Administrative tasks like updating employee addresses, changing employee direct deposit bank accounts, manually calculating payroll earnings, manually calculating benefit amounts and administering the entire performance review process via email take up a significant amount of time for human resources (HR) leaders and their staff. In fact, HR teams spend as much as 73% of their time performing administrative duties, according to a study conducted by G&A Partners.
NetSuite 2021 Release 2 offers a host of features to help automate these tedious administrative tasks within SuitePeople, NetSuite’s solution for HR, payroll and employee performance management. SuitePeople is unified with NetSuite ERP to provide real-time general ledger visibility into detailed workforce costs, automatically file and deposit payroll taxes, deliver self-service capabilities, and create a more engaging employee experience with an innovative performance management solution. The new release makes it easier to automate retirement payroll calculations and makes performance management even more flexible and efficient.
Companies that offer a retirement savings matching contribution benefit enjoy higher retention rates and are more competitive recruiting talent. However, these payroll calculations are complex even for smaller companies and are often done using spreadsheets. SuitePeople Payroll now helps automate retirement plan calculations by offering:
- New formula-based calculations for 401k plans: When setting up payroll deductions, a new formula-based 401k retirement employer matching calculation can be set up once and then applied to all program participants. Staff no longer need to manually calculate employer match amounts as employees either increase or decrease plan contribution amounts.
- Additional retirement plan automation: This release adds an age matching calculation for people over 50 and automatically calculates catch up amounts for all retirement plan types based on eligibility criteria and federal guidelines. This can save time that was once spent manually calculating those contributions.
The retirement plan enhancements are included with SuitePeople Payroll, which is only available for employees in the United States.
More Flexible and Efficient Employee Performance Management
Employee performance management has proven to be a valuable tool for HR professionals and managers to keep employees engaged as workforce dynamics have shifted. In NetSuite 2021, Release 2, enhancements to SuitePeople Performance Management help HR and managers save time with:
- Automated peer reviews: when employees are recognized via the Kudos feature in SuitePeople HR by other employees, these accolades are automatically added to their performance review to save the manager time in preparing an evaluation.
- Workflow notifications: to keep the review process moving along, new workflows alert the employee or reviewer when a review requires action, reducing the need for manual intervention by the HR team helping to get reviews completed faster.
- Flexible employee acknowledgements: HR professionals or admins can now customize the language used at the end of the review process in the employee acknowledgement.
- More efficient goal monitoring: several UI enhancements have been added to help employees see how many days are left before a goal is due to better prioritize their work. Managers can see their entire team’s goal progress in greater detail to make it more efficient to focus on underperforming employees.
- Areas of focus: a new performance review section captures areas of focus for the employee to aid in developing future goals. Employees and managers are better aligned and spend less time establishing goals.
Want to learn more about NetSuite 2021 Release 2?
Any customer who's gone through previous NetSuite refreshes knows that no blog post can do justice to all of the new functions and capabilities in NetSuite 2021 Release 2.
For a more complete picture of what the new features can deliver to retail organizations, read the release notes.
Most importantly, don't forget to request access to your Release Preview test account. Nothing substitutes for hands-on access to see how all the new features will work with your data, workflows and customizations.
The preceding is intended to outline our general product direction. It is intended for information purposes only and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.