Five Ways to Cut Expenses and Stay in Compliance
Posted on 08.19.2014
1. Hire the Right People for the Job
It may be tempting but don’t hire people you know for your open positions. Interview qualified, experienced professionals from outside your immediate circle. Make sure you check references and pay for a background check. Hiring the wrong person is costly, both in the job and when you replace them.
2. Create Clear Job Descriptions
Don’t neglect creating an accurate, clear job description for each position in your company. It’s important to attract the right person for the job and will help keep your employees close to their jobs.
3. Document Performance Issues
Create a performance review with a correction or rewards plan for each employee. That way they know how to improve or are encouraged by the reward. (Criticize in private, reward in public.) Address employee issues right away and have them in writing. You’ll be especially glad you did if it turns out a termination is in that employee’s future.
4. Understand Basic Employment Law
Those who don’t could become a walking lawsuit! Familiarize yourself and your management team with the basics:
- Overtime and minimum wage requirements
- Family leave
- Military leave
- Safety in the workplace
5. Classify Your Employees Correctly
Do you know the difference between a contract worker, an exempt employee and a non-exempt employee? The U.S. Department of Labor has strict guidelines as does the Internal Revenue Service. Visit their websites for these guidelines. To help you rise above the fog of requirements, guidelines and definitions, Achilles Group is here to help you with an FLSA and 1099 Audit.
For help and guidance with any of the above listed areas, call us at 281-469-1800.