll processing, the attendance of employees is to be gathered while keeping in concern the number of leaves, holidays, work time period. She/he calculates time worked, including overtime. She/he consults with employees’ managers or supervisors on time card issues and verifies that the data is correct before compilation of the records.Paycheck ProcessingThe paycheck processor verifies that the payroll system has the correct compensation data for each employee. This includes salary, hourly rates, regular hours and overtime hours. She verifies other types of pay, such as bonuses, commissions, severance, piece rate, expense reimbursements, back pay and retroactive pay increases.
Other types of compensation include bereavement, vacation, sick, personal and holiday pay. She confirms paycheck deductions, such as federal income tax, Social Security tax, Medicare tax, state and local taxes, Wage garnishment, union dues, retirement contributions and health insurance Premiums. She forwards the direct deposit file to the bank and prints paychecks and pay stubs. After closing out the payroll period, she verifies paycheck Information via payroll reports.
Record-keepingFederal law says employers must keep payroll data on file for at least three years. Employers must keep documents that determine wage calculations, including time cards, piece rate tickets, deductions from or additions to wages, and time schedules for two years. The payroll department must comply with federal and state record-keeping criteria.Employee BenefitsEmployee benefits processing is essential part of human resources; as it to be said HR and payroll go hand in hand. For example, both departments work together so employees do not take more vacation irrespective to any sickness or personal time, than they have available, and if they do, both departments collaborate to correct the balances. Other ih hand the collaboration of the vision and mission of employees with organization goal with in respect to taken care of health, safety and other benefits to employees. Payroll AccountingThrough payroll accounting, the company keeps a track of wages paid, deductions made to employees’ paychecks, and all employer-paid payroll expenses.
Depending on the structure of the business, payroll and the accounting department handle payroll accounting. Duties include annual processing of payroll data, paycheck tracking, issuing stop payments, reconciling payroll data, filing and reporting payroll taxes and employee insurance, and maintaining accurate accounting records.Employee RelationsThe payroll department also take into consideration the employee relations, relations either with the manager or the top level management. Employee relations in terms of salary structure and wages being organized or being mapped by the government.Payroll Processing for EmployeesSet a payroll processing date that allows enough time for payroll processing. For example, if the payroll is weekly, process the payroll at least two-three days before the actual pay date. This allows adequate time for direct deposit transactions, double-checking the payroll and correcting errors before payday.Payroll Processing–Hourly EmployeesCalculate hours stated on the employee’s time sheet.
Hourly employees are often required to complete a timesheet, which the employee and her manager/supervisor must sign; or to clock in and out of a time clock system. If the time sheet is unsigned, contact the appropriate supervisor to verify the employee’s time. Write down the hours the supervisor says to pay, date it, initial it and note that the supervisor endorsed it. Return the time sheet for appropriate signatures, but pay the employee the verified hours.Pay regular, vacation, sick and personal time at the employee’s regular pay rate; regular hours are those worked up to 40 for the workweek. Pay overtime hours (those exceeding 40 for the workweek) at one and one-half times the employee’s regular pay rate.
Compare state law with federal law. The state may require a higher minimum wage or have additional rules for overtime payment. If so, pay the employee at the rate that gives her the most pay.Payroll Processing–Salaried EmployeesSalary is a guaranteed minimum of pay that the employee can count on each pay date; this amount can be all or part of her pay. Salaried employees are usually executive, administrative and professional employees. They are entitled to a full day’s pay even if they work a half-day, and even if no work is available.
However, the employer can dock salary under certain circumstances, such as if the employee takes more benefit days than allowed, to offset amounts paid for jury duty, for weeks in which she does no work and for unpaid suspension. In new hire and termination instances, pay the employee for the exact days worked during the pay period.Most salaried employees are exempt from FLSA overtime pay requirements and do not qualify for overtime; these employees are called salaried-exempt. The state may have additional laws for exempt employees.
Contact the federal and state department of labor to know which employees are salaried-exempt under federal and state law.Improper deductions from an exempt employee’s pay can cause the employer to lose the exemption, in which case the employee becomes nonexempt and is eligible for overtime, if worked. If the salaried employee is not exempt, she is salaried-nonexempt and qualifies for overtime.Payroll Processing–DeductionsPayroll processing includes making deductions from employees’ paychecks.
Statutory deductions are legally-required deductions, such as federal income tax, state, city and local income tax, Medicare tax, Social Security tax, state disability insurance and wage garnishments. Voluntary deductions are those the employer offers and the employee accepts; they can be pretax or post-tax. Pretax deductions, such as health plans and traditional plans, are those that meet the criteria of IRS. They are deducted from employee’s wages before deducting most payroll taxes–this process reduces taxable income. If the deduction is not pretax, it’s post-tax, such as Consult IRS Circular E to understand how to perform federal payroll tax withholding.
