Payroll Cycles
(This came to me as an Anonymous question. Thanks - Steve)
The majority of our company is made up of hourly employees. We have both part-time full time staff in multiple locations over a three state area.
Currently, we have a bi-weekly payroll cycle, but we're thinking about going to a weekly pay cycle for the hourly staff. We may keep managers and corporate staff on the bi-weekly cycle. We're considering this as a retention strategy because it would get income into people's hands sooner.
Do you have different pay cycles for staff? Have you seen this type of system work?
I'd like to hear your thoughts on this and thanks for any input you have.
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We changed from weekly to bi weekly and we had a month of a few people grumbling a little about it, everyone now seems to be fine with it. I'm not sure that change will buy much for retention other than it is nice to say in an interview. Good luck. I'm in manufacturing.
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We discussed going to a bi-weekly cycle from our current semi monthly, but had concerns on how it would impact the different employees. We have some salaried non exempt, salaried exempt and hourly (FT and PT). The non exempt salaried people are paid OT on the schedule as the hourly employees hours which are a little behind. We just couldn't figure out a way as to not "harm" the employees in making this change. So I am very interested to read everyone's responses. I thought that this would help with retention & employee satisfaction, as semi monthly can be 2.5 weeks between checks.
