Naming grandchildren as beneficiaries of traditional IRAs used to be a popular estate-planning strategy. Grandchildren had their lifetimes to empty an inherited IRA, which also let them stretch out income-tax payments on the assets. NO LONGER Under 2020 required minimum distribution (RMD) changes, grandchildren must now...
Furloughs and layoffs are ways to reduce labor costs during times of economic hardship. They both involve a loss of work for employees, but there is a key difference between them. A furlough continues employment but reduces scheduled hours or requires a period of unpaid leave. Because the...
Absolutely! While the old adage, "You only get one chance at a first impression," is definitely true for onboarding, the same can be true when it comes to offboarding: you often only get one chance at a last impression. The manner in which an employee exits...
Time fraud comes in many forms and can be tough to detect. It is often committed by supervisors because of the position of trust they hold in the company and the access they have but it doesn’t end there. Employees at all levels can commit...
Your employees want to make their workspaces at home efficient and comfortable. Remote work stipends can cover that. You determine what's eligible. A stipend can cover a laptop, bookcases, lighting, coffee, electric and utility bills, toilet paper, coworking space fees, learning and development perks, and...
The Internal Revenue Service issued initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans and are designed to permit and encourage employees to save for financial...
Question: An employee says their manager told them to lose their accent if they ever want to be promoted. Could this be considered discrimination? Answer: Yes. Discrimination based on national origin is prohibited under Title VII of the Civil Rights Act and includes treating applicants or...
Your staff should never resemble a game of musical chairs, constantly losing players one by one. Vanderbloemen knows how all-consuming a search process can be to replace an employee. But the best recruiting strategy starts before the search starts – by focusing on retention. Here are 5 ways to...
If you need to know if employees are working at the correct location, you need geofencing. What is Geofencing? Geofencing is a mobile tracking tool that can specify a virtual boundary. The virtual boundary is called a geofence. It is based on the real-life physical location. The Geofence...
A compensation plan is designed to attract and retain employees. Build your compensation plan to ensure pay equity while balancing the needs of your small business and delivering value to customers. Pay competitively relative to companies similar to yours in size and industry in your region....