Ramco Systems

Understanding your payslip can sometimes feel like deciphering a foreign language. Yet, it's essential for managing your finances and ensuring that you're being compensated correctly. Whether you're a new employee or have been in the workforce for years, familiarizing yourself with common payroll terminology will help you make sense of your earnings. In this blog, we'll break down the key terms you’ll encounter on your payslip. 1. Gross Pay Gross pay is the total amount of money you earn before any deductions are taken out. This includes your base salary or hourly wages, overtime pay, bonuses, and any other forms of compensation. It’s crucial to understand your gross pay, as it serves as the starting point for calculating your take-home earnings. For example, if your gross pay for the pay period is $3,000, this figure represents your total earnings before taxes and other deductions. 2. Net Pay Net pay, often referred to as "take-home pay," is the amount you ac...

  It is always a challenge for HR when comes to sourcing for a payroll system. How can you start with a “request for proposal” (RFP) project? It’s always a question mark for many when you need to source for the information, gather them and decide based on the shared system functions, specifications and commercial information.  This article is to share with you the general end-to-end process of a request for proposal (RFP) in sourcing a payroll system vendor based on my experience. There is no concrete right or wrong, but it must be per your organization’s sourcing policies. Source

  The efficiency of picking processes in warehouses is a critical factor in the success of modern supply chains. As the demand for faster order fulfillment continues to rise, driven by factors like eCommerce and omnichannel retailing, warehouses face increasing pressure to optimize their picking operations. The global warehouse order-picking market size, which was estimated at USD 9.19 billion in 2023, is expected to   grow   at a CAGR of 10.8% from 2024 to 2030. Source

  Tired of juggling a million moving parts in your aviation business? With so many components and regulations to keep track of, it's easy to get overwhelmed.  That's where Ramco Aviation Software 6.0 comes in .   Think of it as your wingman, always there to assist you. This software isn't just an upgrade; it's a game-changer. Apart from handling engine maintenance, supply chain optimization, compliance, and more—all in one place, it uses predictive maintenance to solve the rise in delayed TAT in aircraft maintenance.  Source

  Welcome to Part 2 of our RFP process series for Payroll solutions! In our previous blog, we explored the foundational steps that   set the stage for a successful RFP . If you haven’t read it yet, we recommend starting there to build a solid understanding of the preparatory phase. In this instalment, we’ll guide you through the critical steps to take during and after the RFP process. Discover how to effectively manage each stage and make well-informed decisions that will lead you to the ideal payroll solution for your organization. Let’s dive in! Source

  Organizations today face growing complexities in payroll management due to global market expansions, strict regulations, and diverse workforce needs. Once a backend task, payroll has become a critical strategic component, ensuring compliance with international laws, optimizing costs, and enhancing employee satisfaction. As these changes unfold, the effectiveness of payroll processes now directly impacts organizational stability and adaptability. Operating across multiple jurisdictions intensifies the complexities of managing tax regulations, labor laws, and currencies. The transformation of HR Shared Services models underscores this strategic shift. These models integrate advanced technologies and frameworks to streamline payroll operations and leverage payroll data as a strategic asset. This data increasingly guides business decisions, aligning payroll with broader organizational goals to support sustainable growth and competitive advantage. To successfully implement Global HR/P...

  Effective change management is vital in   payroll   processes, even when no system or vendor changes occur, to ensure Business As Usual (BAU) is carried out smoothly. In our previous blog, we discussed the importance of   change management in the context of external factors   that can impact payroll processes. Now, let's delve into how internal changes within an organization can also affect payroll calculations and require effective change management strategies. From updates in HR systems to the introduction of new pay elements, internal changes can have a significant impact on payroll systems. To ensure accuracy and  compliance , organizations must have robust change management processes in place that facilitate collaboration between different departments and ensure seamless implementation of these changes. Changes from Internal Teams A payroll system is affected when changes are made by other departments, such as when finance updates the General Ledger ...

  Discover the crucial role of change management in BAU of payroll, especially in the context of external factors like government budget releases. Change is a constant in the world of  payroll , even after a new system is implemented. Effective change management is crucial not only during the initial transition but also in the ongoing Business As Usual (BAU) stage. This two-part series will highlight the importance of change management during BAU of payroll. In this blog, we will discuss the impact of change management on payroll compliance. External factors like government budget releases can significantly impact payroll processes. To ensure accurate payroll calculations and avoid compliance issues, change management must ensure organizations stay updated on regulatory changes and adapt their payroll systems accordingly External changes - Compliance Did you know that even without changing your payroll system or vendor, routine business activities—like a country’s budget relea...