Payroll - Medium

Payroll Elements

• Payroll processing involves three key elements: Onboarding, Masterdata, and Offboarding.

Onboarding

• Onboarding is the process of absorbing new employees into the bank, whether permanent or temporary.
• This process includes Pre-Employment Screening (PES) to verify employee claims, such as criminal records and education.
• PES is not limited to onboarding and is also conducted for current employees.

Masterdata

• Masterdata involves continuously updating customer profiles.
• Updates may include transfers, promotions, demotions, and other changes.

Offboarding

• Offboarding is the process of removing employees from the bank, either voluntarily or involuntarily.
• Voluntary exits occur when employees resign, while involuntary exits may be due to death, retirement, contract termination, or retrenchments.

Payroll Processing

• Payroll processing generates payslips based on inputs from Onboarding, Masterdata, and Offboarding.
• Deductions are made from third-party vendors, such as Liberty, Bankmed, Alexander Forbes, and SARS.
• These deductions are paid for by the bank on behalf of the employee.

Global Presence

• The bank has an employee base of 30,000-35,000 employees across 16 countries, including South Africa, Lesotho, Botswana, Nigeria, Angola, and others.

Payroll Elements

• Payroll processing involves three key elements: Onboarding, Masterdata, and Offboarding.

Onboarding

• Onboarding is the process of absorbing new employees into the bank, whether permanent or temporary.
• This process includes Pre-Employment Screening (PES) to verify employee claims, such as criminal records and education.
• PES is not limited to onboarding and is also conducted for current employees.

Masterdata

• Masterdata involves continuously updating customer profiles.
• Updates may include transfers, promotions, demotions, and other changes.

Offboarding

• Offboarding is the process of removing employees from the bank, either voluntarily or involuntarily.
• Voluntary exits occur when employees resign, while involuntary exits may be due to death, retirement, contract termination, or retrenchments.

Payroll Processing

• Payroll processing generates payslips based on inputs from Onboarding, Masterdata, and Offboarding.
• Deductions are made from third-party vendors, such as Liberty, Bankmed, Alexander Forbes, and SARS.
• These deductions are paid for by the bank on behalf of the employee.

Global Presence

• The bank has an employee base of 30,000-35,000 employees across 16 countries, including South Africa, Lesotho, Botswana, Nigeria, Angola, and others.

Learn about the different elements of payroll processing from a Human Resources perspective, including the onboarding of new employees, updating of master data, and offboarding processes.