23Jan
TDS Calculation

All You Need to Know About TDS Calculation

confluxhrHRMS

Businesses are working hard to complete their income tax filing as the fiscal year ends.

At the beginning of each fiscal year, most firms request investment declarations from their salaried personnel. These investment statements are necessary so that tax deductions can be applied appropriately. The employer will estimate the taxable income based on the investment declaration statement and begin withholding tax in the form of tax deducted at source (TDS) before paying the employee’s monthly salary using TDS management software.

What Exactly is TDS?

In India, the Indian Income Tax Act of 1961 specifies TDS as a method of income tax collection. TDS applies to salaries, commissions, royalties, brokerage fees, contract payments, interest received on various financial investments, lotteries, rental income, professional fees, etc. A component of the Department of Revenue, which is run by the Indian Revenue Service, the TDS is overseen by the Central Board for Direct Taxes (CBDT) (I.R.S.). This sum is collected to ensure the government’s consistent annual income stream. Because of this, tax evasion is prevented.

What Factors are Used for TDS Calculation?

If you’ve ever observed, the C.T.C. (cost to the business) estimate given to you at the time of joining includes items like the base salary, travel expenses, medical expenses, housing rent expenses, and other allowances. Additionally, there are two main categories for salary, namely perquisites. Benefits include services that the employer offers to the employee, such as paying for their travel and fuel costs.

Organizations now use the best TDS software to calculate employee TDS and do many other payroll-related tasks.

How is TDS Determined?

Sections 80C and 80D of the Income Tax Act of 1961 permit deductions for government taxes. This enables a person to search for various investments for a specific fiscal year.
By deducting the exemption from the total annual earnings stated by the Income Tax department, one can compute TDS on salary rate. If an employee requests a tax exemption, the employer must get a declaration and supporting documentation before approving the request.

The following are some possible tax exemption categories.

House Rent Allowance: H.R.A. is a benefit that an employee may claim from their employer if they pay rent for housing.

Conveyance or Travel Payment: If your company gives you this type of allowance, they can declare it for tax purposes.

Medical Allowance: If your employer offers you a medical allowance, they may report it and furnish medical records to qualify for a tax exemption.

The amount excused from taxes up to a certain threshold is constrained.

TDS Deduction

A claim for a refund of the excess amount can be made if a person has paid more in taxes than required. Additionally, TDS deductions for people in different income brackets are computed based on various variables.

TDS Deduction Methods

Salary, lotteries, bank interest, rent, commission payments, and payments to independent contractors are examples of income and expenses that fall under the scope of TDS. As a result, the source deducts a portion of the total payment whenever one of these segments receives payment. The “Deductor” is the source, which can be either a person or an organization. The Deductee is the person from whose payment the deduction is made.

Income Tax Deductions List FY 2022-23 (AY 2023-24):

Section 80C Deduction & Section 80CCD:

The following investments and expenses are eligible for deduction under sections 80C, 80CCC, and 80CCD of the income tax act:

Section Eligible Investments/expenses
80C Contributions made towards- EPF/VPF, PPF, ELSS mutual funds, Sukanya Samriddhi, senior citizens savings scheme, NSC. A 5-year term deposit, life insurance or ULIP premium, home loan principal repayment, stamp duty paid towards house purchase, children’s school tuition fee (maximum two children).
80CCC Contributions made to any annuity or pension plan of a life insurance company.
80CCD (1) Both salaried employees and self-employed can claim this deduction on their contribution towards NPS, not more than- 10% of Basic Salary+DA (in case of an employee), 20% of total gross income (for self-employed).
80CCD(1B) Additional deduction of Rs. 50,000 for the investment done in NPS. Atal Pension Yojana is also eligible.
80CCD (2) It is available to employees for the employer’s contribution to NPS. The limit for the deduction is lower than- the amount of contribution or 14% of salary (for central government employees)/10% of salary (for other employees). It is available under both old and new income tax regimes.

