Fortune Business Consulting

Category: Human Resources Outsourcing

  • 6 Mistakes That Lead to Higher Compensation in Companies

    6 Mistakes That Lead to Higher Compensation in Companies

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    Compensation is an important factor influencing a business’s ability to attract talented candidates. Thus, it must be treated as an investment to hire, retain and motivate qualified workers. However, employees typically think they are paid too little, but this must not force employers to pay higher compensation.

    It must be a perfect balance between inflation, demand, competitor package, and other factors. While it is impossible to get everything right, one can try and reduce their mistakes to a minimum by identifying the common ones.

    Interested to know more? Then check out the following points mentioning the same!

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    What Are the Common Compensation Mistakes and How to Fix Them?

    Here are some compensation mistakes managements often incur while fixing terms. One should learn about them to avoid them while designing their company policy and ensure a competitive, fair pay system:

    • Ignoring Organisational Goal

    An organization can maintain the most effective pay policy only when the needs of its employees are aligned with the company’s target. So, before setting employee compensation and salary, management must always consider company goals. Later, craft the compensation in a way it meets these goals.

    • Not Negotiating Salary Terms Well

    Companies often have a disparity in their pay. While some can negotiate their salary term better, some can not. This leads to differentiation in pay for men, women, people of color, and other classifications. So, management must ensure they pay their employees according to their compensation strategy and not based on their negotiation skills.

    • Not Considering Employee Performance While Matching Competitor Package

    It will be wrong if a company maintains a competitive system of raises, compensation, and promotion among similar employees. Rather companies must set a benchmark to identify if an employee is being overpaid or underpaid concerning their performance. Also, one must consider these while reviewing annual performance to simplify data-gathering.

    • Considering Wrong Survey for Decision-Making

    It is a common practice among companies to review salary surveys available in the market to determine what competitors of similar industries, sizes, and locations are offering to their employees. However, companies must understand that many tend to exaggerate the job and pay level. Also, there are times when surveys may match the job but not a job description. So, it might be misleading.

    • Not Disclosing Every Information Regarding Employee Pay Process

    When employees cannot understand a company’s compensation system or find gaps in policy, they form an opinion that they are receiving an unfair salary. This further lead to low employee engagement and increased turnover. However, management can avoid this by paying little attention to maintaining transparency and educating team members about what they can do to earn.

    • Ignoring Pay Equity 

    Pay equity is an important factor that employers often miss to maintain. However, this can attract several actions among the company since now legislators are incorporating pay equity law under which employees have the right to get share pay information. Not to mention, salary information is easily available online. So, if an employee does not get fair pay and he or she finds out about it, it can increase penalties and damages for violations. Therefore, companies must maintain parity in pay.

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    With so many complexities involved in figuring employee compensation, companies should get professional help. Those looking for experienced management assistance can contact us. We can maintain a simplified and accurate system of payroll, employee compensation, HR, and risk management services to improve company productivity and turnover. Remember, employee compensation is one of the company’s highest operating costs and needs special assistance. Also, if you want to read more about management and other services, check out our blog section now.

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    Reference Links:

    https://www.payscale.com/compensation-trends/5-mistakes-pay-brand/

    https://www.terrastaffinggroup.com/resources/blog/compensation-mistakes/

    https://hrdailyadvisor.blr.com/2012/04/28/the-six-most-common-compensation-mistakes/

    https://sbshrs.adpinfo.com/blog/8-compensation-mistakes-and-how-to-avoid-them

    https://www.compa.as/blog/common-compensation-mistakes

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    Contact Us

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    Fill out the form below and we will contact you to schedule a chat.

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  • How to Improve Company Benefits Package For Better Employee Retention?

    How to Improve Company Benefits Package For Better Employee Retention?

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    In recent times, more and more businesses are offering employee benefits packages to ensure the interest of their talented employees and attract new ones. This makes it important for others to pull up their socks to improve their existing package to avoid losing their workers’ loyalty and productivity. 

    This package generally includes compensation in money, special perks, and rewards. However, those who do not want to spend money can always offer more leaves to compete with companies. More such ideas have been mentioned down here!

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    5 Ways to Improve Employee Benefits Package

    It is important for company management to focus on improving its benefits package as the same helps them in many ways. For example, it helps improve the retention rate of the organization, as employees will be willing to stay in the company, aligning business needs with their targets, driving organizational goals, and building a better brand. Some effective ways to achieve this are:

    • Insurance Plans

    Offering insurance plans to employees is a great way for companies to show they care about their employees. Under this plan, a specific amount is insured to cover their employees’ medical expenses. This backs up any loss incurred due to sudden death, disability, accidents, or dismemberment. Also, employers can cover other types of medical expenses, like biometric screening, dental check-ups, etc.

