– and a need to provide a wellness benefit to retain employees.
You may also know many hourly workers live paycheck to paycheck and experience a variety of financial pressures that impact their productivity and focus on the job.
If you recall Maslow’s Hierarchy of needs you may recall the lower on the pyramid you go the more basic the needs. It might be food and shelter or maybe diapers and baby formula that is on their mind Wednesday and payday is not until Friday.
One current trend employers are leveraging is generically referred to as “daily pay”. This allows employees to take payday advances between paydays and have them paid back on payday. Money can be immediately available to the employee. This is managed by a 3rd party who accepts the liability and recovers the funds from the employee bank account on payday plus a fee, generally less than $5. These providers of this service take steps to reduce this risk such as having employees use an app. that Geo tracks them to ensure they have been to their work address consistently and the employee gain trust with the vendors and amounts available may increase with time. Employers can also transmit Time and Attendance data to the service and allow for an even better experience for the employee, access to more cash and payroll deduction for the loan etc.
Case studies show increased applicant flow, (some 2.5X) along with about 15% or more reduction in turnover. When employees know they can get paid that same day if they show up to work, they show up. Here is a quick video that explains it better. https://player.vimeo.com/video/340910190
By now, most of us accept that women face some
specific challenges when dealing with their careers. This is slowly changing,
and more and more businesses and industries are beginning to understand and
confront the problems women have historically faced in the workplace.
But these gradual changes can be frustrating
when you’re trying to advance your own individual career. Here are a few
simple, actionable tips women can put in place right away to give their career
a boost, whether you’re a business owner, manager, or just starting out on the
If you have your own business (or sell your
services as an independent consultant), you’ll already know the importance of owning a website. However, all
women can benefit from a bit of personal branding.
A good website can help people find you,
allows you to make a good first impression, and boosts your professional image.
To make sure it is good, you need to
build a quality website, which requires that you carefully research web
builders and hosting options. This can seem like a difficult task if you feel
like you lack the savvy, but there are some great host providers that are
perfect for busy professionals who need extra support. Hosting firms like
SiteGround, for example, provide a wide range of custom hosting options and flexible
yet affordable packages, and their service can be particularly beneficial for
individuals and small businesses. Due diligence here will pay off when you
launch a website that elegantly showcases your skills and talents.
Women supporting each other in the workplace
benefits everyone. Women get a network of people they can count on, and
everyone else gets a more cohesive and productive work environment. If you want
to take it a step further, start a women’s network at your
company. Even if it’s just small gatherings to brainstorm, it can be an
effective way to provide and receive support.
Prepping For Your Next Raise
Asking for a raise doesn’t just happen
overnight. There is a lot of groundwork you should put in if you
want to maximize your chances of getting what you want. This could include
working later, taking the initiative with new projects and mimicking your
boss’s work ethic. Start working on this now, and you’ll be much better
positioned to ask for that raise in a few months’ time.
There are many benefits of having (and being)
a mentor. A mentor can be someone who works in the same organization as you and
champions you, helping you to create connections and even access concrete
opportunities. According to Glassdoor, the power of sponsorship
is particularly useful for women and minorities.
Journaling is a great way to process emotions
and ideas, and this can easily be applied to your career. There are many ways a
career journal can help you: as a
log of ideas and advice, a reminder of successes and compliments, or just a
place to vent and set new goals. All you need is 15 minutes of your day and a
notebook to start feeling more centered and confident at work.
Smart, Not Hard
Few people can claim to genuinely enjoy
networking. The good news is you can get the same (or more) benefits from
carefully selected events than from simply clicking “attend” to everything
reaches your inbox. Check out this article from Forbes which
shares how a variety of professionals identify worthwhile networking
The ability to set your own rates – and thus
side step the wage gap – is one of the biggest benefits of being a female
entrepreneur. However, many women struggle to get this right, and still end up
undervaluing themselves. These tips from I Will Teach You To Be Rich offer
some simple, straightforward systems to price your work fairly.
You can never stop learning, and you can never
have enough training. Identify what your weaknesses or areas of improvement
are, and look for ways to fill those gaps. In particular, focus on any soft skills that could use some
help – leadership, communication, problem solving. Since these are closer to
character traits and ingrained habits, they can take more effort than simply
learning to use a tricky piece of software. But for that exact same reason,
soft skills can be some of the most useful and rewarding to develop.
The challenges faced by women are not
universal. Every woman faces different problems in her own workplace or
industry. However, the strategies outlined here are helpful and applicable to
just about everyone. If you are feeling frustrated or stalled in your career,
use these resources and actionable points to get things moving in the direction
Delta Airlines. Harley Davidson. Starbucks. Hewlett Packard. Household names in wildly different fields, but each with the same key to success – managing indirect costs.
Business is built on tension between driving revenue and improving efficiency. The systems underlying financial success tend to be hidden, sometimes dull, often tedious…and critical. However, there’s some good news – small, simple tweaks can impact the overall financial health of your business.
Just like a household budget, start with cost reduction. Think about your last balance statement. Odds are, credit card transactions now make up the majority of your sales, and you’re by no means alone. On average, businesses in the U.S. spend between 2%-5% of their annual revenue on credit card processing fees, and this doesn’t account for the added costs of machine rentals, contracts, and hidden fees. Most businesses are overpaying on transaction fees, and can partner with specialized organizations to negotiate lower rates on multiple charges without changing processors. Imagine the savings!