The aggregate income tax deduction limit under sections 80C, 80CCC and 80CCD(1) are Rs.1.50 Lakh, and an additional Rs.50,000 is available under section 80CCD(1B).

Why is Filing the Correct Tax Return Necessary?

When calculating your tax liability, you must be truthful about your income and outgoings. When transitioning to a new job, you could overlook some aspects, such as income from the prior position or additional revenue from a contractual opportunity. However, one should refrain because doing so will subject one to severe fines from the relevant tax authorities, who will also take legal action. To prevent issues with the taxman, you must guarantee that your data is accurate and can withstand future cross-verification.

Employee TDS software makes it simple to cross-check and verify their tax returns.

A person must be expected to pay taxes if they receive a salary. However, if the employee deposits the tax, the employer will be responsible for paying interest and a penalty for neglecting to withhold the tax.

20Jan
Performance Management System

What Creates an Effective and Inspiring Performance Management System?

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It’s challenging to navigate the world of performance management. It is continuously changing. As a result, it is critical to have an efficient performance management system. Every year, there are new trends in performance management system, but unfortunately, too frequently, human resource departments need to correct them.

Employees are consequently left feeling defeated, uninspired, and disengaged. The weak performance of both teams and individual employees frustrates managers. Thankfully, businesses are starting to recognize the value of solid review systems and their associated advantages. An excellent performance management system is the first step in revitalizing and upgrading your current performance procedures.

The Essential Components of Effective Performance Management

Building an efficient framework for performance management involves a few fundamental components, such as:

Establishing objectives

You must correctly set goals. They must have significance and be transparent. The significance of these personal goals and how they advance organizational goals should be explained to employees in detail and timely by the leaders. When workers understand why their jobs matter, they will care far more about their roles and be more engaged.

Integrity in Conversation and Cooperation

The managers and leaders that employees work for should always be honest and upfront with them. They also want to develop positive relationships with their superiors and co-workers while maintaining real-time contact. An effective performance management system requires conversation and regular feedback, even when challenging or awkward, are required.

Employee Appreciation

Managers should prioritize employee recognition and reward in an employee management software. Employees should feel valued and appreciated for the task they complete and the effort they make. If rewarding employees is not a principal focus, this will negatively affect your voluntary turnover rate.
Honest feedback and regular reviews are required; the more frequently and precisely the feedback, the better the individual performance. That much is obvious. Employees desire regular feedback on their job, and the more knowledgeable they are about their performance, the better equipped they are to thrive and progress.

Growth of Personnel

An ambitious top performer will only commit to a long tenure at a company if they continue to learn and grow in their field. Employees value growth and development, and businesses also stand to gain when their staff members have higher levels of ability and competence.

Tragically, fewer than 14% of organisations (1) say they are satisfied with their current performance management approaches. Performance management practices frequently degenerate into ineffective and counterproductive activities if you are not careful.

The following are some of the possible scenarios:

Your System Is Not Just or Reliable

It frequently happens when more ongoing performance management is preferred over annual reviews. Given that an employee’s entire year of performance is summarized in one sitting, how can they be evaluated and treated fairly and accurately? Can managers recall every critical detail from even a year ago, and how will the employee receive the right amount of feedback, encouragement, support, and recognition? For instance, how can the annual evaluation be objective if there isn’t a previously established, reliable relationship between the employee and manager?

Managers who view employee performance evaluations as a “box-ticking” exercise

Often when managers undertake reviews and provide comments as a matter of course but only give the procedure lip regard. These managers might use an effective tool, like personal development targets, but only give employees the bare minimum of attention without examining and updating them. It is a major red flag of a dysfunctional performance management system. Your staff members will eventually check out if your supervisors do.

Still Using Paper and Pencil Systems

Nowadays, a business can expand so quickly that paper and pen procedures are no longer necessary. Technology is more accessible, less expensive, and easier to use than ever before. Companies must spend more on user-friendly, efficient technology to be genuinely productive.

