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Category: Human Resources

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  • Employee Benefits for 2023: What Should Your Business Be Doing ?

    Employee Benefits for 2023: What Should Your Business Be Doing ?

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                       We are already halfway through the year, and companies and their HR professionals are planning benefit strategies for 2023.

                      As per an employer benefits strategies survey conducted by Mercer, 53% small business houses and 70% of large company owners stated that they are planning on employee benefits program enhancements for the next year.

                    Owing to the tight labor market and fluctuating economic conditions, 2023 can prove to be a balancing act between ensuring that benefits are financially sustainable and helping attract and retain talent.

    With all this in context, let’s take a look at what your business should be doing regarding employee benefits for 2023.

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        Types of benefits that your business should offer

      Illustrated below are the various benefits that your business must offer to the employees for next year:

    • Childcare assistance 

    Childcare assistance helps support working parents who are facing increasing costs of living. On-site childcare services only make sense for bigger employers, but small and mid-sized organizations can help to subsidize the cost of childcare via pre-tax deductions or employer contributions – a way of showing commitment to working parents.

    • HSA-qualified plans 

    These plans can be an ideal fit for some organizations as they are less expensive to employers in comparison to lower-deductible plans. Also, these are triple tax-advantaged for employees. HSAs enable employees to keep aside pre-tax income for health costs, and if they move to a different employer, the portable account follows them.

    • Paid family leave 

    In the U.S., the law does not guarantee paid family leave. But as per a Mercer survey, more than two-thirds of employers provide this leave in some form. 

    A generous parental leave policy which considers both parents and accounts for fostering and adoption along with childbirth can show employees that you are concerned about supporting their home lives. Also, it can help retain and attract workers who are committed to healthy organizational culture.

    • Virtual care 

    The virtual care benefit gained popularity during the quarantine period of COVID-19. It is still now an attractive benefit as it provides employees access to healthcare professionals who fit into their schedules and comes at a lower cost in comparison to in-person visits. Also, virtual care can make care more accessible to workers with disabilities, thereby helping to address benefit gaps.

    • Medical travel reimbursement 

    Reimbursing medical travel costs can help benefit employees seeking other kinds of care, like visiting certain specialists or for cancer treatment which might not be available to them locally.

    • Fertility assistance 

    Fertility assistance can be costly. But it can prove to be suitable for some organizations. It can cover support for IVF, infertility treatments, surrogacy, etc. and may promote a more inclusive and diverse workplace – that’s a win for both employees and employers.

    • Work flexibility 

    Offering work flexibility proves to be an ideal way to care for employees and show trust in their capability to manage their own time. Even if hybrid or remote work options are inappropriate for your business, consider providing flexible start and stop times to the employees. For instance, you can offer unlimited PTO or a four-day work week which allows your employees to design their schedules conveniently.

    • Mental health benefits

    These benefits are in demand, given that public opinion keeps recognizing mental health as a vital part of the overall health. 

    Supporting mental healthcare of employees can help avoid burnout and enhance productivity in the long run. For instance, you can provide an employee assistance program (EAP) to support employees in crisis situations.

    Final word

                 Employers are struggling when it comes to finding a balance between the challenges of the present economic environment and what they must do for talent attraction and retention in tight labor markets.

                 To ensure that you get a return on your investment, you as an employer should be thoughtful and specific about benefits enhancements. For that, you should have a proper understanding of the needs and values of your workforce.

                 As a whole, your benefits offerings for 2023 should reflect the values of your organization. Admittedly, it can be tempting for you to limit coverage to save money. But you need to keep in mind that your enterprise depends on keeping the workers productive, happy and healthy. Benefits that show respect for employees and promote a vibrant organizational culture are undoubtedly worth the investment.

    [/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” min_height=”145.8px” custom_margin=”||-106px|||” custom_padding=”0px||0px|||”]REFERENCE LINK

    https://www.resourcefulfinancepro.com/articles/the-top-employee-benefits-trends-for-2023/

    https://hrexecutive.com/among-the-top-2023-benefits-trends-affordability-and-family-support/

    https://blog.bernieportal.com/best-employee-benefits-to-offer

    https://www.hrmorning.com/news/benefit-strategies-affordability-access/

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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]

  • Quarterly Taxes: Which Taxes Should Your Business be Paying?

    Quarterly Taxes: Which Taxes Should Your Business be Paying?

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                      Small business taxes are the tax amount which you need to pay to the government while running an enterprise. 

