Is Workers’ Compensation Insurance Worth it?

If you own a business and employ someone, that person could get injured on the job. If so, who pays for their medical bills? The answer is most likely that you will pay or your insurance company will. But what if the employee doesn’t have any coverage? Or what if they do not report their injury right away? In these cases, you may be responsible for paying their medical bills out-of-pocket. Today we’ll discuss workers’ compensation and whether it’s worth it for your Altamonte business.

What is Workers’ Compensation?

Workers’ compensation insurance is a type of coverage that businesses can purchase to help protect them in the event of an injury to their employee(s). It differs from other types of insurance (like property or health) because it is designed to provide medical care for employees and lost wages when those injuries occur at work. What does that mean for your employees? Workers’ compensation will pay for your employee’s medical treatment and any time off needed to recover from their injury if they get hurt at work.

How Does it Work?

Workers’ compensation coverage generally kicks in automatically when an employee sustains a covered injury at work, regardless of who was at fault for causing that injury (e.g., another employee or someone outside the business). This means that worker’s comp should cover any necessary medical expenses once an incident occurs without filing a claim with your insurance company first! In addition, many states require employers with more than five employees on staff to have some form of worker’s compensation coverage. So, if yours doesn’t already offer this type of protection through its policies, then make sure yours does too!

How Much Does It Cost?

Whether you’re starting a new business or already have one, the price of worker’s compensation insurance will depend on many factors. The most important factor is your size and type of business. Small businesses like restaurants and retail stores often pay more than larger companies like manufacturing plants because they tend to have higher injury rates and employee turnover rates.

The cost also depends on state laws: some states require employers to get mandatory coverage while others don’t. In states where it’s optional, some employers still decide not to buy coverage if they think they’re at low risk for injuries (such as those with older workers).

Finally, the cost can vary significantly based on how much protection you want from potential accidents—some companies opt for more extensive coverage than others do to protect themselves against losses such as medical bills related to workplace accidents

Do I Need It for My Business?

Whether you need to buy workers’ compensation insurance depends on your state, industry, and company’s risk profile. It also depends on the size of your business, its employee count, and personal factors such as age and health status.

Many states require employers to carry workers’ compensation insurance (or have an alternative plan) for their employees. However, several exceptions allow certain businesses to opt out of buying coverage if they meet specific criteria:

• companies with fewer than 5 employees don’t need it
• nonprofit organizations may be exempt from purchasing workers’ comp in some states;
• some large companies or partnerships can apply for waivers from buying this type of coverage.

Understanding the Risks

Before answering the question “Is workers’ compensation insurance worth it?”, you need to understand the risks of not having worker’s compensation insurance and what some of those risks might be.

The most obvious risk is not having coverage when something happens. This can lead to serious problems if an employee gets injured while on the job, as they will be unable to receive any financial assistance to pay for their medical bills or any other expenses incurred due to their injuries. In addition, if an employee gets injured on the job and has no way of paying for medical care or lost wages, they may end up filing personal bankruptcy because they are unable to afford these expenses; this could eventually lead them down a path where they lose their house and car as well!

The Fine Print

The fine print may include the following:

• how much does the policy costs?
• what you can get reimbursed for, and how much of your employer’s share of costs you have to pay upfront (if any)
• what happens if your injury isn’t work-related or when it is but wasn’t caused by workplace negligence?
• whether or not job training will be provided if there’s a gap in your employment history due to a claim

Workers’ Compensation Insurance is Just One Part of a Company’s Overall Benefits Package, But It’s a Good Idea to Have

Workers’ compensation insurance is a benefit that is often required by law. It provides financial protection to injured employees who become ill and may also cover medical bills and lost wages for injured workers.

Workers’ compensation insurance is just one part of a company’s overall benefits package, but it’s definitely worth it. If you need assistance learning about workers’ compensation, please contact one of our experts here at Vision HR to learn more!

18 HR Terms Every Orange City Business Owner Should Know

HR terms are a vital component of any business owner’s vocabulary. For example, if you’re an entrepreneur and want to hire employees for your startup, you’ll need to know some of the top HR terms.

Especially regarding benefits, workers’ compensation, or any other term related to human resources (HR). In this article, we’ll lay out some of the most critical HR terms that every business owner should know (and be able to use) to make intelligent decisions about their company’s future.

1. FTE (Full-Time Equivalent)

The FTE is the number of hours worked by a full-time employee, and it’s used to calculate the cost of benefits and other expenses, such as health insurance or retirement savings. The FTE is calculated by dividing the total hours worked by the number of full-time employees.

2. FMLA (Family and Medical Leave Act)

FMLA allows employees up to 12 weeks of unpaid leave per year in cases involving the birth, adoption, or foster care placement of a child; the care for a spouse, child, or parent with a serious health condition; or when an employee is unable to work because of their serious health condition.

The law applies to employers with 50 or more employees within a 75-mile radius, so if you’re smaller than that and still want to offer these benefits—and should! —you might be able to find a way around this requirement by calling in some help from larger companies nearby.

The most important thing about FMLA is that it’s not paid time off (but you can use other paid time off if you have it). This means that if your employee does take leave under FMLA, they won’t get paid for those days off unless another type of paid leave overlaps with them (for example, Vacation time).

3. Workers’ Compensation

Workers’ compensation is a form of insurance that provides wage replacement and medical benefits to employees who are injured while on the job. This topic covers work-related injuries, illnesses, or fatalities and applies to all public and private sector employers in every state.

