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/

Use Temp Agencies In Madison WI

Create A Variable Workforce Model Using Temp Agencies In Madison WI

Does it feel like you are spending all of your time hiring permanent employees at your place of business? It may be time to rethink your hiring strategy. For many business owners, this means deviating from a traditional permanent hiring structure and opting instead for a variable workforce model. Using temp agencies in Madison, WI can help you create (and most importantly, maintain) your new hiring standard for optimal success.
Know The Value Of Your Variable Workforce
Most organizations recognize that there is an inherent value to long-term employees. This doesn't mean that a variable workforce can't also deliver some impressive benefits. Teaming with temp agencies in Madison, WI to strategize a temporary employment solution can yield extensive advantages including:
Increased Bandwidth
An upswing in overall available time is one of the first things that you may notice when using temp agencies in Madison, WI. Everyone hired throughout the agency is technically recognized as an employee of the recruiting firm. They will handle the entire process for you so you can focus on your organization's competencies and core business capabilities.
Cost Effective
Variable workforce models also offer a cost-effective alternative to traditional full-time hires. Not only will you not have to allocate internal resources for your hiring process, you will also not have to pay full-time salaries. Temporary workers only get paid for the hours they work and don't receive fringe benefits such as vacation or workers comp, which helps keep your costs at a minimum.
Flexibility
Company executives understand that there's always a level of uncertainty in the business world. Unexpected dips in your revenues can mean having to layoff permanent employees. A variable workforce enables you an enhanced flexibility. You won't have to worry about letting your people go; temporary workers come onboard with no expectations and know that their employment could end at any time.
Long-Term Hires (Eventually)
Best of all, a variable workforce model allows business owners an opportunity to truly "try before you buy" when it comes to making an eventual permanent hire. You will have the chance to see how a candidate performance in a certain role and decide if you'd like to extend full-time employment at any given point.
Contact The Payroll Company today to learn more about customizing your organization's variable workforce model.
This post was originally published at http://www.payrollcompany.biz/use-temp-agencies-madison-wi/

Get The Facts About Your 401K MEP

What To Know About Your 401K MEP

A 401K MEP, also know as multiple employer plan, offers many of the same investment advantages as a standard 40K plan. The basic concept of a 401K MEP allows unaffiliated employees to participate in a common retirement investment plan. Under 413(c) of the Internal Revenue Code, contributing business owners offer retirement savings options under the sponsorship of a third party provider. The third party provider oversees investments, employee/employer participation, and assumes responsibility for administering as needed within the plan.

Does A 401K MEP Make Sense For Your Business?

Working with the right third party provider can make all the difference in your MEP experience. Many businesses owners are surprised to learn that any employer is eligible to offer this type of retirement option to their employees. Finding an experienced team that specializes in MEPs will streamline your plan development process. When screening potential providers, look for a firm that offers a diverse range of options. Whether you are a start-up organization, or a national brand with multiple locations, you will want an investment team capable of meeting you where you're at now, and have the flexibility to grow with your business.

Know The Benefits Offered By This Retirement Savings Plan

Additionally, using a 401K MEP yields several key benefits, making it an ideal option for entrepreneurs running companies of every size and scope. Perhaps the biggest advantage to this type of savings format? It often proves more cost-effective when compared to a standard 401K-investment strategy. A professional provider manages the plan on your behalf, instantly freeing up time as well as saving your organization administrative costs. Also, participating in a plan with other businesses allows you to enjoy volume savings instead of absorbing individual plan costs. Finally, an efficient provider will know how to capitalize on funds that require lower fees.
Most importantly, a MEP allows for design customization so your organization enjoys a perfect investment fit. When working with your third party partner, discuss your specific needs such as vesting schedule, whether your company will match contributions and overall eligibility requirements. Once you've outlined your investment goals, your vendor will develop a final format to launch to employees.
Want to learn more about using a MEP?  Contact The Payroll Company today.
This post was originally published at http://www.payrollcompany.biz/get-facts-401k-mep/

Work With A Staffing Agency In Madison WI

Employee Vs. Contractor – An Annual Review

Working with a staffing agency in Madison, WI can have a significant impact in your overall business model, particularly if you are considering staffing your team with contractors. The choice between employees and contractors should not be taken lightly; savvy entrepreneurs understand that knowing the differences, and benefits associated with each can help make the decision process as straightforward as possible.
Simply deciding that contractors make sense for your business model is only the first step in the process. Hiring contractors requires following specific mandates and regulations to ensure that your business remains compliant throughout the project engagement. One common error made by employers when bringing on contractors? Misclassification. For employers in virtually every industry, staying on top of the classification requirements can prove challenging. Wrongfully classifying an employee can quickly result in significant fines, fees and taxes based on labor laws.
The IRS may also take notice of misclassified employees within your organization. Should you mistakenly place someone who is legally an employee into the contractor category, your business could be vulnerable to other penalties, such as back taxes, Social Security and Medicare. The IRS may not stop there; the department may also pursue you for missing federal and state unemployment taxes as well. Worse yet, if someone you claim is an independent contractor actually claims employee status, you may find your entire organization undergoing a payroll audit.

Work With Staffing Agency In Madison, WI To Ensure Compliance

While some business owners have a firm grasp on the employee vs. contractor question, many struggle making a definitive categorization. The best way to protect your organization from misclassifying workers is to partner with a staffing agency in Madison, WI. Staying on top of the rules and regulations qualifying a contractor can prove a full-time job…and as the leader of your company you already have (at least) one full-time job. A professional staffing agency in Madison, WI will have the knowledge and insight needed to staff your open contractor positions with actual contractors and manage all the documentation.
Most importantly, a professional recruiting team not only knows how to find contractors; they will also know how to manage your contractors. They understand what documentation needs filling out and filing. They will continuously update your contracts and keep them on record so your business never has to worry about noncompliance or false classification.
Discuss The Process When Teaming With A Staffing Firm
Many recruiting agencies emphasize their extensive access to talent. However, in order to avoid potential fines and penalties, you should find a team that also wants to discuss their process. Discuss how they manage documentation that demonstrates contractor status. Ask what your responsibilities are throughout the work engagement. Going into the assignment with a solid understanding of what's expected as well as what you can expect can make a major difference in your overall experience.
Contact The Payroll Company Today For More Information
If you're struggling with categorizing your staff members, The Payroll Company can help. Contact our team of recruiting specialists today to discuss your hiring needs. We look forward to hearing from you!
This post was originally published at http://www.payrollcompany.biz/work-staffing-agency-madison-wi/