Payroll
Overtime and Premium Pay Benchmarks for 2024 Payroll Teams
More than half of payroll professionals discover overtime calculation errors only at year-end (APA Payroll Practices Survey, 2023). Inaccurate time records cost employers 2 to 5 percent of gross payroll, and manual timesheet errors can add up to $2,300 per employee annually, per EasyClocking by WorkEasy Software's published ROI risk benchmark. This catalog aggregates 18 overtime and premium pay benchmarks across compliance, accuracy, workforce patterns, and automation efficiency so your team can measure where you stand and where the gaps are costing you.
Headline Numbers
54% of payroll pros find overtime errors at year-end
Per the American Payroll Association Payroll Practices Survey (2023), more than half of payroll teams discover overtime miscalculations only during year-end reconciliation, the costliest point to correct.
Inaccurate time records cost 2 to 5 percent of gross payroll
EasyClocking by WorkEasy Software's published benchmark shows that payroll error exposure from time-record inaccuracy falls in the 2 to 5 percent range of total gross payroll.