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.
Starting a new business is an exciting endeavor, but it also requires a lot of preparation. Part of this process includes taking measures to make sure the business is set up properly so that you can legally conduct business. Here’s what you need to do to make sure that your new business is ready for success according to federal, state, and local regulations.
Are you prepared for an OSHA inspector to arrive at your door? OSHA performed roughly 72,000 federal and state plan inspections in 2018 alone and all it takes to earn an unexpected visit from an inspector is a complaint from an employee or operating in a high-hazard industry.
Nobody plans to have an OSHA inspection occur at their place of business, but it’s important to act accordingly if it does. Here’s what you should and shouldn’t do before, during, and after an OSHA inspection to protect your business.
Determining pay frequency can be challenging for business owners. While most employees prefer to be paid more often, a higher pay frequency can cost employers. Not to mention, there are federal and state laws that set standards for how employees are paid. That’s why exploring the different pay period options and federal and state payday laws is critical to help you choose the right pay frequency for your business and employees.
A healthy and efficient workforce is paramount for business owners to keep operations running smoothly, yet injury in the workplace is all too common. According to the National Safety Council, a worker is injured on the job every seven seconds. It’s essential to create a culture of safety to minimize workplace injury as well as lower your workers’ compensation rates and limit violations for the Occupational Safety and Health Administration (OSHA). Follow these workplace safety tips to build a more secure workplace for your company.
It’s easy to recognize certain milestones, but it’s not as simple to think ahead and avoid growing pains. Reaching the 50-employee threshold is a momentous occasion, but it also means that it’s time to consider some potential changes. Aside from taking the right steps to make sure your company is compliant with federal and state laws – don’t worry, we cover compliance considerations in another post – here are five ways to prepare your business for growth.
Payroll management is no simple task. Regardless of whether your workforce is 50 strong or you can count the number of employees on two hands, there are lots of employees and documents to keep track of and failure to do so could result in serious penalties and fines. To help, we’ve put together a guide for better managing payroll records.
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.