              The business structure you choose to go for while starting your enterprise proves to be instrumental in determining the taxes which you would pay. You can be a corporation, S corporation, sole proprietor, partnership or Limited Liability Company (LLC). The taxes will vary across these business structures.

            Organizations should pay taxes on an annual basis, but several businesses should pay quarterly taxes as well. For instance, enterprises with employees should file taxes on the quarterly basis with the IRS Form 941, and those who are self-employed usually pay estimated taxes on a quarterly basis. 

           You can invite penalties and interest payments if you do not pay these taxes in a timely manner. Therefore, it is imperative to be aware of the obligations of your particular entity type.

                                                                    In light of all this, let’s take a closer look at quarterly taxes.

    What are quarterly taxes?

                      Quarterly taxes are estimated tax payments that are made to the IRS and filed in advance of the annual tax return. Thus instead of a single big payment, you must pay the tax in four installments in a year (every quarter). These amounts will vary and depend on your business’ estimated income for the particular year.

                       Now you must understand what ‘estimated’ means. It implies that you estimate or assume the amount prematurely, and they have not taken place till the time you fill out your tax return. 

    Who should file quarterly tax returns?

                      The quarterly taxes are for all those individuals expecting to owe taxes amounting to at least $1000 from their income. 

                      For corporations, the annual tax threshold is $500. Generally, you don’t have to file quarterly taxes if your federal tax withholdings total a minimum of 90% of the amount that you would owe for the entire year. 

    Individuals who fall under any of these categories should file these taxes:

    • S corporation shareholders
    • Corporations
    • Self-employed
    • Partnerships
    • Sole proprietorship

    Individuals who aren’t expected to make estimated payments of more than $1000 are exempted from filing quarterly taxes.

    When are quarterly taxes due?

                       The payments of quarterly taxes are spread across four payment periods across a year for every corresponding business quarter. You can go through this chart to get an idea of approximate payment dates for every business quarter:

    Income received between Estimated tax due date
    1st January – 31st March 15th April
    1st April – 31st May  15th June
    1st June – 31st August 15th September 
    1st September – 31st December 15th January

    A step-by-step guide to paying quarterly taxes

                       To pay quarterly taxes, you must determine this information regarding your business – taxable income, gross income, deductions, credits and taxes for the year. You can use the IRS 1040-ES worksheet as a guide for additional information on how to calculate the estimated quarterly taxes.

    Step 1: Estimate taxable income and income tax

    Go through these steps to estimate the taxable income for the year:

    • From the expected total revenue, subtract all business expenses to calculate your income. 
    • Deduct any above-the-line deductions like retirement savings, health savings accounts and interest on education loans.
    • Subtract the standard deduction, and you will get your taxable income.
    • Use your tax bracket for the current year that is made available via the IRS to calculate income tax.

    Step 2: Calculate self-employment tax

    In order to calculate self-employment tax, start by calculating net earnings for the given year. You can do so by simply deducting business expenses from the gross income. 

    Step 3: Divide total tax into quarterly payments

    Determine your quarterly payments by first figuring out your estimated total tax. For that, simply add the estimated income tax and estimated self-employment tax. Following that, divide the estimated annual tax by four, and you will get the estimated quarterly payments which you need to pay before every quarterly due date.

    Step 4: Send your quarterly payments to the IRS

    There are several methods through which you can send quarterly payments to the IRS – online payments, by cash/check, with the IRS2Go app or via phone (the Electronic Federal Tax Payment Service).

    You should keep in mind that an annual tax return still has to be filed. And depending on business performance, estimated taxes can be adjusted every quarter. Underpaying quarterly taxes will attract a penalty. The interest rate for underpayment by taxpayers was 5% for the first quarter of 2022. 

    However, this rate is subject to change every quarter. Generally, one should have paid a minimum of 90% of the tax for the current year so as to avoid this penalty. But, again, this number is also subject to change. 

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    Reference Link

    https://www.thebalancesmb.com/all-the-taxes-your-business-must-pay-399045

    https://www.credibly.com/incredibly/quarterly-taxes/

    https://www.deskera.com/blog/quarterly-taxes-small-business/

    https://www.synovus.com/business/resource-center/managing-your-money/small-business-tax-timeline-annual-vs-quarterly-filing#:~:text=The%20IRS%20requires%20most%20small,taxes%20and%20self%2Demployment%20taxes

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  • 5 Reasons Why You Should Consider Shifting Your Business to Florida

    5 Reasons Why You Should Consider Shifting Your Business to Florida

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    The number of employers shifting their business to Florida is increasing each day. Moreover, Florida welcomes them with open arms by providing everything they need to settle in. In fact, reports say Florida has become the top destination of employers and workers working at the traditional business hub, i.e., Silicon Valley, New York City, and Los Angeles. 

