Studies repeatedly cite health insurance as the most desired workplace benefit among employees. However, recent studies show an increasing demand for nonmedical workplace benefits. In November 2021, LIMRA reported that nonmedical benefits are expected to increase 20% by 2026. This data comes from a survey conducted...
Earned wage access has become a popular benefit among employees. While it offers financial flexibility to both salaried and hourly workers, it is particularly in demand for hourly workers. When financial stress in the workforce is high, earned wage access can provide employers with a...
Regardless of your level of involvement in payroll, there are certain payroll terms that you should know. Click through for a roundup of words that are commonly used in the payroll industry. After-tax deductions These deductions are subtracted from employees' wages after pretax deductions and payroll...
As a way of promoting equal pay in the workplace, both state and local governments are starting to enact laws pertaining to pay equity. However, in recent years, pay equity has evolved to take on a new meaning. In certain jurisdictions, pay equity is not...
Health savings accounts are paired with high-deductible health plans for an especially adaptable insurance and savings program. HDHPs have large deductibles that members must meet before receiving coverage. Participants meet those deductibles by contributing their own money to HSAs. The government does not tax these...
Orientation formally introduces the new hire to the company — including its mission, culture, values, vision, policies, procedures and fringe benefits. Training equips the new hire with the knowledge he or she needs to perform the job satisfactorily. Should the new hire be paid for time...
If your payroll provider handles your payroll-processing responsibilities, you might not see the need to learn the ins and outs of calculating net pay. But imagine an employee seeking clarification on his or her take-home pay — do you know all the details? It's important to...
Many small-business owners are under the false impression that simply setting a pay rate is all that's required in terms of employee compensation. If only it were that easy, though. The term "compensation" may sound like a simple work-for-pay arrangement, but there's actually quite a...
With millennials dominating the workforce and the next generation of workers gearing up to make their mark, employers are being forced to rethink their rewards strategy. When employers think “rewards,” compensation and benefits typically first come to mind—and with good reason. Research shows that compensation is...
Payroll is a core feature of all businesses, and it is very important as it heavily impacts the morale of employees. After all, if employees aren't paid appropriately for their work, you can expect them to leave. Payroll also impacts a number of business processes, including...