I want to know what the future holds in payroll management. I am currently working as a recruiter, and I am considering shifting to payroll. However, before making that transition, I would like to understand the career prospects in payroll management. Is it necessary for me to start my career with a consultancy, or can I also be hired directly by a company for this role? Additionally, I am interested in knowing if there are any courses that can help me enhance my skills and knowledge in this field.
Regards, Deepti
From India, Delhi
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4Regards, Deepti
From India, Delhi
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Hi Deepti,
Payroll Management is a good career provided as under:
1) You have in-depth knowledge of compensation structures, tax laws, PF, ESIC, and other statutory compliances related to compensation.
2) You also have the knowledge of compensation benchmarks, variable pay, and compensation percentile.
3) You are ready to work with outsource companies, e.g., big multinational companies have their own shared services.
4) You have the knowledge of expat compensation.
5) You are ready to work under pressure during payroll cycles, increment cycles, etc.
6) You are ready to face payroll audits.
Nowadays, companies are either outsourcing or transferring the payroll to shared services where the compensation and benefit manager has the scope. Don't restrict your growth to only payroll management professional but try to be a compensation benefit professional where this professional also oversees Payroll Management.
Best of luck.
Regards,
From India, Pune
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Payroll Management is a good career provided as under:
1) You have in-depth knowledge of compensation structures, tax laws, PF, ESIC, and other statutory compliances related to compensation.
2) You also have the knowledge of compensation benchmarks, variable pay, and compensation percentile.
3) You are ready to work with outsource companies, e.g., big multinational companies have their own shared services.
4) You have the knowledge of expat compensation.
5) You are ready to work under pressure during payroll cycles, increment cycles, etc.
6) You are ready to face payroll audits.
Nowadays, companies are either outsourcing or transferring the payroll to shared services where the compensation and benefit manager has the scope. Don't restrict your growth to only payroll management professional but try to be a compensation benefit professional where this professional also oversees Payroll Management.
Best of luck.
Regards,
From India, Pune
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Hi Vinod,
I also want to know how I should kick-start my career in the area of HR. As you said, there are many consultancy firms offering payroll jobs, but I don't see any growth with it, plus the salary offered is way too low. Companies ask for good experience before they hire you because of market situations. Where should I start, and if there are any courses and good institutes, please do let me know about it.
Regards,
Deepti
From India, Delhi
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I also want to know how I should kick-start my career in the area of HR. As you said, there are many consultancy firms offering payroll jobs, but I don't see any growth with it, plus the salary offered is way too low. Companies ask for good experience before they hire you because of market situations. Where should I start, and if there are any courses and good institutes, please do let me know about it.
Regards,
Deepti
From India, Delhi
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