Recordkeeping for Tax Purposes
Any recordkeeping system that suits you and your company and clearly shows your income and expenses is OK with the IRS. It’s the business you’re in that affects the type of records you need to keep for federal tax purposes. And for how long should you keep records? For as long as needed to prove […]
Creating an Equitable Compensation Plan
Compensation comprises such elements as wages or salaries, benefits, union perks, employer-provided vendor discounts, work flexibility and paid time off. A company’s compensation plan can promote employee engagement, performance and career development; thus, a thoughtful compensation plan boosts recruitment and retention efforts. Compensation is tied to critical business elements, including: Business goals and budget Industry […]
Steps to Take When an Employee Leaves
There are many reasons why employees quit: They feel their salary is too low. They don’t see a clear career track or professional development opportunities. They want more flexibility at work and in their personal lives. They don’t feel valued or appreciated for their efforts and skills. How you respond when someone quits makes a […]
Effective Employee Performance Reviews
Performance reviews often feel like a one-way, top-down process in which you, the boss, are judge and jury. But if reviews are instead a two-way street, employees feel significantly less defensive. How do you create this two-way process? Let’s look at some ideas. First, you might ask the employee to write a self-evaluation prior to the review. […]
Major Overtime Change Will Deeply Affect Employers
According to a Department of Labor release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements. The release states, “Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to […]