Learning HR and Compliance

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What Is the Turnover Rate?
The turnover rate is a percentage that illustrates how many employees left an employer over a period of time, typically a year.

HR এর টপিক নিয়ে ধারাবাহিক ভিডিও আসছে শীগ্রই। টপিক সাজেশন করতে পারেন।

Compensation
What Is Compensation?
Compensation is an employee’s regular salary or hourly pay, as well as any other types of wages such as overtime , bonus pay, retirement benefits, health benefits, stock options, and other non-financial incentives.

Employers use various forms of compensation to recruit and retain employees and incentivize desired performance. Companies often adjust their compensation according to business goals, available resources, and the marketplace. However, employee compensation is also governed by local, state, and federal laws. Such of those laws help determine the following:

Minimum Wage: The minimum wage amount varies by state. Some states don’t have a minimum wage requirement while others stick to the federal minimum wage amount or require even more. Some cities actually have higher minimum wages than their respective state requirements.

Overtime Wages: Under the Fair Labor Standards Act, qualified hourly employees must receive pay for hours worked over 40 hours per workweek at a rate of 1.5 times their regular pay rate.

Equal Employment Opportunity: To protect job applicants and employees, there are federal laws prohibiting discrimination (including discrimination via compensation) because of race, national origin, color, age, religion, gender/gender identity, sexual orientation, pregnancy, age, disability, or genetic information.

Taxes: Both state and federal taxes must be filed and paid.

What Are the Types of Compensation?
There are two types of employee compensation, direct and indirect.

Direct compensation can include:

Hourly: This is a dollar amount per hour paid to both skilled and unskilled employees. There is usually no guarantee of a set amount of hours to work per week.

Salary: This is the most common form of compensation for professional employees. Generally, it is set as an annual amount that is divided up by weeks and paid twice a month.

Overtime Pay: Besides the federal laws listed above, some states have additional overtime and labor laws that exceed those of the federal government.

Commission: If compensation is based on the volume of sales or a standard of performance, it takes the form of commission. This may also be called piecework or piecemeal compensation. Some of the industries that often use commission-based compensation include factories, auto dealerships, real estate, sales, and investing.

Tips: Tipping is custom in the U.S. in the restaurant and some personal service industries. The amount is discretionary according to each customer and shouldn’t be negotiated or dictated by an employer. If tips are given via credit or debit card, the employer must reimburse the employee for them.

Bonuses: To incentivize either salaried or hourly workers, financial bonuses may be offered on top of their regular compensation. Other reasons for giving bonuses could be for employee retention or for when a company meets certain goals.

Indirect compensation can include:

Insurance Benefits: These can take the form of health, dental, vision, disability, and life insurance. These benefits can be costly so some small businesses don’t offer them until they reach 50 or more employees, at which point offering health insurance is mandated by law.

Retirement Benefits: This is a low cost and simple benefit that businesses both large and small typically offer their employees.

Other Benefits: Paid time off, vacation time, transportation discounts, and other similar benefits are other forms of indirect compensation that can attract and retain valuable employees.

Incentives: Indirect incentives can be anything from a company-paid cell phone to the use of a company car.

Equity-Based Programs: A more complex form of compensation is an equity-based program where an employee is tied to a company via a percentage of ownership.

What Is a Compensation Package?
A compensation package is a total compensation statement awarded to an employee. In addition to both direct and indirect compensation, the package can also includes other things such as relocation expenses, tuition reimbursement, employee assistance, learning and development offerings, and any possible career-advancement opportunities.

What Is Nonemployee Compensation?
Nonemployee compensation (also called self-employment income) is paid to an independent contractor rather than an employee. This type of compensation includes fees, commissions, and awards for services rendered. As an employer, you do not withhold federal income taxes (this is done by the nonemployee) and do not need to pay the employer portion of F**A. If you paid more than $600 in a year, you need to report the wages to the IRS on Form 1099-MISC.

How Do Companies Use Compensation?
Since compensation is the primary reason employees work, it’s a powerful tool that employers can use for many purposes, such as:

To attract and retain qualified employees

To reward and encourage peak performance

To reinforce company values

To increase or maintain morale/satisfaction

To reduce turnover and encourage company loyalty

To assess performance, duty, and loyalty

To promote career advancement

Baby Boomers

What Is the Definition of Baby Boomers?

Baby boomers are the generational cohort born after World War II. Also known simply as “boomers,” they are named after the unprecedented post-war spike in birth rates, referred to as the baby boom. Until 2019 when they were dethroned by millennials, baby boomers were the largest generational cohort in the U.S., peaking at 78.8 million in 1999.

What Is the Baby Boomer Age Range?
The post-war baby boom, occurring between 1946 and 1964, determines who is a baby boomer. This means that, as of 2020, baby boomers are between 56 and 74 years old. While the birth span for other generational cohorts is estimated and can vary from source to source, baby boomers are unique in that their cohort is visibly measurable through census data, which shows an above-average, sustained rise in birth rates starting in mid-1946 and ending in mid-1964.

What Are Characteristics of Baby Boomers?
While baby boomers still lag behind younger generations in technology adoption, a large majority of boomers use the internet (85 percent), and their use of Facebook has increased by double digits over the last last decade. Along with the silent generation (1928-1945), baby boomers tend to be more politically conservative and have grown more conservative over time, as reported by the Pew Research Center. Baby boomers surpassed previous generations in educational attainment, but unlike younger generations, men still outnumbered women in college completion rates. This generation did mark a surge for women in the workforce, up 26 percent for women aged 22 to 37 compared to the silent generation.

Baby Boomers in the Workplace
Across every age category, people expect to have to retire later than previous generations did, but this expectation is hitting baby boomers at a critical time in their employment––when they otherwise would be retiring. A 2016 survey found that 45 percent of baby boomers expected to retire at age 66 or older, up 30 percent since 1996. This correlates with the fact that more baby boomers are staying longer in the workforce compared to previous generations: 53 percent of baby boomers were still in the workforce in 2018. At the same age, only 44 percent of the silent generation still participated.

In other words, employers have to keep baby boomers in mind when they create workplace policies and make personnel decisions. Older workers will have different priorities than their younger counterparts. Rather than seeking to establish a career or make major purchases, like a house, baby boomers will be planning for income that continues after retirement. With benefits, for example, younger generations may worry more about parental leave while baby boomers may be more interested in 401(k) and health insurance plans.

Attrition

What Is Attrition?

In business, the most common definition of attrition is the process of deliberately reducing the size of a workforce by not replacing employees when they leave voluntarily (employee attrition). However, attrition also has another meaning. The term can refer to a business’s customer base shrinking when current customers leave and are not replaced by as many new customers (customer attrition).

What is Absence Management in HR?

When employees are ill or injured, the organization is impacted by their absence. To manage those impacts, return-to-work plans are often created that outline any needed work accommodations and guidelines. HR can also help employees by making health program information readily available and accessible from anywhere. Organizations can also use a time management system to track and report different types of employee leave which can help identify absence trends that need to be managed.

Topics
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