Software allows HR department to accurately calculate bonuses and hourly rates
Lloyds is the first British bank to claw back bonuses after financial results did not meet expectations. The banking group is claiming back millions of pounds worth of bonuses. Top bosses affected include ex-chief executive Eric Daniels, who is expected to lose between 40 per cent and half of a £1.45m bonus. The BBC also claims that three other board directors are expected to see about £250,000 of their bonus taken from them.
Time and Attendance software from Tensor makes it simple for the HR department at both small and large businesses to accurately calculate shifts and hourly rates, including bonuses. Complex payment schemes can be used, based on factors such as the time of working to the grade of employee, via the Shift Premiums function. It allows you to create a series of shift premium rules that enable employees to earn bonus payments under special circumstances. The bonus is calculated either as extra hours or monetary amounts and can be included in the export to payroll.