There are many reasons to adjust pay rates for an employee, and a growing business may take on new hires at any time. However, adjusting pay rates for new and existing employees is easier said than done in the payroll department. Manual calculations and making adjustments is complicated, even with modern enterprise resource planning (ERP) solutions. Instead of struggling with the process, streamline it with a simple, affordable, add-on solution like Mid Pay Period Rate Changes.
You need a variety of skilled workers to support business operations, respond quickly to customer needs and keep your business moving forward. Similarly, timing is everything when it comes to offering rate changes to employees. Rewarding hard-working employees with a raise is an important benefit that shouldn’t be delayed. You can’t always time a new hire or rate change around payroll periods and you don’t need to be limited by this schedule.
Payroll Changes Are No Problem for Mid Pay Period Rate Changes
Instead of calculating rate changes and adjusting payroll manually, simply deploy Mid Pay Period Rate Changes. With this solution, you can establish a pay rate change for a new hire or offer an employee a raise at any time. The rate changes are automatically stored for use when it’s time to process payroll. Payroll transactions automatically reflect the new rate on the date it’s established. Employees can verify their rate change in an earnings statement. The old pay rate and corresponding hours are detailed on one line of the report and the new rate and corresponding hours are noted on a subsequent line.
Leigh Ann Perry of Thomas Jefferson Foundation, Inc., reports that upon deploying Mid Pay Period Rate Changes, there were no challenges or issues with new hire start dates that don’t correspond with the beginning of a pay period. They no longer needed to coordinate pay codes or manually key corrections, and are now confident that pay checks reflect the proper pay rate for the proper time during a pay period.
It could reasonably take about 10-15 minutes to make a pay code change for an employee. Multiply that by several new hires or employees with raises and your payroll team could be wasting hours making and validating these common rate change transactions. Don’t let pay periods cause problems, deploy the right tool to streamline rate changes. Contact Integrity Data for additional information about Mid Pay Period Rate Changes and other payroll enhancements that will save time and effort with payroll.