Your system puts more emphasis on evaluation than coaching; one method to make employees fear performance conversations is to make them feel as though their manager at every interaction will evaluate them. Managers ought to encourage workers rather than criticize them. Instead of being authoritarian and impatient, they should be supportive and motivating.

The corporate world is becoming more agile, and quick-moving, so many organizations are adjusting their processes to define “near-term” targets every three months. To ensure that individual performance is in line with the organization’s overall strategy, the organisation’s goals and values should be incorporated into the performance management system.

 

12Jan
Incorporating Flexibility at Work

Incorporating Flexibility at Work

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The fact that there is a discussion on topics like workplace flexibility indicates the very shift of the corporate environment from one kind to the other. The discussion has got all the worth because businesses seem succumbing to issues like burn-out employees, mass attritions etc. What is the way forward? Let’s dig that out!

On closely observing the nature of the corporate environment, you will note the shift of the power from the employer to the employee. Observing the employee psychology can bring you to another fact that today’s generation prioritizes the quality of the life more than money.

Since work flexibility contributes tremendously to the overall quality of life, it has a momentous importance in today’s world. Work-life balance being the keyword for the generation today, businesses are looking for the right way to incorporate flexibility without any compromises on productivity.

Tips to Implement Work Flexibility Keeping the Productivity Intact

Work flexibility is quite a wholesome that indicates several factors like work timings, engagement activities etc. However, every business must figure out their own areas of flexibility which ultimately has no impact on the nature of the business and the overall workflow.

Flexi Timings

Allow your employees to chalk out their best feasible productive time for the work. Utilizing the best productive time, each team member gets a chance to give the best productivity at work.

Telecommunication

Choose telecommunication to the best to make the internal communication smooth. A smooth communication system can bridge all the gaps for you.

Compressed Workweek:

Allow your employees to choose 5 working days of their feasibility from a week. Hence, it empowers them to prioritize work as well as cater to other important areas of their life.

Permanent Part-time Positions:

You can start permanent part time positions for positions that do not need a full-time engagement. Hence, you can recruit employees who are great fit to fulfill the roles.

Adequate Training on Ethics

Adequate training on ethic for the employees can prepare them for a better approach towards, communication, update sharing and several other important aspects.

The Bottom Line

The modern corporate landscape gets way better with great decisions like leveraging the latest technology for resource management. A human resource software solution can make all the difference at workplace. It allows flexibility to your employees wherein they can work from anywhere and anytime but are still intact to the office policies.

11Jan
Employee Management Software

Employee Management Software Building Trust

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The world runs on faith, and if a set of people trust your process, that’s the biggest accreditation you can ever have. While running a business, you often need validations to know you are going the right way. If you have a handful of resources working for you, you can utilize the employee management software to your advantage.

A human resource software solution defines employees’ experience at the workplace to quite an extent. It helps your resources overcome a few workplace challenges and makes their work life simpler and saner.

Were you wondering how an HRMS can resolve all the critical issues at the workplace? Then, stay tuned and read through!

HRMS Features Building Trust of Employees

A set of features in the HRMS helps employees build trust in the company. Employees tend to sense the organization’s agility through the system of internal business operation. Hence, tackling resources plays an enormous role in the process. Let us run through a few features of employee management software that can redefine your business and build employees’ trust in the organization-

Automated Payroll

Adhering to the payroll time helps employees trust the management a lot more. On the other hand, delay or inefficiency in the salary process does just the opposite. Hence, an HRMS with an automated payroll feature ensures a fulfilled employee experience at work.

Employee Self-service

Employees love a simpler work life, and employee self-service suffices the condition. It makes employees independent, so they do not have to reach out to the HRs at the drop of a hat. It empowers them and makes internal operations much easier.

Employee Surveys

Employees feel valued with this feature on the human resource software solution. It allows employees to give feedback on a few workplace questions and let management know the popular opinions about it.

A Newsroom for Announcements

Newsroom in employee management software keeps all employees in the loop with every event in their organization. It enhances transparency at the workplace and brings all the employees on the same page.

