This webinar discusses the legal requirements and the best practices that will be needed when an employer is investigating, contemplating, or initiating a change in payroll frequency.
Is your organization planning on having a change in your payroll frequency? Possibly your workplace has grown too big to manage weekly payroll now, or perhaps a certain payroll cycle has become the norm in your industry. No matter what the reason is, changing the payroll frequency can be daunting and more than slightly harrowing if it is approached without careful planning. Of course, legally changing payroll frequencies is permitted by the states in most cases unless it is done strictly for the purpose of avoiding overtime already worked. However, it is an arduous task and should be approached with care and tremendous amount of research and preparation. The compliance issues that need to be addressed before making the decision to change payroll frequency must consider factors such as: Does the state permit the frequency? And are there any employee notifications required prior to the changes being made?
In addition to compliance issues there are issues that deal with timing, systems, and employee earnings and fringe benefit accruals. For example, deciding when to implement the pay frequency change can impact a myriad of other issues including the impact on issuing Forms W-2 if done prior to January 1; the effect on salary employees if done mid-year; and calculating fringe benefits if they are based on a time frame such as a per payroll period. There are numerous other considerations that should be discussed when implementing a payroll frequency change.
Why Should you Attend:
Attend this 90 minute presentation to better understand the requirements under Federal and State Laws when contemplating or implementing a change in payroll frequency. The best practices, practical points as well as legal requirements discussed will assist in making the transition as smooth as possible for your employees and your department.
The attendee can learn and understand the background of the law, what must be considered and who must be included when contemplating or implementing a change in payroll frequency. This includes topics like:
- Understanding the need for the change
- The choices available
- Compliance issues involved
- The change's impact on payroll
- The change's impact on employees
- The change's impact on systems and procedures
- Key communication factors to include at all stages of the change
- Formulating the plan to implement the change
- Testing the change before implementation
- Implementation and the outcome
Who Will Benefit:
- Payroll professionals
- Human Resources
- Accounting Personnel
- Business Owners
- Any individual or entity that must deal with the complexities and requirements of changing the payroll frequency for his or her employer