Efficient payroll processing and management is a big deal, no matter the size of your company. You can't succeed without happy employees, and providing paychecks on time is the bare minimum your company can do. Good payroll management will also ensure that you comply with labor laws, avoiding steep penalties for your organization.
Need help optimizing your payroll process? Here are some game-changing tips that will make a world of difference. Use Human Resources Accounting Software Technology has revolutionized many aspects of running a business, that includes crucial HR duties like payroll. Good software can automate your payroll processing. It's a fantastic solution for companies with limited staffing. Instead of putting resources into doing things manually, you can leave those crucial tasks to the software. Not only is it quicker, but you can rest easy knowing that everything is accurate and well-documented. Document Your Processes Once you have a solid payroll strategy, document it! Create a detailed step-by-step manual that your payroll department can follow. This tip might feel like you're micromanaging. But with something as critical as payroll, it makes a difference. Detailed documentation will help you analyze your payroll systems and find potential weak points. It'll also ensure that everyone handling payroll is on the same page. Don't Be Afraid to Audit Many people shudder at the very word, but an audit can be beneficial. Payroll audits help you identify issues. Whether you use human resources accounting software or a manual time card system doesn't matter. Audits keep your processes running smoothly. They also provide peace of mind to employees and help you find potential compliance issues before they snowball into serious legal ramifications. Leave Payroll to the Right People Finally, get the right people to process payroll. This task is not something you should leave to someone who's poorly trained or ill-prepared. Invest in payroll training and prepare your team. You can also turn to third-party processors. While outsourcing can be daunting, leaving it to the professionals is the better choice if you cannot hire an in-house team. Read a similar article about time & attendance software here at this page.
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Whether you're working on a massive in-house project or have multiple remote teams around the country trying to put something together, keeping track of projects isn't easy. Juggling assignments, maintaining order, and staying within budget can be overwhelming.
It becomes even more challenging to pair that with several workplace locations, varying pay rates, and more. So how can you keep track of projects efficiently? Use Job Costing Software Projects can go over budget quicker than most realize. Avoid that mess by using software to monitor where your company's money goes. When you integrate job costing into a collaborative project, you can resolve pay issues, visualize where most of your budget goes, and keep track of individual tasks. Integrate job costing throughout your entire system. Many departments will utilize relevant information, and unifying it across the board gives you extended functionality. You can even automate the more tedious tasks, letting you focus on what matters. Utilize Time Tools Time and attendance tools can help you track work hours across multiple dimensions. Use custom settings to monitor hours worked on a specific project. Doing so can help you reconcile different pay attributes and ensure that everyone on the team is pulling their weight. It can be easy to let things slip through the cracks with large-scale projects. But when you can view when your employees contribute to the bigger picture, it's easier to monitor progress. Take Advantage of Collaborative Tools There's no shortage of fantastic collaborative tools out there! With more and more companies allowing remote and hybrid work, these platforms are coming out of the woodwork. Use different software to share files, work on documents in real-time, and more. You can create actionable tasks, make a to-do list, and throw virtual roundtable meetings. Keep the Lines of Communication Open The best tip you can receive about managing projects is to communicate. There's nothing worse than a lack of communication from leads and contributors. It's the quickest way to derail a project. Make all contact information available and consider using software for group chats, video calls, and more. Read a similar article about PEO services here at this page. These days, it's common for companies to issue computers, tablets, and even smartphones for employee use. These devices play a big part in modern business. But with more tech comes more significant risks for security issues.
