Fortune Business Consulting

Tag: Human resources

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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July 12, 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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June 21, 2022
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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June 14, 2022
A Business Owner’s Ultimate Guide to Holiday Bonus

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Holiday bonuses act as a token of appreciation from business owners to their employees. Besides appreciation, employees also like receiving additional gifts and cash.

A holiday bonus can make your employee feel supported and valued. It often leads to increased productivity and employee engagement.

You, as a business owner, can provide several kinds of holiday bonuses to lift your employee’s morale!
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What are the Types of Holiday Bonuses?

Among the different kinds of holiday bonuses presently in practice, the most prevalent ones are listed below.

1) Cash Bonuses

Employees always appreciate additional cash during the holidays. This cash bonus helps them cover the extra expenses incurred during the holidays. Some employees also rely on these cash bonuses to clear their bills.

Few organizations provide a flat bonus amount to each and every employee. On the other hand, some business owners provide a cash bonus equivalent to a percentage of the employee’s salary and profit of the company in that year.

2) Performance-based Bonuses

Some organizations give out performance-based bonuses to their employees. These bonuses can be provided in addition to or instead of holiday bonuses.

In this case, companies tie these bonuses to how employees meet or exceed the business goals in that year. Sometimes, performance-based bonuses also reflect the tenure and position of the employees.

3) Cashless Gifts

Some business owners cannot give out cash gifts to their employees. Instead, they offer non-cash gifts such as flexible working hours and extra time-offs.

Cashless gifts also include gift cards to restaurants and movie theaters. Some companies also opt for branded merchandise as non-cash gifts.
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A Few Holiday Bonus Tips for Business Owners

As a business owner, you should first evaluate the current situation of your company. You should give out a holiday bonus only if you can afford it.

If your company has a record of giving out cash bonuses every year but cannot afford it this year, you should try to notify all your employees at the earliest. This action can help prevent or minimize negativity among the employees later on.

Some important tips for business owners regarding holiday bonuses are listed below.

1) Fair Bonus Amount

You should always be careful while choosing the holiday bonus amount. It needs to be fairly and equitably distributed in an unbiased manner. In addition, you need to ensure that no employee feels unfairly treated.

2) Complete Inclusion

You need to make sure that all your employees get appreciated in some way. No employee working for your company should feel left out.

3) Gift of Time

As a business owner, you can consider giving your employees the gift of time if you cannot afford cash bonuses. Paid time-off can help your employees spend more time with their families and loved ones. More breaks can also help them relax during the holidays.

A holiday bonus, like any other bonus, is taxable. Based on the agreement with the employee, some business owners choose to pay a holiday bonus along with the tax amount.

So, as a business owner, you need to report this bonus as taxable income in the concerned departments. However, if you are a small business owner or simply lack the required resources or infrastructure to carry out these duties, managing these things can be a hectic job.

In this case, you can reach out to Professional Employer Organizations (PEO). PEOs can perform these duties on your behalf.

Nowadays, PEOs handle payroll, employee benefits administration, tax filing, recruitment, and much more. So, if you are interested, feel free to contact us now and appoint the best in the industry. Find out more on this in our blogs!
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Reference links

https://www.zenbusiness.com/blog/holiday-bonus/

https://www.score.org/resource/holiday-bonus-guidelines-what-business-owners-should-know

https://www.businessnewsdaily.com/15924-holiday-bonus-guide.html

https://www.bbcdigital.com.au/holiday-bonuses-a-guide-for-small-business-owners/
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November 1, 2021
What is Open Enrollment? Know Everything About it!
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Open enrollment is a term used to define the yearly time period when one can buy a health insurance plan or change his/her existing one for the following calendar year.

Let’s say you are an employee and your employer offers you a health insurance policy. During open enrollment, you can select a different health insurance plan or stop your existing one.
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When Does Open Enrollment Take Place?

