The Most Common Payroll Schedules for Hourly Workers
Payroll schedules refer to the frequency at which an employer pays their employees for the work they have completed. There are several common payroll schedules for hourly workers, including weekly, biweekly, semi-monthly, and monthly.
Weekly payroll schedules are perhaps the most common for hourly workers. Under this schedule, employees are paid on a weekly basis, typically every Friday. This can be a convenient schedule for both employers and employees, as it allows for frequent payment and helps to ensure that employees have a steady flow of income.
Biweekly payroll schedules involve paying employees every other week, or 26 times per year. This schedule is slightly less frequent than weekly payroll, but can still be beneficial for hourly workers who need a regular income.
Semi-monthly payroll schedules involve paying employees twice per month, typically on the 15th and last day of the month. This schedule can be a good option for hourly workers who prefer to receive their pay more infrequently, but still want to receive it more frequently than monthly.
Monthly payroll schedules involve paying employees once per month, on a specific day, such as the last business day of the month. This schedule is less common for hourly workers, as it can be less convenient for those who rely on a regular income to pay their bills.
There are pros and cons to each of these payroll schedules, and the best option will depend on the needs and preferences of both the employer and the employees. Employers may choose to offer different payroll schedules to different employees, depending on their role and responsibilities within the company.
In addition to these common payroll schedules, there are also less frequent options such as quarterly and annual payroll schedules. These are generally less common for hourly workers, as they do not provide a regular flow of income and can be less convenient for employees who rely on a steady paycheck.
Overall, the most common payroll schedules for hourly workers are weekly and biweekly, as these provide a regular income and can be convenient for both employers and employees. Employers should consider the needs and preferences of their employees when determining the best payroll schedule, and may need to make adjustments based on changing circumstances or business needs.