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Turnover costs of employees depend on the complexity of the job. The more complex the job is the higher the turnover cost for the company. It is important to understand what contributes to turnover costs and how to reduce them.
Benefits are a hot topic in today’s economy. From healthcare to retirement, benefits are an essential decision that every family has to make, especially in regard to what kind to choose. Health insurance, for example, has increasingly become more and more expensive for companies and employees, causing many to cease offering these benefits. These actions have led to the necessary, albeit controversial, Affordable Health Care Act. And although this new healthcare is not necessarily cheap, there are two major pathways of benefits, both fixed and accrued benefits.
It is not sufficient to allow an employee’s paycheck alone to communicate the pay policies of your company. Upon hiring any employee and discussing their compensation, there should be a clear and consistent pay policy already in place, and all managers and administration should be fully aware and trained in these policies and procedures. Of course, it is acceptable for an employee with advanced education or skills to have a higher compensation than another employee, but this shouldn’t be a secretive process.
Round away! But, wait! Do you really know the rules?
Employee time rounding is a necessary and essential part of any business, especially one that employs workers with hourly shifts. It involves determining pay for hourly employees based on when they clock in and out. If an employee’s shift begins at 6:00 pm, for example, and he or she clocks in five minutes early, that time can be rounded up. The Department of Labor, under the Fair Labor Standards Act (FLSA), permits rounding of employee time either to the nearest five minutes, one-tenth or quarter hour. So, it is important to remember that ignoring the laws can lead to costly fines for unpaid compensation due to any employee.