Retirement plans should be a benefit to you, your employees and your company as a whole. By following ERISA, the Internal Revenue Code and especially the fiduciary duties, your retirement plan can be more of a benefit than a burden. Although the underlying law is 30 years old, changes occur regularly. Here is a look at five issues that can be troublesome, but need not be, with a little attention.
Recruitment is in full swing in the state of Michigan. According to the Michigan Department of Technology, Management & Budget, the national jobless rate is at 4.9%. The rates are even lower in Michigan at 4.5%, as of July 2016. With a tight job market and steep competition by other employers, the potential of making a bad hire increases. A bad hire can cost your company in a lot of ways: lost productivity, missed development opportunities, negative client service, low employee morale and accumulated costs for hiring and training. Every person is not cut out for every job.
The Equal Employment Opportunity Commission (EEOC) continues to scrutinize employer wellness programs and recently filed several lawsuits against employers claiming that certain wellness programs violate Title I of the Americans with Disabilities Act (ADA).
Numerous laws require employers to divert wages away from the employee to another person or entity. Judgment creditors, bankruptcy courts, and child support enforcement agencies are just a few. Because there are so many such laws and they differ from state to state, it is a big task for employers to always and accurately comply. Despite the difficulty and administrative cost, laws rarely cut the employer a break.
The last year has brought changes that can be beneficial to your business and employees, if you know what they are and how to apply them.
Here are a few of those changes to keep in mind as another year of open enrollment approaches.
Not all job applicants will have a work history as an employee. Some, for instance, may have been self-employed. Others, like many young applicants, may simply not have worked for a company before.
Paying members of your small-business workforce as salaried employees may be easy for you and empowering for them, but in doing so, you must comply with the rules and regulations of the labor laws. The Fair Labor Standards Act guidelines do not apply to salary basis employees who are exempt. If your business classifies any of its employees as salaried nonexempt, the FLSA covers them as it would any other nonexempt employees.
The federal government released two mandatory labor law poster updates, effective August 1, 2016.
Employment costs fall into several broad categories:
Finding technically qualified people who can function effectively in a rapidly growing startup venture is not easy task. In an earlier column we discussed the economic alternatives for head hunting. For this column it suffices for me to remind you to be sure to devote the time to make sure that your hires are as close to perfect “10s” as possible. Anything less will be a drag on your business.
Most of us have heard – or said – MOMisms and DADisms like “Because I said so!”, “Don't ask me WHY. The answer is NO.” and “Enough is enough!” And while parents may effectively get away with such terms, HR managers cannot. You will hear retorts like “You’re not the boss of me”, “Stop harassing me”, and “You’ll be hearing from my lawyer”, if you don’t consider your explanations more carefully.