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Payroll is a major, time-consuming process that is integral to your business. Payroll requires a major commitment and investment. You can’t afford to short-change your payroll. Introduction to Payroll Management Payroll is perhaps the most important financial component of any business. You know it is important.
Employee records Updating and maintaining current employee records is more than just a housekeeping routine—it’s a foundational practice that supports payroll accuracy and helps your company avoid potential litigation. Payroll Closing your business’s books at the end of the year is imperative.
Right now, for example, you may be wrapping up open enrollment , ensuing all employees have enrolled in – or waived – coverage. At the same time, you are probably trying to review employee data and payroll records in preparation for year-end reporting, tax filing and setting up the first payroll of 2020.
Provide perks : While seasonal staff may not qualify for traditional employeebenefits, a monetary bonus for finishing out the season can incentivize them to come back. Juggling recruiting, compliance, employeebenefits, and more while simultaneously trying to grow the company can be exhausting.
For many companies, managing payroll in-house can be a daunting task fraught with risks. Errors in payroll processing can lead to costly fines, legal repercussions, and diminished employee trust. This blog delves into the critical importance of compliance in managed payroll and how it benefits businesses.
As organisations grow and evolve, their HR and payroll systems must be able to adapt to new challenges, whether it’s a sudden surge in hiring, the complexities of managing a remote workforce, or the need to comply with ever-changing regulations.
From recruiting employees and handling payroll to ensuring compliance with labor laws, HR tasks require constant attention and expertise. Some businesses choose to outsource their entire HR department, while others only seek external help for certain tasks, such as payroll processing or recruitment.
When you can’t always offer a higher salary than your competitors, a big difference maker can be found in your employeebenefits. Big-ticket benefits like health insurance are obvious favorites, but less expensive perks like flexible work and earned wage access also attract job seekers.
To help in that endeavor, weve gathered our five most-read blogs of 2024, which are full of insights on how your company can adapt to the latest workforce developments, from the new wave of Gen Z employees to comprehensive tips on improving corporate culture. However, HR outsourcing can also drive many other advantages.
Here, we highlight this years five most popular ExtensisHR broker blogs which reflect top talking points like maximizing the value of employeebenefits, the importance of providing a seamless client implementation process, and more. years Benefit Operations 8.4 years Benefit Management 20.7 years Payroll 11.3
In today's fast-paced business environment, efficient HR payroll management is more than just a necessity; it's a critical component that can significantly streamline operations and enhance overall productivity. Thankfully, with an efficient HR payroll system in place, you can transform these challenges into opportunities for improvement.
“I don’t really care about my employeebenefits,” said no employee ever. When it comes to employeebenefits, if your business can offer it, employees want it. That’s the case for any employeebenefit, from time off to healthcare to flexible work arrangements to workers’ comp insurance.
Quick look: It’s National Payroll Week, an important time to honor payroll professionals’ work to keep the country operating smoothly! Here, we explore the importance of payroll, how PEO payroll services impact SMBs across the country, and all the other ways PEOs help businesses, too.
Before diving into the latest HR outsourcing trends, it’s important to understand the various types of HR outsourcing companies, which include the following: Benefits consultants : Firms or individual professionals who assist companies with selecting, purchasing, and administering benefits plans. And the PEO industry is booming.
More importantly, drops in employee engagement rates due to burnout can lead to less-than-satisfactory patient experiences. Developing comprehensive employeebenefits packages counter burnout by supporting employees’ physical and mental health needs. Since healthcare professionals’ risk of burnout is 2.2
Quick look: SHRM recently released its annual employeebenefits survey depicting what benefits remain high-priority and which are trending upward. Though the popularity of some benefits may not come as a surprise, there are a few important changes to note which brokers can help their clients get ready for.
It was a time of uncertainty and back-and-forth changes, but what evolved was an insightful perspective of what employeesbenefited from most which ultimately set the tone for expectations today. Want to learn the benefits of partnering with a broker-friendly PEO like ExtensisHR? For some, five years have gone by in a flash.
Employeebenefits Your clients rely on you to present cost-effective benefits packages that cater to their increasingly diverse workforces —and that need will remain steadfast. Even better is a partner that not just understands but prioritizes your needs as a broker.
Introduce On-Demand Pay On-demand pay, also known as Earned Wage Access (EWA) , is an optional financial tool that lets employees access their wages in real-time. It’s a departure from the traditional biweekly or monthly payroll model. All content provided on the Payactiv blog is for informational purposes only.
Conducting an HR audit not only helps businesses comply with legal requirements but also allows them to identify gaps, improve employee satisfaction, and enhance operational efficiency. Its like a health checkup for your companys HR department, ensuring that everything from recruitment to employeebenefits is in good shape.
Payroll is a critical function within any organization, ensuring that employees are compensated accurately and on time. It encompasses various processes, including calculating wages, withholding taxes, and managing benefits. Key Components of Payroll 1. Common Payroll Challenges 1.
Instead of being a leased or temporary worker, employees end up having two employers: the company who hired them and the professional employer organization. The PEO becomes the company of record for HR , payroll , benefits , employment taxes, and other HR-related purposes. Payroll and tax services. In-depth HR guidance.
