Employees are a vital component to any organization. Even while paving the way for business innovation and growth, employees are one of the costliest entities a business must account for. Recruitment, training, time and attendance, and retention are all contributors to the bottom line. That’s why keeping tabs on employee time and attendance is necessary to discourage avoidable spending, bettering the bottom line.
When it comes to payroll, no one wants to witness mistakes. From employer to employee, misinformed payroll providers can really put a damper on someone's day. After all, it all comes down to money, does it not? So, why not invest in something that takes the necessary steps to prepare a payroll company for a successful transaction.
Tedious processes are never favorable. When there is an opportunity to simplify a task, there is typically no question on whether to make the switch. When it comes to manually scheduling employees, the task can become overwhelming, quickly. With every change, a manual schedule must undergo a scan to make sure all times align, and even then, there is a high chance for mistakes. With a full plate of to-do's, who has time to be manually scheduling employees?
Opinions vary greatly on the benefits that HR resources bring to a company’s bottom line. Today’s competitive landscape demands definitive proof that HR contributes a measurable value to organizational growth and profitability.
Reduction in operating and labor costs can be effectively accomplished today with the implementation of a workforce management solution. Manage costs effectively with accurate calculations of employee work hours according to your business, union and HR rules that literally take one-third of the time it tacks to complete manually. Create electronic timesheets that can be easily sent to payroll reducing if not eliminating countless payroll processing errors inherent in manual run systems. Manage and reduce overtime costs with automatically generated employee lists that are based on skill sets to ensure that the right people are covering the right positions at the right time.
The U.S. Department of Labor has recently proposed a rule change that would make millions of new employees eligible for overtime pay. Under the Fair Labor Standards Act (FLSA), miscalculating overtime pay can lead to significant penalties for businesses today. The Department of Labor aims to update the salary level required for exemption to "ensure that FLSA's intended overtime protections are fully implemented, and to simplify the identification of nonexempt employees," making employee exemption easier for employers and workers to understand and apply (Source). Essentially, if hours aren't accurately paid, the result can be excessive fines and penalties imposed on your business. Read further for a better understanding of the rule changes associated with these new overtime regulations.
Let’s face it. Payroll is a crucial business practice and not just a twice-a-month annoyance. Paychecks are the primary method for rewarding and retaining employees, therefore late or error prone paychecks can contribute to a disgruntled and unmotivated workforce.