These laws vary by state, but some things are universal:

• you must be covered by workers comp if you have one or more employees (even if those employees don’t work full-time). Suppose you don’t want to buy workers comp insurance either because it’s too expensive or because your business is small and there isn’t much physical risk involved in your line of work. In that case, your only option is self-insurance (paying for accident claims out of pocket).
• if someone gets hurt at work—whether from an accident during regular or nonwork hours—they can file a claim with their state’s department of labor so long as it meets specific requirements (for example, being injured on company property).

4. COBRA (Consolidated Omnibus Budget Reconciliation Act)

COBRA is a federal law that allows you to continue providing health insurance coverage to your employees. It takes effect when a qualifying event occurs, such as the employee’s termination of employment or a reduction in hours.

When you want to stop offering health benefits to an employee, you can make them sign COBRA paperwork so they will receive payments for their medical costs if your company plan no longer covers them. Here’s how it works:

• employees pay 100% of their premiums for the first 18 months (sometimes less). After that period, they pay 65%.
• the maximum duration for this type of insurance is 36 months; however, this can vary based on state law and other factors like age and family size.

5. 401(k) and 403(b)

401(k) is a tax-deferred retirement plan, and it’s funded by employee contributions and employer contributions, which can be matched (or not). You may have heard of 401(k) plans in the news recently, as they are coming under increasing scrutiny because of financial advisers who give bad advice.

403(b) is a tax-deferred retirement plan for employees of tax-exempt organizations. Like 401(k), it’s funded by employee and employer contributions that often match your contributions. The main difference is that employers don’t pay Social Security taxes on 403(b)s, so they’re more expensive than 401(k)s in states with high-income taxes or property taxes (e.g., California).

6. 401(k) Match

A 401(k) match is when the employer matches the employee’s contributions. For example, if you contribute $100 to your 401(k), your employer will also contribute $100. This is usually up to a certain percentage.

7. Acts of Discrimination

Discrimination is the act of treating one person or group differently than another based on race, gender, age, sexual orientation, and other factors. Discrimination can be illegal in some cases, depending on the context. For example, it’s unlawful to discriminate against someone because they’re disabled or have a criminal record. But discrimination doesn’t always have to be intentional; it can also happen unintentionally.

For example, an employer might ask about an applicant’s religion when filling out their application but then accidentally forget to ask about their race—which would be considered discrimination if someone was denied employment because of their religious beliefs but not their race.

8. FMLA Leave

FMLA leave is unpaid time off for employees who need to care for themselves or a family member due to a severe illness.

It’s important to know that FMLA leave is only available for those employees who have been with your company for at least 12 months and have worked 1,250 hours over the past 12 months. If you meet these criteria, you’re eligible for up to 12 weeks of unpaid leave within a year. A few things you should keep in mind:

• you can’t replace an employee on FMLA leave with another employee; however, if you can’t fill their position without exceeding your limit on part-time workers (which depends on whether or not there are 20 full-time equivalent employees), they may be able to come back part-time once they return from their medical leave.

9. Severance Pay

Severance pay is a payment made by an employer to a terminated employee. It is usually initiated for reasons such as the employee’s retirement or resignation, but it can also be paid if the employee was fired for cause (for example, misconduct).

The severance pay depends on how long you’ve been with your company and what kind of job you do. It can be anywhere from 2 weeks to one year or more.

10. Benefits

Benefits are any type of payment or compensation provided to employees by their employer.

This can include health insurance, retirement plans, and other items like life insurance and disability coverage. Benefits are generally considered part of the total compensation package that an employee receives while working for a company—and they can often be negotiated as part of a salary negotiation process between you and your candidate.

Employers typically pay for benefits; however, this is not always the case. For example: if an employee pays for his health insurance plan through his employer’s flexible spending account (FSA), this transaction would not be considered a “benefit” because it does not cost the business anything out-of-pocket (it’s like getting paid in cash).

11. HMOs and PPOs

If you’re unfamiliar with the terms, HMOs (health maintenance organizations) and PPOs (preferred provider organizations) refer to plans that offer discounts for participating providers and services. An HMO is more restrictive than a PPO in that members are required to seek care from doctors within the network—meaning they can get reimbursed only if their doctor is included in the plan. This usually means fewer doctors are available, but you’ll have lower monthly premiums.

PPOs offer more flexibility in choosing your provider: You can choose any doctor or hospital that accepts your plan as long as it’s within your deductible/out-of-pocket maximums. The downside here is that these plans tend to come with higher deductibles and co-pays compared to an HMO—so while they may seem like less of a hassle at first glance, they might end up costing you more over time!

12. FSA (Flexible Spending Account)

An FSA is a tax-advantaged account that allows you to pay for eligible health care expenses with pre-tax dollars. That means you can put money in your FSA and then deduct the fee from your taxes, saving you money on things like:

• health insurance premiums, copayments, and coinsurance
• dental care costs like x-rays, braces, and retainers
• eyeglasses and contact lenses
• vision exams

13. ACA (Affordable Care Act)

Affordable Care Act (ACA) is a federal law that requires employers with more than 50 employees to provide health insurance coverage to their full-time employees. Businesses with 50 or fewer workers are not required to offer a range under ACA. If an employer already provides coverage, it must be affordable—meaning the employee’s share of premiums cannot exceed 9.5 percent of their household income.

If you’re unsure whether your business falls under ACA, talk to your tax professional or financial advisor about ways to prepare yourself for this change so that when it comes time for implementation, nothing catches you off guard!

