As time goes on, we can expect our labor laws and tax system to become even more complex than it already is. So much so that handling your taxes and labor relations becomes a very laborious task that takes away from the human resources department’s important work, which is focusing on the people.

 

Good HR and payroll software help companies stay compliant by doing all of the heavy lifting automatically. In The Bahamas, the National Insurance Board (NIB) rate will increase from 5.9% to 6.65% for employers, while the percentage rate will increase from 3.9% to 4.65% for employees, effective July 1.

 

With compliance being a top concern for companies as the implementation date approaches, the country’s leading HR management software TriblockHR has found a way to make it easy. Calculations, reporting and all of the necessary checks and balances are in place to ensure that any company that uses the software is able to confidently say they are fully compliant. Even when it comes to paying third party or external deductions a good HR and payroll software is built to facilitate that as well, whether it’s an employee's auto loan, mortgage or your pension contributions. Once payroll is completed everything is handled for you.

 

An increase in NIB contributions directly affects payroll costs. Companies need to account for these changes in their financial planning to ensure they can meet their obligations without disrupting their financial stability. Additionally, companies need to communicate any changes in deductions to their employees effectively. Understanding the details of the rate increases helps in explaining these changes to employees, which can affect their net income and personal financial planning.

 

So, in essence, a good HR and payroll management software like TriblockHR really does make the work of your HR department that much easier. When you have to deal with gratuity pay, sick pay, vacation pay, regular pay, injury reporting etc. the big task of keeping everything accurate becomes somewhat overwhelming even more so as your organization increases in size. This does not have to be so much of a burden to track and maintain. Some use elaborate excel spreadsheets and others utilize built for purpose (TriblockHR) human resources software. By doing that you greatly decrease the amount of effort required to do simple things like submit your NIB C10 contributions or to autofill and submit a B44 work related accident form.

 

It can all be so simple.

 

E-mail: alpha@platoalpha.com (242) 812-2195