Device management for Windows is complex but can do wonders to keep your company safe. One way to keep sensitive information out of prying eyes is to enable multifactor authentication. This security technique uses more than one user authentication method, adding several layers of safety when accessing private data. While it might seem like overkill, multifactor authentication provides many benefits you don't want to miss. Regulatory Compliance Does your company work in an industry with strict regulatory standards? If so, multifactor authentication is a no-brainer. Many regulations exist for companies in the financial and healthcare fields. The primary goal is to keep confidential data away from prying eyes. Regulatory boards dictate the measures companies must take to avoid mishandling data. The end goal is to protect consumers, and it pays to have these systems in place. There are many ways to protect devices. But multifactor authentication is one of the strongest. For that reason, some regulations mandate it for specific industries. Works with Single Device Management Platforms One of the biggest complaints about multifactor authentication is how cumbersome it can feel. In most cases, this technique requires you to verify your identity in multiple places. That means jumping from one device or email account to another! It can certainly get annoying when you jump through several hoops each time you log in. But, you can make things easier for your employees. Single sign-on solutions in platforms that handle device management for Windows work well with multifactor authentication. Instead of going through those processes manually, you can let the software take care of it. All your employees have to do is log in on a connected dashboard. With one login, they can access all software and networks they need to work. Device Protection from All Angles Finally, multifactor authentication provides top-notch safety from criminal activity. It keeps your sensitive networks and databases free of malware and other attempts at cybercriminal activity. It's the ultimate form of security that benefits both in-office and remote teams. Read a similar article about remote workforce management here at this page. Growth is just around the corner when you're a small- or medium-sized business. But you'll quickly find that scaling up is no easy task. It's more than just increasing daily operations. You also have to take care of the behind-the-scenes business aspects.
We're talking about HR, compliance, tax administration, and so much more. Those details can hold your business back. Luckily, PEO services are here to help. What's a PEO? PEO stands for Professional Employer Organization. The PEO definition is pretty simple. It's an organization that partners with smaller businesses. Companies can outsource everyday business duties to a PEO, harnessing the organization's resources and expertise. The most common services utilized by a PEO include onboarding, benefits administration, compliance, etc. How Does a PEO Help Achieve Growth? Now that you understand the PEO definition, why should you get one? PEO software can be a game-changer that makes it possible for companies like yours to reach a new level of success. HR Infrastructure When businesses are ready to scale up, they often have to invest in human resources. Your HR department is responsible for everything from onboarding to managing benefits. While the role is important, it's also expensive. Most small businesses can't afford to hire dedicated HR departments, putting their growth on pause. A PEO provides that HR infrastructure you need to grow. The PEO can help recruit new employees, train them to support your business, and keep them happy with benefits! Risk Management Does your business have the means to handle risks? What happens if someone gets injured, or you find yourself on the wrong end of a lawsuit? Most small companies can't handle the costs that come with managing risks. A PEO provides the support you need in those moments. They can also help you avoid them altogether and protect the bottom line. A Hands-Off Approach Finally, a PEO can help your business expand because it lets you focus on the bigger picture. You shouldn't have to spend your time dealing with the logistics of running a business. When you work with a PEO, you don't have to. Focus on what matters and produce growth while the PEO handles the smaller stuff. Read a similar article about employee onboarding checklist here at this page. 401K matching is a fantastic addition to your benefits package. It's a process in which you, the employer, contribute a certain amount of money to the employee's retirement account based on their individual contributions.
There are many ways to approach 401K matching. Your company might match a certain percentage of contributions based on salary. For example, you could do a 50 percent match up to 10 percent of the employee's salary. Either way, 401k matching is worth considering when using software for benefits management. Read on to find out why. Tax Benefits Did you know that 401K matching can help you save on your company's tax burden? There are a few different tax benefits to take advantage of. However, the most impressive is using those contributions for a tax deduction. Tax law says that companies can claim matched contributions for tax deductions. Depending on how many employees you have, that's a significant benefit that can help the organization's bottom line. Better Employee Retention Another big perk of 401K matching is how it changes the work culture and environment. Employees spend their entire lives trying to build their 401K. It's a monumental task, and many people choose jobs based entirely on how much they can save for retirement. When you offer 401K matching, you're letting your employees know that you care about them and their financial future. It creates better work morale and even helps you retain employees for longer. Why would anyone want to leave if you offer generous contributions and good pay? A Tool for Recruiting Finally, 401K matching can do a lot to help you recruit the best employees for your company. It's just one of the details you'll handle through software for benefits management. But to a job-seeker, it's a big draw. As mentioned earlier, many people choose jobs based solely on their ability to save for retirement. 401K matching is an impressive benefit that gives you a competitive advantage over your corporate rivals. Attract the best talent and keep them around for years to come. Read a similar article about software for managing employees here at this page. Shift differential pay is an essential piece of the compensation puzzle. It can be a fantastic way to fill labor gaps and encourage employees to work outside their usual scope.
