A lot of companies assume that paying their staff monthly is the only acceptable way, and, although that payment schedule works for a lot of businesses and their employees, it is far from the only way to pay. Ways to pay include monthly, hourly, or even payment on a piecework basis.
Below we have outlined the main considerations that businesses should take into account when deciding how often to pay their employees;
- Type of work they are doing.
Different pay schedules make sense for different types of employment. If someone is needed regularly on an ongoing basis over a long period of time then a monthly salaried payment schedule works best, however, if the employee is only needed on a short term, part time basis or is not needed predictably or regularly then an hourly payment schedule may make more sense.
- The Employee’s situation.
Some employees may be in tight financial situations which means that some payroll schedules would be more useful/beneficial to them than others. This is something that some employers may wish to take into account.
When the government introduced Universal Credit, it was made into a monthly-paid benefit so that it would be easier to adjust to the typically monthly-paid world of work. If, therefore, a significant proportion of a businesses staff are receiving benefits, it would make more sense for the businesses payroll schedule to take a similar view.
- Admin Costs
If a business decides to pay all or a large proportion of their employees on a weekly basis then that usually means a lot of compiling and checking of timesheets which is very laborious, thus time consuming and costly.
However, there is a way of all but eliminating this time consuming administrative burden. The solution is to outsource payroll to a dependable, experienced payroll agency like Corporate Payroll Solutions. We’ve been successfully handling payroll for companies big and small for years. Our team make accuracy, integrity and speed our main priorities. We make it a habit to keep up to the date with rapidly changing payroll legislation to ensure your payroll is completed on time, on budget and accurately.
It’s long been assumed that outsourcing payroll is something that is too expensive and out of reach for small to medium businesses, and for a long time that was true. But no longer. We’ve been handling payroll for small to medium businesses for years and at a cost that is often lower than the business handling payroll in house.
So, get in touch with us today, we feel you will be pleasantly surprised to find that we can process your payroll speedily, effectively and accurately at a cost you are comfortable with.