Connect with us

Owners

Statistics Show That Employees Prefer Bonus Based Performance

Published

on

For most companies, it is important to find solutions to boost employee performance and contribute to overall company growth. According to a recent survey from Payscale, 65% of American employees actually prefer bonus based performance and sees it as a good way to earn more.

To guide you through the twists and turns of managing bonus based performance, here are a few tips –

The Importance Of Employee Retention

In 2018 alone, 2.6 million jobs have been added and U.S employers hired 40% more people than they expected. With increasing job opportunities, employers are finding solutions to keep their workforce from jumping to the next big company. In fact, employee retention tops by 66% as one of the priorities for a business organization.

The problem is that in order to ensure employee retention, it is also important to provide a bigger budget to fund bonuses and increase wages. As more employees are needed, job wages have also gone up by 3.2% during the past year. Based on the statistics, 81% of organizations are actually planning to provide an increase, however, 69% of employers only provide a 3% increase or even less. 

Top Tier Performance

To persuade the company’s top performers to stay, employers are finding creative solutions to provide bonuses. While some companies offer a go big or go home bonus scheme, statistics show that 75% of employees actually prefer a tiered performance bonus. This means that the more they perform, the more they earn rather than a “hit-or-miss”.

Which is why 61% of business organizations plan to provide merit-based pay plan. On the other hand, 59% prefer offering learning and development opportunities and 34% plan to provide a discretionary bonus plan.

Changing The Workplace

This entails that employers are finding ways beyond paid health insurance and retirement plans to retain employees in an increasingly demanding job market. This also helps employees to create a better workplace environment. Even corporate giants like Google allow for a four-hour work-scheme to improve employee performance.

This also drastically shifts what we define as the workplace as 44% of business organizations allow their employees to work remotely. 37% are also offering more flexible time as 32% plans to provide paid family leave. While it is still not the mainstream, there is also an increasing interest in a 4-day workweek.

Employee expectations are also changing and companies are veering towards investing in their own workforce. For example in 2019, 7,030 respondents say that training and development are the biggest are of investment in terms of their HR management. While on the other hand, 23% prioritizes employee retention, recruitment, and compensation.

To make it on top of the game, companies have also realized that they need multiple data sources of market data.

Lastly, this growth had pushed employees towards transparency. 28% of businesses have planned to share pay ranges to individual employees. In an era of job growth and changing employee expectations, it is best that organizations finally realize their biggest investments- and that’s on every single individual that contributes which contributes to the company’s overall success.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Owners

Mamba Mentality: Kobe Bryant’s Competitive Spirit Tn The Business World

Published

on

Kobe Bryant did not only excel in the basketball court but in business as well, applying his “mamba mentality” on both arenas. Bryant became a force in various industries after his decorated NBA career. He was also a voice on many important social issues. Such efforts pushed his career beyond the world of basketball. 

From success, Bryant moved to significance. He focused on things that truly mattered to him. There have been a number of professional athletes such as Magic Johnson, Michael Jordan, and George Foreman who have paved the way towards successful business endeavors. Some focused on investing in sports teams while others on clothing brands as well as restaurants. 

Bryant pushed having a career after professionally playing further. He dealt with a wide range of businesses. He had a media production company and along with that was a venture capital fund where he invested in data, tech, and media companies. 

Having spent his childhood in Italy, Bryant spoke Italian fluently. He was among the first athletes to fully see the importance of having a global image. He carried this thinking over into his ventures, pursuing many opportunities in China in the process. 

Bryant paid attention to growing the game internationally, in China in particular. There, Bryant is one of the most popular players. He served as NBA’s global ambassador to the country. He partnered with the company Alibaba in releasing the documentary “Kobe Bryant’s Muse.” 

There was even a reality show in China “Kobe Mentu” which the NBA legend appeared. He then began the Kobe Bryant China Fund that raised money for sports and education in the country. There’s a statue of Bryant in the Guangzhou Academy of Fine Arts’ Sculpture Museum. 

Bryant was ahead of his time when it came to recognizing what an NBA athlete’s role and power are on a global scale. He was among the first players to see China as a market. But it was not just to build his brand but as well as in growing the sport. When it came to camps and clinics, Bryant was really involved. 

After retiring in 2016, Bryant had earned $680 million. He had an extensive venture capital portfolio. He invested in a legal services firm, a sports drink maker, and a video game developer. He used his businesses in promoting diversity in media and also in funding the causes that he felt strongly about. For Bryant, the goal was to provide more opportunities so that more diverse and new voices can be heard. 

His most successful investment was actually one of his earliest which is in a sports drink BodyArmor. With a $6 million stake, the value increased to $200 million after Coca-Cola invested in it in 2018. 

Back in 2016, Bryant gave a piece of advice to younger players saying that they should realize that a career in sports is short and they should, therefore, plan for their retirement and find something that they will find worthwhile to invest in. Find something that they’re passionate about, not simply choosing based on how much value or revenue the investment can generate. 

Continue Reading

Customer

The 20 Mistakes Small Business Make When Filing a Tax Return

Published

on

One requirement a business should achieve on a yearly basis is filing a tax return. And the last thing you want to happen as a business owner is making mistakes that can result in higher taxes and can cost you interest and penalties or even draw IRS attention to your return.

Luckily, here are the 20 mistakes you should avoid when filing a tax return:

  • Misreporting Income 

The IRS computers can see what has been reported to you, so it is a wise idea to be truthful and give the correct information. 

If you noticed some errors and want correction, you need to report the wrong amount with the proper adjustment and attach an explanation to your return; this way, you will only be taxed on the proper amount. 

  • Failing To Report Income 

Business goods and services that are bartered will be taxed on your account. Whether you trade one-on-one or use the virtual currency to acquire or pay products and services, these transactions must be reported appropriately. Remember that the IRS is always looking closely, even at your virtual currency transactions. 

  • Over Reporting Income 

If your business deals with inventory items, then you must factor in the total price of the goods sold. This way, you do not have to pay tax on the gross receipts from sales. The basis of your income is the difference between the cost of an item and how much you sold it for.

  • Not Applying The Limitation On Deducting Meals 

A business should only deduct 50% of business meals. Certain meals might be a business expense; however, you can only deduct half of the amount.

  • Mixing Personal & Business Spending 

Keeping a separate business bank account and personal account is a wise idea for any business owner to make sure that the business income and expenses are crispy clear.

By doing so, you eliminate oversight, and your return will be more accurate.

  • Not Having A Mileage Record

Your personal vehicle should not be used for business driving. If so, you are then required to take down records as you have to apply deductions for business driving costs. Recordkeeping requirement for this are found in the IRS Publication 463.

  • Thinking That The Home Office Deduction Is A Red Flag For Audit

This belief should not be taken into consideration. Why? If you work from home and you become eligible for the home office deduction, then receive it! Other relevant information about the home office deduction is found on the IRS website. 

  • Tax Errors From Overlooking Pre-Opening Expenses 

You must be able to implement a deduction for startup costs before launching and welcoming your customers through your door. An estimated value of $5,000 should be deducted in your first year of business. However, if your total startup costs exceed $50,000, then special rules may apply. 

  • Not Utilizing Retirement Plans 

By contributing to qualified plans, your current tax bill can be lessened while you save for your future. There are numerous retirement plans; all you have to do is to look and register for one. 

  • Failing To Keep Basis Records 

Business losses that go through to partners and S corporation shareholders can be appealed in their personal returns only up to a particular basis amounts. Without keeping basis records, losses are entirely lost.

  • Overlooking Carryovers

You must be keen on checking your carryovers of the following: capital losses, general business credit, home office deduction, and net operating losses. 

  • Not Gaining Acknowledgements For Charitable Contributions

A donation that exceeds more than $250 must have a written acknowledgment to be qualified for a deduction. Acquire one first before filing for your tax return. 

  • Underpaying Estimated Taxes 

Always bear in mind to factor all your taxes aside from your income tax. This includes self-employment tax and Medicare taxes if you are subjected to it. If a business owner underpays his or her estimated taxes, then he or she can be reprimanded with additional tax penalties. 

  • Not Claiming The Qualified Business Income Deduction 

This personal deduction is under Section 199A, which calls owners of pass-through affiliations. This is also a valuable way to lessen tax liability. 

  • Avoiding Worker Classification 

Do not dodge employer tax obligations by labeling your employees as independent contractors when they are under your umbrella. Watch out for the IRS as they are always on the lookout for these kinds of deeds. And yes! It will cost you big time. 

  • Late To File 

It would be best if you were punctual when filing your tax return. If you are not able to do so, you can always ask for an extension. You do not need to explain your reasons as long as you strictly file by the extended due date. 

  • Failing To Attach Necessary Forms, Election Statements, Or Schedules

Your tax return is not 100% complete if you fail to attach all the paperwork required. 

  • Not Understanding The Differences In Federal & State Tax Rules 

Other tax breaks borders on federal returns and is only limited to state income purposes. For instance, various states have an array of rules when it comes to the Section 170 deduction and bonus reduction. 

  • Not Updating One’s Self On Tax Developments 

Updates in the tax law may warrant you to new tax breaks on your current tax return. They can also permit you to a refund if you submit an amended return. Learn what suits your situation and apply for a refund. 

  • Not Disclosing Everything To Your CPA 

To avoid tax mistakes, you should rely on a tax professional, but also be 100% transparent to avoid penalties. 

Continue Reading

Development

Make Use Of Tech Tips To Improve Your Productivity In 2020

Published

on

Another year means we’ve got plenty of new opportunities to improve the way we work. With the many lessons that we’ve learned the previous year, we can now make adjustments to our strategies so that we’re more efficient and more productive. To help you with that, here are also some tech tips that you can use and apply in your work so that this year will be more awesome for your business. 

Use Data To Gain Better Insights For The Business

You can only manage what you can measure. We’ve heard this saying before. But you should also take note that measurement means looking into the right data. One factor of great productivity is the availability and your ability to manage data. 

Data becomes valuable when you know how to use it to make well-informed business decisions. With today’s technology, you can analyze huge amounts of data. You can use a good analytics platform so that you can get meaningful results. And with these results, you can make changes to the strategies that you are using in your business. 

Organize, Prioritize, & Execute

Proper organization of tasks is still an important component to achieve high productivity. To make things much clearer, have two sets of lists for your tasks: one for professional and one for personal. Also, do a daily to-do list and a weekly to-do list. In the process of organizing your tasks, you will also be able to prioritize them. You’ll be able to decide on which day of the week you’ll execute those must-dos. 

Task organization can be done both with just a pen, paper, and calendar or you can use one of the many systems and platforms online. The benefit of doing this digitally is that it is easier to integrate the tasks into your calendar and your collaborator’s calendars. You can send notifications and other important reminders through emails. When you’ve organized your tasks, you can then see which ones are taking the most of your time. You can then assess your workflow and adjust from there. 

Invest In The Latest Technology For Your Business

In our world today, you have the option to hire the best talents from every part of the world. Geographic barriers are no longer a limiting factor when it comes to collaborations. Now, we can communicate in real-time through instant messaging or video calls over the internet. Platforms for collaborative projects are available as well. You can monitor the progress of a project, who’s doing what, and what else needs to be done. 

To make sure that all these tasks that are being done remotely are superb, you need to invest in the latest technologies. When you can combine great talents and advance tech devices, software, and tools, you can be certain that you will see a boost in productivity. 

Takeaway

It’s vital to work on the productivity of the workforce because it affects the profitability of the business. The best part about strategies for productivity is that there is no single set of rules to follow. You can make adjustments according to your needs. You can use and apply some tips while disregarding others that don’t work for you. What’s important is to continually learn and tweak your productivity strategies.  

Continue Reading

Trending

Copyright © DAILYEXEC.COM