It’s that time again!
While everyone heads back to work in the new year, owners are focused on some important human resource topics.
For example, you might be looking at your options for employee benefits and compensation.
Or maybe your company needs to address some payroll considerations.
No matter what issue you’re discussing, make sure you do your competitive research and consider your compensation package as a whole.
You likely already know the required employee benefits of social security and Medicare matching, unemployment insurance and workers’ compensation.
And depending on the size of your business and state you’re located in, you might be required to offer disability insurance and health insurance.
But what employee benefits help you attract and keep exceptional employees?
Depending on your industry, this can vary.
But usually, recruits are attracted to companies that know what their competitors are offering — and do one better.
The cost of benefits is the price of doing business, regardless of your size.
So make sure you know what other companies in your field and area offer. Then, get creative about how you can do it better, or move some coverage from other areas to shine in the one that matters most to your employees.
Ask current employees what they want. Despite what you end up offering during your enrollment period, all employees want to be heard. Take the time to gather feedback and see what you can make happen.
People accept jobs for a variety of reasons.
A major life change might impact finances. Maybe it’s a vertical move for a better commute or just a change of pace. Or it could be a dream job.
Many people will consider the entire compensation package (employee benefits, retirement contributions and salary) when deciding to say yes.
But ask anyone, and the number one answer for what they look for in a dream job is the right amount of money.
Is your compensation competitive in the field?
Compensation is also a huge factor in how employees feel valued.
Are you thankful for hard work during the pandemic? Give your employees a bonus.
Did you hit or exceed your sales goals for the year? Thank your employees with a surprise amount in their next check.
Regularly recognizing hard work leads to satisfied employees.
And the fact that not many other companies do the same can launch you ahead of competition.
If you’re a small business owner, you might be running payroll in-house.
If that’s a task that you want to delegate in 2022, reach out to our team.
Morgan & Associates will change the way you handle payroll so you can get back to doing what you enjoy best—running your business.
Our technologically advanced payroll services are cost-effective, time-saving and pain-free.
Letting us handle your payroll responsibilities allows you to reduce staffing and system requirements, helps you manage overhead expenses, and minimizes your exposure to the costly consequences of errors.
Payroll laws are changing rapidly, and staying compliant can be a challenge.
With our team on the job, you can leave those worries to us.
You will work with a dedicated payroll expert who will get to know your business and help you easily navigate every step of our convenient process.