10 Simple New Year Business Resolutions
December 30, 2019
The New Year is the perfect opportunity to make some business resolutions that will help your small business throughout 2020. Here’s what we recommend you do beginning January 2nd.
1. Check to ensure your labor law posters are up-to-date with the new minimum wage for 2020. Remember, these posters must be displayed in a common area for all employees to see.
2. Perform salary tests in order to be compliant with the final regulations to the Fair Labor Standards Act.
3. Examine your employee benefits. When is the last time you reviewed options for life and disability coverage, health insurance and ancillary benefits such as FSAs or HSAs?
4. Confirm that your Summary Plan Description (SPD) is up-to-date and that each employee has been provided with a copy.
5. Count your employees. If your company has 20 or more full or part-time equivalent employees, the Consolidated Omnibus Budget Reconciliation Act of 1985 (or COBRA) is an “employee right” that you must comply with.
6. Assess your cyber threats. Cybersecurity threats are real and your business must be prepared.
7. Review your employee handbook and make necessary updates.
8. Schedule a free energy audit. Simple changes can be very effective in becoming more energy efficient and saving money.
9. Be prepared for an ERISA audit. Employers that sponsor a group benefits program are required to maintain compliance with a wide variety of federal and state statutes and regulations.
10. Shop your workers’ compensation program to ensure you are paying the best rates.
We understand that navigating the complexities of business regulations can be tough. Please reach out if we can be of assistance.