Many businesses offer a retirement plan as part of their employee benefits package. In fact, many states are beginning to set up state run retirement programs to allow employees that do not have access to a retirement vehicle the chance to begin investing in their future. While there is no
As a small business owner, it’s more important than ever to understand the intricacies of employment types. The two most common employee classifications are W2 employees (traditional employees) and 1099 contractors (those who may work for other employers throughout the year). Recent statistics show that independent contractors, a group predominantly
When debating a job offer, most employees consider the benefits offered as a huge part of the final decision. In fact, according to a study by PeopleKeep, 93% of employees consider paid time off as a highly important company perk. That’s why in this article, we dive into the world
As a small business owner, you’re constantly juggling various roles – from managing day-to-day operations to strategizing for future growth. Among these responsibilities, understanding and implementing the right healthcare benefits for your employees can often seem overwhelming. Yet, in today’s competitive market, offering the right benefits is more than just
For many business owners, labor costs will be the highest expense that they endure. Businesses cannot operate without employees, and those employees result in a large percentage of a business’ expenses. The cost of an employee is not just what you pay them hourly or weekly. There are so many
Employee benefits play a pivotal role in maintaining a strong workforce. While most companies offer conventional perks like paid time off, health insurance, and retirement plans, there are numerous innovative benefits that can set your business apart from the competition when it comes to attracting top talent and keeping your
Time off plans are a great fringe benefit for employers to offer employees to foster employee engagement and retainment. When it comes to time off, there are numerous different types of plans. In this article, we will take a look at comp time and if an employer can use comp
There are many different types of health insurance plans businesses can offer to their employees. These plans are a great benefit to add for your employees, ultimately leading to higher employee retention rates. In this article, we will focus on one specific type of health insurance plan for small businesses.
As a business owner, HR director or office manager, you are bound to get asked question after question about your company’s policies and payroll practices. Continue reading to learn the important questions an employee will ask you and how you can answer them. What is the difference between gross and
Today, employees are seeking positions where work – life balance is a priority of the employer. Many businesses are having difficulty hiring and need to consider all options for recruitment and retainment. While not all companies can pay candidates top of market wages, offering stronger benefits can be one way
Offering an array of fringe benefits is one way for a business to stand out above the competition. With many businesses looking to hire, finding ways to attract and retain top talent remains a priority. One thing that a business could decide to offer its’ employees is what is known as on demand pay.
What is 401(k) profit sharing? Around the holidays, many businesses consider providing bonuses to their employees. Some businesses choose to provide their employees with a year-end bonus in a slightly more unique way than just a normal cash bonus. This is done through 401(k) profit sharing. Let’s take a look
How to handle a bonus payroll Employers need any advantage available to them in order to attract and retain top talent. Above market wages and strong benefits are some of the top ways for businesses to stand out above the competition. Once a business is financial stable, providing bonuses to
What is a Section 127 plan? In today’s economy, all business owners are struggling with hiring and employee retention. Businesses are looking for and taking advantage of any tool available to them to acquire and retain top talent. One potential tool employers can take advantage of is student loan assistance
Eventually, almost all employers will need to provide reimbursement to an employee for a business expense. Employers need to know how to handle these reimbursements. One compliance challenge is whether or not a business needs to withhold proper payroll taxes on the expense. Let’s answer the question, are expense reimbursements
There are a number of different employee benefits. Businesses must know how they work and consider offering them to their employees. This will help in attracting and retaining strong employees. From retirement plans, to health insurance and even third party sick pay, all of these items make up a business’
Every American worker would like to retire with a comfortable amount of money at an early age. However, an annuity.org study suggests that the complete opposite is happening. In fact, the United States is facing a retirement savings crisis. According to the study, 22% of Americans have less than $5,000
As the workforce continues to evolve, working remotely is only increasing in popularity. Employees are even seeking remote only positions as they look to change the pre-pandemic work standards. However, from both the employee and employer standpoint, working remotely can bring additional compliance challenges. What happens if the employee works
Payroll is more than just paying your employees. There are a number of different areas that make up the payroll process. Things like tracking employee time, withholding payroll taxes, setting up employee contributions and deductions, and so much more go into the entire process. That is why manual payroll is
Businesses are nothing without strong employees. One proven way to attract and retain top talent is by offering a strong benefits package. As part of a health plan package, many businesses consider offering a FSA. Let’s take a look at what a FSA is. What is a FSA? A FSA,
One of the more effective practices businesses use to hire and retain employees is offering a strong benefits package. As with any aspect of payroll, once a business begins offering fringe benefits, tax compliance issues arise. Let’s take a look at how taxes work on employee benefits. What are fringe
At the core of any successful business, is a detailed and complete employee handbook. While it may be difficult to find the necessary time it takes to create human resource policies for your business, skipping this process can open your business to potential future compliance issues. Let us take a
Most businesses provide benefits to their employees. These benefits must be withheld from employee’s pay properly, according to the IRS, for businesses to stay tax compliant. Certain benefit deductions are considered pre-tax deductions while others are considered post-tax deductions. In this article, we will take a look at the difference
A key way to attract and retain employees is by offering a strong benefits package. One type of benefit that small businesses could consider is a Section 125 plan. Let’s take a look at what this plan is. What is a Section 125 plan? According to the IRS, a Section
There are many things to consider when offering an applicant a position within your company. The salary of the position is probably the first thing a potential candidate will look for. After the position’s salary, the benefit package that you offer will be a key to attracting and hiring new
One of the best ways to maintain a high level of employee engagement and retainment is by offering a competitive benefits package. Furthermore, having a strong company paid time off policy is key to ensure that your company remains highly regarded in the eyes of current employees and potential applicants.
Tips for hiring and retaining strong employees In today’s times, hiring and employee retention are not easy tasks for any company. Below are a few areas, in which you can focus your time and energy, to increase your chances of attracting and retaining strong employees. Creating a hiring and onboarding