Monthly Performance Management

The feature of HRMS helps in making employees accountable for their performance. They can be in touch with their performance every month to upgrade their productivity, work on their weaknesses, and hone their skills for a better career.

The Way Forward

Hence, settle on your ideal HRMS wisely and enjoy the lasting benefits. ConfluxHR is one such HRMS that has all the above-listed features and enriches the employees’ work experience with utmost convenience.
Have you found your ideal employee management software? Let us know in the comment section below.

06Jan
Self-Service Portal

Pros of Self-Service Portal- The New Age Update

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It wasn’t long when HRs used to have a miserable work life. Imagine managing all resources at work, all their queries, addressing their issues, and maintaining sanity. However, the modern HR scenario has drastically changed! Let us find out how the self-service feature in employee management software has contributed to the change.

Kudos to HRs for handling everything and beyond that cannot be defined by the KRAs. However, the new-age corporate world has made things convenient for HRs. Businesses now streamline their human resource management approach by leveraging the latest technology.

The self-service feature has been one of the most praise-worthy features of HRMS solutions. It has empowered employees reasonably and added to the agility of business operations. Let us find out more about the pros of self-service portals.

Benefits of Self-Service Portals

Self-service portals are great value adders to internal operations. They save time, increase transparency, and do many good things for the system. Let us dig into the details of the benefits of the feature-

Update Your Info:

HRs have a tough time updating the information of new joiners in the portal. With the self-service feature, every employee gets the power to upload their personal information.

Apply for Leaves

You can apply for leaves yourself. Hence, you get rid of the hassle of manually typing a leave application, putting the concerned managers and HRs in your CC, and, most importantly, waiting for a response.

Be Updated With the Newsroom Notice Board.

When you have a self-service portal, you are always in the loop with the latest update. Work-related details, disciplinary updates, and other information are always available to you briefly.

Gain All-time Access to Information

The self-service features allow employees to get information through the employee management portal. From the goals and KRAs to the number of leaves in the buckets, information is readily available for HRs.

Remote Work Becomes Easier.

The feature helps both HRs and employees in the case of remote work. Employees can escape the hassle of reaching out to HRs with every drop of a hat for information, whereas the HRs are also relieved from the non-stop pour of questions.

The Way Forward

Self-service Portals can redefine your workplace with a few advantages. Hence, incorporate employee management software with the feature to experience the best results. When you look forward to settling for an HRMS, you must look for a self-service feature to make the best out of every penny you spend.

Let us know your experiences with the self-service portals in the comment section below!

05Jan
Investment Proof Submission

Investment Proof Submission- Importance, Compliance & More!

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A profound person once said, “Well begun is half done!”. The timeless saying has the utmost relevance in today’s world, especially while planning investments for tax exemptions. Moreover, when every financial year ends, Investment Proof Submission or Proof of investments (POI) becomes the talk of the town. Let us know more about it here.

What is Proof of Investment?

At the end of the year, employees must pay off their income tax. However, a few investments apply to tax exemptions. Hence, employees make an IT declaration at the beginning of every financial year and submit the relevant Proof of the investment at the end of the fiscal year.

The organization is responsible for verifying those proofs, calculating the relevant tax, and submitting the final tax to the government. Mostly, employers ask their employees to submit the relevant proofs towards the beginning of December.

Hence, they consider the sums and distribute the extra taxable amount in the next quarter. Hence, the taxable amount does not become a burden on the employee.

The Ideal Time for Investment Proof Submission

Investment Proof submission becomes important at the end of the fiscal year. Ideally, employees should submit all their investment proofs by the start of December. This reduces the employers’ workload and makes the process of tax calculation way easier. However, a seamless Automate TDS Solution can make the process easier and more accurate.