HealthCare.gov usually hosts open enrollment every year between 1^st November and 15^th December. However, based on the state-run exchange, the time period may differ for your state!

Moreover, the time frame for open enrollment may differ in the case of group health policies.

Hence, open enrollment dates for group health plans offered by your employer may be at the fiscal year-end instead of the conventional calendar year-end.
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When Does Open Enrollment Take Place for HRAs, FSAs, and HSAs?

As an employee, you may want to register for a health reimbursement arrangement (HRA) account or flexible spending account (FSA). In this case, you need to wait till open enrollment. However, the time frame may differ from your regular health plan enrollment period.

On the other hand, employees can enroll in a health savings account (HSA) at any point in the plan year. However, they need to have an HSA-eligible plan.
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How to Prepare for Open Enrollment?

While preparing for open enrollment as an employee, you should first consider these two factors:
- Have your needs changed?
- Are you content with the current insurance plan?
On the other hand, if you are an employer and provide health insurance to your employees, you need to factor in the following pointers:
- Have your dental, vision, or medical plans changed?
- Are there any changes in your employees’ needs?
- Have your needs as an organization changed?
- Are your employees satisfied with the current plan?
Moreover, the Government may ask you to put forward distinct notices to the employees during open enrollment. These notices include:
- Wellness program disclosure
- QSEHRA notice
- WCHRA notice
- Premium Assistance under Medicaid or Children’s Health Insurance Program notice
- Grandfathered Plan notice
Apart from these, your state can also ask you to issue other open enrollment notices.
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What if an Employee Misses Open Enrollment?

Most carriers permit a 30-day window to employees after open enrollment to update their selection if they miss the deadline. As a result, they can make the necessary changes and confirm with the carrier.

However, if your employees miss the grace period, too, they will have to wait for a special enrollment period to opt for the health insurance plan. A special enrollment period generally follows a qualifying life event or QLE.

QLEs are categorized into four sections:
- Residential updates
- Household updates
- Loss of health insurance
- Acquiring health insurance
If your employee meets any of the above criteria, he/she will get a 30-day window post his/her QLE to opt for a health insurance plan. In addition, the plan can allow up to two months to implement these changes.
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What is the Impact of Open Enrollment on Payroll?

If your employee switches to a more expensive health insurance plan, you will have to withhold a greater amount from his/her paychecks. So, open enrollment directly impacts the payroll.

However, you can skip this step if you have a payroll provider who also helps with employee benefits administration.

Nowadays, Professional Employer Organizations (PEO) handle payroll and employee benefits administration in most cases. If you are interested, you can reach out to us now and appoint the best in the business. Find out more in our blogs.
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Reference links:

https://www.healthcare.gov/glossary/open-enrollment-period/

https://www.verywellhealth.com/what-is-open-enrollment-1738755

https://www.nerdwallet.com/blog/health/health-insurance-open-enrollment/

https://gusto.com/blog/health-insurance/open-enrollment
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October 15, 2021
8 Major HR and Payroll Concerns for Remote Employees
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The human resources department is undoubtedly one of the most important in any organization. Ever since the coronavirus outbreak, the entire corporate world has shifted to a work from a home model, prompting the necessity for every company to have a robust HR department in place.

This pandemic has shown us how organizations work effectively, even in a virtual setup. Moreover, as per sources, certain reports show that employee productivity may also have increased in this remote work model.

With more flexibility nowadays, both employees and employers agree to the increased productivity in this new model. Therefore, this remote work model is likely to stay even after this pandemic fades away.

However, along with its benefits, this model also created a handful of issues and inefficiencies. If your business has remote employees, you must have faced some or all of these issues yourself. No matter how small or large your business is, these are some serious HR and payroll concerns across all firms.
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Here, we have compiled all the major issues.

1) Employee Engagement:

Employee engagement can either make or break your business. Recent studies show that organizations with high employee engagement make twice the revenue compared to organizations with low employee engagement.

As a result, HRs have a tough time keeping remote employees engaged.