This blog will go over the basics of differential pay, how it works, and why it's so crucial to businesses like yours. What is Shift Differential Pay? Simply put, differential pay is additional compensation for meeting specific work conditions. Every job has tasks that no one is keen on doing. For example, you might have trouble filling third shift positions because of the challenging schedule. Or, you may have some assignments that require working in more hazardous conditions. Whatever the case may be, those jobs still need to get done. Of course, few workers will want to work outside their usual scope without additional compensation. That's where shift differential pay comes in. You can offer more compensation for those challenging work shifts. Think of it as a bonus. But instead of being a perk, it's built into your compensation package and temporarily increases the employee's pay. The process is relatively simple. After doing a position-by-position market analysis, you can determine which jobs could benefit from differential pay. Then, you can use your employee management platform to create those differentials and assign the conditions employees must meet to earn them. After the differential pay is in place, your payroll software should handle the rest! Why Have Shift Differential Pay? Now that we've answered, "What is shift differential pay," let's talk about why you would use it. Ultimately, the biggest reason to use this compensation method is to entice your employees to work those challenging shifts. It's a natural incentive to help you cover shifts and tasks no one wants to do. It's also an opportunity to take care of your employees and show them their time and effort are worth the extra pay. Taking Full Advantage of Differential Pay There are many forms of differential pay. You can offer hazard pay, geographic differentials, and shift differentials. The latter is the most common, but each is a powerful incentive you should build into your compensation plan. They help make your team feel appreciated while ensuring your operations continue running smoothly. Read a similar article about calculating employee headcount here at this page. Losing employees is never easy. It changes the workplace dynamic, but it can also cost your company a great deal of money.
When you consider the loss of productivity, the resources you put into hiring a replacement, and the hassle of onboarding, it's a significant loss. Estimates say that losing a single employee costs the business about 50 percent of that worker's annual salary. When an employee leaves your company, it falls into two categories: Attrition and turnover. While both are costly, one has less impact on your organization than the other. Keep reading to learn more about the differences and calculating employee attrition rate figures. What is Employee Attrition? Staff attrition is when the company doesn't replace an employee who separates from the company. Typically the separation occurs naturally. For example, it's usually because of retirement, voluntary resignation, going back to school, etc. With attrition, the organization usually gets rid of the position. Because that employee isn't replaced, there's a lower financial impact on the business. Furthermore, the separation is generally amicable. Calculating Employee Attrition Rate Calculating attrition rates is easy. The formula involves dividing the number of full-time employees who leave per month by the company's total average number of employees. Multiply that figure by 100, and you have the attrition rate. Good HRIS software can help you monitor attrition rates and their impact on the organization. What is Employee Turnover? Employee turnover is when the company does replace an employee that leaves. Turnover is a more costly endeavor. As a result, many businesses focus on improving employee retention rates. Turnover can occur on a voluntary or involuntary basis. For the latter, it's usually due to termination or firing. However, voluntary separations from an employee quitting are part of the equation, too. Calculating Employee Turnover Rate To calculate turnover, divide the number of employees who leave during the year by the number of total employees you had at the start of the year. This figure tends to hold more weight than attrition due to its impact on the business. Both attrition and turnover will affect your company's bottom line. Luckily, there are ways to foster change. Prioritize employee retention and invest in talent management software to fill open positions quickly and efficiently. Read a similar article about 2022 tax changes here at this page. Let's face it: Filling vacancies in your company isn't easy. While you'll receive many applicants, finding the right one can take a significant amount of time. That's why it's so important to invest in talent management software.