Ideas to Submit Investment Proofs

Tax saving is easier when you take care of a few things before going ahead with the investment proofs of investments. While the tax saving season arrives, consider all the below pointers:

Be Thoughtful to Make a Proper Investment

Ensure proper thoughtfulness before making your declaration. You must remember that you can be liable to pay a much higher amount if you fail to make the investments and pay the tax. Moreover, forging fake investment proof is also punishable.

Share Saving Bank & FD Interest

Share your savings bank interest, capital gains on mutual funds, FD/RD interest and rental income. Hence, your employer gets a clear picture of your taxable income. It might help you avoid penalties for not paying advance tax before the due date.

Claim Your Tax Proofs Later

When filing tax returns, you can claim tax relaxations much later than usual if you have invested in tax-saving products.

Submitting Proofs is Not Mandatory

Submitting proofs is not mandatory while filing taxes. Which means the declaration is sufficient as information. However, that does not imply that you can be dishonest about your investments. Always keep the receipt of your investments in tax-exempting products so that you prove it anytime later.

Submit Proposed Investment Proofs for Feb-March

You must declare your investments in February and march beforehand to suffice this condition. It is like a promise to the employer regarding your investment in tax-saving financial products.

The Bottom Line

Tax filing blunders have led to some huge penalties for people. Hence, be aware and careful while filing taxes and maintain complete transparency with your employer to tackle the TDS filing challenges well.
Proof of investment for income tax is a verifying statement for the businesses to validate their employees’ investment in tax-saving products.

Have you ever made any Proof of Investment blunders? Let us know in the comment section below.

04Jan
Intelligent Investment Management

A Guide to Intelligent Investment Management

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Being an HR is all about juggling several hats! You are the problem-solver, the finance controller, the decision-maker, the payroll officer, and at times, all of it. Hence, you must be aware of intelligent Investment strategies to take care of the overhead expenses.

However, human resource software solutions are making it way easier. Yet, a truckload of different kinds of tasks can get on the nerves. Have you ever found it challenging to settle on investments for workplace management?

Then, catch this blog further to understand what’s imperative for a workplace and what expenses can be postponed or avoided.

By the end of the blog, you will get an insight into the following aspects:

  1. What is Petty Cash?
  2. Importance of using Petty Cash Mindfully
  3. Tips for intelligent investment management

What is Petty Cash?

As the name suggests, Petty cash is meant for all little expenditures at the workplace that are done using cash. It is the kind of fund that helps reimburse all little expenses employees do on behalf of the business.

HRs mostly monitor and manage petty cash usage for the right reasons. However, most of the time, HRs face difficulty in deciding on the expenditure. Businesses mostly keep a close eye on these small expenses and do not choose to lose visibility on every penny spent on the resources.

  • The fund is meant for expenses that are too small to write a cheque for
  • Petty cash is used for expenses like little celebrations at the workplace, office supplies, flowers, reimbursing employees for small expenses, tea, and coffee for employees, etc.
  • Petty cash is quick and convenient to use but is vulnerable to theft and misuse.

Importance of using Petty Cash Mindfully

The petty cash utilization might circumvent certain parts of finance controls. The availability of such funds does not imply that they can be used readily. The fund’s custodian is mostly an HR, who monitors its flow and usage and takes on the responsibility of using it valuably.

  • Proper usage of petty cash can make a huge difference in the financial control of the organization
  • It incorporates discipline in an organization regarding the usage of a fund

Tips for intelligent investment management

In the end, HRs must know the apt way of using petty cash yet keep an eye on controlling the flow of the fund readily at the drop of a hat. Here are a few tips to help you decide the right occasions to spend your petty cash.

  • Never compromise on employee engagement on special days. Celebrate those little occasions because they boost the employee’s zeal, which is a priceless ROI.
  • Observe birthdays, and spend on the basic requirements like tea, coffee, etc. These are the fuel on which the workforce runs seamlessly.
  • Keep records of reimbursement and maintain proof of those expenses so that you don’t overlook those little flows of funds.

After all, keeping an eye is all that makes a difference!