2) Communication:

For remote employees, effective communication is difficult without the appropriate technology. As a result, issues arise when emails and phone calls go unanswered.

3) Training:

Since traditional onboarding and training procedures have become outdated now, their virtual counterparts also give birth to various inconsistencies and issues.

4) Acquiring and Retaining Talent:

Nowadays, employees properly understand how much value they add to your business.

So, if your business lacks new technology, your employees will move on to another organization. Therefore, even after mitigating troubles in virtual talent acquisition, HRs face the challenge of retaining talented employees in this remote environment.

5) Cost Reduction:

In a virtual setup, proper cost reduction becomes nearly impossible without appropriate employee supervision. You may have to repeat the same process for different employees. This gives birth to process redundancies as well as additional costs.

6) Human Error:

As an employer, you already know that manually doing things invites human errors. So, without the proper technology, human errors of remote employees pose a serious challenge to the HR department.

7) Employee-Service Provision:

Without the right technology, HRs cannot provide any effective employee self-service. It includes access to payroll, training materials, benefits, and other resources. This further leads to employee resentment.

8) Accessibility:

As an employer, you know that accessibility goes far beyond employee self-service. You may provide ESS tools via a web portal, but it still creates an issue for the HR department.
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PEO’s Role in Human Resources

A Professional Employer Organization (PEO) leases employees to employers. It enters a joint-employment relationship with the employer that allows the PEO to share several employee-related responsibilities.

Likewise, this arrangement also helps employers outsource their various human resource functions, such as payroll administration, compensation, employee benefits, and employment taxes.

PEOs can take certain responsibilities from HR like:
- Payroll administration
- Benefits administration
- Recruitment
- Family and Medical Leave Act administration
- Drug testing programs
- Compliance assistance
- Workers’ compensation administration
- Unemployment administration
As per the agreement with the PEO, employers can outsource these HR functions. However, if you are a small employer, you may not have the expertise or the infrastructure for these functions. Also, you may not have the time or resources to focus on intricate procedures like HRIS and payroll.

So, if you outsource the desired services, the PEO can directly look into it. In that case, the PEO will handle the recruitment, benefits payroll administration, and all the employee queries related to them. Thereby, addressing the HR and payroll concerns mentioned above becomes much easier!

Have we piqued your interest in the perks of outsourcing PEO services?

Feel free to go through our blogs and talk to us now to appoint the best in this industry.

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Reference links:

https://buildfire.com/hr-remote-employee-challenges/

https://www.flexjobs.com/employer-blog/remote-work-considerations-for-human-resources/

https://www.inc.com/rebecca-hinds/the-5-hybrid-remote-works-models-for-your-business.html#:~:text=A%20remote%2Dfirst%20model%20usually,first%20and%20being%20remote%2Dfriendly.

https://www.nytimes.com/2020/06/23/business/working-from-home-productivity.html

https://laura-hansen.com/10-compelling-statistics-employee-engagement/
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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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October 1, 2021
The Brighter Side of Group Health Insurance

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One phrase you may hear often is that “Your employees are your greatest asset”. The reason for this is that it’s very much so true. Group health insurance is a very important factor in the maintenance and recruitment of employees for your small and medium-sized businesses. In addition to this, it helps boost productivity and employee satisfaction all around.

What does it mean as an employer?

In most small and medium-sized businesses, work can be demanding and depend on people to deliver their services. The individuals in these roles have many names such as staff, workers, employees, associates, personnel, human resources, workforce, or even talent. Even though we are impressed to see the output that our employees provide the business on a daily basis we must be equally concerned as to what we cannot see.

The simple definition of health is the state of being free from illness. This definition goes towards what can be seen, but what also cannot be seen by the visible eye. Thoughts of the family are imperative when it comes to employment, for example, a sibling with pre-existing conditions may come to mind or even if a child comes along with an illness that requires advanced medical intervention. Even the most awesome employee can walk through the halls of the office and have this going on at home. It will always be best to help put these coverage and payment worries at ease with employer-provided health insurance.

