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Staffing and recruitment refer to the processes involved in finding, selecting, and hiring individuals to fill positions within an organization. It is a critical function of human resources (HR) that ensures the organization has the right people with the right skills and qualifications to meet its goals and objectives.
Efficient and effective staffing and recruitment practices are vital for an organization’s success as it impacts employee productivity, engagement, and overall organizational performance. It is an ongoing process as the organization’s needs evolve, and new positions may need to be filled, or existing roles may require adjustments to meet changing demands.
Permanent staff outsourcing, also known as staff augmentation or staff leasing, is a business strategy where a company hires external professionals or workers to fulfill certain roles or tasks on a long-term basis. Instead of recruiting full-time employees directly, the company partners with a third-party service provider to source and manage the necessary staff.
Employees record their working hours, either through time cards, time- tracking software, or other methods. This data is used to calculate the total hours worked by each employee.
Using the timekeeping data, the payroll department calculates the wages or salaries for each employee based on their hourly rate, salary, or commission structure.
Deductions and Withholdings
Payroll administrators deduct various amounts from employees’ gross pay, which may include taxes (income tax, Social Security tax, Medicare tax), retirement contributions, health insurance premiums, and any other authorized deductions.
Net Pay Calculation
After deducting taxes and other withholdings from the gross pay, the remaining amount is known as the net pay, which is the actual amount employees receive in their paychecks..
The employer is responsible for withholding payroll taxes from employees’ paychecks and remitting those taxes to the relevant government agencies.
Accurate and organized payroll records are maintained, including information about each employee’s earnings, deductions, and tax withholdings. These records are essential for compliance purposes and can be audited by government agencies.
Payroll Distribution & Records
Once the payroll processing is complete, employees are paid either through direct deposit into their bank accounts or by issuing physical paychecks.
Employers may need to submit various payroll reports to government agencies, such as tax reports and employment data.