The mass of government labor regulations imposes considerable complications on most enterprises. Small and mid-sized businesses (SMBs) bear a heavier burden than large organizations that can distribute costs over more employees. When it comes to regulation-related expenditures, failure to successfully navigate workplace compliance challenges can elevate already steep outlays to impossible heights. To settle only wage and hour disputes in 2013, U.S. businesses expended around 4.5 million dollars according to National Economic Research Associates, Inc. Considering all of the other regulatory agencies that can also sting a company with penalties for compliance errors, the potential costs only go up from there. With no bureaucratic relief in sight, how can you ensure your business remains compliant when rules change with dizzying speed and more come into play each year?
While "big data" has become a buzzword in many industries, we often fail to consider its applications beyond measuring business performance. Central to a company's success is a high level of engagement among employees. A growing HR trend uses "people analytics" to track factors that impact productivity, turnover, retention, and overall satisfaction. As increasing numbers of baby boomers enter retirement, millennials are taking their place, but only 40% of younger workers report that they're happy with their jobs. Using big data in HR can help management track employee satisfaction and adjust practices and policies to improve workplace morale.
Amid constantly-changing legislation, compliance can be a challenge, especially for owners of small and mid-sized businesses, who typically wear many hats. Since much of the news coverage lately has focused on the ACA and overtime requirements, other important HR compliance issues can easily be overlooked. According to survey results, most HR professionals are confident about their ability to comply with payroll and benefits regulations. However, they're less confident about how well employee relations policies, health and safety procedures, and hiring practices consistently align with frequently-modified regulations. Here are four costly compliance concerns to look out for.
For HR professionals, record keeping is about maintaining privacy and security while still managing to be efficient and productive. HR leaders need to be able to manage large volumes of personally identifiable and confidential information, ranging from personnel files to payroll files. Each of these files need to be easily accessible while still being appropriately secured. Here are some of the employee record keeping best practices to keep in mind.
Turnover is a fact of life in the business world. Employees come and go, and while many companies focus on maintaining an efficient and valuable onboarding process, offboarding tends to be overlooked, leaving supervisors and staff members struggling to fill knowledge gaps. When someone leaves an organization, there are usually a lot of loose ends to tie up, and without proper processes in place, both workflow and overall morale can suffer.
Employees, including those of your HR team, are more than mere resources. They are valuable capital investments into your company's future success. Shifts, upheavals and disturbances in the economic landscape challenge small and medium-sized businesses (SMBs) to either evolve or lose competitive strength. As the impact of globalization and ever growing government regulations seek to chip away at the status quo, it pays to reorganize your HR department. By upgrading to a human capital management (HCM) system, you can streamline the employee engagement lifecycle from beginning to end. With a HCM system, your company can eliminate redundant processes and confusion. It can even improve employee retention.
If you’re a small company, your Human Resource Department may have a difficult time creating an apples-to-apples comparison of employee benefits offerings. The problem, of course, is the increasing complexity of benefits structures along with the difficulty in finding accurate competitor information. However, failing to benchmark is dangerous because you simply won’t know where you stand in relation to competing businesses in the marketplace.
Excessive employee absences affects productivity and morale. According to research, absenteeism has reached its highest level since 1999. If your onboarding process isn't crystal clear about expectations regarding employee absences, it may be difficult to reverse the process down the line. Fortunately, you can take practical steps to manage the problem.
Not surprisingly, the highest earners spend the most on healthcare- about $5,074 per patient, per year. The lowest earners, however, aren't far behind, spending about $4,835 per patient annually. These statistics came to light in a 2014 study of employee healthcare spending and utilization by income level. Researchers measured trends among 42,936 employees of four-self-insured employers enrolled in private health coverage. High-income workers were those earning $70,000 or more, while low-wage earners' yearly incomes totaled $24,000 or less.
Since BeyondPay opened its newest office in Philadelphia this past November, the team has been happily making themselves a part of their new community. The new office, located in the WeWork’s Northern Liberties office shared space, has an industrial design, large open floorplan and beer on tap. The space is obviously made for hosting, so BeyondPay wanted put on event with a good cause intended for their new neighbors. On the evening of March 23, 2017 from 6:00 to 9:00 pm, BeyondPay is welcoming all non-profits in the Greater Philadelphia area for an evening of fun at its Grown-Up Game Night: A Non-Profit Networking Event, as a way to give a much deserved night out to those who are dedicating their careers to better the community.