14. Disability Insurance

Disability insurance is a type of insurance that pays you a monthly benefit if you are unable to work due to an illness or injury. It’s not the same as health insurance, which covers treatment for those injuries. Disability insurance (also known as long-term disability insurance) is designed to replace your income if you cannot work. If your business offers disability coverage, each employee must understand how this coverage works and when they can expect to receive benefits payments.

15. Short-Term Disability

Short-term disability, also known as temporary disability insurance, is a form of disability insurance available to workers who cannot work for a short period. Most short-term disability plans will provide benefits for one to six months. This type of coverage typically delivers between 50% and 70% of an employee’s monthly income during their period of disability.

Short-term disability insurance can be critical if you have employees who are completely disabled or unable to work temporarily because they’ve recently given birth or had an illness requiring hospitalization. It also provides peace of mind when considering hiring people with pre-existing conditions—if those individuals become disabled during their employment with your business, they’ll be eligible for benefits provided by your plan’s short-term component.

16. Long-Term Disability

Long-term disability insurance is a type of employee benefit that provides income to an employee for a specified period when they cannot work due to illness or injury.

Employers can buy long-term disability insurance for their employees through a third party or self-insure, which means the business covers any costs associated with long-term disability. In both cases, premiums are paid out monthly as part of an employee’s salary.

Long-term disability benefits are typically purchased separately from short-term disability benefits and are not included in most group health plans (though some employers choose to add them).

17. Life insurance, Family Life Insurance, AD&D (Accidental Death & Dismemberment)

Life insurance is a contract between an insurer and an insured to pay a designated beneficiary. Usually, the insured’s family, if the insured dies during the term of coverage. The policy may be purchased through an agent or broker, by mail, over the phone, or online.

Life insurance policies are typically issued on two basic plans: term life and cash value life. Term life provides coverage only for a specified period (the term) at one premium amount and pays only if death occurs during that period. Cash value plans offer a range for your entire lifetime at regular premiums with no expiration date and can accumulate cash value in addition to paying out upon death.

The benefits paid by these policies are often called “death benefits” because they’re made payable upon death; however, there may also be disability benefits paid instead of the face amount of coverage when an insured becomes disabled before reaching age 65.

18. Visas and Work Permits

If hiring employees from other countries, your new hire will likely need a visa. Visas are also required for workers from other states or cities (e.g., if an employee moves from one state to another). Understanding how much time and effort goes into obtaining visas and work permits before hiring is essential.

HR Terms Are Necessary to Know as Soon as You Start an Enterprise

To create an enterprise, you must know how to navigate the legalities of employment. You need to understand the different types of employees and what each type means for your business. For example, if you hire an independent contractor instead of a full-time employee, you can save money on taxes but will have no insurance coverage or benefits.

On top of that, every business owner must know how to navigate the legalities surrounding benefits and taxes for their workers and themselves.

In conclusion, HR terms can be very confusing. The more you know about these terms, your company will be better off. We hope this article has helped demystify some of them for you and given you a good starting point for further research. Contact Vision HR for all your HR needs!

A Business Owner’s Guide to Our Applicant Tracking System

Hiring is a time-consuming process, and it can take weeks or even months to find the right fit for your company, and there is no guarantee that you will end up with the perfect candidate. Our applicant tracking system is designed with this in mind, as it reduces hiring time by 90% or more! Read on to learn more about why Edgewater business owners use our applicant tracking system to find the perfect fit!

The Vision HR Applicant Tracking System

The Vision HR Applicant Tracking System is an innovative system that allows companies to hire employees in a fraction of the time and cost. Our system is a cloud-based computer program that provides you with tools to help you find, manage, and onboard new hires through your existing hiring process.

Our innovative ATS (Applicant Tracking System) offers features such as the ability to:

• create job posts in 60 seconds
• ask optional pre-interview questions
• identify top candidates quickly via our candidate ranking algorithm
• electronically onboard new hires

This means that your company can save thousands of dollars in the hiring and onboarding process while reducing legal and compliance-related HR risks at the same time.

Creating Job Postings

Creating a job posting is one of the business owner’s worst nightmares. Finding the right words to describe the perfect candidate can be difficult. However, with our easy-to-fill-out posting, you can create a job quickly by entering the information below.

• choose what kind of position you’re looking to fill, and decide how much time it will take for this person to learn about their duties and responsibilities.
• enter all relevant information about the position, including who should be hired (Qualified Applicants Only), qualifications needed, salary range, and benefits packages offered (if any).

Using Applicant Search to Create a List of Candidates

A candidate search is a list of applicants who meet your criteria. You can create your lists, sort through top candidates and save them for future reference.

You can create a candidate search using any search criteria: name, email address, phone number, or company name. Once you have your results, there are several ways to sort the list and filter it down to only show relevant results:

• sort by relevant fields such as Name or Email Address
• filter out irrelevant information using Advanced Filters (like location or skillset)
• save candidates to a list so that they’re easier to find later

Ask Optional Pre-Interview Questions

Once you’ve established an applicant tracking system, you must ask pre-interview questions. This will help you better understand the candidate and whether or not they are a good fit for your company.

Pre-interview questions can be any question that will help you determine if this is someone who would be suitable for your company. Here are some examples:

• are there any minimum qualifications? (If so, how many years of experience does each position require?)
• how many employees do you have currently? What do they specialize in? (Talking about this will show how experienced and knowledgeable your candidate is.)
• why do you want to work here? (This lets both parties know if any expectations need to be met.)

Securely Store Employee Files

Cloud storage is the future of business. It’s an efficient, secure way to store documents and files in the cloud, with bank-level security far more secure than anything you could do on your own. This is especially true if you’re considering storing employee files on your local hard drive or USB stick!

