The year is only a few months old and already you can hear the honking horn of new human resources regulations. As if you did not already have enough stress dealing with COVID-19, now you need to learn new HR regulations on top of it. From changing laws about independent contractor classification to immigration issues, Congress has been busy preparing new regulations for employers to follow.
How do you remain compliant with HR regulations when you can barely keep up with them all? The answer might be simpler than you think. Let The Payroll Company (TPC) monitor new regulations and determine how they impact your business.
Hear That Train Coming Through? It's the Sound of Payroll and Tax Filing
You went into business for yourself because you wanted to spend time developing your product or service and grow your company. If it took a while to hire your first employees, dealing with payroll issues may not have been on your radar.
You quickly learned how much work was involved with payroll after the business got too big for you to run by yourself. There is much more to it than adding up employee hours and handing out checks. Getting paid may be all that matters to employees, but you have many additional things to consider as the employer. Here are just some of them.
Paying into the workers’ compensation and unemployment systems based on the number of employees you have and your average monthly payroll.
Holding out federal, state, social security, and Medicare taxes from each employee’s paycheck and remitting them to the appropriate tax division. You also need to pay your own share of the last two taxes for every employee on your payroll.
Processing I-9 forms to determine each employee’s number of dependents and payroll tax rate.
Making payroll tax payments, preparing quarterly reports, and submitting the reports to federal and state governments.
Determining the best method to track employee time and attendance and training employees how to use it.
Plus, everything around payroll and tax filing is very deadline driven, and the dates are hard to keep up with - a process that can be very stressful.
While TPC understands that the above is a lot to keep track of, the Internal Revenue Service (IRS) expects every employer to know and abide by payroll regulations. Unfortunately, you cannot claim ignorance of the regulations or the fact that they change frequently as justification for payroll errors. The IRS will still impose fines and penalties.
The Gong of Employee Retention
There is more to keeping employees happy, engaged, and employed with your company than just pay and benefits. Although those are important and may have gotten the employee in the door, today’s employees see things a bit differently than employees of the past. This is especially true of the Millennial generation for whom alignment with company values is extremely important. Employees also need to feel appreciated and have the opportunity to contribute their ideas rather than just take orders.
Does your company offer this type of environment? If not, it could be a big reason why it struggles with employee retention. When you cannot drown out the gong of frequent turnover and the cost that comes with it, take it as a sign that your company needs a new approach to holding onto its employees.
The Overwhelming Noise of Managing Employees
Is the clatter at your business becoming so loud that it has become impossible to manage? That can happen at any business when owners and managers are trying to juggle too many things at the same time. TPC can help you quiet the noise with our full suite of HR functions. You do what you do best, and we will take care of the rest. Contact The Payroll Company to request a quote or demo and then watch the noise fade away to nothing.