Many businesses are facing economic hardships now that the coronavirus has considerably slowed consumer spending. Without an influx of income, many business owners made tough decisions to cut employee hours and pay throughout the past few weeks. As a result of this change, anxious employees try to figure out how to balance their new financial situations. In response to coronavirus’ economic effect on businesses, the federal government took action to provide relief.
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The holiday season is among us, which means that it’s the season for raises, bonuses, and more. A lot of employees have expectations this time of year because many employers provide extra perks. Employers might give extra pay as incentive to work during the holidays, cash bonuses, extra time off, and more. With all of these different policies implemented by businesses, employees aren’t sure what they’re actually entitled to. What can employees expect when they work on a holiday?
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If you’re an employer, an acquisition is a good thing. This means that your business gained so much revenue and popularity that another larger company sees its potential and purchases it. If you’re an employee, you may have a different mindset about acquisitions. Unlike employers, employees often do not sit back and relax when they hear about this transition. After an acquisition, employees are nervous about their job security, and rightfully so. All of these changes cause confusion and nervousness among employees, and that’s why we’re here to clear things up:
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Losing an employee is a confusing and painful time for many people. When a colleague passes away, employers not only grieve the loss of their team member, but they also have to figure out how to move the business forward. Although it feels like it’s not the best time, the business does have to take steps to ensure that the job position is filled again and that the necessary paperwork is taken care of. One of the first things that needs to be handled is the employee’s final wages. What does one do with their final paycheck? What happens to time off? And what taxes should be filed?
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If you’re familiar with the hiring process, you know how long it takes to find a good candidate for an open position. Can you really be sure that this person is right for the job? Although someone you hire may seem like the perfect fit, there is no guarantee that they will perform the way you expect. This is why most companies implement a probation period after hiring an employee. A probationary period is a time to assess whether or not your new hire (or newly promoted employee) is a good fit for the position. This also allows the employee to see whether or not they like the new job. The probationary period typically lasts around 3-6 months, depending on the company.
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Employee retention is something that many businesses struggle with, and higher turnover rates come along with that. According to the Bureau of Labor Statistics latest Job Openings and Labor Turnover Summary, approximately 3.5 million employees quit their jobs in April 2019 alone. Employee resignation requires businesses to fill that employee’s position quickly, which is stressful. Additionally, employee replacement comes at a cost to the business. A recent study by the Society of Human Resource Management (SHRM) discovered that the average cost per hire is around $4,000. This is costly because businesses have to spend time training the employee until they contribute to the ROI. Since turnover can be costly to your business financially and socially, you will want to try your best to keep your valued employees at your workplace. So, what are some reasons as to why your employees are leaving?
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Contributed by: Pauline Farris
The Recruitment Process: Pros and Cons of Blind Hiring Israel Weinstein; Tamika Johnson; Bob Jones; Ahmed Ak; Juanita Cortez; Ngyun Mingh; Sameer Patel.
Each of these names gives a recruiter key information about gender and ethnicity. Other information in a resume also reveals such things as the candidate’s neighborhood and age (based upon years of work experience or graduation).
While we all like to believe that we are blind to these pieces of personal information, there are subconscious biases in all areas of living and work, and the recruitment and hiring process is no different.
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It can be unnerving when exempt employees, who are paid a set salary, are chronically late. An employee could be 15 minutes late each day for a week and receive the same paycheck as someone who works the whole day. Unless the employee is able to make up for the lost time at the end of the day by staying late, that’s just not fair.
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Whether to give a cash bonus, how much to give, and whether there are alternatives are questions many entrepreneurs ask during the holidays.
The bonuses that employers give at the end of the year sends a message to employees. And, during the holidays, employees are listening. So before you give employees their bonuses, or don’t, think it over very carefully.
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Contributed by Dennis Hung
Sometimes, through no fault of the employee, employers need to transition employees out of their company. Downsizing, bankruptcies, mergers, or buyouts can result in large scale employee exit. Employers should try and help these employees deal with the anxiety and other challenges brought on by the layoff because your company’s reputation depends on it. Employers who don’t support the needs of their exiting employees run the risk of getting bad reviews and bad press.
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HR software improves business processes in many ways. First and foremost, it enhances productivity of the entire company.
For the HR department, (or the person in charge of HR in very small businesses), HR software automates a number of systems, which frees up a lot of time.
For employees, HR systems offer a level of self-service, which empowers them with information so they don’t have to bother busy management. Both employees and management can get on with their jobs since HR software reduces the need for so much back and forth.
Additionally, HR systems help companies meet important recordkeeping requirements. It also improves company communication and offers other benefits as described below.
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Contributed by Dawn Castell
Career development doesn’t always happen at our desired speed. Any number of roadblocks can get in the way – from working for a company that doesn’t promote in-house, to dealing with personal or family circumstances, to lacking the required education. Regardless of the reason for the plateau in your career, it’s never too late to jumpstart it. These eight tips will help get you on the path towards better pay, excitement, or whatever change it is you’re seeking.
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