Whether you are looking to establish the roots of a community-centered enterprise, or you are trying to expand your small business’s operations, your team represents your most important asset. And yet, according to new studies, hiring and retaining qualified candidates is the main challenge for over 90% of US small businesses. In part, this might be due to the fact that small businesses can only offer limited salaries and advancement opportunities.

Some employers think the battle is over when they settle on a PTO policy they like, but rarely is that the case. If you want to ensure that your business continues to grow, managing paid time off will become a balancing act between offering a number of hours that will enable you to attract high-quality talent, using a pto plan that’s easy for you (or your HR Department) to manage, and staying alert to make sure that no team member tries to take advantage of your paid time off policy.

In the US, there are nearly 32 million small businesses. Local enterprises are, undoubtedly, the main pillar of the nation’s economy, but they are also the business category hardest hit by the pandemic and economic crisis. But now that the economy is bouncing back, there has never been a better time to expand your small business or establish the foundations of a long-lasting local enterprise.

Small business owners work, on average, a whopping 52 hours a week. And, for nearly 90% of them, this is a fair price to pay to own and run their enterprise. But it is not the number of hours that make a successful business – but what these hours are dedicated to. And, successful small business owners know that there is a drastic difference between working “in” their business and working “on” their business!

Today more than ever, businesses around the world are investing time and resources in optimizing and improving their business efficiency. After all, time is money – and an efficient business can produce more within shorter timeframes. But recent statistics show that over 75% of businesses operating in the US are negatively affected by their employee’s time theft schemes – which account for the most common type of time fraud and occupational abuse.

Paid vacation should be a mandatory benefit for all employees. When a company offers paid vacation days, it means you get to take time off work while still earning money. As such, you are perfectly entitled to wonder if you are receiving enough vacation pay or not. Some employers will be a bit sneaky when assigning paid vacation days to employees, as they know you don’t know what the norm is. So, how many vacation days per year is normal for the average worker?

Payroll for your small business doesn’t have to be a time-consuming task. If you are wondering “can I process payroll myself” and pay employees in the right way, the answer is, yes, you can. Small business owners can ensure they give employees paychecks in the right ways. Let’s show you everything you need to know to navigate the payroll system and deal with payroll taxes so self employed business owners can process payroll manually.

Paid Time Off (often abbreviated to PTO) refers to the time an employer grants to an employee for that team member to spend outside of the office, while still receiving compensation. While certain aspects to PTO are state or industry mandated, there is plenty of wiggle room for business owners to make their own adjustments based on what’s right for their workplace. Therein lies the power of understanding everything that goes into a paid time off policy.

If there is something that the past two years have taught us is that we can’t always foresee what life will throw at us. And, no matter how careful and prepared you are, occasional illnesses and family emergencies happen, and can cause you to miss one or more days of work. But there is a drastic difference between an occasional unforeseen that prevents you from clocking in and regular, unjustified absences.

Your business’s human capital – or the invaluable asset created by each employer’s skills, experience, loyalty, productivity, education, and personality – plays a decisive role in how successful your organization will be. Designing a winning staffing plan and choosing the best staffing strategy for your company’s unique needs can help you attract world-class talents, establish the foundations of a successful business, and sail through the Great Resignation.