    However, the question is, why are so many people moving to Florida, and what are the reasons for their business relocation? Find your answer in the next section.

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    What Are the Top Reasons Making Employers Shift Their Businesses to Florida?

    Here are some of the best reasons why employers find Florida to be the ideal place to shift their businesses –

    • Location with Great Opportunities

    Florida ranks highly when finding the best environment for growing a company because of its benefitting business policy and streamlined regulatory terms. In fact, the state has an incentive structure for all businesses, from corporate headquarters to manufacturing plants and firms. 

    In addition, its excellent connectivity to various business hubs makes it easy for entrepreneurs to carry out operations. It has 16 international passenger service airports and multiple new transportation developments. 

    • Best Quality of Life

    One thing that no one can deny is that Florida has the best climate, with the sun shining almost all year. This, when combined with the newly adopted work-from-home policy for workers, they get enough opportunity to enjoy sunny beach days all year round. 

    In addition, the state also boasts about its cultural attractions, best restaurants, and overall quality of living. Not to mention, Florida is largely invested in creating an environment for the future.

    • Most Business-Friendly Tax Structure

    One main reason businesses plan their relocation to Florida is its favorable tax rates. It is the only one in the nine states that do not have any tax on gifts, inheritance, and intangible personal property. Also, there is no income tax, and only 5.5% tax is applicable on corporate incomes, which is a huge game changer for businesses. 

    So now, when employers and workers are no longer tied to physically work in the traditional technology hubs, they are moving forward to enjoy the tax benefits.

    • Florida’s Affordability 

    The state of Florida is experiencing a great influx in the real estate market. Moreover, the demand for new housing and office development has also increased. Thus, increasing the commercial and residential land sale prices. However, it is still lower than in many northern states and California. This adds to the benefits of an entrepreneur running a business.

    • Florida is Self-investing

    Regarding economic growth, Florida is working on it by investing in itself. It has improved its education system and worked immensely in the state’s infrastructure over the last decade. It has provided better funding to local schools and improved the education curriculum. 

    The new broadband infrastructure ensures high-speed internet connectivity among citizens. Moreover, the workforce development program has strengthened the pipeline of qualified workers. 

    In addition, the public and commercial airports, rail systems, and deep-water seaports indicate highly developed infrastructure. These are geared toward serving multiple industries. 

    The upward stat of business establishment and growth shows that the state has a winning formula for carrying a successful business. The upward trending economy, excellent quality of living, and thriving entrepreneurial ecosystem all are adding to the reasons to shift one’s business to Florida.

    So, if you too plan to move your business to this state, take professional help handling business challenges and smooth transition. Book a consultation with us now. We can help you with HR support and services. 

    Also, if you are interested in learning more about this topic, check out our blog section. You can find updates about business, entrepreneurship, and management. 

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    Reference Links:

    https://www.bipc.com/4-reasons-why-businesses-are-flocking-to-florida

    https://mobiliticre.com/2020/11/09/9-reasons-why-you-and-your-business-should-relocate-to-florida/

    https://www.forbes.com/sites/forbesbusinesscouncil/2022/06/22/three-reasons-why-my-company-is-moving-to-florida/?sh=44ea52e05e9d

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  • Top 3 Tax Benefits for the Residents of Florida

    Top 3 Tax Benefits for the Residents of Florida

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    When speaking of Florida, the first thing that comes into mind is its sunny weather, beach fun, and the top quality of living. But did you know they offer top tax benefits too?  

    The favorable tax policies benefiting both younger and older taxpayers are adding ways to make Florida the new financial hub. Not only this, but the least corporate tax rate and increased opportunity are also calling entrepreneurs to settle their business here. Read more to know about these tax policies in detail!

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    What Are the 3 Primary Tax Benefits That You Can Enjoy in Florida?

    Apart from offering talent and new opportunities, there is one more reason people shift to Florida, i.e., its tax benefits. Here are the details:

    • Business Tax Benefits

    The business-friendly tax policy followed by Florida creates a favorable environment to carry large and small-scale operations in the state. According to a recent estimate, it is seen that families and businesses are saving more than 168 million dollars through this tax benefit. 

