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.
Whether you’re trying to find a way to save time and energy by outsourcing payroll administration or your old payroll partner just isn’t cutting it, you’re going to have to deal with the process of switching to a new payroll system, also known as payroll conversion. A rough transition to a new payroll system can lead to serious issues, including IRS penalties for non-compliance. Fortunately, there are some ways to help alleviate some potential issues that can arise when you convert your payroll process to a new system.
Going to work shouldn’t feel like, well, going to work.
Sadly, that’s how most workers feel. A Gallup study found that two-thirds of full-time workers experience burnout on the job. Yet, only 23 percent of companies offer burnout prevention programs, according to a 2017 Statista survey. It’s a huge issue for many companies and a major reason why talented workers leave for better opportunities.
However, employee burnout doesn’t have to be part of the job. Learning how to spot job burnout and understanding its effects can help employers not only reduce burnout and job stress, but also increase productivity and revenue. We put together some tips to learn more about what job burnout is, how job burnout is affecting your company and ways you can prevent (and even reverse) job burnout at your organization.
Employees and independent contractors all play important parts for small businesses across the country. While they can both work for the same company, there are key differences between the two.
Why does proper employment status matter? There are important legal differences between employees and independent contractors that affect payment, protections, and other key HR matters. In addition, improper employee classification can lead to serious penalties from the IRS. Here’s a breakdown on what differentiates independent contractors and employees and how it can impact a small business.
A good background check is a protective measure for any small company that allows employers to make a fully-informed decision on a job candidate. For example, an applicant with a past misdemeanor could have learned from his or her mistake and be a great fit for your company. However, that red flag could be a major point of concern if you’re hiring for a position of trust. The point is that a background check will help you know about these potential issues up front instead of having them be nasty surprises for the future.
There are several components to a good background check. Each of these parts provide different bits of information to help employers gain a better understanding of who an applicant is and if there are any issues. However, you also need to make sure that you’re following legal guidelines while you investigate candidates’ backgrounds as well. Here’s what you need to know to stay compliant and what you should include in your next background check.
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 a trusted company that provides payroll services for small businesses. Here’s a guide to help you learn what it takes to properly manage payroll for a small business.