Daytona Beach Payroll Services

Payroll is one of the most complex processes found in the financial operations of companies these days. Not only do payroll administrators need to keep track of federal income tax and benefits regulations, they also must be aware of state wage and hour regulations in every state in which you operate. Most small to midsize firms find it much more economical to outsource this complicated and demanding function. It is only when you reach 1,000 or more employees that you find companies being able to afford the expense associated with maintaining payroll services in-house. Even then, these firms usually have access to a variety of outside payroll services that support their legal and regulatory needs related to payroll.

Human Resources is an ever-changing industry, and HR professionals know they need to remain constantly alert for new regulations and issues to arise. This year has already shaped up to be a challenging one for many HR departments across the U.S. From keeping key workers at the company to implementing effective payroll management HR professionals and payroll managers are facing numerous challenges during 2014.

Here are some top issues HR will be facing..

Compliance with the ACA and its results

In the well-over  10,000 pages that make up the Affordable Care Act bill, the government spells out the legal requirements for employers, but how organizations choose to respond to these requirements is really a  strategic choice. Organizations said that the ACA would have a significant impact on their workforce management strategy. Much has been said about the Affordable Care Act (ACA) within the past few years- especially within the last couple months. This is because the ACA is not only going to impact how companies provide healthcare to employees, but there will be legal compliance standards that will occur as a result. These include employee litigation and audits from the U.S. Department of Labor and the Internal Revenue Service.

Organizations are also thinking about how they are going to track and manage employee data to understand who qualifies for benefits and to enable reporting. For many organizations, these decisions are far beyond just compliance conversation, they are causing them to rethink their overall workforce management strategy, policies and technology.

According to a leading Research Institute, the ACA presents one of the most complex HR compliance challenges of all time. The lack of preparations on the part of employers has escalated the impact the ACA is having on the business community as a whole. For example, the source wrote one-fifth to one-third of companies did not even have a clue how much of an effect the ACA’s health insurance exchanges would have on their businesses this past January. In addition, more ACA regulations are coming, and employers are just as unprepared for potential penalties and the Excise Tax Assessment as they have been for other aspects of the healthcare reform law. Even though the healthcare landscape continues to shift and evolve, HR and payroll professionals need to get on steady ground when it comes to understanding their compliance requirements and mitigating their own legal risks.

Fair Labor Standards Act (FLSA)

The Wage and Hour Division of the Department of Labor, DOL, primarily ensures that employers are in compliance with the Fair Labor Standards Act, FLSA. In short, the FLSA requires that non-exempt employees be paid at least the minimum wage for all hours worked and overtime pay at 1 ½ times their regular rate of pay for all hours worked in excess of 40 hours in a workweek. The FLSA also has child labor provisions which include some restrictions on hours worked for employees under 16 years of age, as well as prohibits youths from working in hazardous occupations.

One of the biggest mistakes employers make is misclassification of employees. Classifying employees as non-exempt or exempt is a challenging process, which is often difficult for small businesses, especially if they do not have a human resource professional to assist them. The FLSA requires that jobs meet both a salary test and duties test before being classified as exempt from overtime. The salary level portion of the salary test requires that employees be paid at least $455 per week or more to be considered exempt from overtime regulations. If a position meets the salary tests then the duties of the position need to be considered to determine if the position is truly exempt.

Florida State Child Support regulation changes Payroll needs to know

Now through the state Dept. of Revenue, you can access Child Support Employer Services.

For example, you can:

• use an income withholding limits calculator, if an employee has more than one child support order.
• You can use your Florida New Hire account to log in and manage the account.
• request replacement copies of income withholding notices.
• report bonus, lump-sum or similar one-time payments.

 

Retaining Top Talent

The recession remains in many people’s minds, but employees are beginning to feel more confident about their employment options. As the labor market shows signs of improvement, many employees who have waited on the sidelines for better career opportunities may decide to jump ship before the year is out. While this is a good sign for the job market, HR professionals are looking to lose some of their best performers this year if they don’t implement new employee engagement ideas.

According to a late 2013 poll by Right Management, 83 percent of 871 surveyed U.S. and Canadian employees said they will look for a new job this year. In 2009, only 6 in 10 employees said they intended to “actively seek a new position” in the coming year, but that number jumped to 84 percent the following year and has stayed about the same ever since. More top workers used to network to feel out their employment opportunities, but now the majority are becoming active job seekers instead. Twenty-one percent of employees said they were networking to keep their options open in 2009, but that number remained at 8 or 9 percent between 2010 and 2013.

Being able to provide competitive compensation is going to be an essential employee engagement strategy for not only 2014 but into the long term, as Right Management’s numbers suggests retaining top talent is going to be a struggle for a while. Human resource planning will be a go-to solution for many in the industry because of this, and more HR professionals will need to seek out additional employee engagement techniques if they want to acquire and keep key performers.

According to Human Resource Executive (HRE) Online, employee engagement may be its own challenge throughout 2014. Offering employees growth opportunities through effective talent management, tracking worker satisfaction, and maintaining collaboration in the workplace are all going to be important strategies to keep employees engaged this year, HRE Online suggested. According to Forbes, it is going to take recognizing where dissatisfaction comes from for HR professionals to entice workers to remain at the company.

Complying with the OFCCP Mandate

The Office of Federal Contract Compliance Programs’ (OFCCP) mandate pertaining to the hiring and employment of individuals with disabilities will be another key challenge this year, specifically Section 503. According to Business and Legal Resource, hiring managers must now reference Section 503 rules that require contractors to invite job seekers to voluntarily self-identify as disabled at the pre-offer and post offer phases of the hiring process.

Daytona Beach Payroll Services – Vision HR

Payroll services can be extremely time-consuming. Fast changing tax laws and widely varying company needs to make payroll one of the most difficult and potentially costly business applications. Making mistakes in payroll costs your business money so outsource this process to experts so that you can stay focused on your business.

Whether you’re existing HR staff needs more support or you do not have Human Resource expertise on your staff, Vision HR has a crafted solution to make a valuable impact on your business and bottom line. Your company will increase productivity and profitability by using our team experts you’ll reduce the amount of time your business spends on burdensome HR tasks.

Vision HR offers advanced payroll processing services located in Daytona Beach to take the burden of paperwork and filing off businesses. We use technology to manage payroll information easily accessible to both employers and employees. Whether you need a web based time keeping system, time clock hardware, or a complete time keeping system, Vision HR can streamline your solution to keep you productive and focused on your business.

Daytona Beach payroll services

Contact Vision HR at: (877)641-0012