January 2, 2014 7:46 AM
With today’s challenging economy, employees are often finding themselves searching for a better paying job. A recent survey states that 47 percent of top-performers are looking for jobs. That statistic could be earth shattering for any business. "Whenever there’s a shift in talent, it’s the ones you want to keep that leave first."
Little do they know, they may be making more than they think. Employees typically only see their take home pay and not the cost of the additional benefits you as the employer are offering.
As an employer, it is imperative to make sure your staff feels valued. A great way to accomplish this is to show employees everything they are being offered besides what they put in the bank. By presenting your employees with these facts, it will encourage them to stick around. Turnover rates can not only bring morale down, it is also a huge cost to you. With costs like unemployment taxes, job ad placements, background checks, training, and administrative costs during the process, it could cost you thousands of dollars each time an employee quits.
December 30, 2013 8:50 AM
"Keeping the plates spinning," is an idiom many small businesses use to describe the way they manage their human resource responsibilities. Some outsource HR functions to various companies while some tasks are handled by an in-house team member who has many other job duties
There's no need to juggle between outsourcing tasks to multiple companies and attempting to have them work together on your behalf. Professional employee organizations, or PEOs, can help minimize the stress, time and costly resources you spend administering your HR functions by managing:
December 18, 2013 8:08 AM
Next to salary, employee benefits are a key asset to attract and retain talented workers. While most companies offer standard health, 401(k) and other supplemental benefits, there are some non-traditional benefits that can set you apart from the competition and help you sign the best and brightest to your staff.
December 17, 2013 8:36 AM
Maneuvering through federal rules and tax regulations has never been an easy task, especially when you are simultaneously trying to grow your business. The Affordable Care Act makes those waters murkier to navigate with the various stages of implementation and rules for different sized companies.
As a small or medium sized business owner, there are some significant dates to keep in mind in 2014 as the Affordable Care Act begins to take effect.
November 26, 2013 1:21 PM
The news channels are flooded with updates on the trials and tribulations of the Affordable Care Act's website and accompanying registration process. Politics aside, the implementation of this piece of legislation could mean big changes and larger financial challenges for your health benefits plan.
Most small business owners today are able to provide some form of health insurance coverage for their employees through large commercial healthcare plans. However, with the Affordable Care Act, these plans will come at a cost for business owners. In fact, Ohio businesses are expected to see a 71% increase in these premiums.
These high increases may force you to reduce or eliminate the health benefits you are able to extend to your employees, forcing them to buy insurance from the government’s healthcare marketplace.
October 29, 2013 12:35 PM
With the waters of healthcare becoming murkier every day, employers and employees abdicate many of the cost-auditing responsibilities regarding their healthcare to their insurance company. Unfortunately, placing this level of trust in your company’s health insurance carrier leaves the proverbial fox to mind the hen house.
Those who purchase health coverage through a commercial provider mistakenly believe their insurance company is actively advocating for them and monitoring the costs incurred for healthcare services. While this is far from the case, the shocking part of this reality is that the insurance companies are forcing you to pay more than you should for your company's coverage.
June 18, 2013 8:30 AM
Since the Affordable Care Act (ACA) passed in 2010, many business people and consumers have felt that their insurance costs were going to be going up. I’m sure they have never regretted being so right.
May 9, 2013 10:14 AM
I receive this question very often, especially at the beginning of each year. The IRS requires any company with a 401(k) plan to conduct annual compliance testing.
The testing is conducted after the plan’s year-end. For most plans, this is 12/31.
April 29, 2013 3:50 PM
My two older boys, ages 9 and 10, are playing ‘kid pitch’ baseball this year. Believe it or not, when I asked them what position they wanted to play, they both said “Dad, I want to be the pitcher”.
Then we asked each player on the team what position they wanted to play and each and every player said “Pitcher”. On paper this is not strange, as this is the most glorified position in baseball. After all, they make the most money, get the most publicity (when they are good), and seem to have the biggest fan base.
The other coaches and I talked to our 13-man roster about how important every position is on the team and how every position contributes to the overall goal. We teach them that they all have to play together to win.
April 16, 2013 9:15 AM
The Affordable Care Act is in full swing.
I think I’ve heard that question from business owners a million times in the past few weeks.