Bonuses are often excellent motivational tools for workers, irrespective of the size of the business. However, they can also become a waste of resources if they are administered incorrectly. The manner in which bonuses are given and structured is extremely important, as they can provide employee incentives for superior performance. However, businesses should not restrict themselves to bonuses, and should always be on the lookout for incentives that can be used as an alternative.
At some points, many small businesses will need to reimburse their employees tax free for healthcare expenses. The good news is that there are four ways in which this can be done. These reimbursement option plans will help your business meet its objectives, but it is important to understand how each plan works and the differences between them. These four plans are healthcare reimbursement plans, health savings accounts, flexible spending accounts and health reimbursement arrangements.
Millennials have come of age, and many are now entering their 30s. They are distinct from previous generations in a number of ways, especially in the manner in which they communicate. While popular forms of communication in the past involved meeting face to face or talking over the phone, this generation prefers using social media, online chat, and email and intranet software. To maximize the performance of these workers while reducing turnover rates, it is important to recognize their styles and preferred communication methods.
Workplace culture is important, and will determine how well a firm can compete within the marketplace. Businesses are in competition not only to capture greater market share, but to retain the best and brightest workers. It is therefore crucial for HR heads to think carefully about ways in which the company culture can be enhanced. This will allow the HR department to serve as more than just a center for payroll, but to be seen as a major strategic center. Below are some common problems which can be resolved through a superior workplace culture.
Form 941-X, which is also known as the “Adjusted Employer’s Quarterly Federal Tax Return,” is a form which is used for the purpose of correcting any errors which were made on previous 941 reports. This form must be filed whenever an error is found on any 941 form that has been filed in the past, but it is not necessary to file it if the error is associated with part 2 of Form 941 or the number of workers who were paid.
Retro pay, also known as retroactive pay, is a type of payroll payment which is associated with a past pay period. It is not the same as back pay, which is given when an employer owes an employee for a pay period where they didn’t receive any payment.
The American Department of Labor has recently released its final ruling regarding overtime eligibility for workers. These rulings were made under the FLSA, or Fair Labor Standards Act. It increases eligibility for overtime pay and will become enforceable by December of 2016. In the short term, this ruling will increase costs for businesses, but over the long term, employers c0uld save money due to greater employee retention percentage.
Attendance is and should be a major priority for every manager. A business which is routinely shorthanded due to attendance issues will inevitably suffer a loss of profits, not to mention prestige, cohesion and reputation. It is therefore critically important to develop a work attendance policy that is respected, enforced and followed.
Health Savings Accounts are financial based and combined with an HDHP, or high deductible health plan. HSAs provide tax advantages and can be used to pay for a number of medical expenses. A growing number of employers are providing their employees with HSAs, and it is important to familiarize yourself with the HSA contribution limits for 2017. These contribution limits may be adjusted annually by the IRS.
Small business owners that make contributions for the healthcare of their employees must ensure they’re not making any mistakes which could become costly. The best way to extend small business healthcare benefits is by understanding small business healthcare benefit compliance. Below are some common mistakes that small business owners will want to avoid: