If you own a small, five-person company, it might be tempting to think that you don’t need to invest any time or money into human resource functions like a big business. That’s a bad idea.
Every company needs HR, regardless of size. Just like how you don’t build a house without a proper foundation, a small business – or any business – needs to create a solid human resource foundation to succeed.
There are several employee work classifications covering everyone from full-time workers to special classes such as interns. Each person needs to be sorted into their appropriate groups to help determine their benefit eligibility.
However, there are occasions where employees can be incorrectly classified. The government takes this issue very seriously. The Society for Human Resource Management writes that proper employee classification “make[s] sure that all legal requirements are maintained so that there is no discrimination in terms of benefit plan eligibility and payment of compensation in accordance with federal and state laws.” It’s important to know how misclassification works and just how much it can hurt your business.
GMS’ Stacey Larotonda Honored as a Patriotic Employer by the Employer Support of the Guard and ReserveJune 6, 2017 8:00 AM
Group Management Services was recently honored as a Patriotic Employer through the Employer Support of the Guard and Reserve. Stacey Larotonda (VP Client Services) was nominated by GMS Account Manager, Lauren Handley, Petty Officer First Class in the Navy (E-6), who is currently serving an 8-month tour in Afghanistan.
Retired USAF Lieutenant, Colonel Chaker Fadel, serves as the Employer Outreach Coordinator for the ESGR. Fadel presented Larotonda with the award on April, 21 2017, which is given to an employer who has shown exceptional support of The National Guard and Reserves.
When the Affordable Care Act passed in late 2010, one of the major tenets of the plan was the creation of healthcare exchanges in every state. These exchanges would be state-run with federal seed money used to create them. People who didn’t have coverage or had unaffordable coverage through their employers would be able to buy subsidized plans at a comparatively low cost.
The exchanges began with the implementation of the ACA in 2014. Of the 50 states, 23 of them were run by the federal government. In late 2015, it was reported that 12 of the 23 federally-run state exchanges were shutting down due to unsustainable losses. In some areas, things have gotten worse.
It can be very difficult for small business owners to compete with big companies when it comes to 401(k) plans. Due to their size, large corporations can use economy of scale to their advantage and offer attractive retirement plans that are more affordable due to the size of their employee base.
Small business owners don’t have hundreds of employees to their name, but that doesn’t mean that they can’t have access to economies of scale through other resources.
If you think it’s hard to find good talent these days, you’re not alone. The Society for Human Resource Management conducted a survey of more than 3,300 HR professionals and found that “more than two-thirds of surveyed organizations hiring full-time staff indicate[d] they are having a difficult time recruiting for job openings.”
Thanks to a combination of factors, hiring employees that truly fit your requirements can be a tricky process. SHRM’s Jennifer Schramm cites “a low number of applicants, lack of needed work experience among those that do apply, competition from other employers, and a lack of technical skills among job applicants” as obstacles that employers face these days.
When it comes to finding the right applicant for the job, it’s important to know where to look. Here's where you should consider looking to find the quality talent your business needs to grow.
Every few years, Ohio business owners may notice unexpected increases in their unemployment insurance rates. At first, they may think that this is an error, but it’s actually part of regularly-scheduled increases called mutualized rates that apply to businesses across the state.
If you’re one of those Ohio business owners, you probably have a few questions, such as “what is a mutualized rate” and “why is Ohio charging me extra every few years?” Those are both very valid questions, so here’s a quick rundown on extra mutualized rates in the Buckeye State.
Paper has played a huge role for businesses. Legal documents and contracts can be found in offices around the country. Business cards and print ads helped to seal deals for decades. Even money is printed on paper. Thanks to technology, however, the times have been a changin’.
In this digital age, businesses can cut down on paper usage in favor of online documents and processes. It’s become so popular that, according to a study on document-creation site Nitro, 49 percent of CEOs name sustainability as a top three initiative for their organization. A paperless workplace is a great way to achieve that goal.
Employees handbooks are more than just a stack of papers you hand to new hires. An employee handbook can be key part of informing your workers about several items, including:
- Company philosophy
- Conditions of employment
- Company policies and procedures
- Compensation and benefits
Handbooks are great at introducing a new hire to your business, but it’s not the only role it plays. A handbook also serves as an important compliance document that shares the rights and obligations for both employees and their employers. Including certain criteria about these legal obligations and having your employees sign off that they received a copy of the handbook, can help protect your business in case there’s ever a labor dispute.
Of course, things change. Your company can grow, opening you up to new legal requirements. Legislative changes can affect several of your policies. Over time, you’ll need to update your handbook to address these changes if you want to avoid any potential issues.
There are growing signs that the economy is improving. Perhaps the most notable marker is that more people are starting to come back to the workforce. The unemployment rate is continuing a downward trend, meaning that more employers are starting to hire again.
Of course, finding good employees is important to a company’s growth, but keeping their best employees is vital to an employer’s productivity. Keeping your best employees ensures a smoother transition for newer employees and keeps the job environment stable with their most seasoned employees.
Of course, with a growing job market, sometimes a company’s best employees begin looking at this as an opportunity to “test the waters” of their own value and see if there are better options. How does a small business owner retain good employees while attracting qualified candidates? By offering benefits.