The elements of employer or group health insurance are generally the same. Also called group plans, employer-provided health insurance is a health policy selected and purchased by the employer and offered to applicable employees and their dependents. Small and medium-sized businesses will typically share the cost of the premium with the employee. This ultimately discounts the coverage for the employee with the employer as opposed to having an individual plan paying walk-in prices.

Employer or Group health insurance has its perks!

There are positive benefits and incentives for having employer health insurance for the employee and the employer. An employee can enjoy the benefits of health insurance that can range from not having to locate the plan and their options and premium contributions from the employer that are not subject to federal taxes. This means employee contributions can be made pre-tax, which lowers the taxable income. Give or take what plan would be available for selection, there may be an opportunity to put money away in a Health Savings Account, which can be used for health-related expenses for those unexpected medical costs. Like the domino effect, this will spill over to employee morale and boost the spirits of those working. Workers who provide the best efforts at work feel secure where they work. Productivity levels could be a clear difference between high profits or heavy losses. In which we as a team always want to win!

Can a PEO Help Your Business?

Let’s connect the dots

Many small business owners agree and offer health insurance benefits even when they aren’t required by the Affordable Care Act to provide coverage. Why do these small businesses cover their employees through group plans even though they’re not legally required to? Because it’s good for their teams and good for them. If you’re on the fence on the matter, here are the top five reasons to offer health insurance to employees:

1. The ways in which health insurance can be offered are simple.

2. Health benefits make employees feel secure and happy.

3. It saves money on taxes

4. It can give access to more doctors and hospitals

5. Providing health insurance helps boost employee productivity

Here’s a FREEBIE! Small Business Care Tax Credit

If you are a small or medium-sized employer, there is a tax credit that can potentially add some bucks to your account. The small business health care tax credit can certainly be an excellent incentive for offering health coverage for qualified employers. The Internal Revenue Service accommodates small businesses in various ways. Not only is the tax credit available for two consecutive taxable years; it may also help small businesses in keeping and attracting high-quality employees. Keep in mind that this isn’t an easy credit to qualify for, and sometimes it is not worth it.

IRS: https://www.irs.gov/affordable-care-act/employers/small-business-health-care-tax-credit-and-the-shop-marketplace

Health insurance helps in attracting and keeping high-quality employees.

Hire, Train, and Retain – How to Attract and Keep Top Talent

Let this be the STATUS-QUO

A study from MetLife found that 60% of employers say offering health insurance has led to higher productivity levels. Additionally, according to the CDC, employees who prioritize preventive care—like regular checkups—get more accomplished at work. As a small and or medium-sized business owner, you want your employees to focus on being their best productive and successful selves at work. Worrying about health insurance drains their energy and time. As you know, health insurance can be a pain to set up. And if your employees are enrolled in individual plans, all of that burden of setting up and managing their plan shifts from you to them.

METLIFE: https://www.metlife.com/employee-benefit-trends/

How Has Covid-19 Affected Health Insurance Offered by Small Businesses in the U.S.?

US National Library of Medicine National Institutes of Health confirmed that more than 40% of the private U.S. labor force is employed by small businesses, defined as those employing fewer than 500 workers. The Covid-19 pandemic led nearly half of small businesses to pause or cease operations within weeks of the March 13, 2020, national emergency declaration. While surveys have documented significant numbers of wage cuts and furloughed workers, the effect of the pandemic on employee benefits remains understudied and of utmost public importance. Given that more than half of the working-age population relies on employer-sponsored health insurance, the economic crisis is eager to spark an insurance coverage crisis.

And there you have it. From building a healthier, happier team to actually saving money, there are many reasons to take the plunge and offer health insurance to your team. Offering health benefits signals that you care about your team, ultimately building a culture of trust.

Contact us today for assistance with your group benefits needs
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October 1, 2020