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.
Thanks to technological advancements in the modern workplace, remote work, or work-from-home (WFH) jobs have become increasingly more common. According to the Global Workplace Analytics’ analysis of 2018 American Community Service data, work-from-home jobs have grown 173 percent since 2005—11 percent faster than the rest of the workforce. Remote work has likely grown even more so as a result of the 2020 outbreak of COVID-19, which prompted many employers to shift to a remote work model to limit the spread of the coronavirus.
Telecommuting can be an attractive work option for both employees and employers. For employees, flexible work hours and more time to spend with family can make remote work an ideal situation. For employers, hiring remote workers can save money and increase productivity if you manage your remote team effectively.
As more businesses implement work-from-home policies, employers will need to consider how the trend will impact HR initiatives. Here are some best practices for managing HR for remote employees.
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.
As a small business owner, you’ve likely thought of ways that you can cut business expenses to save money. One of these ideas may involve whether you should invest in outsourcing HR or hiring in-house HR professionals.
HR just isn’t that important when you don’t have many employees, right?
Wrong. Every business needs to deal with critical HR functions, whether it’s a major corporation or a five-person business. Here’s what you need to consider the next time you think about whether your business needs HR management.
A lack of motivation can really cost your business. Entrepreneur reports that disengaged, disinterested employees have led to a loss of up to $550 billion per year for U.S. businesses. Fortunately, there are ways that you can help motivate your employees so that they’re ready to give it their all every day. Here are three steps that you can take to engage your employees.
A small business’ success can depend heavily on its employees. The National Federation of Independent Businesses notes that “employees at small businesses carry more of the company’s weight on their shoulders than those working at larger companies.” As a result, the failure of an individual employee can make a greater impact at a small business than at a larger organization.
Employee management is one way to help turn an underperforming employee around or prevent high-performing employees from becoming a weak performer. The concept of employee management is more than just making sure that people are doing their jobs; it’s a variety of procedures and strategies that can help you measure, monitor, and interact with the workforce that plays a huge role in your company.
The end of a calendar year usually causes business owners to do two things: Review the past year and learn from its successes and failures. They also start looking to the new year and set their expectations of what they want to accomplish. While a Professional Employer Organization (PEO) can’t help you with the former, it can help you tackle the latter.
Whether you’re basing your budget on last year’s expenditures or planning every budget item from scratch, it’s important to review different HR needs so that you don’t come up short in the places where you need extra funds. Here are some key HR items that you should consider when planning a yearly budget.
When the Trump Administration took office back in January, most people believed that they were going to focus on three things:
- The repeal and replacement of the Affordable Care Act
- Tax cuts
- Tightening the country’s borders as it pertained to immigration
We all know what happened with the repeal and replacement of the ACA. The Republicans have tried a couple of times, but simply do not have the votes to make it happen, even in their own party.
Anyone who has seen attempts at tax cuts over the last 30-plus years knows how challenging the passage of that can be.
That leaves immigration. There’s been a lot of squabbling about walls, travel bans, and the such, but some things seem to have gone under the radar.
As the years go by, HR administration continues to evolve. The growing need for improved operational efficiency and compliance has led more business owners to turn to HR experts for help managing crucial business functions.
This expansion has been so great that the Professional Employer Organization industry has nearly doubled to around $168 billion dollars in the past six-and-a-half years. The need for human resource outsourcing isn’t just a need for one or two different industries, as HR providers saw a 23 percent or greater increase in business from blue collar, white collar, and grey collar businesses.
While businesses often turn to PEOs for help with benefits administration and risk management services, there are other additional HR functions and benefits that have become more popular in recent years. Two of the more intriguing recent trends in human resource outsourcing is a move toward investing in online payroll and workplaces wellness programs.