Implement Workforce Management Software

5 Tips For First Time Managers

Getting promoted to a management position can be both exciting and nerve wracking. Overseeing people in their daily routines comes with its challenges. Understanding a few simple tips can help minimize hiccups within your team and help you perform as effectively as possible.
Tip #1: Automate Whenever You Can
Many first time managers quickly realize that manual processes can prove a major time drain as well as increase room for human errors. Don't get stuck in old-school manual procedures. Instead, automate a multitude of functions using workforce management software. Workforce management software delivers centralized access to a slew of information and operations including timesheet data, employee schedules, and task deadlines. If you have access to workforce management software, you will want to implement it to your team as soon as possible.
Tip #2: Accept That You’re Not Your Coworkers' Friend
First time managers often struggle with the transition from peer to supervisor. While it can prove challenging, it's not impossible. If you have become friends with your former peers, set guidelines separating your professional life with your private life. Make sure your coworker friends agree to these boundaries, because you may have to make unfavorable decisions as their supervisor. For all other former peers, you should still always be friendly, polite, and respectful. And, above all, don't shy away from necessary, potentially difficult, conversations with your team just because you're afraid to not be liked.
Tip #3: Give Credit When It's Due
Employees appreciate feeling valued and having their efforts noticed. Take the time to plug into what your team has achieved and acknowledge their contributions to the organization. A team that feels appreciated works harder and is, overall, more loyal.
Tip #4: Run Effective Meetings
Meetings are generally a corporate necessity. However, all employees dread an ineffective meeting that wastes time. Come prepared with an agenda to help stay on track, encourage productive discussions, and always provide updates on past meeting action items to demonstrate to your team that your meetings produce results.
Tip #5: Surround Yourself With Capable People
Surround yourself with capable people and then delegate accordingly. Too many first time managers feel like they have to do all the heavy lifting themselves. However, successful supervisors recognize the benefits of delegating appropriately throughout the team. Empower your colleagues to manage appropriate tasks and functions to keep your piece of the business running as efficiently as possible.
Want to hear more about our innovative workforce management software solution? Contact The Payroll Company today.
This post was originally published at http://www.payrollcompany.biz/implement-workforce-management-software/

Invest Using 401K Management Companies

401K Management Companies Offers Long Term Investments Strategies in Volatile Market

401K management companies recognize that swings in the marketplace are just part of any global marketing strategy. However, understandably investors often panic every time the market experiences a major downturn. Volatile markets, while commonplace, can instantly invoke knee-jerk reactions from individuals trying to protect their assets, particularly when it comes to their retirement savings. It's critical to work with your 401K management companies and create long-term investment strategies that will endure whatever turbulence the market encounters.
Some tactics your 401K management companies may suggest include:
Maintain Perspective
A reputable investment firm will work with you to understand that, while a dip in the marketplace can feel disconcerting, it's also very common. An experienced firm will show you trends that demonstrate that US investments generally recover from dips and ultimately yield long-term returns. The team will talk to you about the dangers of reactively moving in and out of the market. They will also discuss trying to anticipate a "bad day" in the marketplace, which often leads to more volatility with investors. In short, oftentimes, staying put and waiting out the financial storm can often prove your best move.
Adjust Slightly
If you simply can't shake your nerves seeing your retirement fund experience a downturn, you may not have the right investments for you. Being able to tolerate fluctuations in your investments plays a key role in your overall contribution experience. Work with your investment firm to adjust your portfolio so you feel more comfortable, whatever happens.
Keep Investing
Oftentimes, individuals may keep their investments where they are, but they stop contributing until the market recovers. This can also prove a shortsighted strategy. Don't try to guess when to buy and sell based on current conditions. Instead, keep up with your contribution discipline to maintain your values as the market balances itself.
Go Hands-Off
If you hate constantly watching your retirement funds go up and down (and up and down again), you may be a perfect candidate to an "all-in-one portfolio." These investment bundles offer a diverse investment strategy that is specifically designed to hopefully weather whatever happens in the marketplace.
Contact The Payroll Company Today
The Payroll Company offers 401K savings strategies for business owners and employees in every industry. If you're concerned about market fluctuation, we can help. Contact our team today to for more information!
This post was originally published at http://www.payrollcompany.biz/invest-using-401k-management-companies/

