Employer
Since employees depend on you for the entire payroll process, it is of great importance that both they and you are clear about everything related to payments, benefits and other details that the payroll platform provides to your company.
That is why this guide can be useful to consult in case you need to clarify certain necessary payroll processes.
Employee Self Service (ESS)
Employee Self Service (ESS) allows your company’s employees to manage some of the administrative and human resources tasks themselves.
In other words, this represents a solution to some of the problems HR departments face.
Key takeaways:
- In other words, this represents a solution to some of the problems HR departments face.
- Makes HR work easier and more efficient.
- Provides greater transparency to employees in the management of their HR data.
- Promotes a more efficient, productive, and cost-effective organization from the process side.
- Reduces costs by eliminating many of HR’s responsibilities.
- Improves PTO management by tracking PTO days and scheduling employee absences.
HR Management
HR Management is crucial for any company, as they strategically plan up to the image of the company.
The areas where HR maintains control can improve the employee experience of the company, as well as manage certain processes and centralize the data that is handled internally.
Benefits:
Optimizes recruitment and onboarding. By having HR Management, you save costs and processes that could otherwise be greater.
You have a solid structure of planned personnel, both in who does what and when results are presented.
You can plan projects or make staffing decisions more easily and accurately.
There is greater employee retention. Companies with high turnover rates tend to lose more money over time, as about 33% of the salary for that position is spent on replacing employees.
Type of reports
As a company, it is necessary to have certain reports prepared to show employee compensation on a regular basis. These reports are payroll reports that collect payroll data.
There are several types of reports:
- Company payroll report
- Employee payroll report
- Payroll tax report
- Certified payroll report
- Time tracking report
Tax and federal payroll updates
For 2023, the federal payroll tax rate is approximately 15.3%, with 7.65% borne by the employee and 7.65% borne by the employer.
As for the federal payroll tax rate for 2023:
- Social Security tax rate: 6.2% for the employee and the employer.
- Medicare tax rate: 1.45% for the employee and the employer.
- Additional Medicare: 0.9% for employees when their salary exceeds $200,000 in a year.
- Federal Unemployment: 0.6% for employers
- The ETT rate in California for 2023 is 0.1 percent.
- The ETT taxable wage limit is $7,000 per employee, per calendar year.
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