Retirement plans can be a great benefit for small business owners looking to attract and retain employees. But between IRAs and 401(k)s, it can be challenging to decide which is the best plan suited for your organizational needs. For greater ease, some employers might prefer the SIMPLE IRA. For flexibility, though, the variety of choices available in a 401(k) can make this retirement plan a more attractive option.
Choosing a retirement plan is often one of the most important financial decisions a business owner can make. To help with your decision, we explained the differences between a SIMPLE IRA and a 401(k) as well as the pros and cons of each retirement savings plan.
Over time, it’s becoming more apparent that people’s personal and professional lives will occasionally overlap. The Bureau of Labor Statistics found that 63 percent of families with children under the age of 18 had both parents employed. Add in millions of single parents trying to balance home and work responsibilities and you have a lot of employees who seriously value a family-friendly workplace.
Managing work and family obligations can take a serious toll on people, which can have a direct impact on your business. Not only can this balance impact the quality of their work, but it can also lead frustrated mothers and fathers to look for more family-friendly workplaces. Fortunately, family-friendly policies are beneficial to employers as well as employees. According to the University of Kansas, a family-friendly workplace can help you:
- Make employees more productive
- Create a less stressful work environment
- Attract more top talent
- Retain quality employees
So what can you do to make your business more family-friendly? Here are four policies that can help your business appeal to existing and potential family-oriented employees.
It’s already difficult to manage payroll for a small business, but it can get even trickier if you have employees who work out of state. Whether you have remote employees, live near a border, or have any other reason for an employee to complete their work in a different state, there are certain rules set by the Department of Labor (DOL) and other federal and state agencies that you need to follow when handling payroll for those workers.
Workplace injuries are a serious concern for any business. Not only can an injury gravely impact the wellbeing of one of your employees, it can also cause OSHA to come knocking at your door.
A serious injury can lead to months of headaches and serious fines, but there are ways you can act to mitigate, or even avoid, OSHA intervention. Here’s how GMS was able to get OSHA to complete an investigation without coming on site or issuing a citation after a notable workplace injury.
As we approach the 2020 political season, healthcare remains an eternal “hot topic” issue; one that acts as an economist’s reoccurring bad dream. Much like a bad dream, the obvious warning signs of our domestic system’s atrophy disappear into the cognition of the economist’s mind and are forgotten by mid-morning. The economist, much like the rest of the country, has an eerie feeling due to this reoccurring healthcare nightmare, but can’t quite seem to pinpoint the root of their discomfort or begin to answer the lingering paradox of “How can we make healthcare in the U.S. financially sustainable?”
The answer to that question is a large, complex, and convoluted issue to tackle. An alternative approach is to look at our ongoing mistakes as an industry and start to peel back some of the fraud, waste, and abuse at least long enough to get our collective head above water to propose a semi-legitimate long-term solution.
With recent changes to the Fair Labor Standards Act (FLSA), many business owners – and their employees – are trying to figure out exactly who qualifies as exempt from overtime pay under the new rules. Unless you’re ready to dig into Department of Labor (DOL) fact sheets and other documents, it’s not always clear just what counts as white collar exemption these days. To help, we’ve put together a breakdown of these exemptions to help you properly classify your employees.
After some big changes in 2019, it’s apparent that New Jersey takes wage theft very seriously. The state adopted the new Wage Theft Act (WTA) and amended its Wage and Hour Law back on Aug. 6, 2019, giving it some some of the toughest laws in the nation regarding wage and hour enforcement.
The new WTA has a direct impact on business owners in New Jersey, but it’s important for those outside the state to be aware of the updates as well. The Garden State is a common testing ground for legislative changes, so other states may adopt similar laws over time. As such, let’s break down exactly what New Jersey’s wage and hour enforcement laws mean for business owners (and what they can do to avoid issues).
Cybersecurity threats are real for businesses across the country, but one state is making an effort to make its citizens more knowledgeable about these dangers. Georgia Attorney General Chris Carr announced the release of Cybersecurity in Georgia to inform business owners and other individuals about potential cyber threats and how they can reduce the likelihood of these attacks.
While the 24-page guide was aimed at business in Georgia, its message is relevant for businesses all across the country. Here’s a breakdown of what you can do to protect your business from cyber threats.
If you think bullying only affects children, guess again. According to a 2019 Monster.com survey, a whopping 94 percent of people said they were bullied in a workplace at some point. This trend has grown to the point where now states like Tennessee are implementing new statutes to combat the issue. Find out how Tennessee plans to tackle workplace bullying and what what you can do to protect your business.
The holidays are typically a time of joy and celebration, but they also require business owners to make some additional considerations about holiday pay. This type of pay makes it possible for employees to stay home for a selection of holidays and still get paid for those days. However, this benefit isn’t always a guarantee depending on the needs of your business.
Are you unsure about how to handle holiday pay for your business? We broke down some common holiday pay questions to help you determine how holiday pay can affect your business and the best plan of action for your specific situation.