If you’ve ever been paid by the hour, then you probably know that the pay you take home is less than what you make hourly. The reason for this is because employers withhold federal taxes. These funds are used to pay for things such as Social Security, Medicare and income taxes.
Payroll & HR software has changed dramatically over the last few years. These newer software solutions are more flexible and cost effective, freeing HR personnel from continuous administrative work. These software solutions also allow employees to connect in a manner which increases productivity throughout the organization. When purchasing the newest payroll & HR software, there are five key technologies that you should look out for. Below is a list of them:
Research shows that 80 percent of small businesses that have just started out fail within the first 5 years, and this is often because the owners make costly mistakes which wipe out their capital. When you launch your small business, it is important to be mindful of the many pitfalls you’ll encounter, that way you will increase your chances of success. Below are the top mistakes that every business owner should seek to avoid:
There are many factors which will contribute to an employee’s commitment to their job, and some of these include job satisfaction, an alignment which is identical to those of their employer, and the desire to go above and beyond what is needed to help their employer achieve desirable goals. Unfortunately, there comes a time when the commitment level of an employee may deteriorate. The pattern typically begins with the employee being fascinated with their new job, but after three to five months, their commitment will decline, as they come face-to-face with the reality of their work.
While employers can assist employees in learning how to find and purchase a health insurance plan, as well as providing reimbursement to cover the cost of the premium, they should not be involved directly with selecting and purchasing personal insurance policies for their employees. Below are a list of tips that can help employees find the health plan which is best for them.
Transitioning to a workplace solution that provides complete workforce management can greatly assist institutions which are employee focused. When payroll, attendance and time are combined with core HR into a single system, institutions can save a tremendous amount of time while also preventing errors and duplication during data entry.
Cloud based HR solutions are the modern alternative to paper based systems, meant for the management of human resources. The reason for this is because such a solution is a long term and stable method which gives companies the ability to enhance their processes while structuring their workforce for business related initiatives. Institutions that choose to use cloud HR technology are gaining both cost and productivity advantages over institutions that continue to use traditional systems.
Cloud based technology provides an HR system with a core that is unified, which is ideal for companies that have or intend to have operations in multiple regions. Additionally, the cost of owning and operating these cloud based systems is low and they do not require constant software upgrades. Below are some ways that cloud based systems will streamline operations while also providing more time for strategic initiatives:
Employees are typically paid at a rate which is set by a time period basis. In the U.S. employers are required to pay for employee benefits such as Medicare, worker’s compensation, Social Security, and federal or state taxes. Employers are also responsible for deducting a part of these taxes and fees from the paychecks of each employee, and each transaction must be recorded for audits and taxation.
A recent ruling passed by the Jersey City council will require more businesses to recognize paid sick leave law for their employees. Businesses which employ ten workers or less are now required to give their employees as much as 24 hours of sick time with pay, and as much as sixteen hours of sick leave each year. Before this ruling, businesses in the area were only required to give their employees unpaid sick leave. The fines for violating this paid sick leave law will range from $1,250 to as much as $2,000 for every infraction.
Many employers are overwhelmed by the regulatory demands when it comes to the Affordable Care Act (ACA), as this adds to their already-heavy workload. Keeping up with new legislation and industry changes can be challenging, but not keeping up with them can have severe consequences such as legal penalties. If you are wondering how you can manage ACA compliance without tipping yourself over, here are some useful tips you can consider: