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There’s never been a better time to be in HR. There’s so much to learn and so many exciting trends to follow. Here you’ll find our best thinking on the HR, finance, compliance and technology topics that will define the future of work.
What are the Benefits of a Unified HCM Platform?
Transactional, so-called “routine” HR is a vital part of your business. Making sure people get paid, staying up-to-date with compliance and administering benefits are all mission-critical tasks. But without the right HCM technology and expert HR support, you’ll have no time to do anything else because those tasks, left unautomated, are overwhelmingly time-consuming. Unfortunately, many human resources professionals find themselves in this exact situation spending entirely too much time drowning in a sea of paperwork, manually entering employee data into spreadsheets, and trying to keep up with countless files. To aid in the battle against this administrative nightmare, smart medium and small businesses are arming their HR teams with a...SMB
HR for Small Business: How to Set Yourself Up for Success
As anyone who’s started their own business knows, building an accomplished company doesn’t just happen overnight. It takes hard work and dedication to create the right foundation and sustain success. Think about the businesses you admire. Chances are they understood the importance of human capital and instituted HR best practices that would support them while they were small and as they grew. The key to maintaining a successful business is developing excellent HR practices from the start. Doing so will help your business avoid costly mistakes and litigation, improve employee retention, and lead to company growth. 3 Human Resource Tips to Avoid Costly Mistakes 1. Develop Your Employee Handbook An employee handbook provides the foundation...
Pay Equity and State-by-State Laws
When you’re managing payroll, it’s tough enough keeping track of – and maintaining compliance with – federal and a single state’s laws. But organizations that have operations in more than one state often experience challenges when it comes to tracking the always-changing requirements of pay equity laws. Complicating matters even further, some states such as California and New York, have separate laws governing cities and counties. We’ve created this handy chart to help you get a quick view of each state’s laws. State-by-State Pay Equity Laws State Law/Citation Covered Employes Provisions Alabama None None None Alaska Employment Discrimination Act Alaska Stat. Ann. § 18.80.220(a)(5). Private companies and Public employers Employers can’t...
EEO Compliance: Are You Prepared to File the Updated EEO-1 Report?
On April 25, 2019 a federal judge announced a ruling that will require employers to collect 2018 employee pay data and hours worked by race, ethnicity and gender and submit it to the Equal Employment Opportunity Commission (EEOC) by September 30, 2019. On May 1, 2019, the EEOC decided that they will collect 2017 pay data in addition to the 2018 pay data that was previously announced. The EEOC is expected to open the portal for employers to submit 2017 and 2018 pay data beginning on July 15, 2019. Note: Employers are still required to submit component 1 of the EEO-1 form by May 31, 2019. What are the new EEO-1 reporting requirements? The current EEO-1 form requires company employment data to be categorized by race, ethnicity, gender and...
2019 W-4 Update And Future Changes
2019 W-4 Update Now that Tax Day has come and gone, you can breathe a sigh of relief. But don’t get too comfortable, big changes are around the corner. The IRS is preparing to release a new W-4 form that will ensure the amount held back for taxes each paycheck is more accurate. That means come April 2020, taxpayers should not owe money or receive a refund. What to expect Last summer, the IRS shared a draft of the new W-4 form seeking feedback from payroll providers and tax prep companies. The biggest change in the draft form is that taxpayers will no longer claim allowances based on exemptions. Instead, workers will input annual dollar amounts for: Nonwage income like interest and dividends Itemized and other deductions Income tax...
Strategies to retain your top performers
As unemployment rates have reached historic lows, it’s never been more difficult to find qualified candidates to hire. And as the labor market tightens and jobs go unfilled, productivity can be impacted. But before you jump at the next resume, beware. Making a bad hire can be even more detrimental to your business as the costs to replace an employee and train them quickly add up. Employee Benefit News reports that employers spend 33% of a worker’s annual salary to hire a new replacement. That’s why every business should be laser-focused on developing and retaining their rock stars. If your company is looking to boost retention, here are some tips to help keep your workforce intact. Create a great first impression Just because you’ve...
