Technology has made a significant impact on our universe in the last twenty years. From email to mobile apps and web platforms that have immensed professionals' lives into the 21st century, the working world has undeniably been impacted by man's modern-day creations. All industries are finding ways to benefit from the technological revolution. However, some industries and certain business functions within them have been slower to adapt to change than others. In many companies, human resource and payroll tasks have been placed in a corner as upgrades and advances have swept other departments.
If you asked retired professionals how many ping-pong tables and beer kegs they kept in their offices twenty or thirty years ago, it wouldn't be surprising if your inquiry was met with a furrowed brow and a cocked head. Employee engagement was simply not a huge subject matter of interest in previous generations. Conversely, as millennials began to enter the working world, an epic shift began to occur where the focus became fun in the office. Companies looking to boost employee morale and attract top talent began to use entertaining elements to stand out as the type of place great people would want to work.
In a perfect world, payroll would never be an issue. Employees would get paid properly for the time they work, benefits would always be allocated, and time off would always be put in the right bucket. Alas, we don't live in a perfect world, and mistakes do happen. Payroll mistakes, in fact, are much more common than many people might realize. According to Bloomberg, $4.5 billion in penalties were assessed by the IRS to companies in 2013 following 6.8 million tax- and payroll-related issues.
Updates to the Kronos Workforce Ready platform are set to increase the effectiveness of human capital management in organizations that use the popular cloud platform.
Employee Engagement -- It's a term that found its way into pop culture over a decade ago. Although it's beginnings as a buzz phrase seemed like something that would vanish in the night for many old school managers, new age leaders have embraced the idea and found ways to bring authentic employee engagement into new light.
HR personnel who have been struggling to sift through IRS guidelines on ACA reporting have been given extra time to prepare the necessary reporting forms for employees. The government has temporarily adjusted reporting guidelines under Code 6055 and 6056. After they determined that significant numbers of employers and insurance providers were having difficulty "gathering and interpreting" the information needed to provide Forms 1095-B and 1095-C to employees, the IRS and the Treasury Department have granted them some leeway.
Recent growth in the number of companies providing outsourced payroll and HR services testifies to two things: the ever-changing complexity of payroll management, and a burgeoning demand for the specialized skills and software as a service (SaaS) that payroll vendors provide.
On November 22, a Texas judge issued a preliminary injunction blocking changes to the Fair Labor Standards Act just days before they were to take effect on December 1. The new legislation would have raised the salary threshold for which employees could receive overtime pay from $23,660 to $47,476. The update was meant to protect white-collar employees who work 40-plus hours a week but earn small, fixed salaries.
If you think paying your people is just business as it's always been, think again. In this ever-changing world where technology has put limitless information at our fingertips, consumerism in today's economy is at an all-time high, and knowledgeable leaders are making moves toward more transparency in the workplace -- particularly where employees' income is concerned. After all, internal customers are just as important as the external ones, and a great organization will find ways to make its internal stakeholders just as happy as those who buy into the company from the outside.
By nature, human resource professionals tend to enjoy the softer side of business, willing themselves toward relationships with people and steering as clear as possible away from analytics and numbers. Although this practice seems to have worked just fine for businesses for many decades, an HR evolution is upon us -- Welcome to the world of using human capital management data to boost your team and future talent to the next level!