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[Video] 3 Big Payroll Pains Your Construction Prospects Haven’t Fixed

Posted by Kit Dickinson on Apr 13, 2016 7:13:09 AM
Kit Dickinson
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[Video] 3 Big Payroll Pains Your Construction Prospects Haven’t Fixed

Last month we showed you how you can find a sure-fire sales angle to grab the attention of your time-and-attendance prospects in the professional services industry.

But professional services companies aren’t the only industry with terrific opportunities for HCM sales reps. Construction companies face unique time-and-attendance problems that few of your prospects have solved. Every time they issue a paycheck, they’re taking certain kinds of risks that could result in government audits, fines, employee disputes, or ugly and public lawsuits.

Fortunately, we have insight into their pains that can give you a unique advantage over the competition. With IDI, you can provide an easy-to-use solution that helps complement your HCM system and remove those pains.

Interested? Here’s a quick overview of the unique time-and-attendance challenges construction companies are facing—and how Time Bank can be the hook to close your next sale.

Construction Companies: Prevailing Wage & Certified Payroll Reporting Problems

Construction companies are finding it more difficult to manage crews and individual employees’ time on jobs and contracts while staying in compliance with prevailing wages, fringe rate, and union requirements. Some of the common challenges facing construction companies include:

Time Collection and Tracking

Construction companies need to ensure that their employees’ hours and earnings are accurately captured and applied to the respective jobs, contracts, etc. Time Bank takes time-and-attendance data and applies the various rules to ensure time collection and tracking are done accurately every time.

Prevailing Wage Compliance

Construction companies that work on government-funded projects are required to ensure they are in compliance with prevailing wage and other employee benefits under the Davis-Bacon Act. These rates are project-specific and based on where the job is located (e.g., a drywaller in New York City is paid a different rate than a drywaller in Albany, NY). Time Bank determines the appropriate prevailing wage and corresponding fringe rates based on the specific project rates. It also ensures that employees get an FLSA-compliant overtime rate.

Certified Payroll Reporting

Many construction companies work on government projects, requiring them to submit certified payroll reports each pay period verifying they paid their employees compliant rates for work performed. For client’s using ADP Workforce Now payroll, Time Bank assigns day-of-week and other logic for certified payroll reports. The hosted solution reads payroll results and automates the creation of Federal, state, and local reports.

Watch this quick video to discover more about how IDI solves these construction payroll problems.
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Topics: Construction Industry Solutions