There are a number of steps you’ll need to take to establish a health reimbursement arrangement for your small business. Implementing an HRA for the first time can be overwhelming for some, but by following the steps below and using the right software, the process will be much smoother.
Establishing pay scales can be a significant challenge for human resources departments. On the one hand, salaries must be lucrative enough to attract the best talent, but they must also remain within budget. Maintaining a balance between the two can be tricky, but becomes much easier when you follow the steps below.
A lot of people talk about starting their own businesses, but talk and action are two different things. Being a new startup owner can certainly be rewarding, but only when you’re realistic and mentally prepared for the challenges you’ll face. Below are some of the core skills you will have to develop to succeed.
A good employee referral program is essential to attracting the top workers who share your organization’s mission statement. However, the best referral program in the world is meaningless if it is not implemented properly. Here are some tips for implementing it the right way.
Time & labor management tools can provide crucial insights in regards to productivity, cost management and compliance. They can also assist you in the establishment of KPIs, or Key Performance Indicators for attendance within your organization. Having access to this information will enable you to make better decisions which are driven by data. The most important metrics to consider are overtime, labor costs, and absences.
When employee benefits management is improperly implemented by third-party contractors, a company can incur substantial costs in regards to its efficiency and effectiveness when providing work benefits to employees. Even small businesses may experience delays when it comes to processing important forms and enrollments. Below are some tips that will allow benefits management for workers to be outsourced with ease:
If you’re a business owner, you may have received an EEOC complaint through the mail. This means that the Equal Employment Opportunity Commission was sent a notice by one of your employees that they were the victims of discrimination. When receiving such notices in the mail you should respond to them promptly and correctly as they are serious.
Payroll data is a crucial component of businesses and as such can provide important financial benefits. In a nutshell, it tells you where your company stands and how it is doing. It is one of the most frequently updated pieces of data that an organization can analyze, and since you’re required by law to maintain payroll information which is live, you don’t have to worry about making critical decisions based on outdated information. Here are some other areas of payroll that you will want to carefully analyze.
Health Savings Accounts (HSA) are favored by people who want comprehensive health insurance that is individualized. Such programs also allow them to grow their savings tax free and can be rolled over from year to year. However, before contributing to a HSA, one must first be enrolled within a HDHP, or high deductible health plan. HDHPs have a deductible which is higher than standard insurance plans, so here is how to determine if you’re HSA-qualified.
To market your organization to millennials, it is important to understand their needs, desires and what makes them different from previous generations. A millennial is someone born at the end of the 1970s or early 1980s, who came of age at the dawn of the new millennium. These are the children of baby boomers and by 2020 they will comprise at least 50 percent of the work force as their parents retire. Below are some ways to attract top performing millennials to your organization.