National Payroll Week 2022

Fourth celebrates the HR and Payroll professionals that are the unsung heroes ensuring the essential needs of your employees are handled efficiently and effectively.

Let’s learn about some of the difficulties companies see in managing their payroll. Increasing benefits for your employees and staying compliant are two of the biggest trends we’re seeing today.

Taking the Stress Out of Payroll and Providing More for Your Employees

Payroll and HR Compliance

The Growth of On-Demand Pay

On-Demand Pay is revolutionizing payroll. From financial flexibility to increased retention, it represents a win-win for both employers and employees. Discover why its become an essential benefit for your team.

Retain Talent and Engage Workers

Dealing with Payroll and HR Compliance

How well does your HR manager understand federal and state hiring regulations, or the process for filing an FMLA case? Learn about HR and compliance pitfalls from from Fourth’s HR and Payroll expert, Gene Cabrera.

Need Help with Your Payroll this National Payroll Week? Learn How an HR Partner Can Help You.

How Do You Manage Payroll?

On my own or in-house

This is the norm for small businesses, and a lot of big ones too. Either you as an owner, a small department, or your fully fledged in-house financial or human resources team is processing payroll. Roughly 24 percent of businesses use in-house payroll.

You manage the entire payroll process in this system. This includes:

  • Managing your payroll bank account
  • Tracking scheduled and worked hours and salaries
  • Implementing a payroll schedule
  • Managing your employees’ deductions, and
  • Sending out your payments

Internal payroll’s benefits include:

  • Puts you in control of your processes
  • Is often cheaper
  • Is often more secure

On the flip side, an internal payroll process:

  • Tends to take longer for managers, employees, and owners
  • Has more trouble keeping up with compliance
  • Has more difficulty integrating your data to other systems like health benefits
Using a payroll processor

Outsourcing your payroll to a third party is an option many businesses take. According to a Deloitte survey, 32 percent of businesses outsource their payroll to a vendor. Most payroll processors offer a standard model for delivering payroll services.

Benefits of a payroll processor typically include:

  • Setup, processes, and compliance are a cinch
  • Professionals are available to help you with your payroll in case of trouble

But, outsourcing is not without its drawbacks, like:

  • Can be more expensive to maintain than an in-house system and staff
  • Third parties have access to your data

Payroll processors range from large companies offering big support packages and other services to local companies running their own systems. Who you go with should depend on your situation.

Using HR Outsourcing/PEO

A PEO, or professional employer organization, is another option to outsource your administrative services. PEOs “lease” employees back to their employers, allowing the PEO to handle a variety of services like human resources, compliance, payroll administration, taxes, and much more.

PEOs are great because they can offer strong HR and financial expertise to small- and mid-sized companies.

Benefits of a PEO depend on your agreement, but often include:

  • Handling benefits, payroll, unemployment, and workers’ compensation administration
  • Administering drug testing and employment verification programs

As with all payroll options, there are some downsides. If you go with a PEO, it’s important to choose the right one, because they can:

  • Influence your company culture
  • Diminish institutional knowledge of necessary HR and financial functions
  • Provide less reliable HR and other services than an in-house organization

For more information, check out our page on PEOs!

 

Additional Payroll, Labor Compliance, & Minimum Wage Resources

What Can Payroll and HR Compliance Do for Your Business?

What Can Payroll and HR Compliance Do for Your Business?

How well does your HR manager understand federal and state hiring regulations or the process for filing an FMLA case? Learn from Fourth’s HR and Payroll expert, Gene Cabrera, as he discusses how to avoid HR compliance pitfalls.

It’s Time Your Employees Have On-Demand Pay

It’s Time Your Employees Have On-Demand Pay

A recent Gallup poll found only 22 percent of employees feel engaged in their work, a concerning sign especially within the hospitality and service industries already experiencing high turnover rates. Businesses looking to reverse this trend can offer employees valuable benefits aimed at filling open positions and incentivizing longevity.

Labor Compliance and Minimum Wage Updates: July 2022

Labor Compliance and Minimum Wage Updates: July 2022

2022 is halfway over, and that means time for a new slate of state and local regulations coming into effect. We’re big on helping your business maintain payroll and labor compliance, so we’ve laid out every U.S. jurisdiction upping their minimum wage, tip credits, and tipped cash wage rates starting July 1, 2022.

Minimum Wage Updates: January 2022

Minimum Wage Updates: January 2022

New year, new compliance updates. While the federal minimum wage remains at $7.25 for the fourteenth consecutive year, many states and municipal governments are enforcing new minimum wage increases at the start of the year.

Department of Labor Final Ruling on Tips Dual Jobs

Department of Labor Final Ruling on Tips Dual Jobs

On October 28, 2021, the Department of Labor made a final ruling on Tips Dual Jobs. In case you’re not familiar, in most states, businesses that have employees that make tips are allowed to pay a wage that is below the Federal Minimum Wage of $7.25/hour.

LATEST BLOG POST

What Can Payroll and HR Compliance Do for Your Business?

How well does your HR manager understand federal and state hiring regulations or the process for filing an FMLA case? Learn from Fourth’s HR and Payroll expert, Gene Cabrera, as he discusses how to avoid HR compliance pitfalls.

LATEST BLOG POST

What Can Payroll and HR Compliance Do for Your Business?

How well does your HR manager understand federal and state hiring regulations or the process for filing an FMLA case? Learn from Fourth’s HR and Payroll expert, Gene Cabrera, as he discusses how to avoid HR compliance pitfalls.

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