When the financials of your company start expanding beyond basic accounting, you may find yourself in need of assistance when it comes to planning or analyzing your finances. If that's the case for you, it may help you to turn to someone who has a thorough understanding of the following: Financial strategy and forecasting — This entails the analysis of both current and previous financials … [Read more...]
4 Steps To Take When Investigating Workplace Incidents
According to the Bureau of Labor Statistics, in 2020, there were 2.7 million nonfatal workplace injuries and illnesses, as reported by private-sector employers. Upon hearing that one of these types of workplace incidents has taken place, the appropriate plan of action on the part of the employer is to open an investigation and take a closer look at the situation. As it currently stands, the … [Read more...]
Which Former Employees Are Eligible for Rehire?
The Harvard Business Review states, "Historically, leaving an organization was considered disloyal, and rehiring former employees was considered taboo." But with today's tight labor market and skills gap, and employees changing employers frequently during their career, many employers are considering bringing former employees back. There are pros and cons to this practice. On the upside, it's … [Read more...]
Demand Increasing for Nonmedical Benefits
Studies repeatedly cite health insurance as the most desired workplace benefit among employees. However, recent studies show an increasing demand for nonmedical workplace benefits. In November 2021, LIMRA reported that nonmedical benefits are expected to increase 20% by 2026. This data comes from a survey conducted by LIMRA and Ernst & Young. Findings from the survey: Employees have … [Read more...]
Take a Look at the Alternative Workforce
Take a Look at the Alternative Workforce One of the most fitting descriptions of the alternative workforce comes from Deloitte. In the company’s words, they have said that “the alternative workforce has become an integral component of the workforce ecosystem, providing organizations with access to a wide array of skills and highly diverse talent that they may not be able to source … [Read more...]
Characteristics of a Healthy Workplace Culture
Characteristics of a Healthy Workplace Culture You can't measure a company's success entirely by sales. You have to look at the workplace culture, which has a long-term effect on the company's health. According to the Society for Human Resource Management, three things occur in a positive workplace culture: According to the Society for Human Resource Management, three things occur in a positive … [Read more...]
How To Achieve Excellence in HR Service Delivery
How To Achieve Excellence in HR Service Delivery The human resource function is responsible for providing services as well as support to employees during their time working for a company, from hiring, onboarding, training and development to payroll, benefits and termination. This "services and support" arm is known as "HR service delivery." HR service delivery: Then and now Historically, HR … [Read more...]
7 Key Players in 401(k) Administration
Plan sponsor, named fiduciary, custodian … these are just a few of the players on the 401(k) administration team. Each player brings something unique to the game. Click through for insight into seven of the main players. Below are seven key roles in the 401(k) administration hierarchy. 1. Plan Sponsor The plan sponsor is the employer that establishes the 401(k) plan for the benefit of its … [Read more...]
The Tax Implications of Closing a Business
The decision to close a business's doors for good is never an easy one. However, it's important to keep abreast of compliance requirements before you say goodbye. That's why you should take time to visit the closing a business page of IRS.gov. It's designed to help you navigate the process of shutting down. It includes guidance on: What forms to file. How to report revenue received in … [Read more...]
How to Rightsize Your Company
Are you rethinking your workforce strategy? The pandemic drastically changed markets. Many businesses closed in 2020, others retrenched and still others boomed. As you address your company's needs, are you wondering if you have enough workers to operate effectively? How to Rightsize Your Company Rightsizing is the process of making a company a more functional size. It's often treated as a … [Read more...]
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