Employee Benefits: Calculate End Of Service Compensations Efficiently With Cloud-Based HR
Even after the end of an employment contract, the role of HR managers carries on. HR plays a pivotal role in shaping the company culture from recruitment to offboarding. Effective offboarding eliminates the chances of misunderstanding between the employer and employee. This results in a positive experience for both parties, even going as far as opening growth opportunities, company development, and business networking.
Therefore, it is crucial to have the technology instrumental in streamlining the offboarding process, including calculating end-of-service benefits or the final settlement. Automated HR platforms use cloud-based technologies that are simpler, quicker, secure, centralised, and precise. With cloud-based HR, managers can efficiently compute end-of-service benefits accurately in no time.
Here are a few key benefits of calculating the end-of-service compensations with cloud-based HR.
Flexibility
Through the automated platform, HR managers are given the flexibility to customise their modules or applications and access payroll information from anywhere. Cloud-based HR is also scalable, meaning it can work accordingly to provide support in unpredictable workloads.
The flexibility it offers enables managers to oversee employee gratuity with ease and minimal effort, which otherwise would take time when handled manually. HR managers who are working remotely will not have any problem with accessing the information regarding an employee’s end-of-service benefits and communicating with the accounting department for verification and release.
Timeliness & Staying Up To Date
Cloud-based HR makes for more timely handling of gratuity pay and end-of-service benefits.
Since everything is automated, the software updates regularly with reports that can be downloaded in different formats. The cloud also enables companies to provide updates to their HR software in real-time, automatically, and regularly throughout the year.
These updates are accessible to employees within their HR application as well. This way, any information about their end-of-service compensation is available to view on their mobile device. This creates a better experience for the employees even on their departure from the company.
Value
Bring value to your company by having the technology to create a memorable offboarding experience that’s completely transparent, comprehensive, and fast. Through cloud-based HR, your company can effectively reduce the risk of human errors, miscalculations, and uncredited reimbursements.
In addition, cloud-based HR helps in ensuring that the regular flow of business is not interrupted as all processes involved with offboarding are centralised in one software. At the same time, assuring compliance with labour and employment laws.
Productivity
With the computation of final compensation in order, the HR manager can move on to concentrate on the other aspects of offboarding, such as exit interviews, personalised offboarding checklists, and receiving insights on employee feedback that can help managers identify problems for improvement.
EmiratesHR’s cloud-based software allows you to maximise your company’s HR capabilities so you can be more productive in your business. Learn more about the amazing benefits of cloud technology in your organisation’s HR functions. Talk to us today for a free demo.