With a new year come many new changes and updates to payroll requirements. 2022 will be no exception, and with the new year quickly approaching, we've compiled the following extensive list of items that may initiate some payroll changes in your organization. We understand that this is a very long list to review, but we hope it provides a valuable reference guide for your organization. You might start thinking about these and act sooner than later.
As employees begin returning to the workplace from an extended period of home isolation, it is quite possible that we'll see a short-term bump in accidents and Workers' Compensation claims. It's going to take some time to restore old routines and form new ones in the offices, warehouses, and work spaces that have been quiet over the past few months. Mistakes are going to happen, and some of those mistakes are going to cause accidents that result in Workers' Compensation cases. How much time will you waste juggling all the different tools you use to manage those cases? With an integrated Human Capital Management solution like People Savvy HCM, the answer might be, "Not much."
People quickly and understandably become very confused when it comes to reviewing Workers' Compensation policies and rates from insurance carriers. At its most basic, the following formula is used to calculate Workers' Compensation premiums:
Payroll (per $100) X Class Code Rate X Experience Modifier (MOD) + State Fees/Surcharges = Premium
Let’s break down each of these elements and explain where the amounts come from.
If you are one of the few, select individuals who loves addressing and managing Workers' Compensation issues, then any HR department would be lucky to have you. It probably means you're extremely organized, exceptionally patient, and incredibly resourceful. You probably have the tact of an international diplomat and the steel-trap memory of an elephant.
For all the rest of us less naturally inclined towards this topic...well...we need some extra help.