In a traditional business setting, file servers are used for storing all sorts of things: employee information from job applications, resumes, and cover letters; photos from interviews; reference checks; training materials for hiring managers (and their assistants); company policies and procedures—the list goes on. The problem with file servers (and other methods like emailing docs back-and-forth) is that they often open companies to security breaches and human error.

Customizable Features

Hiring teams, roles, and permissions: Our ATS lets you choose the right people to work on the candidates you’re hiring for. You can assign specific roles to each member of your team, as well as determine who can see what information in the system and make changes.

Email templates: This feature is a massive time-saver if you send out lots of emails (and who doesn’t?). Instead of writing out all your messages from scratch, use our pre-made templates to save time when communicating with current employees or potential candidates.

Candidate interview rating criteria: Create an easy way for your hiring managers to rate interviews using our built-in star rating tool; then export those results into Excel or share them via email, so everyone knows which applicants are most qualified for available jobs at your company.

Requisitions: Requisition management allows businesses to create job descriptions and post them internally, so they’re visible only by authorized users within the organization’s network—or externally so that they’re visible on job boards like LinkedIn Jobs or Monster Recruiters’ site

Our Applicant Tracking System Reduces Hiring Time by 90% or More! What Are You Waiting For?

Our applicant tracking system reduces hiring time by 90% or more. That’s right; you heard it here first: your new ATS will save you 90% or more of your time spent on hiring—so that’s a lot of money saved on labor costs! You can also expect to reduce mistakes and frustration in the recruitment process.

We hope this guide has given some insights into how our applicant tracking system can help your business. ThinkHire is designed to make the hiring process more efficient and effective, so your applicants can be screened faster than ever before. We want every Edgewater business owner to know that there’s an easier way to find the best candidates for their open positions! Contact us at Vision HR to get started today!

The Benefits of Employee Leasing

If you’re a business owner, hiring employees is a huge responsibility. You have to worry about finding the right people and ensuring they’re well taken care of. But what if you could outsource this responsibility?

That’s where employee leasing comes in. With employee leasing, you’ll have access to our HR expertise and our payroll software so that you can focus more time on growing your business and less time on worrying about human resources issues. Here are some other benefits of employee leasing.

What is Employee Leasing?

Employee leasing is a cost-effective way to hire employees. It’s great for companies that need access to high-performing talent and doesn’t have the resources or time to recruit, onboard, and manage it themselves.

By outsourcing the entire process of recruiting, training, and retaining employees, you can build a team of highly qualified professionals who work as one unit in support of your goals.

The Benefits of Outsourcing Human Resources and Payroll

Outsourcing your HR and payroll functions is a great way to free up time for your business. And the outsourcing benefits don’t stop there. When working with an expert third-party provider, you can focus on what you do best: running and growing your business. You’ll have access to our human resources management and payroll processing expertise while completely controlling how we handle these crucial functions.

And because our team focuses solely on this type of work, they’re more efficient than if they had to juggle multiple responsibilities within a larger organization. This means less downtime waiting around for paperwork or updates from other departments.

This level of support also has tangible benefits for employees; they’ll feel supported by their company’s commitment toward workplace wellness initiatives like healthcare coverage or financial security programs like 401(k) matching bonuses!

You’ll Have Access to Our HR Expertise

As human resource experts, we have a deep understanding of human resources and their benefits. We can help you make sure your employees are getting what they need. You don’t have to worry about the complex legalities involved in hiring or managing workers—we deal with all that for you. In addition to offering competitive rates on payroll services, we provide an array of HR support services such as:

• employee benefits
• onboarding new hires
• payroll processing (including tax withholding)

 

And much more!

You’ll Have More Time to Focus on Your Business

As a business owner, you are responsible for ensuring that your company is profitable. You must provide enough cash flow so everyone can be paid and your business can grow. That means you need to focus on core business functions—such as sales, marketing, and product development—rather than tasks like payroll or HR management.

With employee leasing, your employees are leased from a third party instead of hired directly by your company. This allows you to outsource these administrative tasks so that they’re handled by professionals who specialize in them (and not under-trained employees who may be less experienced). This frees up more time for you to spend doing what matters most: running your organization effectively to expand its operations and grow into new markets!

Your Employees Will Feel Supported

A sense of loyalty can be cultivated by making your employees feel supported. An employee leasing company will provide you with a dedicated human resource team who will work on behalf of your business to ensure your employees’ best possible workplace experience. Your employees will feel your company cares about them and is looking out for their best interests.

Additionally, they’ll feel like their employer is taking care of them and thinking about what’s best for them as individuals. These feelings are crucial in building employee engagement and retention—when employees have a higher level of engagement with their job; they’re more likely to stay at that job!

Employee Leasing is Flexible

Employee leasing is flexible. And that’s a good thing because your business needs are constantly changing. Here are some areas where flexibility plays a vital role in employee leasing:

• flexible workforce
• better pricing
• improved service level
• contract terms and conditions (including technology choices)
• benefits offerings
• compliance with ever-shifting regulations

Calling All Sanford Business Owners

As a business owner, you have many things on your plate. You don’t have time to worry about payroll, benefits, or HR training for new employees. That’s where we come in. We handle everything from hiring to payroll, so you can focus on running your business.

Employee leasing is an excellent option if you’re looking to outsource your human resources and payroll needs. Not only does it free up time for you to focus on other aspects of your business, but it also ensures that your employees are taken care of and supported by experts in the field. We can help with everything from hiring new staff members to providing benefits like healthcare insurance or retirement plans—so contact us today!

