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.
When you’re thinking of starting a business, your passion is ultimately what drives you to provide the best product or service. The first thing that comes to your head is not about the technology you need for payroll, or how you are going to recruit top talent. Need an employee handbook? “I’ll type something up real quick.”
These are just a few of the many human resource topics you can easily put on the backburner without realizing the full scope of responsibilities you now carry as a business owner. As for the future of HR, it’s only getting more crucial for businesses to stay compliant with laws and stay protected.
It won’t be long before millennials dominate the workforce. The Society for Human Resource Management (SHRM) reports that about a third of the current workforce is comprised of millennials. That same report indicates that millennials “are projected to make up 75 percent of all U.S. employees” by 2025. That means that you’ll probably want to take measures to attract top millennial talent when that generation dominates the pool of available job candidates.
Of course, each generation has different priorities when it comes to finding an employer. For example, cash doesn’t rule everything around millennials. Instead, they tend to value a good company culture and special benefits more than a high dollar number. In fact, Forbes reports that “millennials would be willing to give up $7,600 in salary every year to work at a job that provided a better environment for them.”
Millennials have different expectations than past generations. Here’s what you can do to make your business more appealing when recruiting millennials.
When you run a business in a competitive industry, it can be difficult to find and retain employees. The Society for Human Resource Management conducted a survey and found that “95 percent of HR professionals rated health care as one of the three most important benefits to employees.” In short, benefits are big.
Of course, every prospective and current employee may have different health needs. While a group health insurance plan provides employees with medical coverage, there may be some additional health needs that don’t fall under your base plan. This is where a supplemental insurance plan can give your business an edge in attracting new talent and retaining quality employees.
When it comes to your employees, you want the best of the best. Top candidates aren’t always easy to find, however. Recruitment is the first step in the employee lifecycle, and you want to make sure that you have a talented pool of prospects to choose from. Here are the places that you should be looking.
In a former life I was a general manager. A large part of my position was screening and interviewing potential new hires. This important yet time-consuming process included:
- Phone screening
- Background checks
- Scheduling initial interviews
- Clearing my schedule to make time for interviews
- Conducting interviews
...you get my point.