29Dec
HRMS for Remote

Remote Work Management With an HRMS

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Remote work has been a thing lately. Post-pandemic, remote work has become the ideal approach in the corporate world. However, we do not address the challenges of resource management that come along with it.

Remote work became the new normal in 2020 when the world’s pandemic hit. Standing in the shoes of an HR, working from home seems to be a hectic deal. HRs’ role has become more critical than ever, with the responsibility of managing employees and enhancing productivity with the work-from-home culture.

Hence, in such a chaotic state, all an HR needs is an assisting system that can take care of all the mundane tasks with utmost accuracy, and what’s better than dedicated HR software?

Integral features of an HRMS

The new age workforce management system needs agile software that can help HRs handle a multitude of mundane activities at go. Hence, an ideal HRMS that might be a helping hand for HRs needs some exclusive elements of remote team management.
So let us run through a few exceptional elements of remote workforce management.

Employee self-service:

Employees must feel independent rather than reaching out to HR at the drop of a hat. ESS is a feature that reduces HRs manual tasks. From raising requests for one-to-one meetings to downloading pay slips, employees can handle their issues to quite an extent.

Compliance management

Every workplace must abide by compliances and regulations. An HRMS offers a holistic grasp of these aspects and makes it imperative in a remote work setup. You get the software to monitor your employee and internal operations.

Payroll Management

Payroll is one of the most hectic parts of HRs responsibilities. A dedicated HRMS can help HRs generate a pay register with a click. It makes their work much simple and automates the process. It frees HRs from tedious manual operations so they can focus more on the strategic part of HR operations.

Real-time insights

HR dashboards with real-time insights are a great tool for managing the remote workforce. With vital details like employees on leave, male-female ratio, workplace surveys, etc., it aids HRs to be informed of the significant highlights.

Performance Management

If an organization wants to grow exponentially, it is imperative to identify people’s strengths, weaknesses, and performances. Hence, a diligent performance management tool is influential in analyzing employee contributions and optimizing them with the right guidance.

The Bottom line

If you want to thrive in the new age corporate landscape, you must find ways around remote work culture. A dedicated human resource software solution can help you achieve the best productivity from remote workforces.
All the above pointers suggest how HR software can optimize productivity from a remotely working team of resources.

So, when have you thought of opting for an HRMS solution to make remote working more productive than ever?

28Dec
Employee Experience Guide

The Contemporary Employee Experience Guide: What changed and what hasn’t!

confluxhrHRMS

The shift of power from the employer to the employee has called for several changes. Hence, the company’s success is measured using different metrics. A company is as successful as satisfied its employees are. Employee experience matters the most!

The contemporary corporate scenario is all about taking care of the employees like a family and optimizing their best productivity. Therefore, excellent employee experience is readily available these days. However, you can stand out as a business owner in the competitive market by having the best work culture, benefits, etc.

Employee Experience Changes From Old To New

Things have enormously changed in the modern work culture. The old and new corporate landscapes are almost similar in no possible way. Let us trace the differences and see where the whole range of employee experience has begun.

Change in priorities of the employees

Employees used to prioritize money in the earlier corporate world. These days, they are looking for a pleasing and enriching work experience. More than money, employees prioritize the quality of life at work

Enriching employee experience for retention

The beginning of employee satisfaction narrative started with employee retention methodologies. Enriching employee experience became popular when it was a great retention policy. Employees gave amazing responses to workplaces with pleasing environments, superior work cultures, and other benefits.

HRs going by the analytics

Many employee satisfaction surveys have shown the interest areas of employees across the globe. HRs started going by analytics and conducting such surveys using human resource software solutions to figure out everything employees aspired to at the workplace.

Hybrid work culture post-pandemic

The pandemic was the high time for corporate giants to adapt to hybrid work culture. However, employees started getting bored with the work culture. Using employee management software proved to be of some help, but HRs had to rethink the engagement of the employees.

The Bottom line

If you have yet to start to think seriously about your company’s employee benefits and employee experience, then it is high time you do it. Having an agile team of resources can help you climb heights and beyond.

