Paycom Stands Out with Latest Accomplishment
August 14, 2013 | Posted in Blog
Paycom continues to rake in the accolades, this time garnering its 11th-consecutive appearance on the Greater Oklahoma City Chamber’s Metro 50 list. Of the Metro 50 winners, Paycom’s 11-year reign of consecutive appearances is the most of any of the companies on the list.
“This is huge honor to be the longest-running member on this distinguished list,” Paycom founder and CEO Chad Richison said. “But even more, this award is an indicator that our unique business model has resulted in continued, steady and sustainable growth.”
The Metro 50 event is scheduled for Sept. 23 at the National Cowboy and Heritage Museum in Oklahoma City where rankings of all of the Metro 50 winners will be announced.
The accolade showcases the metropolitan’s fastest-growing private companies. Qualified companies are required to have revenues of at least $1 million for the previous year and will be ranked based on their percentage of annual growth.
Growth is the name of the game at Paycom. In the last 12 months, the online human capital management provider announced rapid growth with an addition to its headquarters and added the Inc. Hire Power Award which recognizes private companies that are leading the way in job creation. Stay tuned for more exciting news from one of the fastest-growing companies in America.
Employees Expected to Bear More Costs with 2018 “Cadillac Tax”
October 1, 2015 | Posted in ACA, Blog, HR Management
Health care premiums are on the rise. In fact, employment-based health insurance premiums rose by 4 percent this year. According to a study published by the Kaiser Family Foundation, the average annual premium for single coverage is now $6,251, while the average annual premium for a family plan reached $17,545. But the increase in health care costs pales in comparison to the substantial increase in deductibles.
Since 2010, the average dollar amount for deductibles for single coverage has risen by two-thirds, yet premiums increased by only a fourth.
Why the drastic change in one area but not the other?
The effect of the ‘Cadillac tax’
This year, 2015, was the first year employers with at least 50 or more full-time or full-time equivalent employees (with certain transition relief available for employers of fewer than 100 employees) were required to offer affordable insurance to workers or pay a penalty under the Affordable Care Act’s employer mandate. As a result, employers with overzealous plans are paring benefits.
Research shows that one in five companies with at least 200 employees expect to be liable for the “Cadillac tax,” a 40 percent excise tax targeting health plans with the most generous level of benefits and little cost-sharing for employees. Although the Cadillac tax isn’t set to take effect until 2018, companies have begun to pare benefits in order to avoid it. Unfortunately, rising deductibles are often a side effect, causing employees to take on more of the cost.
Because employees will feel the greatest effect of this cosmic shift, employers should remain transparent about significant changes and consider reducing benefits gradually to help alleviate a great burden all at once.
3 Guidelines for Executing Wage Garnishments for Tipped Employees
September 30, 2015 | Posted in Blog, Payroll
Executing a wage garnishment for a tipped employee can be pretty straightforward. At first.
But try looking for a hard, fast rule about whether or not to include tipped income in those calculations and you’ll start to encounter words like “most,” “generally” and “sometimes.” The ambiguity begins.
Three questions lie at the heart of the confusion surrounding whether tipped income is even eligible for garnishment. Cases from New Jersey and Tennessee address these questions and form the basis for these general ground rules:
Question 1: Are tips included in wage garnishment calculations?
General Ground Rule: Most of the time, they are not. Here’s why: “Bona fide tips” pass directly from a guest to an employee. Management is not involved in the transaction and has no control over the collection or distribution of the money. Because the manager never touches the tip, it should not be included in garnishment calculations.
Question 2: What about tips left on credit cards?
General Ground Rule: If a manager collects credit card tips and pays them to employees at the end of their shift, that manager has technically exercised a fair amount of control over the redistribution of funds. Credit card tips handled in this fashion could be subject to garnishment.
However, when credit card tips are remitted immediately to the employee, in cash, those tips are not eligible for garnishment.
Question 3: What are the rules surrounding the tip pool?
General Ground Rule: Both the New Jersey and Tennessee rulings said that tip pool tip-outs could be subject to garnishment because management oversees the collection and redistribution of monies.
In the midst of all of these potential exceptions, one thing is for certain: When employers miscalculate wage garnishments, they can find themselves on the receiving end of legal action and potentially be responsible for the entire amount of the garnishment, plus interest and attorneys’ fees. Understanding how state and federal laws define tips in the wage garnishment process is crucial to accurately calculating garnishments and mitigating risk.
3 Ways to Retain Great Restaurant Employees
September 25, 2015 | Posted in Blog, Talent Management
Earlier this year, Starbucks announced it will offer tuition reimbursement to employees. In a headline-grabbing, 4,000-employee hiring binge, Chipotle showed candidates a career path where entry-level employees eventually could find themselves working in the corporate office. And in related news, restaurants in Seattle, San Francisco and St. Paul, Minn., are competing for top-chef talent with wage wars.
From fine dining to fast food, restaurant owners and operators are finding ways to hire the best candidates and increase employee engagement in an effort to reduce turnover and combat the impending labor shortage facing the industry.
More jobs, fewer applicants
The industry has seen consistent growth in sales over the last several decades. And job creation has grown with it. In 2014, the restaurant industry was the second-largest private sector employer with 13.5 million employees. Industry forecasts predict that over the next 10 years, the industry will add 1.7 million new jobs. This growth, combined with a shrinking applicant pool, means restaurants are competing with one another to hire the best candidates and keep them on board.
Terms of engagement
Fostering a culture of engagement can help you build and retain a skilled, efficient workforce that provides great customer service and drives success. These three tips can help you attract and retain the best employees:
- Offer easily accessible and (somewhat) flexible schedules. Employees like the opportunity to easily update their availability, submit requests for shift swaps and have a voice in the creation of their schedules.
- Show them the way forward. Employees who move up in the restaurant industry have an invaluable management perspective. They’ve experienced the problems and rewards of entry-level positions firsthand. And they have an understanding of how the operation works from almost every angle. Showing entry-level employees the path to advancement helps to reduce turnover and cultivate a knowledgeable and productive management team for the future.
- Onboard and train. Implementing an efficient new-hire process and investing in training shows you’re willing to invest in employees’ success and lets them know they’re more than just a number.
With the competition for great restaurant employees heating up, becoming a preferred employer is the key to overcoming labor shortages. Increasing employee engagement can help you attract skilled workers and maintain a full, highly trained staff that delivers superior customer service and operational efficiency.