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.
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.
As a business owner, you have to make countless decisions about the types of benefits your business offers. From health insurance plans to PTO, your benefits package impacts your employees and your bottom line. Deciding on the type of benefits you want to offer your employees, like maternity and paternity leave, can be a tricky situation.
Employees play a massive part in the success of your company. Of course, this also means that a bad employee can also lead to potential inefficiencies and other issues.
Firing an employee is a difficult reality of running a business. While the situation is unpleasant for everyone involved, there are right and wrong ways to go about the termination process. In fact, there are several steps you need to take before, during, and after you fire an employee. Here’s what you need to know to take the right route during the termination process.
Changes in healthcare are prompting many small business owners to rethink the role of employee benefits like health insurance at their companies. According to PricewaterhouseCoopers, health insurance premiums are expected to rise by 6 percent in 2020, which can weigh heavily on your bottom line. Below, we explored some of the top health insurance trends that will impact small businesses and how you can adapt in the ever-changing benefits landscape.
Back in 2018, Florida voted to ban vaping in enclosed workplaces. The new law went into effect in July of 2019, but Florida isn’t alone in its ban on vaping in the workplace. Several other states, including California, New Jersey, and New York, all prohibit the practice in any place where smoking is not permitted, while other states have bans for specific settings, such as in enclosed workspaces or schools.
As more states take action to prevent vaping in workplaces, it’s a good time for business owners both in Florida and outside the state to figure out what they need to do to prepare their company from past and future legislation.
Paid time off (PTO), while an attractive employee benefit, can present some challenges for small business owners. From determining the number of PTO days to creating an employee leave policy to tracking time off, there’s a lot that must be taken into consideration. Use this guide to determine how much PTO your employees should receive.
Department of Labor Issues Final Rule on Association Retirement Plans: What it Means for Small Business OwnersSeptember 16, 2019 2:04 PM
Retirement plans are one of the most valuable employee benefits offered by organizations today. According to the Society for Human Resource Management (SHRM), the vast majority of workers say having a retirement plan is critical to their overall job satisfaction. Perhaps that’s why this benefit is such a deal breaker for job hunters and one of the main reasons why so many workers stay with their current employers.
It can be challenging for small businesses, however, to manage the administrative costs and compliance requirements associated with offering retirement savings plans. Only 53 percent of small-to-mid-sized businesses offer a retirement plan, with approximately 38 million private-sector employees without access to one through their employers.
The good news is that may be about to change. In July 2019, the Department of Labor (DOL) clarified the definition of “employer” within the Employee Retirement Income Security Act (ERISA) in sponsoring a multiple employer contribution pension plan. In establishing the ‘final rule', which goes into effect Sept. 30, 2019, the DOL has made it easier and more cost-effective for small businesses to offer retirement plans to employees through Association Retirement Plans (ARPs).
Personality tests can be an effective tool in employee recruitment, training, and development. As your business grows and becomes more diverse, a one-size-fits-all approach to employee management won’t work well on a team made up of different personality types. Company leaders will need to have a better understanding of what makes employees tick and how to encourage everyone to play nice in the workplace.
Managing different personality types in the workplace can present its challenges. As a result, you’ll need to be flexible with your employee management style. Using Deloitte’s Business Chemistry, here’s how to manage employees with these four different personalities.