How to Choose Your 401k Provider

Providing a 401k plan is an excellent benefit for your employees. But as an employer, you need to choose the right provider to ensure that the fees are affordable, the investment options are effective, and the procedures are transparent. It’s a big decision! So, here’s some advice on how to get started.

What Kind of Services Are You Looking For?

Before looking for a 401k provider, take some time to understand what kind of services you’re looking for. This will help you determine which providers are best suited to your needs and how they might be able to help. Here are some questions you should consider:

• what kind of investment choices do I want my employees to have?
• do I want them to invest in stocks, bonds, mutual funds, or individual investments?
• wo I want them all together?
• how much should we contribute on behalf of each employee?
• what kind of service level am I looking for from my provider?

Does the Provider Have a Good Reputation?

• research the company’s reviews
• check company history
• research the company’s reputation
• see whether it is financially healthy and its customer service ratings and reputation for providing good customer service

Can the Company Prove its Stable?

You will want to ensure that the company is stable, which means looking at its financial statements. If you are looking at a prominent investment firm, they should be required by law to provide these documents. However, if you are dealing with a smaller company, you may have to dig independently.

It’s also important to look at what the company does and how long it has been in business. The best way to do this is through their website or an online search for customer reviews of the service. This can give you valuable information about whether or not other people have had good experiences with them in the past, which is critical when deciding who will manage your 401k account.

Finally, find out if any experts in this area recommend using this provider over others—this should be easy enough since many companies do advertising campaigns where they promote themselves as being preferred by industry professionals as well as everyday people like yourself who want more control over their investments but don’t know how much time or effort it takes.

Look for Opportunities for Your Employees to Receive Individual Help with Their 401k Plans

There are many factors to consider when choosing your 401k provider. The first is whether they offer individual help. This can be as simple as a live chat feature or a telephone hotline, and it could involve hiring a financial expert to answer employees’ questions and help them decide about their retirement funds.

Another factor to consider is the investment options that your provider offers. Ensure various investment vehicles are available so that employees can choose what suits them best financially and personally.

Does the Provider Have Feature That You Want?

In addition to the standard features like automatic deposits, investment advice, and support for retirement income projections, look for providers that offer additional services.

• plan education: Many providers offer educational materials to help you take advantage of your plan. Some may even provide online calculators that show how much money you’ll have at retirement if you contribute a certain amount each year or suggest ways to optimize your 401k investments based on your risk tolerance.
• digital tools: Some providers make it easier to manage your account online by offering digital devices such as mobile apps and web portals. You can easily view statements and make changes without calling customer service. If this is important, determine if the provider offers these services before selecting one.

Look at Fees and Compare Them to Other Providers

You may not be familiar with all the different fees that could come with your 401k provider, so it’s essential to consider them before deciding.

As an employer, you can ask for this information from potential providers or do your research on the internet. You can also talk to other employers who offer similar plans and ask them what they pay in terms of fees. If you have multiple options, compare their annual management fee percentage and total cost per participant over time. This will give you a better idea of the impact these programs might have on your business.

Go with a Provider That Makes It Easy to Sign Up Online

One of the best ways to ensure your employees are getting the most out of their 401k plan is to go with a provider that makes it easy to sign up online. The best providers will have an online enrollment form and access to account information, investment information, and other documents related to their 401k plans.

You Don’t Need an Expensive 401K Plan

Don’t fall into thinking you need an expensive 401k plan from a big-name company to attract talent. It’s not uncommon for smaller companies to offer significantly better 401k plans than their larger counterparts.

By comparison, large companies often find themselves with several different 401k providers and products—some good and some bad—cobbled together over time and assuming that any provider would be better than no provider.

Smaller employers have more flexibility in choosing what kind of plan they want to offer their employees because they don’t have as many options on hand at once.

Takeaway

To provide the best benefits for your employees, choosing the right 401k provider is essential. You will want to consider many things before you decide, such as what type of investment they offer, their fees, and how easy they are to work with. This can be overwhelming, so it’s good to consult an expert before making any final decisions.

Remember that every company has different needs, and each plan may vary depending on those needs, so making sure what works for one company doesn’t necessarily mean it will work best for yours too! The most important thing is finding out what kind of service fits your business model while still providing excellent value to employees at all levels within the organization. Here at Vision HR, we understand that choosing a 401k plan as a Titusville business owner can be difficult, and our team of experts are here to help make the process as easy as possible, contact us today for more information.

All About Our Payroll Essentials Services

Payroll can be a highly time-consuming part of running a business, whether you’re the only employee or have a team of 50-plus people working for you. With all the tax laws, payroll formats, and new IRS rules constantly changing, staying accurate and up to date with your payroll is challenging. Our payroll outsourcing services are cost-effective and efficient at helping you run a successful business.

Simplified Payroll

We understand that payroll can be confusing, so we’ve made it easy. We process your payroll and report the information to all relevant bodies. As an employer, you don’t have to do anything except submit the appropriate documentation from you and your employees. We will work on everything behind the scenes so no more mounds of paperwork collect dust in your office drawers. That’s what we’re here for!

Timely & Accurate Paychecks

Now that your business is off the ground, it’s time to learn what you need to do to keep your employees happy and paid. Fortunately, our payroll essentials services have everything you need to ensure that your employees receive accurate and on-time paychecks.

You’ve no doubt heard stories about businesses plagued with payroll issues, with employees having trouble getting their paychecks on time or at all. This is not the case when you use our services! We have over two decades of experience in this field, and we can ensure you check all the boxes for a successful payroll system.

