The Impact of Oracle OTM on Sustainable Transportation
Mon, 11 Nov 2024
Before we get into the Payroll, let me give you an overview
of HR team roles and responsibilities. In any business, the Human Resource team
plays a pivotal role to achieve the targets. They have been taking care of many
processes regards to employee onboarding, salary negotiation, increments,
designations changes, and terminations or resignations. Out of all these tasks, the Payroll process is one of the most important and critical tasks. Payroll is a
process of providing compensation-related benefits to the employee for the
services he/she rendered for the organization.
When an employee joins any organization, he/she gets some
benefits as it is called Joining benefits. Let’s take an example of an employee
who resigned and received an appointment letter in a new company that is located 300 KM away. In this case, the new employer needs to provide traveling and
hotel expenses for a minimum of 15 to 20 days. In another scenario, the organization
provides one month's salary or a fixed amount to a new employee as a joining fee. By
following this method, the business team easily gets skilled-based employees with
minimum effort and they can achieve business goals.
In every organization, compensation will not be the same for
each and every employee. It all depends on the work experience, nature of the
work, hours spent by each employee, etc. In every organization, based on business requirements, employees deliver their services in the below-mentioned
methods.
1. Full Time Employee - In short, it is called FTE. Most of companies hire
resources as FTE. In this case, FTE needs to follow organizational policies and
procedures. In general, every Full-time employee needs to work 40 hours in a
week. He/she will get benefits as per the organization's guidelines
2. Part Time Employee - To complete any job activity, the employee needs to spend
only 20 to 30 hours in a week. Employers would hire a part-time employee rather
than a full time employee. In this way,
employers can save the expenses spent on the resources
3.
Contract Employee – Companies hire employees to
complete a specific task or project. Once the task is completed, he/she will
be retired from the organization. In this scenario, the employee should be
considered a contract employee and will not have all the benefits such as
health insurance, traveling expenses, etc
4. Hourly Paid- In a typical employee job scenario, he/she must have spent a minimum of 40 hours. However, based on the job requirement, the employer offers an hourly paid method. In this scenario, the employee gets payment based on the number
of hours he/she spent on the particular task. Let’s say the employer offers per
hour $50 and the employee spent 10 hours, then, the employee gets a salary of $500.
In a nutshell, we can say, the number of hours spent by an employee multiplied by
per hour wage
In any organization, employees have the right to take leaves based on the leave policy. Typically, these leaves are
eligible for only Full-time employees. We do have different types of leaves
such as casual leave, privileged leave, sick leave, maternity leave, paternity
leave, comp off, bereavement leave, and optional holiday. While employers provide
leaves to employees, they have to follow government rules. Few
organizations provide employees to earn extra income from their unutilized
leaves. Let’s say an employee is eligible to take 20 leaves in a month.
However, at the end of the year, he/she utilized only 10 leaves. In this case,
they can earn money on the remaining 10 leaves based on their Basic salary.
Employees receive a salary based on
different components such as Promotion, Experience, Market, Cost of living,
Merit, Profession, etc. This list of components varies from organization to
organization and country to country. In earlier days, companies exist in
only one specific country. In this scenario, all the employees have the same
components. Now, we can see company headquarters exist in one country and their
branches are located in multiple countries. Each country has specific rules while
defining the salary components. Hence, organizations have to create two
different payroll structures Global Payroll and Country specific
payroll.
Based on the organization structure,
if any employee joined as a Manager, he/she is eligible to take leaves.
However, if any employee joined at an Executive level, he/she needs to wait one
month to take any planned leaves. In another scenario, only female employees
are eligible to take paternity leave and male employees are eligible to take
maternity leaves. Hence, we need to define specific rules for each and every
employee based on the location, gender, and designation for salary components,
leaves, etc.
If we are maintaining a small business,
we can easily capture all this information in Excel or a small application.
However, if the company exists in multiple locations or countries and has
huge human resources, it is very difficult to maintain the data in a small
application. Hence, the organization needs to have a robust technology that
should capture the entire information and can easily access or download reports
with minimum effort.
Oracle has understood all the
business problems and requirements. Hence, they have developed an application
called Oracle Fusion HCM. Initially, oracle produced an On-premise version
called EBS. Later, they provided a Cloud version which is called Fusion.
Many organizations across the world have already been utilizing and resolving
all the human resources department-related issues such as Global and local
payroll tasks, leave management, compensation items etc.
1. Who is eligible to take Oracle FusionHCM Training? Graduate or Postgraduate students can take this course.
2. To go through this training, do we
need to know programming skills? Absolutely “No”. Since it is a web-based
application, any person can easily understand and get a job in MNCs.
3. Where should I attend this training?
In Hyderabad, “Tech Leads IT” training institute has been providing training
services on Oracle HCM Cloud training
4. Does Tech leads IT training institute
provides both Oracle Fusion Functional and Technical Training? Yes. We do have
trainers who can deliver both Oracle Fusion HCM Functional training and Oracle
Fusion HCM Technical Training
5. What is Tech leads IT? It is the best
institute for Oracle Fusion HCM training and exist in the market for over 10 years.
6. Why should I attend Oracle Fusion HCM
training in Tech leads IT institute only? This institute has a facility to
attend Oracle Fusion HCM online training and classroom training. The trainer has
more than 15 years of experience including implementation and support. Since
the trainer has rich experience, he can share all real-time problems and
scenarios which can help the trainees to get a job in less time.
7. How can I contact Tech Leads IT? Tech
Leads IT Institute exists in two locations (SR Nagar and Ameerpet)
SR
Nagar Address - 44/A, #302, Floor no: 3, Geetanjali Apartments, Opp Bahar Cafe,
Near SR Nagar Police Station SR Nagar, Hyderabad, Telangana, India.
Ameer
Pet Address - Annapoorna Block, ADITYA ENCLAVE, Flat No.111-A, 1st,
Maitrivanam, Ameerpet, Hyderabad, Telangana 500016
Phone
and Whatsapp Number - +91 8125 32 32 32
Email
ID – info@techleadsit.com
Website
- https://www.techleadsit.com/
8. Does this training provides any job
aids? Yes. We do provide Oracle Fusion HCM job interview questions and answers,
conduct mock interviews, Oracle Fusion HCM Payroll implementation guide, etc.
In case, if the trainee misses out on any session, he/she can access our learning
portal where we can access daily training recording sessions.
9. Can I get a job after the training?
Yes. Since many organizations are using the Oracle Fusion HCM application, people
can get a job in big companies as an implementation consultants.
10. Does the trainer help students/working professionals to complete the Oracle Fusion HCM certificate? Yes. Many of
our trainees have completed Oracle Cloud Fusion HCM Certificate and achieved
senior positions in their professional journey.
Mon, 11 Nov 2024
Fri, 08 Nov 2024
Send a message
Leave a comment