Everyone knows about the ill-fated Fyre Festival. Simply put, it was supposed to be a massive festival in the Bahamas and the experience of a lifetime. Ticket holders would get the opportunity to sip margaritas and hit the pool with celebrities, supermodels, and artists. Long story short, none of that ever happened. People spent (and lost) a lot of money for what turned out to be a living nightmare. Seriously, look up the stories.
But before people arrived on the island to see their dreams dashed upon the Bahamian coast, festival staff had an inkling into the issues that would arise. How, might you ask? Payroll.
Every few weeks, employees receive a slip of paper that details their health insurance premiums, year-to-date 401k contributions, and even vacation and sick time balances. It sounds like the dream HR document, one that’s practical for employees and one that businesses can use to demonstrate value.
With unemployment reaching historic lows, companies are increasingly using “sign-on” bonuses to win over prospective talent. These are typically one-time payments offered to potential hires, used to incentivize them to join your company. Most are contingent upon the new employee working for the company for a minimum amount of time, typically a year.
Saying goodbye is never easy. Depending on what state your business operates in, you may need to provide departing employees with their last paycheck well before your next scheduled payday. In states like California, you’ll have to do so immediately if the employee was fired. Failure to abide by that rule could result in additional “wait time” penalties, requiring you to pay out wages for each additional day the former employee is unpaid.
As the old saying goes, change is hard. That’s especially true when it comes to payroll, and changing between the country’s two most popular pay types: salary and hourly. Let’s walk through the process of reclassifying your employees.
Salespeople are a different breed of worker, and that’s particularly true when it comes to running their payroll. In addition to a base salary, most individuals in the profession might be paid what’s called commission, or an amount directly tied to the amount or value of a sale they’ve made.
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There is a lot to be aware of when it comes to bonuses. From who receives them to who signs the check, it’s important to establish a standard process that clearly outlines each and every step along the way. Small HR teams have a lot on their plate already, so bonus season can seem even more time consuming and chaotic. To help, we’ve compiled four essential elements to consider when setting up a bonus system.
Baseball, apple pie, and biweekly pay. Getting paid every other week has become an American tradition, with the U.S. Bureau of Labor Statistics ranking biweekly pay as the country’s most popular pay frequency. While most international businesses typically run payroll on a monthly or weekly basis, employers here at home have taken the middle-of-the-road approach.
When was the last time you waited in line to cash a paycheck? American workers have spoken, and the preferred way to be paid is through direct deposit. Let’s dive into how the payment method works, its alternatives, and the federal and local compliance considerations you’ll need to make as an employer.
It always starts with a frantic call or email. An employee says he wasn’t paid. He has bills! It’s a holiday weekend! He lives paycheck to paycheck.