The trend shift has handed over HRs with the most critical task of enriching employee experience like never before. As an HR, you start from the tiniest bit, like implementing HR software at the workplace.

After all, we always bet on the resources! Don’t we?

27Dec
Optimal Human Resources Management

The Four P’s to Avoid Employee Resignations

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The youthful generation, now entering the workforce, feels more empowered than ever to find a career they enjoy. Such a scenario implies that they will go from one job to the next until they discover their ideal fit.

Effective human resource management is required to ensure employee happiness and retention. In case of a resignation, employers must also manage the complete exit process of employee to reduce compliance issues and maintain consistent off-boarding of their valued employees.

The Shifting Tide of HR Trends in 2022 and Beyond

Technology has permitted a never-ending employment search for upcoming youthful employees. According to Statista, based on survey data collected in February 2022, the most significant reason for quitting a job in 2021 was insufficient compensation.

Lack of career advancement was also frequently stated as a reason for resignation. As a result, HR professionals constantly seek new ways to optimize human resource management and keep their eyes peeled for better chances in the periphery.

Here are the ‘Four Ps’ you can deploy to avoid the hassle of going through a tedious employee exit process:

Provide Opportunities in Terms of Growth

Check in with employees regularly to learn what aspects of their employment they like the most. Inquire about what else they’d like to know. Allow them to shadow you or others in the firm who can teach them desirable skills.

Opportunities for advancement and leadership responsibilities should be trumpeted into their ears. Make a clear route for them to follow with tactical steps they may take to acquire those responsibilities.

ConfluxHR may assist you in communicating successfully with your resources in this situation by providing enhanced tools for managing, administering and tracking learning and development programs, one-on-one dialogues, and so on.

Going further, according to Statista, as of 2021, 49% of job applicants regarded career growth possibilities, employer ethics, and values as other key factors in assuring job satisfaction.

Pay Your Employees Practically

Overall compensation was the most important criterion for job seekers accepting work in both 2021 and 2022. This percentage climbed dramatically throughout this period, with a 15% increase in respondents claiming this as their primary reason for accepting a job in 2022.

Furthermore, Statista stated that respondents in 2022 were less concerned with corporate location, company values, and job security than they were in 2021.

ConfluxHR’s Performance Management Module can help you manage employee performance and evaluation issues. You may give employees bonuses to encourage hard work. Compensating staff for extra effort done for the organization goes a long way in terms of employee loyalty.

Prioritize Employee Health First Policies

If your employee is happy and healthy, they will work hard for your company. Aside from including therapy and medication coverage in your benefits package, there are various other ways to encourage employees to live healthy lifestyles.

As part of a benefits package, you may include a gym membership. Allow staff to arrive late or depart early once a week to attend a yoga or group exercise class. Work with employees schedules to ensure that personal health initiatives are balanced with office hours.

Praise Employees for Excellent Work

Employees must understand that what they do for your company is important. If you don’t show them how they can make a difference, they’ll move somewhere that does. Make time during the day to congratulate the staff for their efforts. It may even start by saying, “You’re doing great today!”

Such practice reminds them of their fantastic job and explains how they’re an important part of the team. According to a survey done in India between December 2021 and January 2022, 44 per cent of full-time employees were satisfied with their current job.

It will foster empathy and understanding between the two roles.

Conclusion

Employees will become increasingly difficult to keep; since technology allows us access to vast amounts of data regarding employment. Your employer brand is on the front lines versus competing organizations that threaten to take better care of your talent than you.

Keep in mind the ‘Four Ps’ to keep your talent from going elsewhere. ConfluxHR, on the other hand, may also assist you with the employee leave process. Our HRMS Platform offers comprehensive human resource management services, from recruitment to employee exit process management.

Are you interested in learning more about how ConfluxHR can establish a systematic human resource management approach for your team?

Sign Up for the on-demand ConfluxHR live demo.

Also read: 10 Factors for an Employee Resignation

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