    • Corporate Discounts

    Offer corporate discounts on the original price of certain goods and services (which generally include the items the organization deals in). These can only be availed by the company’s employees and are often used to test new products before launching them in the market.

    • Paid Leaves

    When a company is a start-up or does not earn much profit, it becomes difficult to benefit employees in monetary terms. In this case, employers can give more paid leaves to compete in the face of paid vacation, sick leaves, parental leaves, etc. 

    Many corporates still do not realize the importance of parental leave, but employees must be given some time off to take care of their families and children to maintain a work-life balance.

    • Office Perks

    To make the office a fun place to work in, many organizations design joyous activities. It includes playing board games, scheduling food events, and other parties. In fact, many workplaces have even incorporated nap rooms for better productivity.

    • Wellness Programs 

    It gives employees a sense of trust and valuation that the company cares for their health if it designs a wellness program for them. In addition, these programs also ensure their employees maintain a healthy way of living. This, in turn, improves productivity and retention rate. Some wellness programs one can launch are smoking cessation, gym memberships, weight-loss competition, health screening, etc. 

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    What Is the Importance of Offering Employee Benefits Package?

    When a business is small, and management is running a tight ship around, it may strike the mind whether the cost is worth it? The answer is yes. The employee benefits package is important for reasons like –

    • It minimizes employee turnaround time 
    • Employers can attract the most talented employees
    • It boosts productivity as an employee feels happier and more loyal
    • The company can maintain better worker morale

    From the above information, it might be clear now why every company must improve their employee benefits package and how it helps the company. However, to ensure the success of the initiative taken, one may need a strong management system to control the changes. If looking for one, then contact us. We can help overcome challenges relating to payroll, HR management, employee compensation, paid leaves, etc. Also, if you want to know more about management and services, don’t forget to scroll through our blog section.

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    Reference Links:

    https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits/

    https://courses.lumenlearning.com/wm-principlesofmanagement/chapter/employee-compensation-incentive-and-benefits-strategies/

    https://blog.vantagecircle.com/employee-benefits-compensation-ideas/

    https://kiwihr.com/blog/employee-benefits

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  • Know How to Help Your Employees in Career Development While on the Job

    Know How to Help Your Employees in Career Development While on the Job

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    Every employee joins an organization expecting it will help them grow in their career. For it, employees also work hard and show their dedication. However, when managers neglect to have an important conversation about career development and what an employee’s future looks like, it hurts workers’ morale and productivity. As a result, leaving them feeling unappreciated. 

    So, what can a manager do to maintain their employee’s motivation and increase their retention rate?

    Here are a few ways to give employees a sense of importance and job satisfaction. It lays down the path of career development for them and ensures the growth of both employees and the company.

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    6 Ways to Help Employees Build Their Career While on Their Job

    Here are six important ways describing how management can add to the professional advancement of their employees for a better future:

    • Understand the Employees’ Aspirations

    Managers must take a personal interest in their employees’ near- and long-term aspirations. As a result, it gives them a better understanding of how to align and develop the skill of employees to achieve company priorities. In addition, when there is clear, consistent, and direct communication between the boss and their employees, workers feel more engaged and loyal.

    • Help Employees Find Their Fit into the Company

    When an employee joins a company, he or she works in his or her shell or under the contribution of his or her team. Here, managers must help their employees see how they fit in the company to contribute to its vision, mission, and goal. This brings a sense of value to workers who work hard to connect their daily actions in contributing to the company’s overall growth.

    • Maintain a Work-Life Balance Within the Organisation

    Recently as many companies adopted work from the home culture, it interfered in maintaining a work-life balance for employees. People working at home tend to save their energy to maintain a positive home environment. This blurs the line separating home and workplace. 

    So, while companies monitor the total hours worked by their employees every week, management must also ensure they are not burdening their employees. This maintains productivity level and the scope for career development.

    • Hold Training and Development Sessions Regularly

    Regular training sessions and development programs are the basic steps to fuel employee career growth. Thankfully, virtual learning opportunities are affordable now and create the same result in nurturing employees’ needs and skills. Not only this, but it also helps the company keep up with the new advancements introduced in the industry.