Understanding Payroll Taxes

Professional Payroll Companies Break Down Tax Primer For Your Business

For small business owners, managing payroll can feel like a full-time responsibility, particularly when it comes to coordinating all your corporate tax requirements. The best way to stay on top of your payroll obligations is to team with experienced payroll companies. These consulting companies partner with their clients to break down the general tax primer and ensure they remain compliant at all times.
Tax Primer 101: Get The Basics
Consulting with qualified payroll companies to breakdown tax regulations deliver a wealth of information. Your chosen vendor will provide details for you in three specific categories: Taxes paid by employer. Taxes paid by employee. Taxes paid by both.
Let's start with taxes that your staff members are required to pay through payroll. These generally fall into two categories:
Medicare
Medicare was developed in the 1960’s as a health insurance option for people ages 65+ as well as individuals who suffer from various disabilities. In order to sustain this program, both you and your employees are required to pay in a specific percentage of earnings, based on overall salaries.
Social Security
Social Security was created in the 1930's and signed into law by President Roosevelt. Social Security's primary purpose is as a resource for supplemental income for senior citizens. Like Medicaid, Social Security requires contributions from everyone to sustain itself. Every pay period, you and your team will donate 6.2% of total income up to predetermined amount.
Employer Taxes
Business owners have taxes designated for them alone. These include:
State & Federal Unemployment Taxes
Both state and federal unemployment taxes were set up to provide a buffer for unemployed workers looking for their next opportunity. State unemployment taxes vary from state-to-state; you can rely on are taxed at a flat 6% of wages up to a predetermined amount. However, prompt payment of FUTA often translates into a credit reduction percentage.
Employee Only Taxes
Your employees will also have taxes meant just for them. Much like your employer version, theirs will also be of the state and federal variety. These requirements include:
Federal Income Tax
The thought of keeping up with employee's federal income tax stipulations is often enough to prompt business owners to work with qualified payroll companies. This employee only tax is based on a wide range of factors including total income, personal exemptions and filing status.
State Income Tax
Once again, the state dictates the percentage taken out of employees' checks. Each state has an individual percentage, while some states forego income taxation entirely. Your payroll consulting team will break down the rules and regulations in the states in which you have employees to ensure that you remain compliant at all times with your payroll process.
Contact The Payroll Company Today
If you're struggling to stay up-to-date with the latest tax regulations and requirements, The Payroll Company can help. Our team of payroll professionals work with your organization to ensure you remain compliant at all times with local and federal mandates. Want to hear more? Contact our team today!
This post was originally published at http://www.payrollcompany.biz/understanding-payroll-taxes/

Partnering With HR Outsourcing Companies

HR Outsourcing Companies Combat Tight US Labor Pool

Entrepreneurs in every industry often struggle to maintain the perfect employee balance within their organization, for many different reasons. Finding qualified candidates in a thriving marketplace can be a challenge, especially for business owners responsible for multiple internal functions. These challenges get even tougher in a tight US labor pool. Many entrepreneurs decide that the best way to combat a particularly tight labor pool is by employing experienced HR outsourcing companies.

Benefits Of Outsourcing Hiring To A Professional Team

If you're considering teaming with a HR outsourcing company to help with your staffing, benefits, and human resources' needs, it's critical to understand the potential upswing of your partnership, especially when it comes to bringing on new candidates. A skilled and qualified HR outsourcing firm can assist your staffing process in several ways, including:
Teaming With Hiring Manager
Qualified staffing/HR professionals recognize there is little value in acting as an order taker. Instead, they will strive to partner with your hiring managers to understand your specific hiring requirements and overall employment objectives. From there, they will put together a cohesive strategy that targets the right candidate fit for your organization.
Proactive Staffing
Using internal resources to find qualified candidates often means reacting to applicants already in your inbox. However, a professional HR team will have the expertise needed to proactively source the very best talent in your industry, whether they are looking for a job (yet) or not. Allowing them to focus on your hiring needs enables you to focus on your business' core capabilities.
Coordinating Hiring Process
Simply finding the right candidates is only the first step in a successful hiring. In a tight labor pool, every candidate will use the interview process to screen and size up your organization, just as much as you will use it to screen and size up the applicant. Your HR partner will manage the entire process for you. From setting up interviews, to gathering and delivering feedback and even putting together offer letters/benefits packages will all be managed on behalf of your organization.
Managing Orientation
In a tight hiring market, the orientation process can make a significant impact in overall employee retention. In short, it's critical to get your new hires off to a positive, productive start in their new position. Using outsourced human resources can help you achieve just that. Your chosen vendor will put together all benefits documentation, log selections and provide an updated employee handbook. Additionally, the team will also manage getting your new employee into the payroll system to ensure prompt payment upon starting employment. Using your vendor to help coordinate your new employee's first days will ensure a seamless and stress-free experience.
Contact The Payroll Company Today For More Information
No matter what the current hiring market, The Payroll Company can help your organization source and maintain its talent pool. Contact our team of professional consultants to discuss your hiring and human resources' needs. We will help you create a customized solution that align with your unique requirements.
This post was originally published at http://www.payrollcompany.biz/partnering-hr-outsourcing-companies-3/