When the base rate of pay in not a set amount, what happens if employees accrue overtime?
Sometimes, overtime isn’t as straightforward as time and a half, and it’s easy to see how critical errors in pay can occur. Challenging calculations including varying rates of pay based on departments and shifts, work on piece-rate pay, or employees with non-discretionary compensation, can cause headaches for payroll.
But not anymore.
OnePoint’s real-time pay rules engine can be customized to your pay scenarios and automates weighted average overtime calculations. Simplify payroll and minimize risk of overtime pay errors with intuitive technology by OnePoint.
OnePoint flexible rules engine allows clients to create Weighted Average Overtime Rate rules that track the week start and use counter lists to determine which hours and amounts will be included in the WAOT calculation.
The weighted average overtime rate tables apply the rate tables that need to count toward the total amount. Identify where the overtime premium from the WAOT calculation will appear and the multiplier.
OnePoint HCM customizable pay rules produce accurate overtime calculations. You can group records per week, not by pay period, and tools like the "Review Results" in Time Prep allow payroll to troubleshoot the calculated rates. Total earnings/hours can be examined to ensure the pay calculation is correct.
Organizations of all sizes have concerns about wage & hour compliance. But taking the steps to minimize risk can be cumbersome and time consuming with out the right systems of processes in place.
Workforce automation can solve several common wage and hour compliance issues to produce hundreds of hours of recovered time, control wage costs, and boost productivity across the organization.
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