Benefits play a crucial role in employee compensation, and workers would be wise to pay more attention to them. Research shows that many workers spend less than a half an hour selecting their benefits, while others select the same choices each year despite various changes in their lives. Many employees don’t take their benefits as seriously as their paycheck because the benefits don’t affect them immediately. However, employees who familiarize themselves with open enrollment can save over $700 per year by avoiding the mistakes of those who are not familiar with the process.
Employees love benefits, and they are one of the key factors which will attract candidates to an organization. While many employers feel that benefits always come at a cost to the company, there are some that can actually save the business a lot of cash. Understanding employee benefits and how to use them is the key to success, and below are some ideas that you may want to consider.
While the implementation of Human Resources can be major step for most small businesses, it can reap handsome rewards if done properly. HR performs a number of crucial functions, including the recruitment of new staff, helping business owners avoid legal problems, and enhancing employee retention. Whether you intend to develop an in-house HR department or outsource, below are some ways HR can make your organization a more productive one.
Many companies regularly conduct performance reviews of their employees. These meetings are designed to evaluate the performance of the worker, generally over the course of 6 to 12 months. While the goal of such reviews is to increase employee collaboration and performance, some have raised questions as to the effectiveness of this procedure. Many critics point out that performance reviews deal with things that have already occurred, sometimes weeks or months in the past, and they may not necessarily increase productivity. Below are some alternatives.
Research conducted on American workers indicates that only about 50 percent have a small business 401(k) plan. Many companies are reluctant to offer such plans because they are costly and involve extensive government regulation. However, there are a number of advantages to be gained from offering these retirement packages, and small business owner should take these factors into consideration.
The first inclination among many employers who receive resumes from overqualified candidates is to discard them. However, this may be a big mistake. Research indicates that employees who are overqualified often perform at a higher level than most of their peers. In addition to superior performance, overqualified employees also display greater enthusiasm, excitement and energy. Still, many employers fear hiring overqualified candidates because of concerns they will ditch the job as soon as a better offer comes along. Below are some guidelines that can help you as an employer in recruiting these types of workers:
The Human Resources department serves an important role within companies, but for a long time, it has been seen primarily as a place for administrative tasks. There is an increasing demand for HR to engage and support the rest of the company to a greater degree, in a manner that allows them to connect to the workforce. Below are some tips which will allow the HR people win the HR race in 2016:
We have comfortably navigated into 2016, and it is important to become familiar with the various laws that will be going into effect this year. Some of these laws are federal, while others involve specific states such as New York and California. Only by knowing what’s coming on the horizon can you properly prepare to address the changes that will affect both employers and employees.
2016 will see a bunch of labor laws, and understanding the most important of these laws will ensure that your business is within compliance, which will help it avoid penalties and fees. Depending on the state in which your business operates, you may have few changes to worry about, while business owners operating in other states may have to deal with a whole host of regulations. Virtually every business in the U.S. will be affected to some degree by these compliance changes in 2016.
Good time management is one of the best skills you can develop. It allows you to complete tasks within deadlines, make appointments early and maintain a balance between your personal and professional life. Those who display this skill tend to enjoy superior educational achievements, higher incomes and a greater quality of life overall. Below are ten tips which can help you gain mastery over one of the most precious things you have – your time.
On the whole, the employee compensation plan you design for your employees must entice them to continue working for you while completing their tasks successfully. The most ideal plan offers a win-win situation for both the employer and employee, and below are some tips which will help you structure such an arrangement.