I am an HR professional with 7+ years of experience in almost all the areas of HR except Payroll & Compensation.
Recently, I have been noticing a major trend of outsourcing of HR processes to outside vendors, especially in the area of Payroll and employing consultants for conducting study & survey on Compensation.
I am sure these vendors / companies / consultants who provide Payroll services / Payroll Software/ Survey studies, will require / need professionals with understanding on Indian Payroll System.
I am just wondering, is there any course or guide where you can get basic knowledge on the payroll system. For example:
1) Basic components of Pay Structure / Package;
2) Statutory deductions:
a) Various Acts & sections to be considered
3) Special Components of Pay Structure
5) Allowances - LTA, Telephone
6) Cash Benefits - Bonus, Incentives, etc.
Because, even after being a part of HR for these long years, I only understand the fundamentals of payroll, but not the related complex concepts.
That's the reason, I was just wondering if there is any institution that specializes in such course of 3-6 months, which will equip a gerneral HR personnel to gain a specialized knowledge on Payroll & Compensation.
Lately, I have been researching on Payroll a lot and I came across institutions and associations formed in US, Canada & UK for payroll certifications and not a single one in India.
I very much understand that, even in India payroll is a specialized field in itself and we should have courses and certifications for the same. I am trying to find one, so that I can be a part of the same and get trained and be better informed.
Any information on this is highly appreciated.
Look forward for a reply & insights.