Glossary of Human Resources Management and Employee Benefit Terms
Biweekly pay is a pay schedule in which employees are paid every two weeks, typically on the same day of the week. This is also known as a fortnightly pay schedule. Biweekly pay results in 26 pay periods per year, with employees receiving 52 paychecks over the course of two years.
This is different from weekly pay, in which employees are paid every week, and monthly pay, in which employees are paid once a month. Biweekly pay is a common pay schedule in many industries, including retail, hospitality, and healthcare.
Biweekly pay is a pay schedule in which employees are paid every two weeks, usually on a designated day of the week. This is also known as fortnightly pay.
Biweekly pay is different from weekly pay, in which employees are paid every week, and monthly pay, in which employees are paid once a month. Biweekly pay results in 26 pay periods per year, as opposed to 52 for weekly pay and 12 for monthly pay.
One advantage of biweekly pay is that it allows for better cash flow management, as employees receive paychecks more frequently. Biweekly pay also simplifies payroll processing for
employers, as it reduces the number of pay runs they need to process each year.
One disadvantage of biweekly pay is that employees may have difficulty budgeting their finances, as they receive paychecks less frequently than with weekly pay. Biweekly pay can also result in two months of the year in which employees receive three paychecks instead of two, which can impact budgeting and planning.
Yes, biweekly pay is a common pay schedule in many industries, including retail, hospitality, and healthcare.
Biweekly pay is calculated by taking an employee's annual salary or hourly rate and dividing it by 26, which is the number of pay periods per year.
Yes, taxes and other deductions, such as social security and Medicare contributions, are taken out of biweekly paychecks in accordance with applicable laws and regulations.
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.