Profits Don’t Have to Suffer as Payroll Overhead Costs Increase

Profits Don’t Have to Suffer as Payroll Overhead Costs Increase

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WƌŽĨŝƚƐ ŽŶ͛ƚ ,ĂǀĞ ƚŽ ^ƵĨĨĞƌ ĂƐ WĂLJƌŽůů Overhead Costs Increase /ƚ͛Ɛ ďĞĞŶ ƉƌĞĚŝĐƚĞĚ ƚŚĂƚ payroll costs are going to drastically increase ŽǀĞƌ ƚŚĞ ŶĞdžƚ ƐĞǀĞƌĂů LJĞĂƌƐ͘ tĞ ĚŽŶ͛ƚ know by how much or exactly when.

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Published 22 October 2016
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Profits DoŶ’t Haǀe to Suffer as PaLJroll Overhead Costs Increase It’s ďeeŶ prediĐted thatpayroll costs are going to drastically increaseoǀer the Ŷedžt seǀeral LJears. We doŶ’t know by how much or exactly when. Fortunately, there are ways business owners can begin to prepare now for the benefit of finances, employees and clients alike.
Take a look at seven steps to help you prepare your business for the inevitable payroll change in the article,"7 Things You Can Do About the Upcoming Payroll Explosion,"by Inc.com. 1.Outsource, outsource, outsourceFreelaŶĐers are eǀerLJǁhere, aŶd ďetter LJet, theLJ doŶ’t haǀe to ďe in your office, or even in your state! Consider passing along extra work to contractors who charge by the hour or project; it will save you the extra money it costs to hire full-time employees. 2.Lower your healthcare costsBy January 1, 2016, businesses with more than 50 full time equivalent employees will be required to provide healthcare benefits. Each available health benefits package will offer similar benefits, but have different deductibles. Be sure to consult with your health insurance broker to make sure you are getting the best benefits package possible. And most importantly, prepare your employees for any big changes, especially when choosing a plan with a higher deductible. 3.Up your minimum wagesMake some changes now and settle on aThe minimum wage will increase. higher minimum wage so that when the required minimum wage goes into effect, you are already financial prepared.
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4.Work in a long-term agreementIt may be wise to work in a long-term agreement with you most valuable employees. Take a look at reasonable raises and bonus plans, and decide what financial change you can make to keep your key assets locked in, and happy. 5.Educate and trainCross train your employees and make sure they can step in for each other when necessary. It not only boosts team morale, but also prepares your employees for busy seasons, changes in departments, or when there are fewer hands on deck. 6.Share in the profitsStiĐk ǁith ǁhat LJour ĐoŵpaŶLJ does ďest, doŶ’t trLJ to ŵaŶage it all. DoŶ’t ďe afraid to reach out to your business owner friends and refer them to your clients for specific jobs your employees areŶ’t traiŶed to do. Who kŶoǁs, theLJ ŵaLJ refer LJour ĐoŵpaŶLJ iŶ returŶ. Plus, LJour ĐlieŶts will appreciate and value your working relationship greatly when you care more about their products than your profits. 7.Be honest with your clientsWith all of the aďoǀe aĐtioŶs, it oŶlLJ leads to oŶe thiŶg… iŶĐreased produĐt priĐe. DoŶ’t surprise ĐlieŶts ǁith priĐe iŶĐreases. Talk ǁith LJour Đustoŵers Ŷoǁ aŶd edžplaiŶ how product costs will increase in the future. By preparing for the future, you are in turn proteĐtiŶg LJour assets, eŵploLJees aŶd reputatioŶ. It’s a ǁiŶ-win. In order to reallLJ uŶderstaŶd ǁhat ǁill ďeŶefit LJour ĐoŵpaŶLJ’s Ŷeeds, ŵeet ǁith a professioŶal ǁho haŶdles health benefits and payroll. As experts in both payroll and health care,BenefitMall is your place to go.
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