Grades and Salary Structure
Runtime HRMS lets you create various Grades within an organization. Grades and Salary Structure play an essential role in payroll strategy. Throughout the HR and Payroll software, Runtime is helping companies to dig into how they compensate their employees.
A job Grade is an approach to decide roles and responsibilities, seniority, skills, and expectations for a particular role. For example, grades can be classified as associate, executive, manager, etc.
To create Grades, go to the Setup > Work Profile Masters > grades. Click on the 'Add' button to create a new grade.
Enter a grade name you wish to create in 'Grade Name' and click on the save button to save the newly created grade.
The Salary structure is to decide the target pay for employees within the grades. Runtime lets you predefine lower to higher amount of salaries that each grade will command.
To define the Salary Structure go to the Setup > salary deductions > salary Structures. Click on the 'Add' button to add a new salary structure.
Enter the name of the salary structure and select a grade in the 'Grade' dropdown. To save the newly created Salary Structure, click on the 'Save'.
Defining the amount of salary in the salary structure
To add a salary amount click on the edit icon available on the right of the newly saved salary structure.
Enter the amount in front of salary components to define the salary structure. There are both options available to define salary structure, amount-based salary structure as well as percent based. Click on the save button to save the settings.