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.
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.
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.
A common problem that many small businesses experience is a high employee turnover rate. One way to avoid this is to provide employee benefits that give them an incentive to stick around. Think about using unconventional benefits, as the standard employee benefits which have been used for decades are no longer enough to attract and maintain the best talent. Below are some unconventional ideas that will help your company in retaining worthy employees:
Benefits administration has always been a hassle for human resources. It is a challenging task that requires great attention to detail and HR staff must correctly handle and manage large amounts of paperwork and files. Any mistakes which are made can lead to serious problems. However, performing the task online has made things much smoother and more efficient. There are a number of reasons for this, and HR professionals should consider a switch to administering benefits online if their current system is not working as well as it should be.
Changes in healthcare laws have prompted many small businesses to look for new ways to provide health insurance for their workers without incurring high costs. Offering healthcare benefits can be a great way for a business to retain its most valuable workers, especially when larger enterprises are following a similar path. However, before establishing a health insurance plan, it is important to review the different options which are available.
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.
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.
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: