Expected v/s Actual results need to be compared for the efficient functioning of the Organization. Multiple variance reports can be generated pertaining to the Budget of the Contract, Contract Costs and the Wages paid to the contractor with respect to the Minimum Wages Act 1948. These reports can be viewed in-depth thereby assisting the management to analyse the venture better.
Contract Employee Movement
Once the demand for manpower is raised by the employees of the organization, the request is sent to the HR team for procuring the contract employee. The contract employees are then enrolled after verification. Subsequently the remuneration to the contract employee is determined as per his compliance with the T&A policies of the Organization. At the end of each working day, a reconciliation report is formulated, and the payment to the contractor bill is made in accordance to that.