Records Keeping is a mandate every organization needs to abide by. A business has multiple functions and most often the HR, Finance and the Leadership functions own the responsibility of the planning, storing, and maintenance of business records.
The human resource management function is a strategic one but not often had been given the importance as it should receive. The HR function not only helps you have the best resources to lead the company’s growth but also protects the company from a lot of compliance-related issues. The state of compliance and regulations have also been made stringent, given the fact that there are so many reported incidents of records theft, misuse of sensitive personal information, etc.
Use the below audit outlines to check how prepared your organization is in meeting human resource record keeping and file maintenance.
Noncompliance with (employment eligibility verification) record-keeping can bring penalties. Hence, it is essential to have a process in place to review all files and ensure that all employee records stored and maintained up-to-date.
Details of Employee Records are
Employment records consist of every possible detail pertaining to the employment. What is the job position, the duration of employment, mode at which the employment was handled (permanent or under contract), how was the compensation given, what are the arrangement of the employment, and expected outcomes of the particular employment?
Employee Identification Code, Employment Type, Employment Status, Date of Joining, Workweek, Last day of work, etc.
Payroll is the most important and sensitive subject within HR Management. An employee compensation package consists of so many elements and each one of them are linked to multiple internal considerations (qualitative and quantitative components like training, leave details, salary structure, performance, value addition, bonus, etc.) and external considerations (TDS, ITR, Professional tax, etc.)
Hence the HR Payroll team should ensure they store and maintain all employee compensation details as part of HR Records Keeping in any organization.
Meeting statutory compliance is not an easy thing for employers. There are so many industry-specific rules and regulations to abide by. Hence it is vital for any employer to stay on top of these changing regulations and to maintain specific records and registers. The following are essential statutory documents that need to be maintained by an organization
Training records are important to the company for many reasons. Training records show that employees have received training on new topics important to the organization that could cause them to consider a raise or promotion in the future. These will also justify any changes in the increment or deduction of financial remuneration given to employees. It is important for businesses to store these documents, especially for auditing purposes.
All other records
There are many more industry-specific HR records a business should maintain. Some of them are
Employee background verification
Drug Test Results
Employee fitness and medical records
Exit interview documents
The human resource function of a business is complex and requires constant review. Depending on the size of your organization, HR Records file audits should be done on a quarterly or half-yearly basis.
Questions to ask:
On a month-to-month basis, HR Function goes through a lot of repetitive and newly introduced business processes. It is quite difficult to stay on top of everything at all times.
Good news is that at least from a records-keeping perspective, you have help! Consult KAYMAN Records Management Services – A records storage and management company with information management professionals. They have a secure records storage facility in which your files can be stored.