When a business reaches a certain number of eligible participants for their 401(k) plan, federal law requires an independent audit of that defined retirement plan. Larger companies are more accustomed to this annual requirement; however, owners and managers of smaller businesses may never have experienced a 401(k) audit or don't know nearly enough about it.
No matter the size of your business, or how good your retention rate is, from time to time, an employee resigns in favor of other opportunities. For them, it means a new chapter in their professional life. For you, it means closing the book on their employment with your company.
If you’ve been putting up with a payroll and HR system that no longer works for you and your employees, it’s likely time to take the leap and move to a new system. Switching systems can mean fewer manual processes and streamlined data flows, giving your team more time to focus on more strategic and people-oriented tasks within your department. If you’ve determined switching is the best option, you’re likely concerned about the work involved in moving to a new system. Working with unfamiliar technology and people, loading and mapping employee data and history, conducting user training on the new system…it can seem overwhelming. However, you can minimize the stress and workload by following a few essential guidelines for a successful payroll implementation.
On the surface, managing the payroll process may seem like a simple, straightforward task. You provide paychecks to all your employees on time, and everyone in your company is happy. That seems easy, right? In reality, there is a lot more to the process than meets the eye - and you’re not alone if you feel stressed trying to handle all its moving parts.
When you really get down to it, payroll processing for each of your employees involves in-depth knowledge of wage laws and payroll taxes at the local, state, and federal levels, employee deductions, your company’s internal processes, and most importantly – patience. That doesn’t sound so straightforward, after all, does it? In order to reduce your stress, here are guidelines for creating a more manageable payroll processing experience.
If you prioritized business owners' favorite responsibilities, payroll taxes would likely fall towards the bottom of the list. Unless you have a deep history in payroll processing, it can be difficult to stay on top of all the ins and outs of tax obligations—from Social Security and Medicare to federal and state unemployment taxes and beyond.
But it doesn’t have to be a burden. Here are essential elements to managing one type of employer tax, unemployment insurance, from filing the correct form to being proactive in controlling your tax rate.
Overtime compensation rules are among the many labor regulations established by the Fair Labor Standards Act (FLSA) designed to protect workers. Calculating overtime pay may seem like a no-brainer, but actually, overtime pay calculations can be tricky. It can be more complicated than a simple time and a half calculation, and there are a number of FLSA rules that need to be considered when calculating overtime or you could find yourself the target of a Department of Labor investigation and liable for back pay, damages, and penalties.
Here are some of the fundamental FLSA rules and calculations to help you ensure you are paying employees correctly and protecting your business.
Have you ever left a job fair feeling like your top accomplishment was the distribution of your company’s latest promo item (stress ball, anyone?) to people who will likely toss it the minute they get home?
In theory, exhibiting at job fairs provides a boost to the candidate search and hiring process. In reality, job fairs require thorough preparation and out-of-the-box tactics to be an effective recruiting strategy.
If you are planning to attend job fairs in 2019 and come away with more than empty boxes, these tips are for you.
Topics: Human Resources
Have you ever been on a first date and ended up playing Twenty Questions? As nerve-wracking and awkward as it can be, you have to forge through if you’re serious about getting to know someone better and decide if the relationship is worth pursuing. The same goes in your quest to find the right payroll company. You are making an important investment, so you’d better know to whom you’re entrusting your employee data and paychecks.
We compiled a list of questions to ask prospective providers that may feel a bit awkward to ask but will provide you with vital information to help you make the right choice.
The idea of compensation for injuries goes back as far as 2050 B.C. in ancient Sumeria.1 Recorded on a clay tablet, the law of Ur instituted distinct payouts for specific injuries, such as a severed foot or nose. Through several millennia, injuries that occurred while performing work for another moved from the worker assuming most of the risk to primarily an employer liability.
Today in the United States, workers’ compensation is a standard type of business insurance and is a requirement for most employers. Each state regulates its own workers’ compensation program, and the federal government manages its own program for federal workers.
Topics: Employer Basics
Although your experience and education largely define your career and your professional persona, sometimes a certification tucked into your title goes a long way toward being perceived as a leader or expert in your field. There are a few different certifications HR professionals can earn to increase their understanding of best practices, legal requirements, and ethics. Certifications also provide opportunities for you to engage with a professional community that shares your values and goals.
While earning certifications for educational and professional networking purposes is commendable, you’ll want to combine a meaningful educational experience with a certification that can boost your career and land you in a nice position to negotiate a raise. It’s a good idea to talk to your mentor or manager about what is well-recognized and valued by your peers and company leaders before dedicating the required hours and dollars. This roundup of HR certifications will provide a starting point for your research and your path to HR superstardom.
Topics: Human Resources