Let's face it, managing a small business and working long hours to pay the bills - on top of your team’s compensation is not for the faint-hearted! And ultimately, why should you take on that added burden if it can be automated with efficient compensation management software?The best compensation management software in 2023 is CaptivateIQ, Paycom, Namely, RUN Powered by ADP, SpriggHR, ChartHop, and Performance Pro. Including Zenefits, Workday HCM, and Lanteria HR. Most leading compensation management software applications provide a comprehensive HR solution.While choosing a world-class compensation management software tool may sound straightforward, that

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Non-solicitation clauses go a long way in protecting the longevity and success of your business. Implementing a non-solicitation clause in your employment agreement with your employees is essential in protecting your ability to retain existing clients and employees.Your business should have a non-solicitation clause for employees to prevent employees from soliciting your clients and suppliers. Additionally, a non-solicitation clause is necessary to prohibit an employee from leaving, starting a new business, and recruiting your employees for that new business.Failure to implement a non-solicitation clause for employees can result in your employee becoming your competitor and

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Payroll processing is one of the most critical aspects of the global accounting and business fields. It's also something that has to be done tediously every week and with accuracy as your employee's lives depend on it.   The main purpose of payroll processing is to fairly and accurately compensate all employees for their work. There are various ways to accurately and routinely process monthly payrolls; however, which procedure would be best for your business? To ensure accuracy and reliability during monthly payrolls, you should track deadlines, create written policies, maintain records, enhance time and

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Dismissing an employee is a tense and agonizing experience for the employer and the employee. However, termination doesn’t have to be tormenting for those involved. It is best to end a business relationship on a good note.Additionally, a termination interview is a sensitive topic that requires respect and tact to make the experience more tolerable.So, what are the best practices for firing an employee?First, ensure that the termination isn’t a surprise and follow consistent procedures. Then, prepare to prove a fair dismissal, choose the right setting, and include a witness. During the firing, keep it

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HR documents are the pillar of all the procedures that govern a business. These documents range from employment relationships, company policies, entering into business agreements, and more. It is critical for HR professionals to sustain organized, unerring, consistent, and accessible documentation of workplace events.The best HR document management practices include organizing HR records, switching to electronic software, implementing HR record retention schedules, discarding outdated records, workflow management, training staff to use document management practices, and implementing security policies and audits.Effectively managing and organizing HR documents can be a real challenge due to the exorbitant volume

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A pension plan is a must for any business, regardless of size. It’s the key to attracting and retaining workers, though there are different options out there you have to think about. So, what’s the difference between a profit-sharing plan and 401(k) for small businesses? Although both pension plans are similar, they have slight differences that will help put advantages and disadvantages in perspective, helping you choose the perfect plan for your small business. PROFIT SHARING PLAN A profit-sharing plan is a pension plan that allows employees to receive a piece of the company’s profits.

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Even though there are several types of profit-sharing plans for small businesses. They all provide an enduring legacy for loyal employees. Especially those who made a significant contribution to the success of your business.The three types of profit-sharing plans for small businesses include a pro-rata plan where employees receive identical amounts. An age-weighted plan that pays a higher percentage to those nearing retirement. A non-comparability plan with high and low percentage allocations for different groups.Establishing a profit-sharing plan for your small business is relatively straightforward. However, there are a few crucial factors to take into

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