Quick look: The first week of September is National Payroll Week, a time to recognize the dedicated payroll professionals who ensure timely and accurate payments for their companies and employees. Ensuring employees are paid accurately and on time takes careful planning and expertise. Everyone anticipates payday.
Managing payroll effectively is crucial for the smooth operation and financial health of any organisation. Payroll management involves more than just issuing paycheques; it encompasses a range of activities including tax compliance, benefits administration, and record-keeping. What is Managed Payroll?
Make sure your W-2 form shows HSA payroll contributions Provided by your employer, your W-2 shows the wages you earned and any taxes withheld. It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. Subscribe to our blog for the latest insights on employeebenefits.
For many companies, managing payroll in-house can be a daunting task fraught with risks. Errors in payroll processing can lead to costly fines, legal repercussions, and diminished employee trust. This blog delves into the critical importance of compliance in managed payroll and how it benefits businesses.
This includes managing employee contracts, payroll, benefits, and compliance with local labor laws. Payroll Management: The EOR processes payroll, including calculating wages, withholding taxes, and disbursing payments to employees. They ensure that all payroll activities comply with local regulations.
A total rewards program for employees includes four major components: compensation, employeebenefits, well-being, recognition, and development. Compensation Compensation is the total amount paid to an employee by their employer. That’s when a professional employer organization (PEO) can help.
Why employees want (and need) EWA Many hourly workers would prefer to be paid more frequently than once or twice a month. EWA gives workers access to funds without completely disrupting the payroll cycle. Once you’ve experienced EWA, going back to a fixed payroll schedule feels like giving your employer a series of interest-free loans.
In this blog, learn about ExtensisHR’s Employee Solution Center (ESC) and discover the benefits of having a responsive and knowledgeable support system that understands your unique needs and helps you easily navigate complex HR issues. Payroll matters : Does one of your employees need to update their W-4 or access their W-2?
In this blog, I’ll share the best HR compliance software to help you in staying up to date with changing laws and keep your organization running smoothly. Deel : Best for simplifying global HR compliance and payroll. BambooHR : Best for streamlining HR compliance and employee management in small and medium-sized businesses.
As organisations grow and evolve, their HR and payroll systems must be able to adapt to new challenges, whether it’s a sudden surge in hiring, the complexities of managing a remote workforce, or the need to comply with ever-changing regulations.
Fisher Phillips : A law firm specializing in labor, employment, corporate compliance and governance, data security, employeebenefits, and more. PEOs feature a co-employment relationship and also offer SMB employers access to competitive benefits through the PEO’s purchasing power and economies of scale.
Quick look: This year, continuing inflation challenges and the demand for personalized employeebenefits packages made headlines. Likewise, our five most-read broker blogs in 2023 also reflected these trends. At the same time, there is a continued prioritization of tailored employeebenefits packages.
As it continues to adapt and expand, payroll software has become an essential technology for many companies both large and small. What is payroll software? Payroll software is the foundation of any operating business. The payroll process is a significant, time-consuming part of every business. Who runs payroll?
Managing employeebenefits has become more complex over the years, which is why more companies are choosing to outsource these functions. A recent survey conducted by the International Foundation of EmployeeBenefit Plans (IFEBP) estimates one-third of companies have increased outsourcing of benefit functions in the past five years.
When done properly, employeebenefits management helps employees, as well as the company. Because employeebenefits can be complicated, and you need a centralized system to manage costs and adjust policies. When it comes to benefits, both legal compliance and employee satisfaction are important.
Employeebenefit administration and analysis In today’s hyper-competitive market, employees consider their benefits a critical component of their total compensation. , outsourcing some of their daily administrative burden to a professional employer organization (PEO) could provide much-needed relief.
Payroll is the lifeblood of HR. Employees can repeat training modules, and HR can revise records. But not paying your employees or paying them the wrong amount is how you get a rebellion (or worse, legal trouble). So if you want to maintain the peace and not break the bank doing it, check out these payroll options.
But with 401k payroll integration software , you can streamline much of the administrative tasks that come with 401k programs, while helping to ensure compliance and efficiency. Workers have come to expect 401k plans, and standard employeebenefits keep your company competitive for both hiring and retention.
From offering competitive employeebenefits packages, to providing recruiting support and performance management guidance, brokers play a key role in helping these businesses succeed. student loan repayment and tuition reimbursement) were part of their benefits strategies, respectively.
For the many businesses and HR professionals who have avoided the payroll software conversation for too long—this is your year! THIS is the year you finally invest in payroll and HR technology software. Outsourcing administrative and back office functions offer numerous benefits across your company.
Attracting and retaining employees continued to be a focus, tailored benefits became increasingly important, and several relevant legislative updates occurred. Here we review our top five most-read broker blogs this year, which reflect these trends and will continue to help brokers guide their clients in the new year.
A Professional Employer Organization (PEO) is a firm that provides comprehensive HR solutions to businesses by handling payroll, employeebenefits, regulatory compliance, tax administration, and other workforce management functions. Additionally, one-third of small businesses spend over six hours monthly on payroll alone.
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