    • Keep Rotating the Duties and Position of Employees

    It is a general understanding that everyone knows that the human brain thrives on job rotation and variety. In other words, when management keeps shaking the daily routine of employees relating to working in different departments and under different roles, it helps them grab new skills and work for better career goals.

    • Be Clear About the Future of Employees 

    Last but the most important point is that management needs to keep reminding their employees how their contribution adds to the company’s mission. This further motivates them to advance in the organization and expand their responsibility.

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    Management is the foundation of every organization. It can either take the company’s progress to the sky or drag it through the mud. So, if you are looking for professional management to help your company better manage employees, look after payroll, HR services, employee compensation, and other areas, contact us. We can help you grow your business by solving your different challenges while you serve your clients. Also, check our blog to find out more about company management and services. 

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    Reference Links:

    https://www.intoo.com/us/blog/ways-to-help-employees-with-career-development/

    https://www.cloud4c.com/growing-together-ways-to-support-employee-career-advancement

    https://www.forbes.com/sites/forbesbusinesscouncil/2021/06/03/10-ways-managers-can-support-employee-career-growth/?sh=734e5f107ab7

    https://www.roberthalf.com/blog/management-tips/7-ways-to-support-employees-career-advancement

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    Fill out the form below and we will contact you to schedule a chat.

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  • Effective Ways to Improve Individualized Employee Experience

    Effective Ways to Improve Individualized Employee Experience

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]An organization is said to be making efforts to improve individualized employee experience when it takes an individual approach to build employee experience strategy. As a result, its employees’ unique needs, aspirations, and preferences get fulfilled. 

    This is also important because when employees notice they are being heard, it increases a sense of loyalty and makes them feel more dedicated to work. Thus, employee engagement increases which further helps in earning more revenue for the company. 

    But how to implement it is the main question? Find some effective ways to improve the individualized employee experience below.

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    5 Ways of Improving Employee Experience at Work

    Nowadays, companies do not focus solely on increasing the number of sales. After the findings of human motivation research were out, companies realized how important it is to maintain their employee’s morale to increase their turnover. So, the focus has now shifted to improving the individual experiences of employees. Some effective ways to do that include:

    Better Communication

    The job of the internal communication team is not just to disseminate information across the company but to encourage employees to work together to achieve a common goal. Moreover, they must be making an effort to win the trust of their employees and build a connection with them. This rules out any gap and gives employees a purpose to work. Thus, as a result, it increases the annual productivity of a company.

    Mapping Employees’ Journey

    Employees, from the time they join a company till they leave, live out a journey, and if an organization makes an effort to map it out, it can identify the pain points of its employees and critical moments. Using it later, an organization can design strategies for meeting the different needs of their employees. In contrast, companies can also use it to keep conversations with their people on track, thus avoiding the trap of forgetting something carried out initially.

    Invest in the Wellness of Employees

    Active employees save a lot of health costs for their companies, but wellness is not just physical. So, the wellness programs set by organizations should also encourage mental health, along with spiritual and emotional wellness. When employees are more rested, they are more attentive and productive. Apart from this, management should also look to implement sick leave, paid vacation, a health & fitness program, paid parental leave, an onsite gym, provide healthy snacks, and arrange health clinics.

    Take Action on Feedback 

    A common problem with organizations is that they implement a survey to collect employee feedback but do not act on it. As a result, the effort often backfires as employees feel the management has nothing to do with how they feel. On the other hand, when employees the management is hearing them, they feel freer to share and suggest. So, to improve individualized employee experience, companies must communicate their action plan to their employees. This must also include the person who is particularly responsible for bringing this change.

    Implement Development Programs

    Employees feel more attracted to work in a company where they have more room to grow in their careers. Moreover, one of the ways companies can gain such confidence from their employees is by implementing programs to train the next set of leaders. Also, to let employees see their future, management should design individual employee development plans and discuss long-term plans with them at least once a year. 

    These are some of the ways management can use to win the trust of their employees. Following it will help improve a company’s individual experience. However, these are way tougher than it looks. So, every company must have an experienced team of managers to look after them. If not, then reach out to us. We can handle the HR system, employee employees, payroll, attendance, and other areas for you. Also, if you want to know more about management and role, you can check out our blog section. 

