When one of my clients acquired another company in the middle of a fiscal year, it presented me a new challenge in not only helping them manage a new 401(K) cumulation and reporting process but also maintaining their current method. I want to share what I learned and the solution I implemented for the situation.
Schemas are an essential component of time and payroll processing. The payroll and time schema itself contains multiple subschemas filled with logic such as operations and functions that essentially govern how your payroll and time processes are handled within your business. Although it may not be apparent, a business’s weekly paycheck to an hourly associate is directly a result of running the respective payroll and time schemas.
Implementing, managing, and maintaining a human resources information system (HRIS) is a complex undertaking. The technology touches every person in your organization, and will profoundly affect the way your organization operates. Having the right consulting partner can make the difference between a system that helps your business succeed and a transaction tool nobody wants to use.
Over the past thirty years, most medium and large businesses have automated and consolidated their payroll, benefits, attendance, and talent management practices into what we call human capital management. HRIS has become HCM, and that term now encompasses all the things we do to manage the relationship between organizations, people, and work.