Being a Small Business may side track a lot of business owners from the fact that having employees really means you might possibly have a whole unit or department to deal with at once. Not many have truly realised and admitted to this fact entirely, as the notion of just getting employees to get the job done just seems far more important. With that being said, let’s look at some important pointers to highlight when running your payroll and ultimately your Human Resource Department.
1. Ensure to conduct a proper INTERVIEW: Many business owners in our land may find it suit or fit to ignore this factor as they mostly try to use the ‘network code’ to get the ‘knowing about a prospective employee’ done. Thus, most times we fall short in conducting a proper interview to get to know or have a feeling about our prospective employees. We tend to not realise how essential it is to give potential employees scenario exams or tests, foster the opportunity of asking team-oriented questions and even more so, to get a chance to tell the potential employee a little more about our businesses and what you expect; Afterall an interview is a two way stream.
2. Employees must sign a written contract: Please my compadres, its 2021. Stop allowing ‘word a mouth’ to be your tool if/when your employees file a report on you at the Ministry of Labour & Social Security. If you don’t understand the full essence or the conditions necessary to draft a valid contract, speak to an accountant or lawyer as the long-term monetary effects may prove far more detrimental.
3. Employee Contact Information should be Stored and Filed: It is also, important to note that along with a letter properly introducing and congratulating the employee to the company, a sheet outlining contact information in regard to the name, address, TRN, NIS, Emergency or next to kin contact and bank account details must be kept safely also. This serves as a route to capture information in regards to salary payment and Payslips as the employee may need this info in the future to access loans.
4. Be sure to understand key employment terms and conditions: These include terms or conditions like vacation pay/days, sick days, departmental leave, maternity leave, probationary period etc. Again, these are important and essential terms that all employers must know.
5. Proof of payment or salary of employees must be recorded: Whether it is supplying them with a pay slip, receipt or transfer to a bank account, the amount and date transferred to your staff must be recorded properly and signed. Again, this might become pivotal in cases of breach, fines or reports made by your staff.
6. A monthly SO1 must be filed monthly for permanent staff: Once monthly deductions are being deducted from the salary of your permanent staff, please ensure that your monthly SO1 is submitted and paid over to confirmed these amounts. These include that of NIS, NHT, Ed-tax and Income tax if the employee is making over the 125,008 (monthly) Income tax threshold. Bear in mind also that employees will need to know that these are being paid in order to retrieve and use their NHT or NIS benefits.
7. Store all documents signed by your employees safely: Yes! All those contracts signed, pay slips or invoices given and sick or vacation days taken. Everything must be properly documented and kept safely for easy retrieval if needed for future reference.
Understanding the importance of these pointers are extremely important when running your business. As such, please ensure to get proper guidance and advice on how to use and implement these aspects within your business.
If you need help or further information, please feel free to contact us at 1 (876) 902-7259 | 545-6928 or email us at BIZcareConsultationAcct@Gmail.com to arrange your consultation session. Do remember at BIZcare “Your Business is our Priority”. We offer the services of:
- Business Registration
- Tax Filing
- GCT Filing
- Payroll Services
- Consultation Services
- TCC Services
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Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]