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NetSuite 2021 Release 2

SuitePeople Set to Revolutionize the Way Human Resources (HR) Team Works

Have you ever wondered about what is your company’s greatest asset? Is it the network of investors, customers, or the uniqueness of your product? Besides your innovative idea and skills, what is that one thing that deserves the credit for taking your business towards success? 

Yes, indeed, countless factors contribute to a company’s success, but there is one without which it’s impossible to achieve any milestones; your workforce. As Anne M. Mulcahy, former CEO and chairwoman of Xerox Corporation stated:

Employees are a company’s greatest asset – they’re your competitive advantage…,” she further added, “You want to attract and retain the best; provide them with encouragement, stimulus and make them feel that they are an integral part of the company’s mission.”

Your employees are a treasurable asset and deserve credit for their contributions to your business’ success. And not just Anne, but almost every successful corporate professional agrees.

If you wish to stabilize and expand your business, you need to build a workforce comprising satisfied and happy employees. The CEO and founder of the Virgin Group stated, “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.

Considering how important your employees are, you need to have a strong human resources (HR) team with access to the best tools to assist them in doing their job perfectly. While your employees are your greatest asset, the HR team nurtures them and retains them. 

With that in mind, you must definitely direct your attention to NetSuite 2021 Release 2 SuitePeople. NetSuite, one of the world’s most widely used business management tools, has rolled out Release 2 for this year, and it’s literally creating hype in the industry, thanks to its remarkable features and capabilities. 

A Look into the NetSuite 2021 Release 2 SuitePeople

There is a lot that your HR team has to take care of to ensure that your employees are satisfied and working at their full potential. In addition to this, this department is responsible for keeping the employee information updated, calculating payroll earnings, benefit amounts while overseeing the end-to-end performance review process. 

With the NetSuite 2021 Release 2 SuitePeople, things are going to change across your HR unit. The tasks that your team has to cater to manually, can now be easily automated. Manual calculations, updating, correcting and gathering employee performance data can all be very exhausting, demanding unnecessarily long working hours along with a dedicated team. 

The highlights of this release include;

  • Unification of SuitePeople with NetSuite ERP
  • General ledger visibility into costs of employee management in real-time
  • Automated filing and depositing of payroll taxes
  • Efficient performance management solution for an engaging experience for employees
  • Automated calculations for retirement payroll

Extensive Automation and Better Employee Management

As we have summarized the highlights of NetSuite 2021 Release 2 SuitePeople, it is time we dive deep into the capabilities. Let’s explore the many ways embracing and integrating the latest release by NetSuite can boost the performance of your HR, helping you retain your best time and stay ahead of the competition. 

Two updates will surely change how HR teams function by considerably reducing their workload and making things convenient. The two capabilities under discussion are payroll automation for complex retirement calculations and efficient employee management. 

Easing Out Complex Retirement Calculations with Payroll Automation

The HR team is responsible for accurately calculating complex payments such as retirement plans. When they go about these calculations manually, not only does it become exhausting, but they also get exposed to high risks of human errors and miscalculations. 

As a solution to this, NetSuite has introduced new formula-based calculations for 401k plans through SuitePeople Payroll. All one has to do is set a 401k retirement employer matching calculation based on the new formula. Once this is done, it can be applied to every case of retired employees. 

In addition to this, SuitePeople Payroll has come with an age matching calculation capability. This is specifically for employees who are 50 or older. With this feature, the HR professionals can easily calculate catch-up amounts while considering the eligibility criteria, type of retirement plan, and of course, the federal guidelines. 

This retirement plan calculation automation is a feature that would make the job of HR professionals much easier than before. 

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Keeping up with the Changing Workforce Dynamics with Employee Performance Management

One of the most critical jobs that HR is responsible for is to manage employee performance efficiently. This lays the foundation for an employee’s growth and even allows the company to identify the recruitment needs. Employee performance management in the latest SuitePeople Payroll is proving extremely beneficial. 

This feature brings in many benefits, but most importantly, it helps HR steer clear of the manual and tedious tasks by replacing them with automated models. Some of the most amazing features of this management tool include; automated peer reviews. The employee reviews dropped via Kudos in SuitePeople HR get automatically added to the performance report. This saves the managers from spending hours preparing the employee evaluation. 

Integration of NetSuite 2021, Release 2, significantly reduces the need to complete the reviews manually. The workflow notifications feature works perfectly well in this regard. In addition to this, the latest release of NetSuite offers flexible employee acknowledgements alongside efficient goal monitoring. 

The Ending Notes

These are the two most powerful updates made to SuitePeople by NetSuite, and they are expected to benefit the businesses significantly. Currently launched for the United States only, this update has the potential to redefine the way HR teams function. 

If you wish to know more about NetSuite 2021, Release 2, head to Folio3. This company is an Alliance Partner of Oracle NetSuite and has spent decades helping companies across the globe seamlessly integrate, implement, and customize NetSuite.

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