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Reference Links:

     https://www.cmswire.com/digital-workplace/11-ways-to-craft-personalized-employee-experiences/

    https://www.qualtrics.com/blog/10-ways-to-improve-employee-experience/

    https://www.tydy.co/blog/top-5-benefits-of-personalized-employee-experience#:~:text=Personalized%20employee%20experiences%20can%20help%20you%20create%20healthy%20and%20productive,their%20journey%20within%20the%20organization.

    https://bonfyreapp.com/blog/employee-experience-strategy[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

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    Fill out the form below and we will contact you to schedule a chat.[/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

  • Ways to Improve Your Bottom Line: In-house Vs. Outsources HR/Payroll Solutions

    Ways to Improve Your Bottom Line: In-house Vs. Outsources HR/Payroll Solutions

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    The key to business success is keeping their employees happy by providing paychecks on time. It helps keep them motivated to work and grow with the business. However, taking care of recruitment, HR, payroll, talent management, and others at once can be overwhelming. So, one looks at setting up an in-house payroll management system or outsourcing one.

    If this is a question running on your mind, keep reading this piece until the end! Here, you can find which one is the better option in terms of cost, complexity, time, and control?

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    In-depth Comparison of In-house Payroll Solution and Outsourcing

    There are two options available to an entrepreneur when it comes to managing payroll. He or she can either assign the task to an in-house management system or outsource. Both the options have their pros and cons, which are compared down below in respect of different factors:

    Time:

    The department has to gather employee information, maintain records, calculate wages, consider overtime, and other factors to process payroll. Hands down, this is a very complex process that requires a large chunk of management’s time. 

    For some organizations, it isn’t feasible to dedicate so much time as time is money. So, in this case, outsourcing is a better option as it clears administrative time, which employees can use on revenue-generating functions.

    Control:

    When it comes to controlling outsourcing payroll system falls back as companies lose control over how much an employee should be paid and the accuracy. The salary and benefits allotted to an employee are confidential information that must be kept private. 

    Here, establishing an in-house payroll serves as a better option. It provides the company with full control over sensitive data. Moreover, besides preventing third-party breaches, one also gets the independence to carry out last-minute changes and resolve issues.

    Cost:

    Another essential factor to consider is which option will be affordable to the company? For example, if the company is small with a limited number of employees, hiring an in-house payroll manager is possible to save costs. However, if the business is spread on a large scale, there are many things to handle, and if there’s a mistake in it, it will directly affect the service level of employees. 

    So, in this case, it is better to hand over the task to an outside company to take care of the payroll correctly. Moreover, since the outsourcing system uses a standard system that complies with the state law, the chances of accuracy and on-time credit of paychecks are high.

    Complexity:

    In the HR and payroll system, complexity refers to the fact that there are several things to consider, and the different department of a company needs a specialized backup system. This is most importantly applicable for companies with numerous business numbers, diverse payroll needs, and a collective bargaining system. 

    Thus, it is better to let experienced payroll managers streamline the process. Not only this, but with outsourcing service, one also gets a support system so if anything goes wrong, they can resolve it with skillful, speedy, and accurate resolution. 

    Now that you have the pros and cons of in-house and outsourced payroll solutions mentioned for you on a pointwise basis, you can decide which ones work best for you. However, if you decide to outsource the HR/Payroll system to improve your bottom line, then contact us. We can help manage key areas with precision. 

    To know more about the services and benefits of hiring a third-party PEO, you can also check out our blog section. There you will surely find some interesting facts you didn’t know about. 

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    Reference Links:

    https://www.avanti.ca/post/in-house-vs-outsourced-hris

    https://www.completepayrollsolutions.com/blog/inhouse-vs-outsourcing-payroll

    https://quickbooks.intuit.com/r/payroll/in-house-vs-outsourcing-payroll/

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • 7 Things Small Business Owners Should Know Before They Hire Employees

    7 Things Small Business Owners Should Know Before They Hire Employees

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    Your business is growing, and you’re ready to hire a few employees to take up the additional load. But, merely deciding to recruit new staff isn’t enough. There’s also the question of “can you”?

    Legal compliance is a must before business owners can begin recruitment. Here’s a comprehensive guide on all that you need to know in this regard –

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    Got your EIN?

    It’s mandatory to obtain an Employer Identification Number from the IRS before you can legally proceed to get staff on board.

    Head to the IRS website to apply online for EIN. You need a Taxpayer Identification Number (TIN), which can be your Social Security Number, TIN for pending US Adoptions, Preparer TIN, or individual TIN. Also, answer a few questions concerning your business to successfully register it.

