You don’t need to be in school to learn a few tricks. Employees play a huge part in the success of your business. Retaining and developing a good group of employees can set your business up for bigger things in the future, especially when you consider that replacing an employee can cost up to 50 percent of that employee’s salary.
Employee training and performance management are key HR functions that can help you shape your employees into an even more successful group. Here are some back-to-school tips to help you make sure that your business is on the right path when it comes to training and performance management.
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.
Payroll taxes are complicated, especially when you don’t have any payroll training. Small business owners have several tax responsibilities that they must manage throughout the year, which can take up hours of your time each month. Of course, if you incorrectly calculate the tax withholdings for someone’s paycheck, both the employee and the federal or state government may have a bone to pick with you.
One of the most time-consuming and difficult parts of payroll tax management is that there is more than one type of tax that you need to handle. You are responsible for withholding multiple types of taxes from your employees’ wages, including income tax and payroll tax. These taxes each have specific rules in terms of how you and your employees contribute to them and what groups regulate them. Here’s a rundown of the difference between income tax and payroll tax.
Payroll isn’t nearly as simple as just paying your employees. Payroll management encompasses several different steps and responsibilities. Each part of the payroll process requires you to take certain actions or make decisions that impact how your employees are paid and ensure that your business is compliant with any government regulations that apply.
As a small business owner, it’s your responsibility to either take care of each of these steps—or find someone that you trust to manage payroll for you. Here’s a guide to help you learn what it takes to properly manage payroll for a small business.
As time goes by, more employees are working from home. CNN reported in 2017 that “the number of telecommuting workers has increased 115 percent in a decade,” and that nearly 4 million employees spend at least half of their time working remotely.
Telecommuting is attractive to employees for many reasons, such as flexible work hours and more time to spend with family, but employers need to consider how the trend will impact their HR initiatives. Here are some ways that remote employees can change how you manage HR.
A small act of recognition can make a big difference for an employee’s morale. When Forbes reports that nearly two-thirds of employees would "likely leave their job if they didn't feel appreciated," these gestures can help you retain happy, talented employees.
While recognition is a good goal, you also need to make sure that these efforts make sense for your bottom line. Fortunately, there are plenty of good rewards that won’t break the bank. Here are five low-budget ideas that small business owners can use to show employees their appreciation.
When your employees are ailing, your business is also likely to suffer. The health and wellbeing of your employees can play a big part in your company’s success, as a happy, healthy workforce has several benefits, including:
- Increased productivity
- Reduced absenteeism
- Decreased medical costs
Many small business owners have turned to workplace wellness programs to help improve the wellbeing of their employees. Over time, these programs have evolved to address specific issues to better serve employers and their employees. Here are some recent wellness trends than may be a good fit for your business.
You can’t control Mother Nature, but you can take steps to protect your company. Summer heat is a serious threat for any business that operates outdoors, as thousands of workers suffer from heat illnesses each year.
While you can’t control the heat, you can take measures to protect your employees from heat stroke and other serious health issues. Follow these heat safety tips to help protect both your employees and your business this summer.
When small business owners decide to offer health insurance to their employees, they don’t have to find a plan by themselves. The process can be very complicated for people without an intimate knowledge of how health insurance works, so owners typically turn to brokers or PEOs to guide them through the process. While both PEOs and brokers have the same general goal—to find you quality, affordable health insurance for your business—they work in different ways.
Health insurance comes with many responsibilities for small business owners. Regardless of whether you’re trying to cut health insurance costs or reward specific employees, you may wonder exactly how those responsibilities affect who you offer health insurance coverage. Can you pick and choose who can be a part of your health plan, or are there federal regulations involved? As you may expect, there are some rules you need to follow.