Now, let’s talk cost segregation. Chances are you’ve probably heard about those who use it successfully – in a nutshell, it’s accelerated depreciation to get enhanced tax breaks for your business, allowing you (as a franchise owner) to benefit from bigger tax write offs, sooner.
Engineered cost segregation is a specialized engineered study, that seeks to accelerate depreciation of each building component for both an owned new build or renovation or a build out or renovation for a leased property. For example each loses value at a different rate; cost segregation allows you to claim deductions based on these accelerated depreciation schedule vs straight line depreciations schedule and reduce your tax burden.
Last but not least is hiring incentives. Most employers know the basic math – the more employees hired, the bigger the tax burden. BUT WAIT – there’s an alternative to that inevitable equation – the Work Opportunity Tax Credit, or WOTC for short. Maybe only 1/3 of companies use WOTC, but claim $1B in savings each year because of it – in short, WOTC rewards employers for hiring the right people!
Employers who hire WOTC qualified candidates (for example, a veteran, a returning citizen, or a person with cognitive impairments, to name a few) can receive between $2,000-$9,600 in tax credits per employee, with no limit on how many employees they can hire. Plus, there’s a simple, free calculator online to help find all the tax breaks you might be missing. Human resources becomes a profit center, your business gets more quality candidates, and our entire community grows.
At the end of the day, the health of your business is the health of your bottom line. Now is the time to build a plan for the year ahead; check your credits, use these resources, and you’ll be well on the way to great success.
Jim Stowe runs FreshHR , a Macomb Township Michigan consulting organization helping coach companies get better HR systems, and vendors, saving money in unexpected areas. Jim has an extensive background in HR services including 15 years at ADP among others and holds a Master’s Degree in International Business from Central Michigan University.
Can you you pass up $10,000 per hour? As I’ve worked with many companies over the years I know that managing their business can be challenging. I was thinking thru the math of one client who couldn’t find the time to take advantage of work opportunity tax credits. She hired a lot of hourly employees and in her industry about 1 out of 2 generally qualify for employer tax credits at an average of $2,400 each.
So I did the math on the 3 steps it takes to manage the process to get the credits.
It takes less than one minute to send the screening link to applicants prior to their interview,
Once the decision to hire is make, it takes another minute to log in and convert the applicant to “hired” along with the hire date
She just needs to update payroll information to verify that the employee hours worked, maybe 5 minutes
So for 7 minutes work, to get $1,200 (1 of 2 qualify for $2400) is just over $10,000 an hour! Can you pass up $10,000 an hour?
As a job seeker you can really benefit from providing a tax credit to the potential employer. They want to fill a position with the best candidate as quickly and cost effectively as possible. One way to get a leg up on the competition for the job is to present you (your resume) with a special bonus for the employer. In some cases the employer may not even know about what you are giving them until you provide them with a certificate that you are pre-qualified for tax credits that the employer will receive for hiring you. Not all employers know about the credits. Employers love these credits because it reduces their tax bill to Uncle Sam.
The Financial Meltdown in the mid 2000’s brought about a renewed focus on Job Creation. With this we saw massive expansion of Federal Tax Incentives for creating, and maintaining jobs. This was done through the Small Business Jobs Act, The American Recovery and Reinvestment Act, Numerous Job Creation and Protection Acts, and most notable the PATH Act signed by President Obama for effective changes in 2016 through 2022.
The pattern in the last decade is that with the passing of each Act, more and more companies are eligible for Employee based Tax Incentives that broaden not only WOTC itself, but hundreds of programs that surround it.
Virtually any business can now benefit from Employer Based Tax Incentives because even candidates that don’t qualify for WOTC often qualify for other tax incentives.
rom the 1940’s through the 1990’s:
Although many of these programs started out as programs specifically designed for Veterans, they were expanded in the 80’s and 90’s to include broader groups such as TANF Recipients, SNAP (Food Stamp) Recipients, Residents living in Empowerment Zones or Rural Renewal Counties), Employees receiving certain types of vocation training, Ex-Felons, Supplemental Security Income Recipients, Summer Youth Employees, and Seasonal Workers.
Some credits are designed specifically for hiring 18-24 year olds, and the largest credits are for hiring Veterans.
Knowing this information and getting pre-screened for free at
will give your resume a “spark” with cool technology, social media integration and likely a certificate to present to employers either electronically or hard copy. Employers generally go over dozens of resumes to hire one person. Stand out with cool technology that integrates your resume with social media sites and Indeed.
This is a great way to set yourself apart from others and bring a “gift” to the interview. #wotc #jobs
Bad news from your CPA? Sure the tax reform seemed great until your CPA informed you of most the past tax deductions you took are gone! Work Opportunity Tax Credits are easy and can be a game changer, calculate yours now, 10’s of Thousands is not unusual.http://ow.ly/82kA30ivTo3
“He’s trying to figure out why his sister has two brothers but he only has one.”
That was how a senior sales rep on my team described a new sales guy’s knowledge after finishing a 4 week PEO sales training class a number of years ago. PEO or Professional Employee Organizations are a comprehensive Human Resources out sourcing provider and can be complex to understand. Just consider how complex this may seem to a business owner who really wants to focus on making widgets and not HR and compliance. click for an overview
Hiring Veterans gets you more than built in leadership and organizational skills. They can come with some great tax credits thanks to Uncle Sam. Veterans tax credits are just a small part of the nearly 100 possible credits commonly called WOTC, or Work Opportunity Tax Credits. FreshHR is helping clients get some serious credits without the paperwork hassles. Calculate your potential credits here.