Check with your state revenue/taxation agency for guidelines on state (and additional) income tax withholding.Payroll Processing–RecordkeepingThe FLSA also governs record-keeping laws. It requires the employer to maintain certain records for nonexempt employees, such as the employee’s full name, Social Security number, address, birth date , time and day the employee’s workweek starts, work hours for each workday and workweek, hourly pay rate, daily or weekly regular wages, weekly overtime earnings, deductions from or additions to the employee’s wages, total income for the pay date, pay periods dates and the pay date. The FLSA does not require the employer to keep a record of hours worked for salaried-exempt workers, only the basis upon which they are paid.
The IRS requires employers to keep employment tax records for a minimum of four years. Payroll is one of the most important functions of any human resources department. When employee payroll data is processed and recorded efficiently, it helps the entire organization run more smoothly.TYPES OF PAYROLL PROCESSING Manual PayrollManual payroll means payroll is done or processed by hand. This means it doesn’t require any investment software for the working of wages; this also includes computation of hours, statutory deductions (taxes) and involuntary deductions (health and pension benefits). Furthermore it also compute employee database on paper.
An advantage of using a manual payroll system is costs effective. However, it takes a lot of time and energy to do manual payroll processing and requires focus without making any mistake up front. Employees’ paychecks and tax filings are operational to a statue of process before commencement of any filing. In particular, tax filing errors can be so sensitive in working and can lead to penalties from the government.Computerized Payroll A computerized payroll system is an automated system used by the organization for the employer assessment to process payroll.
This method is much affective than manual payroll system. This system have a standard way of working by use of button, windows designed to make process efficient. The payroll staffs are responsible for updating of all wages to be paid to employees in the system. The system automatically computes the wages accordance with the input being provided and stores payroll information, and print checks. The payroll professional uses this software to check on payroll reports being made and analyze the current holding of the employee and their working assessment related to their pay scale.
Computerized payroll reduce the degree of risk being share while accessing any data or implementation of any new change in the government rule and regulation.COMPONENTS OF PAYROLLPayroll refers to the administration of employees’ salaries, wages, bonuses, net pay, and deductions. It consist of various elements like employee ID, employee name, date of joining, daily attendance record, basic salary, allowances, overtime pay, bonus, commissions, incentives, pay for holidays, vacations and sickness, value of meals and lodging etc. There are also some deductions to be made such as PF, taxes, loan installments or advances taken by employee.
Payroll is managed on monthly basis and annual basis. While administrating the monthly payroll basic salary, HRA, conveyance, and other special allowances such mobile, etc. .are considered. There are also some deductions to be made which are provident fund (12%) of the salary, taxes and other deductions included.
Figure: Components of Monthly Payroll Deductions such as tax and loan/advances taken by the employee from organizations are deducted only where applicable.Dearness Allowance and House rent allowance is provided at affixed rate stated by the employment law. Provident fund is deducted from the gross salary of employee on the monthly basis as per the employment law, which is provided later to the employee. Organizations also contribute the same amount to the provident fund of the employee. Annual payroll consists of leave travel allowances, incentives, annual bonuses, meal vouchers/reimbursements, and medical reimbursements.
Allowances, incentives, bonuses and reimbursements are based on organizational policies. Some organizations provided the allowances on a fixed rate say 10%or 12% of the basic salary. Some organizations go for performance based incentives Figure: Components of Annually Payroll PROJECT DESCRIPTION:Payroll Management deals with the financial aspect of employee’s salary, pay scale, deductions, gross pay, and net pay for the time bound. The outstanding benefit of payroll management system is generation of reports and its extensive features.
Payroll Management includes various tasks like maintaining of attendance, calculation of taxes and deductions, maintaining wages rate accordance to government rules and regulations and delivering checks.OBJECTIVE:To study Payroll Management at Randstad India Pvt. LtdTo know how to maintain accurate record of employees data, wages earned, taxes withheld and deduction incurred.SCOPE:The scope of the study was to gain vast knowledge and experience in terms of employee’s salary preparations, policies and guidelines at Randstad India Pvt Ltd.The key points of my study:Maintaing Employee efficiency.
Designing payroll structure accordance with government rules and regulations.Maintaining and keep record of the employee attendance like leaves, holidays etc.Define the errors, deductions and taxes.
