When it comes to paying employees, there are various options for pay schedules. The most common pay schedules are weekly, bi-weekly, semi-monthly (or bi-monthly), and monthly. Let’s take a closer look at each option.

Weekly pay schedules mean employees are paid every week, usually on a specific day like Friday. This is a great option for employees who rely on a consistent paycheck to make ends meet. However, it can be a bit more time-consuming for employers to process payroll every week. As someone who receives a weekly paycheck and a person who processes payroll, I love the consistency and frequency of a weekly paycheck. Who doesn’t love seeing a new deposit in the bank each week?

 Bi-weekly pay schedules mean employees are paid every other week, usually on a specific day like Friday. This is the most common pay schedule, as it strikes a balance between paying employees frequently but not overwhelming the employer with too much payroll processing.

Semi-monthly pay schedules mean employees are paid twice a month, usually on the 15th and the last day of the month. This is a good option for employers who want to pay their employees more frequently than monthly, but don’t want to process payroll as often as bi-weekly. With semi-monthly, schedules change every month. You do not designate a set weekday for processing, which makes it more challenging to maintain standard practices.

Monthly pay schedules mean employees are paid once a month, usually on the first or last day of the month. This is the least common pay schedule as it can be difficult for employees to budget their finances around receiving only one paycheck per month.

Ultimately, the best pay schedule for your business will depend on your specific needs and the needs of your employees. It’s important to communicate clearly with your employees about their pay schedule and ensure that it meets everyone’s needs.

I found the following article really helpful. It contains additional details and considerations as you decide what is best for your company.  https://www.forbes.com/advisor/business/payroll-calendar/

At Grant Payroll, we accommodate all pay schedules. We have a reliable system that keeps us organized, so we can serve our business owners and their employees by ensuring payroll consistently arrives on time. If you need help figuring out a payroll calendar for your company, we can help. Your time is our priority.