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Dependable timekeeping is one of the most important contributors to the financial health of your company. Not only does it build and maintain trust with your team members, but it also streamlines your payroll and scheduling process to avoid unnecessary and costly time spent on correcting errors. Since no two businesses are alike, your payroll system should be flexible and adaptable to fit the unique needs of your industry.
Accurate timekeeping is undoubtedly one of the top ways to ensure your company’s financial health. Small errors, even those that affect several dollars each week, can accumulate into a significant loss in just a few months. Though manual timekeeping has served companies for years, our digital world provides a much more professional and succinct solution to tracking employee compensation.
You don’t need a crystal ball to see the latest trend in employment law today: Fair work scheduling. Also called predictive scheduling, it means employers must give their employees stable, predictable hours and compensate them for last-minute changes to their work schedules. While municipal-level legislation has been on the books in California since 2014, the list of state and local laws is growing.
As you wrap up 2018 and look ahead to 2019, be sure to check out these work-related, unofficial holidays. They can be a fun way to interact with your coworkers on topics other than work, while taking care of some important tasks (like cleaning off your desk or backing up your computer files). They’re also a great way to build a positive, team-centered workplace culture.
As an employer, you know the Fair Labor Standards Act (FLSA) requires you to track how long your hourly employees work and what they earn. How you do it, though, is up to you.
Each method has its share of pitfalls:
When businesses run afoul of labor provisions, the fines can be sizeable.
Recently, Walt Disney Co. reached an agreement with the Department of Labor (DOL) to pay out $3.8 million to 16,339 employees. The DOL’s Wage and Hour Division determined that Florida-based Disney Vacation Club Management Corp. and Walt Disney Parks and Resorts U.S. Inc. failed to observe the the Fair Labor Standards Act overtime, minimum wage and record keeping provisions.
The restaurant industry is known for its high employee turnover rates. According to the National Restaurant Association, "the turnover rate in the hospitality sector topped 70 percent for the second consecutive year" in 2016.
Restaurants aren’t the only businesses experiencing high turnover. Industries like tourism, lodging, healthcare and entertainment struggle with high turnover every day. It's difficult to calculate the true cost of turnover, but estimates from the Center for American Progress show that each new employee earning less that $30,000 per year costs around $4000 to replace. Management positions can cost more than double that amount. Is there a solution?
As employers, we like to think we can trust our staff members. Without trust, not much can be achieved, but there are a couple of areas that provide an easy opportunity for your employees to take advantage if you aren’t watching cautiously, and it can cost you thousands.
In a survey of over 500 retail and service industry workers, over 30 percent admitted to flagrant time theft.1 Workers specifically mentioned using buddy punching and clock creep to steal time. You may already know what these are, but it's worth a review and a look at what you can do about them.
You've probably heard a lot lately about the FLSA rule changes. I know we've blogged about it (along with many others). We've also heard that the rule changes are confusing. So - we're setting out to set the record straight, along with a few survival tips, so we're all ready on December 1st.
What It Is:
As we said, the Department of Labor (DOL) recently unveiled the newest addition to the Fair Labor Standards Act, a law that has been updated multiple times over the last several decades. With the new rule, the DOL raises the minimum salary threshold for overtime exempt workers within companies with over $500,000 in annual revenue. The two main types of salaries are:
Although many employees believe they belong to the first group, salary exempt, a lot fall under the salary non-exempt category. This is usually because they do not fall under the true definition of a manager (see the What It Boils Down To section below).
You've probably heard about the recent changes to the FLSA (Fair Labor Standards Act). As Forbes puts it, these changes will make millions more employees eligible for overtime while making compliance more challenging for business leaders. This new rule is just one reason you should be thinking about automated timekeeping and scheduling.