In 2015, the Small Business Administrator reported small businesses as accounting for two out of three net new private-sector jobs, employing more than half of America’s workforce. These businesses are a major part of the nation’s economic engine. What do they need to continue thriving in a market plagued with highs and lows?
A 401(k) plan is one of the most valuable benefits a small business can offer its employees. However, a 2013 Forbes article reported that of businesses with less than 50 employees, only about 24 percent offer a 401(k) plan. With so many retirement options available, why would nearly 80% of employers choose not to offer the benefit? There are a few concerns that often scare small business employers away from adopting a plan. This blog alleviates those concerns and helps employers reconsider offering it as an employee benefit.
Businesses have been submitting information on the Employer Information Report, or EEO-1, for years. However, in September of 2016, the EEOC announced that employers would be required to begin submitting pay data on the EEO-1. This is a big change in the reporting process for companies.
With a change in parties and philosophies in the White House as well as shifts in the legislative branches, employers and HR professionals are rightfully wondering what the impact will be on their employment practices, current legislation and bottom line in 2017 and beyond. The steady preparations that many businesses had been advancing in anticipation of new requirement roll-outs and expected actions now have them asking themselves “how much are things going to change” and “what do we focus on now?”