Now that your company is paying hourly (non-exempt) employees who are working remotely, this is a good time to review your company policies and reacquaint yourself with FLSA overtime rules.
For organizations in the professional services industry, your work-from-home employees may be switching their time between accounts, which adds complexity to your overtime calculations. There are other factors, as well — such as timesheet reporting and your company’s pay schedules.
The gig economy isn’t just for side hustling anymore. Over the last couple of years, several trends have converged, making gig workers a normalized sector of the workforce. And all signs indicate that these independent contractors are here to stay long-term.
In a shaky economy, automation can be incredibly appealing to business executives, but threatening to employees. Automating manual processes not only boosts efficiencies, it cuts down on costly manual errors — and that’s especially beneficial in the realm of payroll. Complex manual calculations are not only time consuming, they’re also risky to your bottom line.
It’s old news that the economy has been hard on organizations, but you might be surprised how much it has affected your employees. Seventy-eight percent of Americans are living paycheck to paycheck and are financially unprepared for unexpected expenses. That means nearly eight out of ten of your employees go to bed every night worrying about how they’ll pay for their housing and groceries.
As the coronavirus pandemic continues to plod along, professional service and project-based companies are taking stock for the long term. It’s clear that the new normal is likely to extend through the fourth quarter of the year and into 2021 — at the very least. That has specific billing and payroll implications for the professional services sector, as they manage billable and non-billable time — as well as salary allocation across projects.
Companies everywhere, in every industry, are frustrated by payroll. Some of the frustration is self inflicted, with legacy policies or other requirements outside of what a commercially available payroll is able to handle.
Three years ago, employers were in panic mode as President Obama's new Overtime Rule was about to go into effect. The threshold for overtime was being raised, and millions of salaried employees were about to become overtime-elibible. The impact on many businesses would have been seismic.
Whenever you start a new project, your profitability depends on a nearly impossible task: estimating your costs beforehand. No project of any significant length goes entirely according to plan, and there are nearly always unexpected snags that add costs you didn't plan for.
Overtime regulations and pay policy updates have been in the headlines lately, with a focus on the evolving nature of labor laws and little-known details that could surprise you.
This month we bring you important headlines from around the web that could affect the way your company handles your payroll policies. Check out the articles below.