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    Get the tax withholding records in order

    It’s highly essential to maintain proper records of employment taxes as per the withholding tables set by the IRS. There are primarily three types of withholding taxes necessary in this regard –

    • Federal Wage and Tax statements

    File this report with the Form W-2 for each person to whom you pay remuneration. A copy of it shall be sent to the Social Security Administration by February each year with the following pieces of information –

    • Wages/salary paid to an employee in the previous year
    • Taxes withheld for each employee in the previous year

    You also need to send copies of individual W-2 forms to respective employees by 31st January.

    • Federal Income Tax withholding

    When you hire an employee, get them to sign and submit the W-4 form, which you need to present to the IRS.

    • State taxes

    You may need to withhold additional taxes premised on the state in which your employees are situated. Consult with an attorney concerning all things tax to avoid non-compliance.

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    Sign up with State’s New Hire Reporting System

    Every business owner needs to mandatorily report any new hire to its state’s New Hire Reporting Program. It’s to be done within 20 days from when you have onboarded an employee.

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    Check employee’s eligibility

    Employers must verify their employee’s eligibility to work in the US, per federal laws. You need to do this within 3 days post-hire by filling out the I-9 form. You do not need to submit it with any government body, but docket it with yourself for –

    • 3 years from the hiring date
    • 1 year from the employee’s termination date, whichever comes after
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    Getting worker’s comp is a must

    Every organization in the US needs to obtain a Worker’s Compensation Insurance policy from a legitimate provider.

    Small business owners can partner with a Professional Employer Organization to acquire a worker’s comp package. You can save up to $2400/employee on health insurance policies by signing up with a PEO.

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    Put up proper posters

    Every business in the US needs to hang specific posters on their premises per the Department of Labor requirements. It depends on the state in which you are located. These posters are mandatory, so your employees are aware of their rights.

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    Keep a payroll in place

    Before you recruit any employee, make it a point to have a proper payroll system, which involves a lot more than merely writing checks.

    You need to remit the salary or wages per the employment agreement and company policy and should also be legally compliant. Some business owners delegate this task to a payroll service provider so they can focus on other essential matters.

    Others partner with a PEO in this regard, so they can do away with all the HR tasks while being legally compliant. Read our guide on PEO vs payroll company to make an informed decision.

    Once you have dealt with the heavy legal stuff, focus on finding the right candidates. Because, at the end of it all, your choice of employees will make or break your company and determine where it’s headed in the long run.

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    Reference links:

    https://gusto.com/blog/hiring/small-business-hiring-guide

    https://sba.thehartford.com/managing-employees/hiring/hiring-employees/

    https://briancasel.com/hiring-your-first-employee/

    https://www.nav.com/blog/5-things-to-consider-before-hiring-your-first-employee-16574/

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]
  • 2021 Tax Deadlines for Small Businesses

    2021 Tax Deadlines for Small Businesses

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    Many business owners are scrambling to effectively run their business. The last thing you want on your plate is having to recall the various tax deadlines for small businesses, not to mention the various changes. We’ve created a list of key deadlines to note to make taxes a breeze.

    2021 Income Tax Filing Deadline Moved to May 17th

    The IRS has moved the income tax filing deadline This date change is for individuals for the 2020 tax year and is extended from April 15, 2021 to May 17th, 2021.

    Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17. (IRS)

    Many self-employed individuals and businesses must submit estimated tax payments quarterly and file an income tax return annually. The filing dates vary primarily on your entity structure i.e., partnership, S corporation, or sole proprietorship. Sole proprietorships use the same tax schedule s individuals, so 2020 returns are due May 17th 2021. If you are an S corporation or partnership however the return is due on March 15, 2021.

    Estimated quarterly tax payments

    If you are self-employed, sole proprietor, partner, LLC member or independent contractor and pay estimated taxes, quarterly tax payments are due by the following dates:

    • April 15th, 2021 for Q1
    • June 15th ,2021 for Q2
    • September 15th, 2021 for Q3
    • December 15th, 2021 for Q4 (C corporations only)
    • January 18th, 2022 for Q4

    The IRS is a great resource of quarterly estimated tax payments.

    Why you should consider outsourcing your payroll

    Employment Taxes and Payroll Withholdings

    Form 941 states that small businesses must deposit employment taxes monthly or semi-weekly. Items subject to this requirement include federal income tax, federal unemployment (FUTA) tax, and Social Security / Medicare (FICA) withholdings. Employers must also report their payroll withholdings either on an annual basis or quarterly basis using IRS form 941, 943, 944, or 945.