With our personalized solutions, we’ll handle everything from creating a streamlined process for payroll upfront to dealing directly with your employees once they’ve received their paychecks. If there is any problem with processing someone’s paycheck, we will be proactive about alerts and follow-ups so that it doesn’t turn into an issue with them or your staff.

With our payroll essentials services, there’s no need for you to deal with all these complex issues while running another critical aspect of your operation! You can trust us to take care of it—one less thing for you to worry about day in and day out.

W-2 Management

Every employer knows that W-2s are necessary, but what exactly are they? These essential documents, which must be provided to all employees by January 31st of the following year, have a few purposes.

For one thing, they’re used to calculate your state and local taxes. Experts recommend paying any outstanding tax liability from previous years before filing your returns since the amount you owe will affect how much you receive in your refund for this year.

Vision HR offers a Full Array of Payroll and HR Services to Help Your Port Orange Business Grow

When your business needs a helping hand, you need to know where to look for customer service. Vision HR offers a full range of payroll and HR services to help your business grow. Whether you have one employee or hundreds of employees, we can help you with the following:

• check processing and distribution
• direct deposits, direct debits
• comprehensive payroll reports
• division/departmental reports
• digitally signed checks
• payroll check reconciliation
• federal, state, and local tax withholding/deposits
• annual, quarterly, and monthly payroll tax reporting
• electronic / paper W2’s

Human Resources Solutions

·      HR Compliance

·      employee communication

·      management training

·      progressive discipline

·      urgent support

·      background screenings

·      drug screenings

·      strategic HR

·      (HRIS) Human Resource Information System

·      online HR support

·      applicant tracking system

Payroll can be extremely time-consuming; neglecting this area of your business could result in you making mistakes that cost you money. Outsource your payroll to professionals and experience how quickly payroll becomes an automated piece of your business, freeing up more time for you to focus on sales and marketing. Vision HR is one of the leading providers of payroll administration and online HR support services in Central Florida. Contact us today to learn more about how our services can help your business thrive.

What You Need to Know About the Employment Background Screening Process

Employers need to understand the current laws and regulations that govern the employment background screening process and require them to comply with particular procedures.

The Fair Credit Reporting Act (FCRA), the Civil Rights Act of 1964, the Americans with Disabilities Act (ADA), and the Equal Employment Opportunity Commission (EEOC) are just a few of the federal laws that regulate employment background checks. State and local governments have enacted their own rules as well.

It is also important to note that these laws constantly change, making it difficult for employers to comply with many regulations. For instance, state and local laws regarding ban-the-box policies differ significantly regarding criminal history.

Some states have implemented restrictions on how long an employer can look back on a candidate’s history when conducting a criminal record check. Others require businesses to provide detailed notices about background checks or authorize candidates to appeal decisions based on criminal history findings.

There are also certain circumstances in which an employer must receive permission from a candidate before running a background check, such as during pre-employment screening or annual reviews of current employees.

Reasons for Background Checks

Employers will conduct background checks for a variety of reasons. The most common are to:

• verify employment history and experience, including any gaps in employment
• determine whether the applicant has a criminal or other problem
• determine the suitability of an individual for the job

Best Approach to Conducting a Background Check

Employers must decide whether to perform background checks in-house or outsource these services. Before deciding, employers should consider costs, turnaround time, and other factors.

Conducting a proper criminal search requires access to nationwide record databases for most organizations. These resources are expensive and require significant training for employees who operate them. Suppose your company does not have the resources for in-house screening services. In that case, you may want to consider outsourcing this task to a third-party firm that specializes in employment screening services.

Is the Information Accurate?

To make sure the information they receive is accurate and fairly reported, employers should know:

• Who has access to your background check information? An employer must take reasonable steps to ensure that only those who need your background check information for a permissible purpose (see above) will have access to it. An employer should maintain specific policies and procedures around this issue. If a background screening company is used, the employer should request documentation from the company providing assurances that it follows all required guidelines.
• What laws are in place? The FCRA contains provisions requiring employers and agents to treat applicants or employees fairly throughout employment. It also gives individuals a right to review any report requested by an employer about them, dispute any errors contained in it, and obtain a list of companies that have asked for their reports over the last two years (except as exempted by law). Employers also have requirements under Title VII of the Civil Rights Act of 1964, as amended, which prohibits employment discrimination on various bases, including race, color, religion, sex, or national origin. In addition to federal laws prohibiting discrimination against job applicants or employees based on criminal records (Ban-The-Box), there may be state laws with similar prohibitions and requirements regarding when an applicant can be asked if they’ve been convicted of a crime.

Timeline for Results

Several things can affect the length of time it takes for your company to get background screening firm results.

The first is the type of check being conducted. While certain statements take only minutes or hours to complete, others require days or weeks of research. The more thorough the background check, the longer it will take to complete. Some of the most common types of checks include:

Taking these issues into account will enable employers to decide which background screening company best suits their needs.

• When will you receive the results?
• Will you be able to compare this applicant with others who apply for the same position?
• Does the potential employee have access to the same information that you do? If so, is there a way for them to contest any inaccuracies before an offer is made?
• How will you use the information provided as part of your hiring decision, and how long will applicable federal and state law retain it?

Background screening companies must use a fair and thorough process by which they assess potential employees’ backgrounds, and employers should understand this process before choosing a screening company.

Both potential employees and current employees need to understand the employment background screening process and their rights and obligations concerning their work history. At Vision HR, we know that the safety of your Deland workplace is a top priority. We offer our clients the ability to make an informed decision regarding new hires through our background screening process across the United States; Contact us today to learn more about these services.

