Returning Value Blog

On August 30, 2023, the U.S. Department of Labor (DOL) released a proposal to raise the minimum weekly salary. 

In most cases, employees anticipate receiving a raise after working a certain amount of time at your firm — usually six months to a year. Top performers who consistently exceed expectations expect to be paid a salary that reflects their hard work and level of responsibility. You look to offer competitive compensation to retain your best workers.

As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around for jobs that fit their lifestyles, needs, and values. Now, the onus is on employers to provide an environment that makes their star team members want to stay and also attracts new talent. Part of that equation is providing a great benefits package. But if you're one of the many employers expanding their benefits, how do you pay taxes on your new programs?

The Occupational Safety and Health Administration takes employee injuries very seriously and requires companies to submit injury data. The requirements are complex, and you may want to work with experts in this field, depending on the kind of business you run.

You need time and energy to run and grow your business, so you've outsourced your payroll process. You decided to go with a third-party payroll provider to handle some or all of your employment tax duties.

On Dec. 29, President Joe Biden signed the PWFA, to become effective on June 27. Like many laws, the text can be complex, but the Equal Employment Opportunity Commission has provided a summary of the key provisions.

Under the Fair Labor Standards Act, employers with tipped workers can take a "tip credit," which allows them to pay tipped workers less than the federal minimum wage if the employees' tips make up the difference.

Most companies spend 20% to 30% of their annual revenue on payroll. The exact amount varies based on the employer's size, industry, staffing, and operational needs. In some industries, such as service, it's not uncommon for payroll to encompass up to 50% of revenue. For other industries, such as manufacturing and food and beverage, it usually takes up no more than 20% to 30%.

Outsourced HR services are designed to streamline functions, reduce expenses and help meet your firm's operational goals. You may hire a third party to oversee some or all of your HR functions, including payroll processing, employee benefits administration, and talent acquisition.

Voluntary accident insurance provides funds to pay for additional costs incurred from injuries. If you've ever seen an Aflac commercial—with the duck that keeps repeating the name of the product—you get the idea that supplemental insurance provides coverage for bills that your major medical plan doesn't cover. You can see how this is an attractive option to catch the attention of top talent.