Bi-weekly pay for salary exempt, non-exempt and Hourly Employees

[DeAnsin]

What is the name of your state? Texas

Right now the organization I work for is set up for semi-monthly pay, 15th and 31st of each month. My Director and I have discussed changing to bi-weekly pay periods. This was attempted before by another Controller last year and it failed because employee's felt that they would be getting cheated out of their pay, so he suggested that I find several benefits to support our employee's with the change to bi-weekly pay. My question is can you suggest a few benefits to a bi-weekly pay period?

Thanks for your help,
DSimmon

 

[vettrock]

I'm paid bi-weekly. I like it because I get paid more often. 26 times a year rather than 24, which means two months I get an extra paycheck. Additionally, you get your money sooner (by a few days). When I was paid semi-monthly, I was waiting 15 or 16 days for my paycheck. Now it is 14 days. If you calculate the the time value of money, the earlier you get the money, the more it is worth. The few extra days that the money is in the bank probably won't ammount to that much, but it is technically more rather than less than they were getting with the bi-monthly paychecks.