Is Your Business Growing? Time to Update Your Business Health Insurance

As your business grows, things like your insurance needs will change. One of the most important types of insurance to consider is health insurance, and this guide will discuss why updating your business health insurance is essential.

You may need to look into new health insurance for your employees, but one of the biggest reasons is that you have to. Businesses with 50 or more full-time employees must offer their employees health insurance coverage or pay the penalty each month that they do not provide adequate coverage.

If you think you will soon be an employer with 50 or more full-time employees or are looking to renew your coverage, now is the time to start researching new coverage and finding the best option for you and your employees.

Look for the Most Cost-Effective Option

When it comes to updating your business health insurance, it’s essential to look for the most cost-effective option to ensure your company and employees are being taken care of. While some companies may offer plans that appear less expensive than others, they might not be as comprehensive or “cheap” once you examine the overall investment. Businesses should know what to look for to prevent overpaying for their health insurance plans (and keep up with business trends).

The following are five ways you can narrow down your options before purchasing a new plan:

1. Check your spending habits
2. Examine what is available with subsidies
3. Understand employee needs
4. Review the plans offered by other companies
5. Consider going smaller

Update Your Insurance to Reflect Your Current Needs

At the start of a new year, it’s usually a good time to review your business health insurance policies. If you have employees, take the time to update your insurance to reflect your current needs. Also, make sure that you comply with federal and state regulations for providing health insurance for your employees.

For example, suppose you’ve had an uptick in claims because of increased employee injuries or illnesses or added employees to your company. In that case, you may need to adjust the amount of coverage you carry on your business health insurance policy.

If you haven’t made any changes to your company, reviewing your policy with an insurance agent still makes sense.

Find Out If You’re Eligible for New Tax Credits

If you’re a small business owner, you may be eligible for new tax credits or deductions. However, you may not be aware of them unless you ask. Several years ago, the IRS created the Small Business Health Care Tax Credit to encourage small businesses to offer health insurance coverage to their employees. The credit is available to employers that meet specific criteria, including having fewer than 25 full-time employees and paying average wages below $56,000 per employee.

Since then, the Affordable Care Act has taken effect, and more states have expanded Medicaid coverage, so you must check with your accountant to see if your company qualifies for any of these new tax breaks. Suppose your company offers health insurance coverage to your employees, and they pay a portion of the cost in premiums. In that case, your business can qualify for a tax credit worth up to 50 % of its contributions toward employee premiums.

See If You Can Save by Switching Providers

If your business is growing and you have new hires, most likely, you will need to update the health insurance plan for your business. When the time comes to make a change, you must know how to evaluate which plans are best for your company.

One of the significant considerations in evaluating plans is cost. If it turns out that your current provider does not offer an affordable option and you are interested in looking at other carriers, call each one of them to determine which ones are willing to work with groups of your size. You should also ask what the network of doctors looks like for each plan, and this will give you some idea of whether or not there will be any changes in terms of doctor’s office visits or prescription medications.

You should also find out if there are any additional costs associated with switching from one provider to another. Some companies charge more for switching providers because they tend to pass on more expenses than others. To keep costs down, try and compare prices for similar plans across

Consider Offering a High-Deductible Health Plan (HDHP)

High deductible health plans (HDHPs) have lower premiums but higher deductibles — the amount of money you pay for medical expenses before your insurance kicks in. The IRS defines an HHDHP as a plan with at least a $1,400 deductible for single coverage or $2,800 deductible for family coverage (or greater). HDHPs also have limits on out-of-pocket expenses. If you don’t expect to need much medical care in the coming year, these plans can be attractive. They’re beneficial if you want to pair them with a Health Savings Account (HSA), which offers tax advantages and may allow you to save money while paying less in premiums each month.

Takeaway

In the end, it’s necessary to remember that your business’s health insurance options are broad, and you may need to take some time (maybe even outside of tax season) to review them. If you’re satisfied with your current plan, make sure that it’s renewed on time, or if not, make a plan to switch to another.

Each year will bring innovation and improvement in the insurance world, so make sure you keep up with your business’s needs and the changing healthcare market. Are you a business owner in Longwood, Florida, looking for new health insurance? Contact Vision HR for all of your business healthcare needs and questions; our experts are eager to help your business thrive.

8 Types of Employee Benefits

Employee benefits are a big deal. If you’re an employer, offering employee benefits demonstrates the type of business you run and can be the differentiator that garners more interest from potential employees. As an employee, well… good benefits are essential too. In fact, not having the right benefits can have a negative effect on your overall quality of life. Here is a list of 8 types of employee benefits to get you started.

1. Health Insurance

Health insurance is a must-have for many job seekers, and most employers offer it as part of their benefits package. The majority of civilian companies and private firms provide medical insurance to workers.

The good news for employers is that there are plenty of options for health insurance, including high or low deductibles, limited or comprehensive coverage, and even partial or full reimbursement for vision and dental care. The bad news? In some locations, health insurance can be pricey for companies. This type of coverage is often seen as a necessary cost, but it doesn’t have to break the bank if you shop around for the best deal.

2. Life Insurance

Providing a life insurance benefit to your employees can help you attract and retain talent, protect your staff and their families, and ease the burden of an employee’s death or disability. These are important issues that businesses must consider, especially in today’s competitive marketplace.

3. Dental Insurance

If you find that offering health insurance to your employees is too expensive dental insurance is a great alternative. It is often cheaper than many health insurances plans for not only you but your employees as well.