    Form 941 deadlines:

    •  April 30th, 2021
    • July 30th, 2021
    • October 29th, 2021
    • January 31st, 2022

    Corporate Income Tax Returns

    Tax returns for companies are due on April 1thth, 2021 for income received in 2020. By filing Form 7004 businesses my request an extension of six months. The first quarterly estimated tax payment of the year is also due on this date.

    S Corporations and Partnership Income Tax Returns

    For businesses classified as either an S corporation or partnership, you deadline for submitting your tax return is March 15th 2021 or the third month after the end of your organizations tax year. Partnerships must complete form 1065 which is used to generate a Schedule K-1 earnings statement for each partner. For S corporations, Form 1120S is needed to prepare the Schedule K-1.

    A six-month extension can be requested by submitting Form 7004 along with a deposit equal to the amount of estimated tax owned.

    2021 Tax information and resources

    This guide is intended to be a resource for business owners and individuals related to tax deadlines. With the various changes as a result of COVID-19, some of the dates may change in addition to being able to qualify for various tax credits for certain expenses. The IRS Small Business and Self- Employed Tax Center is a great resource. If you are a business owner and need assistance with payroll, FICA, FUTA, and other taxes related to business ownership Fortune Business Consulting is also a great resource. Payroll processing services, tax remittance, and HR management are other areas that can assist with being prepared for all of the various tax deadlines.  

    Request your quote for payroll or PEO services today

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  • Human Resources Outsourcing for your Small or Mid-sized Business

    Human Resources Outsourcing for your Small or Mid-sized Business

    Increase your bottom line

    Every small business owner has thought of ways to increase their bottom line. Whether as a result of saving on expenses or increasing sales. Those cost savings, however, can come at the expense of efficiency and profitability for the business. For example, some business owners think that human resources (HR) are unnecessary if they don’t have many employees. That is far from the truth! Every business has human resources functions whether huge or small, that are critical to the business. Not only is it needed, but can ultimately make and save you money. Thankfully there are alternatives to traditional means of having HR. Human resources outsourcing has become the go-to for small and mid-sized businesses looking to increase their bottom line while having effective HR.

    HR’s not so hidden benefits

    HR functions bring in plenty of benefits small business owners overlook. The contrasting functions of HR in small businesses are hiring and termination. Additional services that often fall under the HR umbrella include payroll, training, compensation, benefits, performance management, labor, employee relations, organizational development, legal compliance, and risk management. Ignoring the huge need for HR due to the potential expense can be a huge oversight on what it can actually save and bring you.

    Lawsuits and HR functions

    Since 2000, 99% of Fortune 500 companies have paid settlements in at least one discrimination or sexual harassment lawsuit, according to a report from Good Jobs First. That does not include the cases without a public record or incidents victims didn’t report. If you think you are too small to be sued, think again. In today’s day and age, employers are paying out thousands of dollars in settlements. The reality is you cannot afford to not have proper HR functions and practices in place. Not only does HR support providing a safe working environment for employers and employees. It makes for a more efficient and productive workplace.

    More time to focus “on” your business not “in” your business

    Assigning HR functions to other personnel can free up time for tasks business owners highly need to prioritize. With HR functions you can create an employee handbook that can feature various policies, an employee handbook ensures that employees are aware of what is expected of them. For example, the handbook can emphasize a sickness policy in detail, so employees are aware of what process they need to do if they are sick.

    Why you should consider outsourcing your payroll

    Human Resources Outsourcing Companies & PEOs

    If your business decides to make an HR hire, making use of a PEO’s tools can help free that person’s time to focus on making your company a fantastic place to work. A PEO (Professional Employer Organization) can provide employees access to health coverage and rates on par with those of a large business. Also, PEOs (Professional Employer Organizations) cost less than In-House HR. A major way that PEOs can help your small business is by reducing needless expenses by performing the services of a full-time, in-house HR for a fraction of the cost. In fact, a recent study found that overall employee turnover rates were reduced by 10% to 14% for businesses that teamed up with a PEO (according to Napeo.com).

    You are now likely coming to the conclusion that HR or human resources outsourcing is something that your business needs. Thankfully, Fortune Business Consulting specializes in finding the right HR and PEO solutions for small and mid-sized businesses. If you have questions about how a PEO can support your business contact us today. We offer complimentary consultations. At FBC We focus on giving you the passion for your business you had on that very first day and getting back to what matters most, your clients and employees! Our Mission Is to empower individuals in the areas of risk management, payroll, and human resources with the tools to create an internal culture where the alignment of employee and company visions results in achieving their strategic goals. 

    Find the right human resources outsourcing company for your business

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