2017 & 2018 Pay Data Due September 30, 2019
The clock is ticking. Covered employers have until September 30 to submit pay data to the EEOC and the deadline is still on. As you work with your HR team to gather the required data and complete the report, here are five things every CFO should know.
- What are the new EEO-1 reporting requirements?
- Back in early May, the Equal Employment Opportunity Commission (EEOC) announced that employers must submit pay data, also known as Component 2 data, for 2017 and 2018 by September 30, 2019.
- Component 2 of the updated EEO-1 report will require employers to report wage information from Box 1 of the W-2 form and total hours worked for all employees by race, gender and ethnicity within 12 proposed pay bands.
- Employers should report pay data during the “Workforce Snapshot Period,” which is a pay period that falls between October 1 and December 31.
Who’s required to report pay data?
- All private employers and federal contractors with 100 or more employees.
- All federal contractors and subcontractors with 50-99 employees will not report summary pay data.
What are the 12 proposed pay bands?
What it means to you:
- The amount of additional data employers will be required to provide is very significant and will present unique challenges for HR and finance teams. With additional requirements comes the greater potential for human error.
- The traditional EEO-1 report contained 140 data fields for employers to complete. The additional pay data requirements mean that employers must now complete upwards of 6,720 data fields.
- Employers who use a variety of systems to capture data will be forced to combine data from multiple sources which could result in inaccuracies and tedious administrative work.
With these challenging new requirements, employers need one database for HR, payroll and time tracking to efficiently and accurately generate the data needed for the new report. While you’re ultimately responsible for completing and submitting Component 2 pay data, most HR & payroll providers can generate the data you need. To learn how Paycor helps customers prepare for the new requirements, visit Paycor.com/eeoc.
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