Biweekly is Best: How to Think About Pay Schedules
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- čas přidán 6. 08. 2024
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It’s no wonder so many HR pros stick with the payroll practices they inherited from their predecessor. But your pay schedule should be intentional! In this episode, Sarah covers the factors that influence pay schedules, explains why biweekly is best, and outlines how to make the transition.
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▬ Contents of this video ▬▬▬▬▬▬▬▬▬▬
00:00 Payroll can be frustrating for many reasons
01:05 The Four Factors Affecting Pay Schedules
03:46 The Four Types of Pay Schedules
04:37 Monthly pay schedule
05:38 Semimonthly Pay Schedule
06:58 Biweekly Pay Schedule
07:50 Weekly Pay Schedule
08:53 Why You Should Pay Biweekly
12:26 How to Change Payroll Schedules
▬ Episode Resources & Links ▬▬▬▬▬▬▬▬▬▬
HR Payroll Basics for Small Businesses: What to Know
www.bernieportal.com/hr-guide...
Pros and Cons: Different Types of Payroll Schedules
blog.bernieportal.com/what-ty...
What is a Pay Period and What Makes Each Type Different?
www.bernieportal.com/hr-gloss...
State Payday Requirements
www.dol.gov/agencies/whd/stat...
Is Overtime Calculated Daily or Weekly?
blog.bernieportal.com/is-over...
HR Software with Payroll | Integrated Payroll
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How Workplace Transparency Boost Retention
• How Workplace Transpar...
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#HR, #HumanResources, #HRTips, #HumanResourcesTips, #SmallBusiness, #HRPartyOfOne, #Payroll, #Biweekly Payroll + HR + Benefits in an all-in-one solution. Request a demo today!
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remember HR is management
Yup,any real HR Dept should be, by law, operate under a codified set of laws that deliberately offset it's income source from it's prerogative of actually working for the employees. You know, like the kind of things unions did way back when... You can thank the Austrian school, and later, the Chicago school of economics for that. They basically based their ideas on how rich land owners ran medieval Europe ran shit with fiefdoms, serfdom, and the idea if someone born rich deserved to stay rich since the cream rises to the top. Everyone's success is enhanced by relying on someone else making money off money they didn't work for, or was so incredibly Machiavellian and unscrupulous about accumulating wealth that their benevolence would just naturally make the rest of us "comfortable." Tell that to anyone in the bottom 60% of this country who went grocery shopping in the past few months.
There is no excuse for holding someone's pay for more than a week. Payroll apps are all over the place and are cheaper than a bank or a payroll company, and even if I'm wrong, too damn bad. An employers profit is there as soon as the transaction is completed. My labor is supplied in the moment, real time. If I do the work then and there why do I have to wait to to be recompensed for weeks? This woman is completely out of touch with reality. Weekly pay is exponentially easier to budget, it's also just less stressful. The mental gymnastics required to budget off of two paychecks is a drain and bi monthly pay should be illegal. If holidays and pay periods sync up just right you can end up waiting up to three weeks for a check that covers less than two full weeks of work. Tell me how it's fair to wait 20+plus days to get paid for 9 or 10 days of work, and wait another 15 to be compensated for the day or two that got left out because the period ended when it did. And the three paychecks in a month thing is despicable the way she talks about it. It's not a bonus, it's what my boss owes me for making him rich. It's condescending to a degree that makes me question how she got a job in HR to begin with. And anyone reading this should definitely be wary of anyone in HR who is so corporate. HUMAN resources is called that for a reason. It's not COMPANY resources is it?
She is so far out in left field. I hate getting paid every two weeks when it con-sides with bills due every pay period it’s harder to manage money. You wind up not being able to eat for part of the second week of the pay period. Especially if you were making more money, at one job that laid you off cause of greed. You find another job doing the exact same thing you were doing there for a paycut but it’s a job. I think anything less than weekly pay should be illegal.
Can we discuss how the current payment structure primarily benefits the company? If HR is in charge of cost management and you feel this is you doing your job, that's fine, but I think weekly payments should be the norm because of less tax being withheld. Having $900 taken out of my bi-weekly check versus $300 taken out weekly would benefit my household the most. If this incurs more processing fees, the company should accommodate it considering how hard their employees work, especially since many rarely get bonuses and we don't get paid for the commute to and from work.
Any complaints from HR or finance about switching to weekly payments would be odd to me because it means an extra $60-$100o or more going into their pockets, depending on their salary.
Best for who?
You can give me mines every week !
Anything other than weekly pay should be illegal. So they’re making its employees suffer for greed? More money for them? So people are supposed to suffer because it’s easier and saves you money. I wish we were like the French.
Ty I’ve Always wondered why people pay like they do
💛💛💛💛💛💛💚💚💛💛💛💛💛💛💛
Another reason to put less effort into paying you, some big wig managers will get a bonus for keeping operating cost low.
Yeah nah. Theres 0 reason to withold my money. Payroll isnt that hard and most companies are overpaying for outsourcing payroll and not paying new employees for 3 weeks. I dont know about you but i cant survive for 3 weeks with no pay and id guess most other people couldnt either. Biweekly payroll doesnt save any money for the company or for the employee, even if you wait 2 weeks the payroll load is the exact same, 2 weeks. The explanations for biweekly payroll is bullshit. Compabies want to pay you biweekly so they can hold onto your money longer and use it
I'm here because my work lets me choose my pay schedule I was thinking of switching to monthly for kakeibo
Ekspecially is crazy
I would think hiring stupid people would be damaging to HR’s reputation, which happens constantly.
Biweekly pay is a scam.