    Here below are some business taxes that you either don’t have to pay for or get a tax break on it:

    • Property tax on goods-in-transit and business inventories
    • Sales tax on raw material procurement
    • Corporate franchise tax on capital stock
    • Tax benefit on insurance premium
    • Corporate income tax liable on limited partnership

    Florida also offers various tax exemptions to promote a healthy environment to companies that utilize clean energy. The resources exempted from tax are solar energy systems, natural gas used to produce electricity, and steam or electricity required for manufacturing.

    • Inheritance and Estate Tax Benefits

    Many wealthy individuals are flocking to Florida after inheriting property and wealth to enjoy no inheritance tax benefit, also called ‘death tax.’ Though back in time, Florida used to collect state estate tax as a ‘pick-up tax’, later, after the changes in the Federal tax, it resulted in the phasing out of this tax. 

    Now when many states are still determined to keep state death tax, the constitution of Florida prohibits imposing state death tax on its residents. In other words, residents of Florida and their heirs do not have to pay estate taxes to the government.

    • No Tax on Income or Retirement Benefits

    Florida is the only one in the nine states that do not charge a tax on individual income. Thus, there is no wonder it attracts so many people to reside in the state. 

    However, tax-free retirement benefits form one more reason for a man to reside in Florida even after retiring. Below are the incomes on which retirees do not have to pay tax in Florida:

    • Social security income
    • Income earned from a part-time job
    • Private and public pension income
    • Retirement account withdrawals

    This help save thousands of dollars that you may have incurred by living in other states. Like, while the income tax is 0% in Florida, other states charge 3% to 9% tax on income. In fact, the constitution of Florida also prevents municipalities and counties from imposing income tax on local levels. 

    This sums up the tax benefits individuals and employers can attract by moving to Florida. However, there are much more reasons for entrepreneurs to move their business to Florida, like the diversity of talent, lower cost of operation, and reduced real estate costs. So, contact us to ensure a smooth transition if you plan to shift your business. 

    We can provide you with an experienced HR team that can take up any business challenge that is to come. Also, if you like, you can read more about management, business, and public relation in our blog section. It can give you more knowledge of the field. 

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    Reference Links:

    https://www.ey.com/en_us/financial-services/changing-state-residency-tax-considerations-when-moving-to-florida

    https://www.europeanbusinessreview.com/top-5-tax-benefits-of-becoming-a-florida-state-resident/

    https://tributaryliving.com/5-financial-benefits-of-making-the-move-to-florida/

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  • 5 Key Things to Know About Before Moving Your Business to South Florida

    5 Key Things to Know About Before Moving Your Business to South Florida

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    Are you planning to move your business to South Florida? Well, the migration of many large multinational companies to South Florida is full-on in play due to the adoption of the new work-from-home policy. On top of this, the affordable tax and friendly business environment serve as a real magnet. 

    Companies are no longer tied to larger hubs like New York City and Silicon Valley to conduct their business. They can work in the new technology hotspot while enjoying its sunny climate. However, to ensure you are making an informed decision, know about the 5 important things about Florida!

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    Important Things to Consider Before Moving the Business to South Florida?

    Over the last decade, Florida has noticed a high influx of population, which doubles the overall growth rate of the US population. Moreover, after the emergence of the work-from-home policy now, business and their employees understand it is possible to carry out their work virtually from any part of the world.

    So, companies to enjoy the business advantage of South Florida are moving their operation. However, before doing so, consider these 5 things covering the positives and negatives of locating a business in South Florida.

    • Welcoming Business Environment

    South Florida promotes a welcoming business environment. Their tax rates are highly reasonable, including 5.5% corporate income tax, no estate/ inheritance/ gift tax, and no personal income tax. Additionally, there are multiple tourist cities and centers in the state, thus having enough opportunity for earning business revenue. 

    Apart from this, the low cost of living in Florida increases your spending power per dollar, thus boosting your sale due to low goods and service costs. Not to mention, South Florida has amazing weather, i.e., warm and appealing around the year.

    • Affordable Office Rent

    Even though there has been a huge influx of companies in the state, it has still managed to keep the rent for commercial and industrial establishments less. Thus, companies are able to save millions of dollars they would have spent on rent.

    • Increasing Corporate Presence

    Florida is building itself into a business powerhouse by giving companies the required comfort to move and limiting the potential risks. Corporations are also interested in moving to this state because of easy access to talent. 

    This state hosts several top universities and provides an abundant skilled workforce and an affordable cost of living. On top of this, pioneering companies showing successful relocation rate is giving businesses the required confidence.

    • Possible Isolation

    Many established business centers fear losing the competitive edge and the amount of productivity over the rate race for sunny Florida. However, an important thing to consider here is even when they relocate, they still maintain their presence in the origin city.

