Employees have been working twice as hard for several months now.
At the height of the labour shortage, employers must remain competitive in terms of working conditions and the benefits offered.
This means that when employees work overtime, employers must apply different bonuses, in order to increase the wages to their most dedicated employees.
Luckily, our latest version MoneyTalks 4.0 got released just in time to cover both high-priority areas of bonuses and overtime.
Here’s a rundown of what’s included in our latest release:
You can now set up different rules that can be cumulatively or independently applied to different groups of employees or to different periods.
For example, you could add time and a half (1.5x multiplier) after 7:00 p.m. and once an employee surpasses 40 hours in a week, a dollar could be added to their hourly rates during that period.
This gives you the flexibility to create overtime rules that work for your business and places a premium value on certain shifts. Additionally, you can include your employees paid vacation in their overtime hours. This allows you to comply with the various rules and conventions of your company.
To add to that, you can also automatically bank employees’ overtime hours. Doing so allows you to create accumulated banked hours and transfer the overtime made to this bank or you can also leave your options open from one week to the next by choosing the on demand premium option.
No matter the type of bonus, you can now add each to a time slot for specific dates or on less popular shifts to make them more appealing. You can also select the type of bonus, such as an hourly multiplier, an hourly rate bonus or simply an additional amount that will be paid for the shift.
These tools ensure you have a payroll that is 100% compliant before transferring it to your preferred payroll software. As in the past, you will still have to go through the approval stage. However, the timesheets have been revised to allow you to display them in pay period or weekly mode, which indicates the overtime and the bonuses that can be modified as needed.
Also in an effort to improve your user experience, the labor totals have been moved to the top of your timesheets, That way, you’ll get a better overview of your labor costs.
To sum up, MoneyTalks offers you the simplicity, flexibility and reliability in managing your employee’s timesheets.
If you have any questions about our new features or need help setting them up, please don’t hesitate to speak to our Customer Success Team or our Support Team who will be happy to discuss it all.
We wish you a pleasant fall and a stress-free time managing your timesheets!