As an employer, there are lots of different things that you have to know about. Especially if you are in charge of certain aspects of your business or even own your own business, the number of details that you have to know about your workers can increase exponentially. There are a few specific items you have to know about when it comes to finances that will probably come up at some point as you increase the number of people you are responsible for.
In particular, you want to know details about three specific aspects of business finance as it pertains to your employees. First of all, you need to understand how unemployment works. Secondly, recognize how funds work for workers’ compensation. And third, it’s crucial that you understand laws, regulations, and best practices regarding overtime. It isn’t your employee’s responsibility to know about these things from a managerial level. That means it’s up to you to either know this information offhand or recognize how to find out information pertinent to your current business climate.
If a worker is fired, laid off, or goes through a change of employment status during their tenure as an employee of yours, they may or may not be eligible for unemployment. It’s essential that you have discussions with the people who work for you what situations and circumstances will allow them to claim unemployment benefits and which won’t. There is a lot of confusion regarding this topic, and so it’s not a bad idea to even have a training session about it so that everyone in your company at least knows the basics.
Understanding Workers’ Compensation
Then there is the matter of Worker’s Compensation. If something happens where an employee of yours cannot work due to some specific circumstances, they may need to hire a workers’ compensation lawyer. These lawyers aren’t out to get you as a manager or an owner of a business. They are simply there to try to make sure that all laws are followed and that responsible parties pay the appropriate amount of money via the insurance claims that are in place.
How Familiar Are You With Overtime Laws?
Another sticky subject that some employers and employees have conflict over is when it comes to overtime laws. For any business, there is a certain amount of work that needs to be done. There are also a specific number of people to do that work. Depending on a person’s employment status as either a salaried work or an hourly worker, the laws regarding overtime can be quite different. Then there is the matter of workers unions, company budgets, and taxes. All of those financial matters are related, and they all deal with the number of hours per week a person works.