    • Culture Shock

    There is a possibility of experiencing a dramatic difference in the behavior and practice of the new state. Also, the politics and standard of politeness may affect the working environment for a while. However, with patience, one will be able to overcome it easily. 

    The traffic in this state has worsened by increased tourism and the abundance of stadiums or sports arenas. Some also complain that the weather is humid and unpredictable, but it solely depends on one’s comfort. 

    Overall, South Florida has many things to offer to businesses that can help them flourish. This is why Florida is becoming a hotspot for financial success. However, one must always be aware of its attached downsides. 

    So, read this piece and if you plan to move your business to South Florida, take the help of an off-site HR team. It will ensure a smooth transition. Contact us for professional assistance. We can help overcome your every business challenge. Also, check out our blogs if you are interested in similar topics. 

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    Reference Links:

    https://soooboca.com/moving-your-business-to-boca-raton/

    https://stantoniplaw.com/moving-business-to-florida/?utm_source=rss&utm_medium=rss&utm_campaign=moving-business-to-florida

    https://www.ioptimizerealty.com/blog/pros-cons-business-move-to-florida

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  • 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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    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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    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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  • 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]

  • How to Keep Your Best Employees in High-stress Situations in 2022

    How to Keep Your Best Employees in High-stress Situations in 2022

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    With files bundling up like a pyramid, deadlines knocking on the door, and pending targets, employees often suffer high stress. However, a manager’s job is to help them not let stress affect their morale and maintain a positive environment around them. 

    But how to foster such an environment in which the performance of the best employees does not get affected even in stressful situations? Here are some tips to follow!

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    How to Manage Stress at Work?

    When employees have too much work and little time to complete, they often ignore their stress. As a result, it gets stored and affects their work ultimately. So, a manager must help them by guiding them on how to manage their stress at work by following the below tips:

    Workplace Flexibility

    One of the best ways to help employees come out of stressful situations is by giving them an adaptable working environment with flexible working terms. It means allowing the employees to work at varying hours depending on the work requirement and pressure. Also, if required, managers must schedule a face-to-face meeting to understand the requirement of their employees and identify if they are suffering from work-life balance.

    Individualized Employee Experience

    Managers must always take care of individualized employee experience and work to improve it. This is important because only when employees feel they belong in the particular workplace does all of their stress go away. Steps that can enable such an environment include:

    • Communicating openly and honestly
    • Demonstrating corporate social responsibility
    • Supporting peers
    • Listening and ensuring                                                                                                                                                                                                                                                                                                                                                                                                                               Give Them More Time Away

    Another best way to help employees perform better is by giving them lots of short breaks. By working for a long period to push deliveries, the stress level keeps increasing, and productivity starts declining. However, on the other hand, when employees take short breaks, it allows them to clear their minds and work with maximum productivity. So, managers must encourage their workers to go on breaks and, if possible, push them to eat their lunch away from their desks.

    Keep Realistic Expectations

    The most common cause of stress in the workplace is deadlines. However, this does not mean managers should discard the system of deadlines, as these are important for tracking and accountability. However, one should make sure they are realistic and attainable. For this purpose, managers can use management tools that tell about specific employees’ workload and capacity according to which management can set their expectations. 

    Reduce Meetings

    When a workplace has too many meetings for workers to attend, they feel short on time to complete their day’s work, creating stress on them. So, managers can help by reducing the number of meetings to absolutely important ones. However, to ensure this does not create a communication gap, one can also use a management platform where communication is centralized. So, everyone is well aware of the updates without wasting time attending the meetings.

    Pair Employees

    Humans can deal with stress better when they have someone to lean on. So, by pairing up employees, managers power them to deal with stressful situations. However, one must set an experienced employee with a newbie to get work done more efficiently. 

    Management is much easier when companies have professional assistants who know how to handle employees and get more work done. If you need such a managerial expert, then reach out to us. We have solutions to every HR, employee, payroll, and management problem. Want to read more on related topics? Then check out our blog section. It has some mind-blowing facts to discover.

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    Reference Links:

    https://www.qualtrics.com/blog/stress-management/

    https://hbr.org/2019/11/making-work-less-stressful-and-more-engaging-for-your-employees

    https://www.forbes.com/sites/forbeshumanresourcescouncil/2021/10/20/five-techniques-for-managing-workplace-stress/?sh=1331ef3b5d74

    https://www.wrike.com/blog/managing-high-stress-employees-in-the-workplace/

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