January usually signals tax-preparation time for business owners and accounting departments. As a new year begins, it's critical for business leaders to be informed about any additions or changes to payroll and tax filing requirements and deadlines. As you gather paperwork, make note of important filing considerations for 2017.
A new year is upon us yet again, which can only mean one thing: there are a huge number of changes to the various forms that human resources and other business leaders use daily that they have to contend with. Case in point: starting on January 22, a new version of Form I-9 was released that replaces the previous version that has been in use since March of 2013. Though the form itself is still used for the same basic purpose, the intention of those changes are absolutely something business leaders need to know about.
Your human resources department is one of the most vital aspects of your organization. This is the cog in the machine that governs your most valuable asset - your talent. Make no mistake, your customers are of utmost importance, but great employees are the driving force behind your success. Like any great team, it's not one rock star doing all the work. A great organization has lots of employees who work well together. HR's job is to understand the players and find ways to step in to create an environment where each individual can thrive; which in turn will help business thrive.
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.