At some point, you might have to terminate an employee. You might eliminate their position, make layoffs, fire for misconduct, or mutually part ways. No matter the reason, you might consider giving the employee severance pay. But what is severance pay? Before you make a decision about severance pay, learn more about it, what you […]
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As an employer, you may give employees several types of compensation, including direct compensation. So, what’s direct compensation? And, what are the different types?
Read More What Does Direct Compensation Include?
For many employees, generous benefits are more important than pay raises. There are several benefits options you can offer to attract and retain employees, including deferred compensation plans.
Read More A Look at Deferred Compensation Plans
Employees love raises. Regular raises can improve employee happiness and put them in a better financial position. And, raises can reduce your employee turnover. You can give raises for merit or increasing job value. You might also give a cost of living raise.
Read More What Is a Cost of Living Raise?
If you have employees, you need to compensate them. So, you set an hourly rate or salary. But, you might also give other types of wages to your employees. And if you do, you need to know if those other wages count as compensation. Why? Knowing what is compensation is a key part of putting […]
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Typically, employers provide hourly or salary wages to workers. However, some business owners pay commission to employees. What is commission?
Read More What Is Commission, and How Does It Impact Businesses and Employees?
When you first start your business and hire employees, you might be worried about how you’ll make payroll each pay period. But once your business is firmly planted, you might be able to give more money to your employees. One thing you might want to offer employees is bonus pay.
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In the foodservice industry, tips are an important part of employee compensation. Tips are added to employee wages so they can earn at least minimum wage. But, what happens when a tipped employee earns few tips?
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Looking to offer your employees an additional benefit? Consider creating a profit-sharing plan. But before you run off and create a plan, you need to know what is profit sharing. Read on to learn all about profit sharing, including how it works and steps for creating a plan of your own.
Read More What Is Profit Sharing, and How Can it Benefit Your Business?
Key Takeaways − A youth pastor or associate pastor can claim a housing allowance if they meet the IRS definition of a minister and the church properly designates the allowance in advance. A pastoral housing allowance is a portion of a minister’s compensation designated for housing expenses and can be excluded from federal income tax, […]
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