Podcast
Questions and Answers
What is the process of removing employees from the bank called?
What is the process of removing employees from the bank called?
What is the purpose of Pre-Employment Screening?
What is the purpose of Pre-Employment Screening?
What is the process of intake and absorption of new employees in the bank called?
What is the process of intake and absorption of new employees in the bank called?
What is the purpose of Masterdata?
What is the purpose of Masterdata?
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What is the term for when an employee leaves the bank willingly?
What is the term for when an employee leaves the bank willingly?
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What is the term for when an employee is removed from the bank forcefully?
What is the term for when an employee is removed from the bank forcefully?
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What is the purpose of deductions from third-party vendors?
What is the purpose of deductions from third-party vendors?
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How many countries process payroll in addition to South Africa?
How many countries process payroll in addition to South Africa?
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Study Notes
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.
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Description
Learn about the three key elements of payroll processing: Onboarding, Masterdata, and Offboarding. Understand the process of absorbing new employees, updating customer data, and more.
