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Category: Payroll Outsourcing

Payroll Outsourcing

What's your wage strategy for the DOL regulations published today?

Employers with overtime exempt salary employees will want to determine which employees are currently paid a salary of less than $913 per week and get a sense of the effect the increase to the minimum salary level may have on their business.

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The Keys to a High Impact Compensation System

Your company's compensation system is both one of the most vital and complex systems within your business all at the same time. Ideally compensation should be one of your primary tools for driving growth and expansion of your workforce, but instead it often becomes a source of confusion and constant reconfiguration rather than a proactive tool for planning your business' future. There are a variety of factors that make compensation complicated, including (but not limited to) regulatory requirements, employee turn-over as a result of perceived pay discrepancies, the resulting competitive talent market, and the widening range of compensation levels involved whenever your company expands or diversifies. And the effects of compensation problems will be felt throughout your organization from management to accounting, since compensation effects everything from your ability to recruit and retain top talent all the way down to your ability to stay within budget. One solution for avoiding problems and making com ...

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Reconsidering Cash Compensation

One of the most common and most disappointing incentives used within wellness programs are cash incentives and rewards. But studies have recently shown that cash compensation is limited in what type of behavioral change it can motivate. For instance, cash incentives are best used to inspire short-term or even one-time changes in employee behavior, like giving up smoking for a short term period. But bringing about lasting change, like giving up the habit of smoking for life, is more difficult to achieve with a cash incentive. So what does work in the long term? That depends on a number of factors specific to your workplace, wellness programs, and existing compensation ranges. One incremental step in the right direction is gift cards, which are admittedly as good as cash, but which add a sense of trophy value to the reward. In effect, any compensation scheme that allows employees to not only be rewarded but also to feel a sense of accomplishment will produce longer lasting results than a simple "dollars for ...

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Trend demonstrates 401(k) plan costs are headed down

The larger 401(k) plans are generally more likely to include benefits such as employer contributions. They’re also more likely to offer automatic enrollment and have participant loans outstanding. This information comes from new research from various organizations. The study looked at the Form 5500 filings of 34,000 different 401(k) plans in 2013. Each plan had more than 100 participants. They noted some key features from these plans. Nearly 20 percent of all the plans in the study had evidence of employer contributions, automatic enrollments and outstanding participant loans. Of the 401(k) plans with more than 1,000 participants enrolled, approximately 35 percent of the plans had all activities. Of the plans with 100-500 participants, only 15 percent showed all three activities. A majority of large and small plans had employer contributions. Of the plans with more than 5,000 participants, almost 100 percent had employer contributions. Of plans with less than 100 participants, nearly 75 percent of ...

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Increased Minimum Wage May Not Be Best Answer for Workers

It's a popular notion on the left that increasing wages for workers will solve the problems of income inequality in America. Ralph Nader Supports it, and all three of the Democratic candidates for President have stated their belief that a mandated higher wage or mandated health care benefits for employees will benefit the federal budget over all. This is true, but the question for economists is not whether increased wages and benefits will help (they will) but how much will they help? Between a proposed increase in the federal minimum wage from $7.25 to $10.10 and the costs associated with the Affordable Care Act, employers are facing a total cost of $46.67 billion per year. As a result, may employers are turning more and more to automation instead of additional hiring, as is natural when the cost of hiring a new employee rises. If, by contrast, you give the same benefit (increased income) to employees but instead you do it by levying taxes on employers, you get a different result. The company's income wou ...

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