The phrase “payroll” refers to the financial log that a company maintains of all payments made by the employer to the employees, including wages, incentives, bonuses, and salaries. The basic objective of payroll service for any organization is to ensure that its employees receive their paychecks on time, with the appropriate deductions, and with the necessary withholdings.
Do HR and Payroll services go together?
Payroll is in charge of the financial compensation of those employees and the means by which they are paid, whereas HR is primarily in charge of managing contacts with employees. Although these two divisions have distinct functions inside an organization, there are times when their responsibilities do overlap.
The relationship between HR and Payroll Services:
The relationship between HR and payroll is essential, as there is significant overlap in the tasks that each undertakes. Payroll is responsible for making sure that reward management methods are in practice, and HR plays a significant role in determining how to fairly compensate employees.
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