Paycom Introduces Online Free Calculator; Computes Overtime Wage
OKLAHOMA CITY, OK: Cost computing is a major part in every business despite the fact that the organization is large or small; any mistake can cause a big difference in the balance sheet. Considering this need of computing and its sensitivity, Paycom Software, a comprehensive, cloud-based human capital management software provider rolls out a free online calculator. The calculator is designed to assist companies in cost computing for the proposed change.
According to the proposed rule change, employees getting salaries lesser than $50440 are entitled to receive overtime pay. A report made by Oxford Economics commissioned by National Retail Federation discloses that in case employers could not find ways to control labor cost they might have to pay $5 Bn every year. This potential change makes millions of US employees eligible for overtime pay under Fair Labor Standards Act (FLSA).
“This proposed change to the salary threshold is another example of the increasingly complex regulatory environment faced by employers today,” says Chad Richison, Founder and CEO, Paycom. “It is our goal to aid organizations in their efforts to properly prepare for these changes in order to mitigate their compliance liabilities.”
Paycom’s overtime calculator promptly estimates the amount payable for overtime according to the specific data entered by the organization, relating to the overtime hours worked by the employees. Furthermore, Paycom’s tool empowers with an inflection-point salary level, showing where it can be more cost-effective. Investigation on company’s timekeeping and payroll department can be done anytime by the Department of Labour’s Wage and Hour Division (WHD). Whereas, WHD increased its investigations frequency based on the increasing complaints by the employees.
Driven out of a single database, Paycom’s full suite of Human Capital Management products includes robust time and labor management applications and reporting capabilities. It assists businesses on multitude of daily decisions.