There are many ways to measure the success of an entrepreneur, including the number of new ideas launched, the revenue and profits earned, and the ways in which he or she serves an industry or a community. But perhaps the chief among these is the impact the entrepreneur is able to have on the lives of employees. Beyond tangible rewards such as pay, and intangibles such as mentoring, a business owner can profoundly shape a worker's life by providing a generous package of employee benefits.
True or False: The minimum wage for Michigan employees is $8.90 per hour.
For most employees working in Michigan, it is true that the 2017 minimum wage is $8.90 per hour. However, it is false for some employees:
We are often asked what Interchange Optimization really means and the impact it has on a company’s bottom line. The answer is complex, but at its core, Interchange Optimization is based on industry-specific program requirements that were created by the card brands (Visa, MasterCard, Discover, AMEX).
The new presidential administration is expected to have a significant impact on the employment and labor regulatory and enforcement landscape. While it’s yet unclear exactly what the impact will be, experts in human resources are anticipating a more employer-friendly shift and a change in course from the Obama administration’s priorities.
For many, life was a lot simpler decades ago. Granted, the advancements in technology and medicine didn’t seem to come as quickly as they do now. And we probably all wonder how we ever lived without cell phones. But the slower pace is something people these days probably wouldn’t mind experiencing every now and then.
True or False: Overtime hours must be paid at a rate of at least 1½ times the regular rate of pay. If you said “true” you are correct. However, do you know what the “regular rate of pay” is and how to calculate payment for overtime hours?
Historical studies of employee theft suggest a general “10-10-80” rule of thumb. This proposes that 10% of employees will never steal, 10% will always steal, and 80% could go either way depending on circumstances and opportunity.
While the culture and example set at any company will influence the 80% when facing a decision, there are also effective theft-prevention measures to use that go beyond principles:
The state of Michigan just released a new mandatory notice to Michigan labor law for minimum wage, which must be posted for your employees. The federal government also recently released two mandatory notices that were effective in August.