What is talent management? It's the process of recruiting and developing talent for your organization. The hiring process can be stressful, but having a set of killer interview questions can help the frontrunners rise to the top. Here are some powerful questions that can help you better understand an interviewee's potential. What do you know about our company? This question is a great opener. Serious applicants will do their research before coming into the interview. It's a quick way to see who's genuinely interested in the job and who is only there for a paycheck. Why did you apply to this position, and why do you want to work here? A serious candidate should be able to tell you why your company appealed to them. Again, this separates the passionate applicants. But more importantly, their answer can show initiative and a drive for career advancement. Can you tell me more about your current job? How an applicant speaks about their job now is important. If they bad-mouth their current company, they may do the same to you in the future. This question also tests communication skills and provides more background information you won't see on a resume. Why are you leaving your current job? It's always a good idea to question why an applicant is leaving. It highlights their expectations for this position. What could your current company do better to have more success? The answer to this question will likely connect to the previous one. However, it also shows that the interviewee can view the bigger picture for the company. What's the most exciting project you've ever worked on? Knowing what excites an applicant is always good. It can help gauge whether they'll be happy and passionate about working for you. Can you tell me about the last major challenge you overcame? This question is about getting insight into the applicant's critical thinking skills. It can also show you how they respond to workplace obstacles. How do you manage deadlines and the pressure that comes with them? Deadlines are a natural part of the business. Feel free to dig deeper past their surface-level answer to understand how they handle tight deadlines and stress. Finding the Right Candidate What is talent management if not weeding out unsuitable applicants? These questions will help you find the perfect fit for the open position. With these interview questions and solid talent management software, filling available vacancies will be a breeze. Read a similar article about approval management software here at this page. Although reporting often gets a bad reputation in the business world due to the monotonous nature of certain research tasks, the truth is that enterprise reporting is crucial to success in business. Gathering data on key metric performance components may seem a little bland, but the results of this reporting can have a huge impact on not only the direction of the company but also its bottom line.
What is Included in an Enterprise Report? Enterprise reporting is the act of putting together data that makes a difference. An enterprise report may contain data on business factors like productivity, revenue, and lead generation. Additionally, these reports are often broken down into different categories to include explanatory reporting, analytical reporting, and progress reporting. Breaking things into categories helps to keep the process from becoming overwhelming and allows specific data to be reviewed in context. How Enterprise Reports Affect Customers You might not think that enterprise reports affect customers since these reports are generally for internal use only, but the truth is that the customer experience can be greatly impacted by the data you gather and analyze. As a business owner, you and your management team need to be aware of what’s going on in the company in terms of day-to-day operations in order to promote positive customer relations and growth. You may be able to observe your employees and even hold department-level meetings to get a feel for things, but until you have a comprehensive report in front of you that details performance, you may not be able to get a sense of the company’s direction as a whole. Without this data, you may also end up steering the company in a direction that doesn’t benefit customers. After all, you don’t have the data that shows where you can better serve your customers. This is why it pays to have an enterprise report compiled regularly. You receive a thorough overview of the company’s performance, and this can go on to lend itself to better customer experiences and more growth for your company. Read a similar article about software for access management here at this page. Company policies help everything to run more efficiently, and they also serve to protect the basic rights of employees while also serving the interests of customers. For example, a dress code or computer access policy ensures that everyone is treated the same so that no one feels excluded or unable to complete their tasks properly.
Additionally, company policies like transferring certain issues to management during customer escalations can benefit your business by ensuring faster service and a greater degree of customer satisfaction. You can also utilize company policies to inform customers about what you can and can’t do if a customer concern is brought to your attention. Letting customers know your company policies ahead of time can reduce a lot of headaches and hassles down the road. Creating Enforcement Protocols and Mechanisms Of course, along with having company policies, you’re also going to need to have enforcement mechanisms in place to ensure compliance. While policy enforcement isn’t exactly an exciting aspect of running a business, it is necessary. Without enforcement of company policies, your business is more likely to run into problems and deliver an inconsistent customer service experience. You may also be found in violation of labor and other laws pertaining to the workplace if your company policies are not properly laid out. Fair and Consistent Enforcement When creating your enforcement mechanisms and strategies, always remember that you need to be just as fair and consistent in enforcement as you are in drafting your policies in the first place. If you aren’t willing to enforce policies across the board and apply enforcement to all employees equally, you may find your company facing lawsuits, negative press, and worse. Involve Your HR Department You’re also more likely to benefit from involving your HR department in the enforcement of your company’s policies. Your HR department can help you to review existing policies, draft enforcement protocols that comply with labor laws, and administer disciplinary action when needed. Involving your HR department also ensures that key people are kept in the loop regarding changes to policies and enforcement decisions. Read a similar article about workforce management solution here at this page. |
AuthorEmily Clarke writes about employee management, benefits and payroll service. Archives
December 2021
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