People continue to quit their jobs at a mind-boggling rate as the Great Resignation continues. More than 4.4 million people left their jobs in 2022 so far. Employees are being more selective about the employers, company cultures, and the nature of the work.
You’ve finally decided that you’re going to outsource some or all of your payroll woes! But when you sit down to research the market and find potential vendors, you’re overwhelmed by a never-ending list of payroll service providers — each claiming to be the best.
When considering payroll options, it’s important to choose a reputable company. Ultimately, it’s your business that’s responsible for paying your employees and your taxes on time — not the payroll service provider.
There’s a lot at stake here. You should do your homework to ensure the payroll company you pick is compliant with regulatory standards, offers what you need, and is reliable.
When a business reaches a certain number of eligible participants for their 401(k) plan, federal law requires an independent audit of that retirement plan. Larger companies are more accustomed to this annual requirement. However, owners and managers of growing businesses may never have experienced a 401(k) audit or don't know enough about it.
You probably have a lot of questions if you’re about to undergo an audit for the first time. At what point is an employer required to complete a 401(k) audit? What is an "eligible participant," and why is this important? Who performs the audit, and what documents do they need?
A little homework will help you determine whether or not a 401(k) audit is required. Plus, it’ll help you better prepare for one.
No matter your role or function in a business, there never seems to be sufficient time and resources to accomplish everything you’d like to while operating at the highest possible level. But there are tools that can help.
Human resources processes require significant thought, strategy, and time, whether you have five, 50, or 5,000 employees. And in today’s climate of companies competing for limited talent, you want your human resources practices to be smooth and effective, not only for you but for your team members, as well. Fortunately, many options are available for you to get the support you need to manage your workforce.
If you have employees, there's a good chance that company culture is something you think about often. Positive company culture has the power to impact organizational performance and can mean the difference between surviving and thriving, something that many businesses are focusing on in 2021.
Among the many ways to positively impact company culture, showing your employees appreciation for their hard work is possibly one of the most important. It can boost employee satisfaction at work, thereby increasing performance and retention and creating a more enjoyable workplace for everyone. But how can you show appreciation to your employees when the office is empty?
Communication with employees is the foundation of success for any business. It's even more crucial during a crisis.
With so much uncertainty surrounding the present and future impacts of the COVID-19 pandemic, leaders are forced to address issues they never have before. Some are finding that their current internal crisis communication plan needs tailoring to tackle the unique challenges posed by COVID-19. For others, this will be a crash course in crisis communications.
To effectively communicate with employees during difficult times, it's essential to keep employees' psychological wellness in mind by being transparent, empathetic, and responsive. Here are a few tips you can follow to keep workplace morale from sinking, promote productivity, and position your company to be an employer of choice on the other side of the crisis.
Research from the Society for Human Resource Management (SHRM) shows companies that invest in a detailed, effective onboarding program retain 50% more of their new hires than their competitors. Similarly, employees who have a positive onboarding experience are 69% more likely to stay employed at their current company for at least three years. With the unemployment rate reaching new lows, signaling a decrease in potential new hires, it’s more important than ever to invest time in crafting a good onboarding experience.
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 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.
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