With a smaller number of staff, the contribution of every employee in an SME is critical. According to a study, employees of small businesses are working an average of eight extra hours unpaid every week at work and home. The main reason for SME workers doing so many extra hours is to keep up with the volume of work, followed by pressure from their manager and more … [Read more...]
On August 12th, 2016, Catalyst published a list of somewhat frightening statistics about employee turnover and retention. Among them are: In 2015, 33.4 million U.S. employees left their jobs. Voluntarily. An additional 37 percent are considering taking this same action themselves. For each employee that must be replaced, it costs the company roughly 21.4 percent of … [Read more...]
The Kaiser Family Foundation reports that, in 2015 approximately 147 million people (63 percent) were covered by employer-sponsored health insurance, costing business owners roughly $12,591 per employee for family coverage for the year. This amount is up from $8,167 in 2005, highlighting the fact that employee healthcare is costing small business owners more money than … [Read more...]
Under the Affordable Care Act’s Employer Shared Responsibility Provisions, employers with at least 50 full-time employees (including full-time-equivalent employees) during the preceding calendar year must offer “minimum essential coverage that is ‘affordable’ and that provides ‘minimum value’ to their full-time employees (and their dependents).” However, a number of small … [Read more...]
According to the Bureau of Labor Statistics, between 2.7 and 2.8 million people quit their job every month (yes…million). This is a trend that has been showing an increase since the country’s recession ended, and the industries hardest hit by workers who are choosing to leave their jobs include hospitality services (food and accommodations), government, and education. While … [Read more...]
When you have worked hard to establish and build your small business, why in the world would you consider sharing the ownership of that business with your employees? The answer is the same answer you use in making your other business decisions—it could be good for business. First, the term "ownership" can be confusing. It is important to understand that offering your … [Read more...]
A 2014 Small Business Healthcare Survey conducted by the National Small Business Association found that the average small business spends $1,121 per month per employee for health insurance premiums. That equates to almost $37 per day for each member of your staff, an amount that can cripple a small business with a lot of employees that is barely making ends meet anyway. Worse … [Read more...]
Temping is no longer just for college students or for the long-term unemployed who just need something to pay the bills. Temping and, more importantly, working with temporary staffing and/or placement agencies, can be a great way to boost your career and the business you’re trying to start up. How does this work? Here are some examples: Varying Commitment Perhaps the best … [Read more...]
When running a small business, you need to have a lot of strategies in place in order to achieve higher levels of success. For example, when you create a marketing strategy, it helps you reach your consumer through the best avenues for them. And a product differentiation strategy allows you to make your goods stand out against your competitors’ in a more effective way. But … [Read more...]
You have weighed the pros and cons of hiring some new employees and have decided to go for it. Now comes an even trickier decision – how much should you pay these people? Figuring out pay scales and salaries can be a complicated part of running a small business. Salary surveys often don’t cover the kind of multitasking you are requiring for your small staff. And your … [Read more...]
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