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Oracle Fusion HCM Payroll

Tech Leads IT

Tue, 16 Jul 2024

Oracle Fusion HCM Payroll

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.

 

 

 

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