How to keep track of your Pay rise
Every employee needs to Keep track of their respective salary and pay rises
When you’re doing this then you need to note down three important things:
- The date of joining
- The revised salary after increment
- The total salary after taxation
The above process sounds simple and it plays vital role to your growth in the company. You need to have HR records online or on your personal computer, maybe be stored in HR Management System and then you’ll need to update salary details as often as possible so that they’re maintained as separate record which is reliable and accurate. The main problem is you have to update job information and salary details as early as possible. It is often you forget to update your salary details. So updating salary details must be quick.
What happens, if record inaccurate salary details
If you forget to record salary change, then can lead to number of effects on your company. Next you need to update payroll information, especially after your pay rise. This process is applicable to other employee as well. So employee must check their respective account whether they are underpaid or not. It is essential to store the salary details and other information under payroll system. This process comes under payroll management services.
What happens, if you increment salary for an employee?
You can’t make your own decision on salary hike of an employee especially if you don’t have up to date salary details from the date of joining till now. Say if an employee A salary hiked and the higher authority have forgotten update salary record, then you are left with conflict information. You need check staff record before making any offer to them. So the payroll management have to deal with these issues.
Need of pay rise and salary information
The history of salary record is important for any company and the staff. You should have significant importance for every individual and it is must to have handy information on new joiner and need to remained about the starting salary. Payroll team will have record on current and past salary record, tax and other record. So payroll management plays an important role in every company. Very few companies might outsource from third party payroll service. They can save time and concentrate on other work.