News from the Vault - December 2024 Payroll Vault Newsletter
Check out our December News from the Vault Newsletter!
Check out our December News from the Vault Newsletter!
News from the Vault - December 2024 Payroll Vault Newsletter
The Department of Labor doubled the salary threshold for employees to qualify as exempt (not entitled to overtime) from $23,000 to more than $47,000 a year. Employees covered by the Fair Labor Standards Act (FLSA) will be entitled to overtime pay. All employers must comply by December 1, 2016.
Does your health impact your work performance? According to studies, healthier employees are more productive in general. Clean eating and moderate exercise create added benefits, not only to one’s overall personal life, but contribute to higher productivity in the workplace as well. Not only does a healthy lifestyle add more energy to all facets of your life, but it can also decrease overall absences from the workplace caused by injury and illness.
The Department of Labor just published revisions to the overtime exemption regulations that are expected to cause more than 4 million workers to lose their exempt status. Department of Labor is more than doubling the minimum weekly salary level for employees to be exempt from FLSA overtime under the “White Collar” exemptions.
In the payroll business, we see many versions of time off policies – it’s rare to have two that are the same. However, one thing we do see with regularity is business owners tying themselves in knots trying to implement a policy that they think is fair for everyone. What they end up doing is creating a lot of work for themselves in the process. Here are some suggestions to keep in mind while creating or revising your time-off policy.
In the business world, your relationship with time can really make a statement about who you are, what your company represents, and is a reflection on the relationship with your company. Being punctual or even early shows that you are a professional who takes business seriously and strives to create a healthy interaction with whomever you interact with.
Working remotely/virtually from either a home office, temporary office, or somewhere outside of your place of business can sound very appealing. You have plenty of time to get work done without distractions from your fellow coworkers, no constant hovering from superiors, and if you feel like it, you can grab your laptop and take off to someplace else- you’re free! But is this particular work style environment fit for everyone?
Changes to the Fair Labor Standards Act are currently set to take place on July 1, 2016. Probably the most prominent part of the bill stipulates that the minimum salary an employee must earn to be considered exempt from FLSA overtime rules is now $50,440 (up from $23,660). Bloomberg BNA is reporting that the final rule is setting the new salary limit at $47,000. Either way, this is quite a change from what the limit was before. To know how this affects you, please review the attached guide for the updated rules.
You have a business to run and we want to give you the opportunity to really focus on your business and your customers without having to worry about cutting checks, stressing over HR issues, or any other assortment of clerical and administrative tasks that can easily overwhelm and consume you.
Shopping local and spending your dollars at small businesses in your community is an incredible way to show your support for those in your community.
Regardless of industry, specialty, size, or any other label or relation you use when describing your business; your business is really defined by your workforce. The people who work for your organization, fueling the engine of your business, are really what your business is made of.
Your new prospective employee looks great on paper and crushed it throughout the interview process. References can say what the interviewee wants them to say. Items can be doctored, and resumes can be fabricated. How can you tell who is really working for you? What’s their history and what has really happened in their past work experience?
Paycards Lead a Payment Revolution Study By Global Cash Card And The Center For Generational Kinetics The Top 10 Research Study Findings:
Successful companies have strength in leadership.
Are you already using direct deposit to pay your employees? Good. Another option you may also consider are pay cards. Simple to set up, convenient for employers and employees, and a great solution for any industry.
There are over 32 Million Self-Employed individuals in the US which presents a huge need for proper 1099 management among payroll service bureaus across the country.
It would be hard for any regulatory change to be as impactful as the passage of the Affordable Care Act. However, the Department of Labor’s impending changes to the overtime exemption rules may be just that. As if that wasn’t stressful enough, you will have far less time to prepare for the fallout of the overtime rule changes seen in Obamacare. The new rules won’t be phased in over the course of a decade.
One of the most important aspects of a business professional’s portfolio, besides their educational pedigree and where they have worked, is if they have volunteered their time for a cause or organization.
When it comes to paying employees, laws and the Internal Revenue Service have made the payroll function a time-consuming nightmare for the small business owner. Small business owners spend an average of eight hours a month performing payroll functions.
Business Plan: A business plan is a formal document which describes the business, details the goals of the business, and describes how those goals will be attained as well as the risk factors that may present problems.
Outsourcing payroll & employment services in Memphis seems to be a trend for small businesses because of the cost savings and increased efficiency a payroll service provider can bring. If someone else is managing the tedious task of running payroll, you and your employees can focus on business growth. What kind of payroll service do you need as a small business?
As 2016 approaches, it is time to make sure you are in compliance with current state and federal labor law posting regulations! For the New Year, the federal government has announced an increase in the budget allocated for the Department of Labor. As part of this, millions of dollars will be put toward supporting efforts for employment laws and for securing safe and healthy workplaces.
A well written and comprehensive employee handbook will benefit both the employee and the employer. Employees will gain a better sense of the organization and employers will know that they have made the policies and expectations clear to its workers. Here are some of the specific reasons that every employer should create and maintain an accurate handbook:
