Myriad brought together the leaders of our organization to answer the most frequently asked Technology, Marketing, and HR questions we come across. Kadee Miller, President of Myriad’s sister company Continuum Advantage, was on hand to give her thoughts on critical HR subjects. Read her insights below and click here to watch the video in its entirety! Use the [timestamps] next to each question to go directly to that section of the presentation.
The answer is variable depending on the state the business owner is located in and the size of the practice. If not required by the state, it might still be a good idea. One common misconception about employee handbooks is that they only exist for employees. In reality, an employee handbook can be as beneficial to the business owner as it is to the employees. It provides a framework that business owners can set boundaries and expectations in.
No matter if an organization is adding their hundredth employee or their second, investing time into them will encourage them to invest time in the business. Additionally, 30 day, 60 day, or 90 day reviews for new hires are valuable as they will give the business owner valuable feedback on how THEY are doing as a manager. Not only is it beneficial for the business owner, but statistics show that employees who feel appreciated within their first 90 days are more likely to stay with the business or company long-term.
Most entrepreneurs bring employees on assuming it’ll go well. The blind spot they need to prepare for is when that situation doesn’t go well or as planned. That might necessitate a change of staffing. It’s common for a lot of organizations to refer to employees as “their family”. However, it’s important to remember they’re still employees. Even when an employee is ‘family,’ sometimes unpassable opportunities come up and life changes unexpectedly. That’s why it’s important for a business owner not to put all their eggs in the same employee basket - what happens when that employee leaves or is not fit for their position?
Typically, a handbook should be created at the start of a business. Within the past ten years, states having who have started requiring more and more updates to handbooks. In the last three, there have been a lot of states implementing items such as additional required leave, requirements around sick pay, and paying out vacation & sick time. When Continuum creates a business’s handbook, we will assist in making any updates required by state law at the beginning or end of the year!
There isn’t a magic 8 ball that says what employers should pay. It’ll depend on industry. In financial services, an advisor’s staff is not going to want to take a pay cut when going independent. No one does! But pay is not just a dollar amount on the paycheck. Benefits must be considered - that includes benefits, retirement, paid time off, etc. Continuum Advantage processes payroll for just shy of 175 employer groups. Click here to see the results of a compensation & benefits survey Continuum performed.
When an advisor does payroll in-house with an online tool like QuickBooks, it’s not always the best option. If a business owner handles payroll themselves, THEY are now responsible for the filings. The expenses, the costs, and the penalties will all be on them if they make a mistake. By working with Continuum Advantage, business owners can create a cushion between themselves and that responsibility. Our team is the liaison between the business and the payroll system, helping to smooth out all the details. We will respond to emails and our phones are always answered in a timely fashion. As busy as business owners can be, they do forget to process payroll. Working with Continuum will ensure that does not happen!
All in all, it was a great webinar with a lot of powerful insights. Click here to watch! Interested in working with Continuum? E-mail email@example.com or call 515.850.1227 today!