Pay revisions are an integral part of managing employee compensation, ensuring that salaries remain competitive, transparent, and in alignment with organisational changes. Whether driven by performance reviews, promotions, or policy updates, pay revisions are a routine yet crucial process for every organisation. In Keka, the process of handling pay revisions is designed to be seamless, ensuring that changes are accurately recorded and effectively managed. This article will walk you through the steps involved in navigating and managing pay revisions within the Keka HR platform.
Navigating to Pay Revisions
To begin managing an employee’s pay revision, first, navigate to the employee’s profile in Keka and locate the Finances tab. Under the Finances section, you’ll find a dedicated tab titled Pay Revisions. This tab holds all information related to an employee’s pay, including current salaries, any additional compensation components, and revisions.
Once inside the Pay Revisions section, you'll find a detailed breakdown of the employee's current pay components, such as regular salary, bonuses, or allowances. You will also see options for managing overtime policies and W2 Electronic Consent. This is where you’ll be able to edit or delete existing salary components or add new components as necessary.
Revising an Employee's Pay
Pay revisions typically occur due to changes in salary, the addition of bonuses, or adjustments to allowances. Keka makes it easy to modify these components:
1. Access the Pay Revision Card: In the Pay Revision section, you will see the current pay details displayed in a card format. This card summarizes the employee’s salary structure, including regular pay and any additional components such as bonuses or allowances.
2. Edit or Delete Pay Components: By clicking on the three dots next to the current salary, you have the option to either Edit or Delete the existing pay structure. Choosing to edit will allow you to modify the current salary, overtime policy, and other components. You can also add new components to the employee’s pay structure.
3. Adding New Components: If the employee is eligible for new bonuses, allowances, or other forms of compensation, you can add these by selecting the Add Components option. For each new component, you’ll be prompted to define the payment frequency (e.g., per pay period, one-time payment) and the effective date. This ensures that the new compensation element is appropriately captured in the payroll system.
Managing Overtime Policies
In addition to salary components, the Pay Revisions section allows you to manage an employee’s overtime policy. Overtime policies define how employees are compensated for hours worked beyond their regular schedule.
- To edit the overtime policy, click on the three dots next to the existing policy and select Edit Overtime Policy.
- You can either adjust the existing overtime policy or assign a new one, depending on organisational requirements. You’ll need to specify the Effective Date for the new policy to ensure it is applied correctly in future payroll cycles.
W2 Electronic Consent Management
Another feature that can be updated from the Pay Revisions section is the employee's consent for electronic delivery of their W2 forms. If an employee opts into or out of this electronic consent, Keka allows you to update this directly:
- Select Update Consent from the options provided in the pay revision card.
- You can toggle between Yes and No based on the employee's preferences for receiving their W2 electronically.
This option simplifies compliance with payroll documentation regulations, ensuring that employees receive their required forms in the manner most convenient for them.
Effectively managing pay revisions is crucial for maintaining employee satisfaction and ensuring compliance with compensation policies. With Keka, this process is straightforward and highly customisable, allowing HR managers to easily revise pay structures, add new compensation components, and manage overtime policies. The Pay Revisions section provides a centralised location for overseeing all pay-related changes, ensuring accuracy and transparency in payroll management.