Contributed by: Julianna Bevan
Businesses are facing greater challenges than ever before in 2020. The global pandemic has resulted in an economic crisis that has left many companies scrambling to find ways to stay afloat. And, in some cases, change their basic practices from top to bottom. It can be immensely difficult, but at this point adaption is a matter of survival for most businesses.
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It’s easy to mistype data when you’re manually entering time records into a payroll system by hand. If you’ve made payroll mistakes in the past, you’re not alone. Studies by the American Payroll Association show us that approximately 40% of business owners make payroll mistakes annually. This results in an average of $845 in IRS penalties every year. In order to avoid this, many business owners have invested in online time tracking services that calculate records automatically. This type of software transfers your employees’ time records to payroll and accounting software platforms with ease, avoiding the need to enter time manually. If you’re manually entering data every pay cycle and you’ve made a payroll mistake, you might wonder how to handle it and, more importantly, when you need to handle it. We can help.
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Pay cuts aren’t ideal; however, they’re sometimes the only option when an employer faces difficult economic periods. As the coronavirus takes its toll on the economy, many employers have had to make the unfortunate decision to cut many employee’s wages. Some small business owners were lucky enough to obtain Payment Protection Program (PPP) loans. This money allowed business owners to pay their employees and get back on their feet; however, the money given was often not enough to pay all employees their original wages. If you received news that your pay decreased and you need to know what your new salary or hourly wage is, read this article.
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A full-time equivalent (FTE) calculation is normally used as a way to analyze an industry or to measure an employee headcount for projects, profits, or revenues. It’s also incredibly useful for business owners to stay compliant with the Affordable Care Act (ACA) or other laws. Nowadays, many business owners must calculate their FTEs in order to receive Payment Protection Program (PPP) loan forgiveness. Business owners must prove that they maintained the same number of FTEs during the 24-week period to receive full loan forgiveness.
No matter the case, if you need to learn how to calculate FTEs, we’ve got you covered.
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Most managers prefer to keep conversations on the surface rather than taking a deeper dive into an employee’s feelings. A typical employee arrives to work and has this conversation with a colleague:
“How are you?“
“Doing great. You?“
“I’m okay.“
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As different states begin exploring reopening plans, business owners must start thinking about the logistics of the “new normal.” There will undoubtedly be stipulations depending on where you live, and how severely the COVID-19 pandemic affected your area. Nevertheless, this is a great opportunity to come back with a re-energized focus on your business.
With a renewed motivation, you’ll put your best foot forward as a business owner. Whether you are reopening after a few months off, learning how to start a business or implementing new health and safety standards, or balancing the expectations of customers with the emotional well-being of your employees, there are plenty of considerations before the much anticipated “open” sign flips from “closed.”
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On weekday mornings when the alarm rings, sometimes the idea of getting up and going to work is overwhelming. Seeing people at the office, attending meetings with supervisors, or wading through emails can seem daunting. It often feels as though you’re just counting down the hours until you can leave. When you lose interest and engagement, your job becomes just a paycheck. Most employees recognize that this isn’t good, and they know that something desperately needs to change.
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Paid time off (PTO) is a fantastic benefit that employers provide for their employees. In fact, recent studies show that 65% of business owners provide PTO benefits for their employees. Employees with time off benefits have higher morale and better work-life balances, which increases employee retention. So, it’s no wonder why employers choose to give their employees time off throughout the year.
Many employees enjoy the freedoms they get with time off benefits, but there are times when employers must manage time off consumption. For instance, it’s especially common for employers to restrict PTO during busy seasons or require employees to use their time off during slow periods. Although this might cause the employee inconveniences, an employer has the authority to dictate how and when PTO is used.
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Breaks have always been a bit tricky for business owners to tackle. With so many rules in place, it’s hard to decipher what to do to stay compliant with federal and state law. As of May 2020, twenty-one states and two U.S. territories have meal break requirements in place. Generally, employees must take their breaks by a certain time within their workdays and the breaks are paid. Whether you’re curious as to what your state’s rules are, or if you’re thinking about implementing a break policy at your workplace, this article will help you understand federal and state meal break requirements.
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A paid time off (PTO) payout is compensation for earned time off that an employer must pay employees when they leave their jobs. Although the FLSA doesn’t require business owners to give their employees time off, some employers who give time off benefits to their employees must pay out their employees when they leave the company under law. Why is that? Some states require employers to handle an employee’s accrued vacation hours in a certain way. According to state law, former employers must give their employees the cash value of their accrued time off balances upon leaving.
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The PPP loan is a valuable resource for many business owners, especially for employers who have employees with unemployment insurance. With the new loan, employers will have the ability to pay their employees as they would normally and can avoid paying unemployment taxes. This all sounds great, but PPP loans are confusing to employees, and many wonder whether their employer’s PPP loan will alter their unemployment insurance statuses. Do PPP loans affect employees’ unemployment benefits? Let’s find out.
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Working remotely is a trend that has grown tremendously over the past ten years. In fact, as of 2020, about 4.7 million people in the United States work from a home office and find remote work normal. Recently, countless more have joined the remote workforce as a response to the coronavirus. With lockdown orders in place, many people who’ve never worked virtually before are transitioning to an online setting.
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