Regulatory Alert – Mortgage Loan Officers Now Classified as Non-Exempt

One area of particular focus in financial services today is customer profitability. A key goal is to manage costs but at the same time ensure that the most profitable and valuable customers obtain the highest level of service. EmpCenter for Banking & Financial Services provides activity based costing functionality to capture labor costs for projects, tasks, or accounts, and its analytics functionality provides invaluable strategic insight.

With a workforce that includes everything from front line tellers to back office operations personnel, such firms endure a heavy administrative burden further complicated by an often multi-state footprint. Here, EmpCenter can help schedule the right employees for the right time, simplify time and labor management, and streamline the associated employee payment processes, not to mention comply with the full battery of state and federal regulations. EmpCenter not only increases the efficiency of procedures and reduces errors, it frees HR personnel for higher-value strategic tasks.

Banks and Financial Services organizations have their own unique employee groups and associated complexities:

Branch Locations

• Schedules employees to optimize customer satisfaction
• Captures hours worked to ensure accurate pay calculation for regular and overtime hours
• Tracks hours against locations, projects, and tasks
• Enables rapid replacement process for employees with last-minute absences

Financial Executive

• Develops accurate costs for customers and line-of-business labor
• Minimizes time spent on tactical processes to enable strategic HR
• Analyzes business labor trends for better decision-making capabilities
• Minimizes noncompliance risk by automating and enforcing workforce rules and regulations
• Reduces administrative costs using employee self-service functionality for absence management and scheduling

Corporate & Administrative

• Facilitates easy deployment of resources from one department to another, while maintaining corporate policies
• Minimizes staff time spent on tactical projects to accomplish more productive and strategic assignments
• Eliminates errors and reduce processing time by automating common processing tasks

Human Resources

• Ensures compliance with the Fair Labor Standards Act (FLSA) and the Family Medical Leave Act (FMLA)
• Tracks and records all absences and tardy events

Payroll

• Calculates hours worked and overtime for payroll
• Calculates all premiums and other special district pay, based on company policies
• Synchronizes all time information with HR and payroll systems, saving vast amounts of time