More than 60% of employees in the USA are paid by direct deposit, and the number will only continue to grow.
Benefits for Employees
- Quick: No more waiting in line to deposit your check at the bank, or sending the paper check to your bank through the ATM or your phone app. Now you can be sure the money gets to where it needs to be.
- Convenient: Employees don’t have to worry about being in the office to get paid. If they are on a vacation or out sick, they can be assured the deposit will be made. They can also control which account the paycheck goes into- maybe they choose to direct funds to a retirement savings plan or a checking or savings account. Bills can be paid immediately online as soon as a deposit is made.
- Green: Reduces a company’s carbon footprint, and offering online pay statements that are available 24/7 would also contribute to the green impact.
A recent NIH funded study looked at medical expenditure bills that represented more than 8,303 emergency room visits and came up with two startling conclusions:
- There are huge variations in prices.
Bills sent out for sprained ankles ranged from $4 to $24,110.
- Prices overall are really high.
The average emergency room visit cost 40 percent more than an average month’s rent (or $1,233 as the average rent is now $871 per month).
Can you name the top three most frequently cited safety standards by Federal Occupational Safety & Health Administration (OSHA) in fiscal year 2013?
If you answered fall protection, hazard communication, and scaffolding then you were correct! Out of 3,945 worker fatalities in private industry in calendar year 2012, 775 or 19.6% were in construction.
These statistics remind us that managing the risks involved in operating your business can be more than just paperwork. Employers are responsible for providing a safe and healthy workplace for their employees. One way to make sure the environment is safe is to conduct a safety audit.
How healthy are your employees? If you are a small business owner looking to save money on your healthcare, let’s hope they are all vegetarian non-smokers training for a marathon, right?
While that would be great, for your small business what matters more for your bottom line is the type of healthcare plan you provide. You have two choices: a fully insured plan or a self-insured plan.
It’s likely that as a small business, you don’t have a dedicated HR team. You may divide the tasks amongst a group of people, you may spend your nights and weekends making sure you’re keeping up to speed on the various HR regulations out there, or, even worse, you ignore it all together and just ‘wing’ HR management.
If you find yourself spending more and more time dealing with HR functions and less and less time growing your business, you have a couple options: hire a professional employer organization (PEO) to handle the tasks for you, or hire someone dedicated to the management of your HR needs.
Of course, we’d love it if you chose the option of hiring a PEO, but if you opt for hiring an HR manager, we’ve compiled a helpful list of 8 traits you should watch out for.
Are you looking for a way to reduce administration costs for your small business? Have you considered how much time (and money) you would save if you didn’t have to prepare and process your payroll and payroll taxes?
When you outsource payroll services, there are a number of benefits. The most essential for small businesses is that you can take the time you used to spend on payroll and devote it to building your business.
According to a Wells Fargo study, 37% of people expect to work until they die. That’s an alarming number, but one that you can use to your advantage.
Most people would rather spend their later years comfortably enjoying their retirement, so by offering a quality 401k plan, you give your business a step up in attracting and retaining quality employees.
Avoid Financial Confusion: Educate Your Group
Before we give you the key elements to a great 401k plan, it’s worth taking a moment to remind you that financial choices can be intimidating and confusing for many employees. One way you can help is by making an effort to ensure employees are educated about their choices. These resources will help make sure everyone is on the same page.
Did you know that January 17th has been named National Ditch Your Resolution Day? It has been reported this is the average day that most people give up on their healthy resolutions. This is an important day for us in the” Wellness World”, but it is also the average day most people give up on all of their work and personal goals too. This is the time that most people who have been working so hard since the New Year become tired and simply give up.
So how does someone go from throwing out all of the “bad” food, habits, attitudes, spending a small fortune on “good” food, gym memberships, and changing work habits to giving up merely 17 days later? Before they jump right in to making and attacking resolutions, they need to have a plan in place.
As a small business owner, you probably rely on the services of other organizations to accomplish a range of tasks, services and other duties. Your health insurance broker or policy provider is one you expect has your best interest in mind. The reality is, they may not, especially when it comes to premium and individual claim costs.
With all your other responsibilities, you don’t have time to keep tabs on everything your health insurer does, however, there are some key questions you need to ask in order to effectively evaluate just how much they are working for you:
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.