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SIMPLE IRA vs. 401(k): How Employers Can Choose the Right Retirement Plan

by Tim AustinFebruary 24, 2020 8:00 AM

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.

 Retirement savings plan.

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Benefits

4 Policies That Support a Family-Friendly Workplace Culture

by Tim AustinFebruary 20, 2020 8:00 AM

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.

An employee working at home with her daughter thanks to a family-friendly workplace policy.

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Benefits

How to Handle Payroll For Out-of-State Employees

by Tim AustinFebruary 17, 2020 8:00 AM

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.

A map of the U.S. for out-of-state employees with certain payroll requirements.

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Payroll

Navigating Overtime Pay: A Breakdown of White Collar Exemptions

by Tim AustinJanuary 14, 2020 8:00 AM

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.

A group of white collar exempt employees at a business.

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Human Resources

Holiday Pay: How it Works and What it Means for Your Business

by Tim AustinNovember 27, 2019 8:00 AM

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.

A piggy bank with Christmas lights representing holiday pay. 

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Benefits | Payroll

Parental Benefits: Should Your Business Offer Maternity and Paternity Leave?

by Tim AustinNovember 21, 2019 8:00 AM

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.

Two new parents with their baby while on maternity and paternity leave from their employers. 

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Benefits

The Different Types of Group Health Insurance

by Tim AustinNovember 14, 2019 8:00 AM

Health insurance is one of the most sought-after employee benefits, but not all health plans work the same way. There are several different types of group health insurance that differ in terms of how the insurance is purchased and how it affects the group’s premiums and plan options. 

Different types of group health insurance plans for small businesses. 

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Benefits

How to Fire an Employee: What to Do Before, During, and After Termination

by Tim AustinNovember 7, 2019 8:00 AM

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.

An employee gathering items after being fired by a small business owner. 

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Human Resources

Small Business Health Insurance Trends 2020

by Tim AustinOctober 31, 2019 8:13 AM

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.

 Small business health insurance is changing in 2019.

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Benefits

Florida Bans Vaping in the Workplace: What it Means for Business Owners

by Tim AustinSeptember 30, 2019 8:00 AM

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.

An employee vaping in the office before Florida’s ban on vaping in the workplace. 

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