The 50-employee mark is more than just a milestone; it’s also an important number for some major regulation requirements. Once your business has 50 full-time employees, various federal and state laws become mandatory, which can wreak havoc on your business if you don’t prepare for them. Here’s what your business needs to do to stay compliant once it reaches 50 full-time employees.
As an employer, you have a responsibility to handle every step of your business’ payroll. One of the more notable steps is handling the tax deductions that are withheld from every employee’s gross wages. To help, we’ve put together some pointers on how you can calculate the various deductions found on each paycheck.
The Department of Labor announced a proposal in early March to change the salary-level threshold for white-collar exemptions. This move comes more than two years after a federal judge blocked another attempt to update the threshold for overtime eligibility, although the details of the proposal differ from the 2016 proposal.
The current salary-level threshold for white-collar exemptions is $23,600 annually, which equates to $455 per week. The DoL’s new proposal seeks to increase the threshold to $35,308 annually ($679 per week) – nearly halfway to the DoL’s 2016 target threshold of $47,476 ($913 per week).
While the new proposal is notably lower than the blocked attempt, it still marks a nearly 50 percent increase from the current wage threshold. As a result, the DoL “estimates that 1.1 million currently exempt employees who earn at least $455 per week but less than the proposed standard salary level of $679 per week would, without some intervening action by their employers, become eligible for overtime.” That’s a notable change that can have a direct impact on your employee’s compensation.
Human resources are one of the most important components of any small business. However, the responsibilities often fall to the owner or an executive, as many small businesses don’t have the capacity for a designated HR department or full-time employee. Often, managing these HR functions in-house creates many challenges.
Who doesn’t love payday? For many employees, payday makes them feel better than Christmas. As a small business owner, you have the freedom to decide how to handle payroll at your organization. Talk about a huge responsibility. It’s important to get it right, as payroll done wrong can cost a small business owner time and money.
There are a few different methods for distributing employee pay, but savvy business owners find that electronic payroll methods like direct deposit and payroll cards streamline the process and keep employees satisfied. We explored the different types of payment methods to help you determine the best payroll solution for your business.
Managing the operations of a small business is costly and requires time away from more valuable projects. That’s why many small and mid-size businesses outsource human resources, payroll, employee benefits, and risk management services. A PEO (Professional Employer Organization) can help take these responsibilities off the plate of business owners, so they can focus on the growth and success of their business.
We’ve put together a guide to understand what PEO services entail and how to choose the right PEO for your business.
Payroll forms can put a lot of pressure on business owners. When you’re in charge of a small business, it’s up to you to make sure that these forms are not only completed accurately, but on time as well. If you’re not careful, the penalties can range from $50 per faulty form all the way up to hundreds of thousands of dollars for notable violations.
One of the biggest struggles of managing payroll forms is simply knowing which forms apply to your business and what they do. We’ve compiled a list of payroll forms that you’ll likely need to know for your small business and how they work.
Winter isn’t coming—it’s here. The falling snow and frigid air are good reminders to prepare your workplace for the winter months ahead. From power outages to workplace injuries, winter weather can have some chilling effects on your business operations. Read on to understand why workplace safety is important and the winter workplace safety measures your organization should take this season.
Ever wonder the reasoning behind a paycheck? As in, why does one employee make a certain amount, while another earns more or less? It all comes down to an organization’s compensation philosophy.
Does your organization have a compensation philosophy? A WorldatWork survey found that more than nine in 10 companies have a compensation philosophy; however, that doesn’t mean their compensation philosophies are any good. Nearly one in three compensation philosophies aren’t in writing, while about half of employees don’t even know or understand them. This presents a huge missed opportunity for companies, as there are many benefits to pay transparency.
Intrigued? Read on to learn what compensation philosophy is and how your organization can benefit from having a good compensation strategy in place.
Let’s face it; you’re not going to get along with every person you meet—and that includes the people you work with.
Conflict in the workplace happens at every organization and ignoring it can be costly. A study by professional training and coaching company CPP, Inc. found that 85 percent of employees experience conflict in the workplace. When it’s fight or flight, it’s easy to want to avoid conflict at all costs; however, your organization will surely pay the price by avoiding conflict management altogether. CPP’s research found that workplace conflict wastes nearly three hours per week, costing $359 billion in paid hours.
Because every employee possesses a unique set of attitudes, visions, and values that may differ from that of their co-workers, these differences can sometimes lead to conflicts in the office. We put together some conflict management tips to help you understand what can spark a conflict in the workplace and how you can put out the flames for even the hottest office tempers.