4 Steps to Building an Effective Team

Leaders cannot succeed without a strong team behind them. This is true whether your company is a startup with one employee who is relying on a few outside advisors or the CEO of a large company with thousands of employees. The key to team-building is to leave your ego at the door and accept that some people will be smarter than you, have better ideas for moving forward or understand a complex idea you are having trouble grasping. That is, in fact, the concept behind why great leaders intentionally build strong teams: high-performing teams value individual contributions. Team-building is a process. Whether you are the leader of a large company or a company of one, following are four steps to building an effective team:   1. Hire the Right People Hiring the right people for the job is critical. Among the questions you should ask yourself is, “Would I be…read more...

HRSG’s Coaching Sessions

Just as no two coaching engagements are the same, discussions with a Coaching Client can vary. Sessions generally are driven by issues the Coaching Client encounters during the engagement. HRSG Executive Coaches are trained to guide each session with the Coaching Sponsor's expectations and objectives in mind. Here is a typical agenda/checklist our Executive Coaches follow, with a focus on these expectations and objectives:     HRSG is here to help your team develop the leadership and business acumen muscles your organization needs – and serve as an accountability partner to help your team work systematically towards your organization's goals.   Contact Amy Polefrone, CEO, at 443-813-2652 or amy@hrstrategygroup.com to brainstorm about how our Executive Coaching services can help you and your team with your developmental goals.read more...

HRSG’s Executive Coaching Process

While each executive coaching engagement is unique, there are some crucial components common among all HRSGcoaching relationships that can help with your team's evolution and growth. Each executive coaching engagement involves the Coaching Sponsor (the executive requesting the coaching services for the key employee), the Coaching Client (the key employee who will be receiving the executive coaching), and the Coach (the HRSG consultant-coach assigned to work with the Coaching Client). A strong foundation for the coaching relationship is built upon the Coaching Sponsor's clear objectives and expectations and the Coaching Client's commitment to these objectives and expectations. Here are examples of agendas for the Executive Coach's kick-off meetings to ensure alignment between the Sponsor and Client:   During the engagement, the Executive Coach and Coaching Sponsor meet periodically to review the Coaching Client's progress in meeting the coaching objectives. Here is an example of a typical schedule for sessions and check-ins:…read more...

Know the Rules on Business Travel

  Are you working on this year's tax return or planning for the future? Either way, you should know the rules on business travel tax deductions.   According to the IRS, whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. Fortunately, the IRS has information to help all business travelers properly claim these valuable deductions while avoiding erroneous deductions that could lead to penalties.   The main travel tax details Business travel deductions are available when employees must travel away from their tax home or main place of work for business reasons. A taxpayer is traveling away from home if they are away for longer than an ordinary day's work and they need to sleep to meet the demands of their work while away.   You can't go over the top and just send the government the bill, however. The IRS reminds…read more...

Payroll Tax Rates and Contribution Limits for 2023

  Below are federal payroll tax rates and benefits contribution limits for 2023.   Social Security tax In 2023, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2022. The Social Security wage base is $160,200 for employers and employees, increasing from $147,000 in 2022. Self-employed people must pay 12.4% on the first $160,200.   Medicare tax In 2023, the Medicare tax rate for employers and employees is 1.45% of all wages, unchanged from 2022. Self-employed people must pay 2.9% on all net earnings.   Additional Medicare tax In 2023, the additional Medicare tax remains unchanged at 0.9%. This tax applies to wages and self-employment income over certain thresholds ($200,000 for single filers and $250,000 for joint filers).   401(k) limits In 2023, the maximum contributions are as follows: Employee (age 49 or younger) = $22,500, up from $20,500 in 2022. Employee catch-up (age 50 or older) = $7,500,…read more...

New IRS Portal for Form 1099 Series

The IRS has announced that businesses can now file Form 1099 series information returns using a new online portal, available free from the IRS. Known as the Information Returns Intake System, this free electronic filing service is "secure, accurate and requires no special software," according to the agency. Although any business can use it, the IRS says it may be especially helpful to any small business that currently sends its 1099 forms on paper to the IRS.     Said IRS Acting Commissioner Doug O'Donnell, "This simplifies filing for those issuing 1099s and helps recipients receive information timely. The launch of IRIS can help reduce the millions of paper Forms 1099 we project will be filed in 2023 and demonstrates our commitment to finding useful and innovative ways of reducing paperwork on the business community and others issuing 1099s. This is part of the larger effort underway to make improvements and…read more...

Voluntary Accident Insurance as an Employee Benefit

Voluntary accident insurance provides funds to pay for additional costs incurred from injuries. If you've ever seen an Aflac commercial—with the duck that keeps repeating the name of the product—you get the idea that supplemental insurance provides coverage for bills that your major medical plan doesn't cover. You can see how this is an attractive option to catch the attention of top talent.   What else should you know? This coverage is an extra benefit. Supplemental insurance doesn't take the place of  workers' compensation coverage or short- or long-term disability plans. The payouts can help cover household bills and replace missed wages. Cash benefits are paid for covered hospital stays, ambulance bills and other treatments or services. This benefit can include worldwide travel assistance for emergency medical, travel and pre-trip information services. The employee usually pays for 100% of the cost, but you can provide a company-paid policy as a…read more...

IRS Establishes Mileage Rates for 2023

The IRS has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. In a statement issued on Dec. 29, the IRS said that beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) is:   65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022.   22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, consistent with the increased midyear rate set for the second half of 2022.   14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022.   These rates apply to electric and hybrid-electric automobiles, as well as…read more...

New Business? Start With Payroll

Congratulations — you're a business owner. Now it's time to get some help — employees. But before you advertise for help, you need to get yourself up to speed with the entire process of paying your employees. Here's what you need to do before tackling payroll: Prepare information Hiring employees means paperwork. Get an Employer Identification Number from the IRS. Use it to report taxes to the IRS and state agencies. Obtain a state or local business ID if necessary. Contact local and state government officials to see whether you need an additional tax ID number. Obtain essential information from each new hire. You'll need a Social Security number or an Individual Taxpayer Identification Number. Make sure you get each employee to fill out Form I-9 to verify employee eligibility. For proper payroll processing, each employee will have to fill out Form W-4 as well. Keep an eye on classification…read more...

Key Social Security Changes for New Year

According to the Social Security Administration, approximately 70 million Americans will see an 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, according to the SSA, Social Security benefits will increase by more than $140 per month starting in January. Why the big bump? As the SSA explains, federal benefit rates increase when the cost-of-living rises, as measured by the Consumer Price Index (CPI-W). The SSA will send notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. Those who want to know their new benefit sooner can do so through their personal SSA account. If you don’t have one already, you can sign up online. You can access this information in early December, prior to receiving the mailed notice. Benefit amounts will not be available before December. On the other hand… It is possible to…read more...

Keep up with the latest HR Alerts and Industry News

Site Archives

Recent Posts

MENU