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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.
Benefits Administration: A Guide for HR Leaders
Why Employee Benefits Matter Believe it or not, your benefits package can have a serious impact on your ability to recruit, engage and retain talent. Hard to believe? It shouldn’t be. SHRM reports more than 50% of U.S. job candidates say benefits are among their top considerations before accepting a job. That’s why selecting the right benefits package is one of the most important things you’ll do for your employees over the life of your business. Choose the right benefits and your employees might never want to leave. Offer the wrong ones… you might as well install a revolving door. Businesses that get benefits right reap big rewards. Whether you’re aiming to boost your employees’ overall performance or you’re looking to improve...
Mental Health in the Workplace: 5 Ways Employers Can Make a Difference
The effect of mental health on workers—and the workplace—is staggering. Just consider the statistics: 1 in 5 US adults experience mental illness each year (National Alliance on Mental Illness) Up to 80% will manage a diagnosable mental health condition during their lifetime (National Institutes of Health) In fact, 60% of American workers experienced at least one symptom of a mental health condition in the past year (Mind Share Partners) However, only 43.3% of US adults with mental illness actually receive treatment (National Alliance on Mental Illness) The results are stark: 200 million work days are lost per year (Centers for Disease Control and Prevention), while the World Health Organization estimate the cost to the global economy at...
Mobile Payroll App Pros and Cons
Mobile applications, also called mobile apps or just apps, are computer programs that are designed to run on mobile devices such as iPhones, Android devices, tablets or smart watches. Apps are typically downloaded from distribution platforms such as Apple’s App Store or Google Play Store for Android devices. They were originally pretty basic tools mainly created to assist with productivity such as email and calendar apps, but the functionality became highly popular. Now literally millions of apps are available, including apps for mobile payroll.The first basic payroll self-service app came out in 2010. Over the past decade, and with advances in technology, employees can now access far more than just their pay stubs with a tap of the...
What Happens if I Incorrectly Pay Employees?
Overpaying or underpaying employees seems like an easy problem to avoid. But it’s a serious challenge that plagues small and medium-sized businesses alike. In 2019 alone, the DOL collected a record $322 million in back wages for employees. With more crackdown and higher penalties, businesses need to be more prepared than ever before. But Penalties Aren’t Your Only Problems Keep in mind the DOL won’t be your only headache. Employee satisfaction, brand reputation and your bottom line are all at risk. To help, here’s everything you need to know should you ever incorrectly pay an employee. What Should You Do If You Overpay an Employee? Let’s start with the basics: According to the Fair Labor Standards Act (FLSA), employers that make a...
What is a W-4 Form?
What is a W-4 Form? W-4 forms are essentially very basic tax returns filled out by employees. Specifically, it tells employers the correct amount of tax to withhold from the employee’s paycheck. Need a W-4 Form? Download it here. Why are W-4s important? The accuracy of an employee’s W-4 submission will determine the size of their tax refund (or bill) at the end of the year. The amount withheld should be as close as possible to their actual tax obligation—a big deficit can be an unwelcome surprise and may be accompanied by further penalties. Withholding more than necessary is considered by some employees as an easy way to save but, while refunds may seem like a nice treat, you are taking away the chance for employees to invest (or use)...
W-2 Employer Responsibilities
What is a W-2 Form? W-2 forms are an important part of employees’ tax filings, listing all wages and salary paid along with the amounts withheld for taxes and benefits. W-2 forms include information about your business and employee details along with how much employees earn (including tip income), how much they withhold for tax (as specified on their W-4 form) plus social security and Medicare contributions, also factoring in retirement and special benefits plans. A W-2 form is required for all employees. However, for independent contractors, for whom taxes are not withheld, an employer is required instead to submit a 1099-MISC form, which simply reports payments. (Here’s how to figure out whether someone is an employee or an independent...
FAQ: How to Hire People with Disabilities
Only 19.1% of disabled Americans are employed compared with 65.9% of the general population, according to the U.S. Bureau of Labor Statistics. Qualified job seekers with disabilities may be held back by companies’ fear of expensive accommodations or compliance regulations.If you’re interested in hiring people with disabilities, look no further. We’ve answered FAQs to help you remain compliant. Q: How does the federal government define "disability"? A: The concept of “disability” is defined by context. For employers, a person with a disability is someone who: has a physical or mental impairment that substantially limits one or more "major life activities," has a record of such an impairment, or is regarded as having such an impairment....
2020 Small Business Health Insurance Requirements
Small business owners aren’t insurance experts and they shouldn’t have to be. Many businesses are so small that the folks in charge of evaluating benefits packages are sometimes in the dark about the myriad compliance requirements surrounding health insurance coverage. Even though small businesses that employ fewer than 50 full time employees aren’t legally bound to offer health insurance, many of them offer coverage to improve employee engagement and morale and also to attract the best talent. So, if your company plans to provide health insurance for your employees, it’s important that you understand your choices and the laws around them.If you’re looking to offer health insurance in 2020 you should consider adding these five popular...
How to Pay 1099 Employees
As the gig economy grows more employers are looking to hire independent contractors (aka 1099 workers). But since paying independent contractors isn’t a walk in the park, many employers are looking for step-by-step instructions. Here’s a breakdown of everything you need to know: How Do I Pay a 1099 Worker? This subject is something you will need to discuss in detail with the person you’re hiring for the job. Often, they will have a written contract that stipulates how and when they should be paid. The two most common methods of payment are hourly and by the job or project. Some independent contractors — such as attorneys — prefer to be paid on retainer, which means you pay them a lump sum at the beginning of each month in return for a...
States with Salary History Bans
Requesting job applicants’ salary histories has been a pretty common practice for employers over the years. Recruiters and hiring managers often use this knowledge to exclude people from the candidate pool, either because the applicant is “too expensive” or their previous salary is so low, hiring managers think the person is poorly qualified or inexperienced.Businesses have also used previous salary information to calculate new hire compensation—a process that can perpetuate pay disparity between women and men. To address this inequality, several states and municipalities have enacted bans on asking for previous salary information, although laws vary in terms, scope and applicability. The states and territories that have enacted salary...SMB
4 Skills You Need to Run a Profitable Restaurant Business
Running a Restaurant is Not for the Faint of Heart Running a restaurant isn’t something anyone does for easy profits. Sixty-percent of restaurants (and in some regions, 90%) fail within their first year, according to Philip B. Stark of the University of California, Berkeley. Even when everything works, industry profit margins are typically stuck in the low single digits (National Restaurant Association). But There is an Upside So, are restaurant entrepreneurs crazy? No. After all, someone’s turning a profit. Restaurant industry sales are set to exceed a record $863 billion in 2019 (that’s 3.6% year-on-year growth). Consumer confidence is so strong that the National Restaurant Association’s 2019 annual report refers to it as “pent-up...SMB
Why Brick and Mortar Stores Aren’t Going Anywhere
Brick and mortar stores were supposed to be finished. The future of retail is online, industry experts have been saying for a while now. And sure, it’s true that consumer habits have changed, and we all know of traditional retail businesses - large and small - that have suffered from the ‘Amazon effect’. The low margins and convenience of internet shopping have made it seem like just a matter of time until traditional stores were a thing of the past.Here’s the thing: it mostly hasn’t happened that way. As we head into 2020, the ecommerce sector is hovering at around 12% of total retail sales (Statista). Brick and mortar businesses still dominate the marketplace - and some are even experiencing something of a revival. Think about this:...
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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.