4. Retirement Accounts

Many young workers may not think that a retirement account is truly a benefit for them. Making many employees less than thrilled to hear that they will have to contribute money toward their own retirement accounts. But, if you choose to match your employees’ contributions, they will be more likely to participate in the program.

If you choose not to match their contributions, you can still encourage participation by hiring someone specializing in creating and managing retirement plans for small businesses. They can help make sure that your employees are getting the most out of their plans, which means more savings.

Retirement accounts are also great for employers because it takes the responsibility off of them when it comes to paying out pensions, which can be costly and challenging to manage over time.

5. Paid Vacation and Sick Days

While PTO is standard and expected, it’s still a good idea to emphasize the benefit in your job description. You want to ensure your employees know they can take time off without getting fired or reprimanded.

If you offer paid sick days, this is another thing that should be included in your benefits package. Companies have varying policies on sick days, but many offer around 5-10 days per year.

If you don’t offer paid sick days or simply want to make it clear that employees who are calling in sick will have their pay docked, include a line like this “Unpaid sick leave may be granted at the discretion of management, but only in cases of rare and serious illness.”

6. Paid Holidays

Offering paid holidays as an employee benefit can be an excellent way for your business to attract and retain quality employees. Paid holidays are typically given in addition to the number of vacation days that employees earn. Many companies have established an employee benefits package that includes paid holidays, but it is often at the employer’s discretion to offer particular holiday pay.

You may want to consider offering it as an employee benefit. By doing so, you could improve employee morale, encourage teamwork, and potentially increase productivity.

7. Flexible Schedule

So, what are some ways a flexible schedule can benefit your employees? One of the most significant benefits is that it helps them manage their lives better. Maybe they need to take their kids to school or pick them up in the afternoon and don’t want to put them in after-school care or pay for a babysitter.

Perhaps they need to attend school themselves and have a class in the middle of the day. Or maybe they simply want to work when they work best, whether that means coming in earlier or later than most people.

If you offer flexible schedules, your employees will appreciate it and be more productive. It’s an easy way to increase productivity at minimal cost to you.

8. Education Assistance

For business owners, the idea of offering educational assistance as a type of employee benefit seems like a great idea. However, there are some things to keep in mind before jumping right into it.

For instance, what is the return on investment? Will this benefit you and your employees? Are your assets being put to good use?

It is essential to ensure that the people who are taking advantage of this opportunity are those who need it and will use it. Suppose you do not have a good understanding of the demographics of your workforce and how they feel about the education programs offered. In that case, it may be best to start with a smaller program to get a better idea of what is working and what needs improvement within your organization.

There are also ways for companies to provide educational assistance without providing funding directly from their own pockets. For example, many companies offer tuition reimbursement programs through partnerships or arrangements with local colleges or universities. By setting up these arrangements, businesses can help ensure that their employees have access to an affordable education while at work.

Types of Employee Benefits: Conclusion

The ‘right’ benefits package for your Edgewater business is going to depend on what works for you, your goals, and the needs of your employees. There are many great options out there, from health insurance and disability coverage to retirement plans and life insurance. But you know best what type of employee benefits package will work best for your company. If you are looking for expert advice on employee benefits, contact our team at Vision HR today!

5 Common Payroll Questions Your Employees Might Ask

It might seem like an obscure topic, but your employees probably have questions about their payroll. If you’re the one who handles payroll for your business, you know how easy it is for questions to come up. Whether you’ve hired a full-time accountant to address employee issues or you are the one answering all of the questions, here are common payroll questions that your employees might ask.

1. What’s the Difference Between Gross and Net Income?

Gross pay is the total of your employee’s paycheck before any deductions have been taken out. Some deductions are required by law, such as federal and state income tax, Social Security, and Medicare. Other deductions will be taken out of their paycheck at your discretion.

On the other hand, net pay is what your employee will take home after all deductions have been made from gross pay. Thus, net pay can vary from one check to the next, depending on how much they earn in each paycheck.

2. When are W-2s Available?

The IRS requires that W-2s be mailed to employees by January 31st or later, the next normal payroll cycle ending in or after January. If an employee quits or is terminated before January 31st, they can pick up a copy of the W-2 at their former employer’s business location.

3. Why is My Take-Home Pay Different Than My Annual Salary?

The amount of taxes employees pays on their salary each year may differ from the amount withheld from every paycheck. The tax-withholding amounts are calculated based on information provided to you by the Internal Revenue Service (IRS) and the state revenue department.

A final paycheck is an employer’s way of distributing final income to an employee who has quit or been fired or otherwise separated from employment with the company. It’s usually a combination of the balance of any banked time and unused vacation time, plus any remaining payroll deductions.

4. What Do the Withholdings on My Paycheck Mean?

As an employer you use withholdings to ensure that your employees pay the required taxes throughout the year. Without withholdings, employees would have to wait until tax time to settle up with their taxes.

5. If Payday is on a Holiday, When Do I Get Paid?

Payday is always on the same day of the week, not on holiday. For example, if employee payday is on Friday, it will always be on Friday. If a holiday falls on a Friday, their payday will be moved to the next workday, which does not fall on the holiday. Suppose a payday is moved due to a holiday, then the checks for that payday are issued on the next workday following the holiday.

Payroll Questions: Conclusion

Overall, the purpose of this post is to give you a good understanding of your responsibilities as an employer and for you to develop a solid plan for your business. Being proactive about your payroll taxes and communicating clearly with your employees makes it possible to keep everything running smoothly, both legally and from a moral standpoint. Contact our payroll experts here at Vision HR if you need assistance with your New Smyrna Beach business payroll.