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Starting or acquiring a business is a rewarding experience, and your employees would likely agree. As an employer you shoulder a lot of responsibility, especially when it comes to employeecompensation. If you’re unsure about the designation of any employee , seek the advice of a trusted HR professional.
This involves maintaining detailed records of each employee’s working hours, overtime, leave, and any other relevant information. Providing employees with accessible information about their pay and benefits contributes to a positive work environment. A well-structured payroll system also includes accurate record-keeping.
In reality, employment practices liability insurance (EPLI), which may protect a business against claims made by employees in some areas, may not cover wage and hour issues. The FLSA sets basic standards for minimum wage and overtime pay. As a good rule of thumb, you could be deemed an employer if you have: 1.
Have you considered outsourcing your business’s HR to a professionalemployerorganization (PEO)? When you’re overwhelmed with the day-to-day tasks of running a business, employee performance concerns may be overlooked and others may spend time and effort compensating for an underperforming team member.
For small businesses with fewer than 50 employees: Total Compensation: Employers spend an average of $35.27 COBRA (Consolidated Omnibus Budget Reconciliation Act): When employees leave, they have the right to continue their health insurance for a limited time—though they’ll need to cover the full cost themselves.
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