Information of minimum wages and taxes state wise.Calculation of employee’s salary addressed by the company.This project throws light on the areas for different people involved in the payroll process and attempts to find out ways to overcome those problems and having reasonable understanding of the term payroll system.Importance OF STUDYPayroll is vital aspect of any department of an organization. Payroll Management is not solely responsible for compensation of employees but also for the security of the employee’s and organization by ensuring compliances with legislations.Payroll is a dual aspect which doesn’t only affects the organization status but also the morale of the employee’s.
Morale of the EmployeesMorale of the employees is keen in any organization, timely accommodation of work hours may reflect the employee behavior toward the working environment.Given that employees for all the base of the organizations, the importance of a reliable accurate payroll system is being managed.Compensation PackageAnother aspect of payroll is the compensation package determined by the parent company or the outsource company on which the employee is being held ad who’s payroll is being managed by that company.
Payroll is not limited to only one component but as a whole such as salary, bonuses and benefits incorporated into the payroll.Facts;Payroll systems often involve several moving parts in a company. Organization must follow government rules , taxes and policies in response to compensation . In other context small business owners can use professional accounting software to help them maintain payroll information. Most accommodating and valuable will be the gathering of information by the small business owner. Nowadays outsourcing activity is more effecting in terms of consult anting firms indulging in payroll of employees of within organization or other organizations.
FeaturesPayroll system outlines the requirement of organization employee database while paying them (weekly, monthly or yearly).The quality of data i.e. Actual or standard data related to work requirements for salary and overtime employee’s. Payroll management allows the owners to create a system which is easier to use and accommodate data faster and easily.Research MethodologyA research methodology is a strategy that guides a researcher in providing answers to the research question and for this researcher, survey is done. A research design is the overall operation pattern of framework of the project that stipulates what information is a good design; it will ensure that it was collected by objectives and economical procedure.The information was collected from both sources of essential and auxiliary sources.
Scope of study:The expert opinion and knowledge gathering of payroll process from the basis of this report.Tools and Techniques for Data Collection:A structured questionnaire shall serve as the research instrument for data collection. Discussions with the different officials in Randstad India Pvt.
Ltd shall provide useful inputs in the form of to achieve the objective of study.Type of Research:This project is carrying out ?descriptive research i.e.( a open-ended questions being floated to get the desired response from the other side i.e.
Questionaries’ )Data Collection:Essential Information (Primary Data) Essential information was collected through the study strategy through the transmission of surveys to workers. Questionnaires were distributed to employees. The questionnaires have been carefully designed taking into account the parameters of my study.Optional info: (secondary data) Information was collected from sites, verifying association records, and so on. It is the information that has been compiled by an individual or another person with the ultimate goal of others, other than those of our specific research study.
Or again, as we can state that auxiliary information is the information already used for the exam and the results are executed for the next process.Secondary Data has been collected from various sources which includes:MagazinesOnline portalPast dataData Analysis And InterpretationSecondary Data Analysis:Secondary data analysis involve use of existing data for prior use of that data for a study or research other than the original work.Study:Comparative analysis of min wage data of different states required to manage payroll at Randstad India Pvt. Ltd.Formation of a salary structure with accordance with compliance.Analysis of various minimum wage data set by the government.
As we can see her the compilation of an employee salary by use of excel involving various components of the payroll process ie.Components Measures RemarksBasic 40% of the CTC as per minimum wage Whichever is on higher sideHRA Non-Metro 40% to Metro 50% of the given basic Conveyance 1600 max (cannot exceed) If Conveyance is given than vehicle is not applicableMedical Reimbursement 1250 max (cannot exceed) Telephone Allowances 3000 Please ensure, EW should be able to provide the bill to the provided amountLeave Travel Allowances Monthly basic divided by 12 Vehicle Reimbursements 2400 max (cannot exceed) If vehicle is given then conveyance is not applicableDriver Salary 900 max (cannot exceed) Applicable along with the Vehicle reimbursement componentWashing Allowances 1000 max (cannot exceed) Allowed only for the applicable industriesEducation Allowances 200 max (cannot exceed) Should be declared in ESS portal for exemptionDeputation Allowances Should not exceed basic Balancing componentOther Allowances Should not exceed basic Balancing component Comparative Analysis of Minimum wages of Different states:State Category Basic VDA Total Wages Delhi Unskilled 13584 0 13584Semi- skilled 14958 0 14958Skilled 16468 0 16468Non- Matriculate 14958 0 14958 Matriculate but not graduate 16468 0 16468 Graduate and above 17916 0 17916Uttar PradeshBasic VDATotal Wages Unskilled5750 1464.12 7214.12Semi- skilled6325 1610.53 7935.53Skilled 7085 1804 8889.
05There are many chances relevant to wages as per the category resulting in massive change in the minimum wage. Randstad India Pvt Ltd. needs to follow these minimum wages and other components like professional tax etc. while making a salary structure of an employee.