5 Recruiting Trends to Follow in 2019
Recruiting is becoming more competitive than ever. We’ve all heard it: unemployment is at historic lows, voluntary turnover is at an all-time high and the gig economy is replacing traditional employees. To find and attract top talent, employers are experimenting with recruiting methods and developing a proactive approach to hiring. Here’s a breakdown of 5 popular recruitment trends HR teams should follow. Recruitment Marketing Let’s start with a quick definition. Recruitment marketing is the strategic and tactical implementations that allow a company to find, attract and engage job seekers, encouraging more qualified candidates. HR leaders often mistake recruitment marketing as top of funnel activity, but in reality, it’s pre-funnel....
How to Avoid Payroll Tax Penalties in 2019
Employment laws are getting more complex and businesses are finding it harder to remain compliant. According to the IRS, 40% of small and medium-sized businesses are fined each year for failing to meet payroll tax regulations. These organizations are at risk because they tend to run payroll through manual processes and disconnected software, leading to miscalculations, incorrect filings and late withholdings deposits. If you’re a business leader and want to avoid fines and penalties, here’s what you need to know. What Payroll Taxes Are You Required to Pay? State and federal taxes include: Federal unemployment taxes: Employers must pay this tax based on the gross pay of all employees. These taxes can either be paid quarterly or annually...
Is Your Time and Attendance Solution Delivering Results?
Not all time and attendance solutions are created equal. Perhaps you’re manually keeping track of time cards or your automated time and attendance system isn’t living up to your expectations. Either way, it might be time to make a change. Modern time and attendance software should deliver results—mainly savings and accuracy—for any human resources department. Accurate Time Tracking Leads To Labor Cost Savings In any organization, employees usually are both the largest expense and the largest asset. Maintaining control of labor costs is critical to the overall bottom line and it all starts with accurate time tracking. According to the American Payroll Association (APA), organizations can experience anywhere between a 1% and 7% clerical...
Proposed Department of Labor Rule to Update Regular Rate Requirements
In late March, the Department of Labor (DOL) announced a proposed rule to clarify and update the regulations governing the regular rate requirements under the Fair Labor Standards Act (FLSA). Unless exempt, an employee’s regular rate of pay is used to determine how much he or she should be paid for working overtime. The FLSA generally requires overtime pay of at least 1.5 times the regular rate for hours worked past 40 hours per week. The proposed rule details what forms of payment employers can exclude when determining an employee’s regular rate of pay. The cost of the following items would no longer apply: Tuition programs Discretionary bonuses Payment for unused paid leave Wellness programs, fitness classes, gym access, onsite...
Understanding FMLA Regulations
What is the Family Medical Leave Act (FMLA?) The Family and Medical Leave Act (FMLA) is a federal law that allows eligible employees to take up to 12 weeks of unpaid leave in any given 12-month period for certain medical and family reasons without fear of losing their job. Signed into law in 1993, the FMLA is designed to help employees balance their work and family responsibilities while promoting equal employment opportunity for men and women. Who is Eligible for FMLA? An employee is eligible for FMLA leave if he or she has worked for a covered employer at least 12 months, completed at least 1,250 hours of work during the past 12 months and worked at a location within 75 miles of where the company employs 50 or more people. Keep in...
2019 Social Security Taxable Wage Base
Both employees and employers have to pay social security tax and split the total amount due for each employee. Currently, the social security tax withholding rate is 6.2% for both employees and employers. For those self-employed, the rate is 12.4% because they have no employer to split the tax. However, the Old Age, Survivors and Disability Insurance (OASDI) program sets a limit on how much of an employee’s income can be taxed in a given year. This limit changes each year and is based on the average wage index. The Social Security Wage Base is the maximum gross income on which Social Security tax can be imposed on an employee.The limit is $132,900 for 2019, meaning any income you make over $132,900 will not be subject to social security...
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Paycor has what might seem at first glance to be an unusual perspective on HCM technology. After nearly 30 years working with leaders of medium and small businesses, we’ve found that while our customers benefit from best-in-class technology, technology alone is not enough. To solve problems and grow, you need technology plus expertise. That’s why we invest so much time in providing you thought leadership in the form of articles, guides, whitepapers, infographics, video, quizzes and more. Our articles in particular feature some of our “hot takes” on topics and trends HR and finance leaders need to know about. We hope you enjoy, and get some practical inspiration, for our thought leadership on all things HR.