Many employers have questions about payroll records and how long they should be kept. The Internal Revenue Service has its own list of requirements, which you need to know. Here’s the answers to the titular question, as well as other noteworthy payroll record related questions.
When employees become injured or ill, or they’re expecting a child, they may decide to take time off work. This leave of absence can be confusing for both them and their employer. The reason for this is because there are different types of off time, two of which are FMLA leave and short term disability leave. Understanding the two types, as well as when employees can use it, is essential.
Record keeping is a fundamental aspect of running a business, especially when employees are present. Their records must be correctly maintained and stored in the right location and format. Below are some additional practices which are highly recommended for maintaining employee payroll records.
The AHCA, or American Health Care Act, recently passed the House of Representatives and is considered the replacement of Obamacare. This has left many small business owners wandering what it means for them and their employees. Below are some important things you should know.
Payroll setup is a process that every startup has to undergo at some point. Many business owners aren’t familiar with this, and may delegate the task to a manager or HR staff member. Regardless, it is important to familiarize yourself with the steps involved as payroll is one of the most important aspects of your business.
Non-profit institutions face many of the same challenges as their for profit counterparts, although with more limited resources. The rapid growth of non-profit organizations over the last decade has led to a heavily saturated market where it is harder to get funding. This has created HR challenges for staff members who are responsible for recruiting the top candidates, without having the resources to do so. Here are some additional human resource challenges that non-profit institutions face.
Unpaid internships are an opportunity for companies to scout promising talent while helping them gain the experience they’ll need to effectively function in their departments. At the same time, there are some rules and regulations which must be adhered to when working with them, most of which are related to time and wages.
Many business owners will at some point begin thinking about their retirement and that of their employees. The best retirement plan is the 401(k), and the sooner you get started, the better. However, there are some essentials you’ll need to know in order to make the best use of it.
Once a business owner is ready to present the small business HRA to his employees, it is essential to explain the benefits of using it. They should understand that the change will not lower their health benefits, and will instead make them better. Below are some other things you should do.
Work life balance has become an important issue for many employees today. Employers have discovered that poor work life balance is a leading cause of stress and anxiety which erodes the productivity of the workers and in turn reduces the profitability of the company they work for. Companies which utilize tools such as TRAXTimeCard have been found to increase employee productivity while also helping them to achieve better work life balance.