Business leaders have always been scrutinized for their decision making. In 1914, Henry Ford was both denounced as a fool and praised for doubling wages of factory employees from $2.34 to $5 per day. In 1987, Merck & Company decided to give away a cure for river blindness for free, an unfathomable choice for most pharmaceuticals, because they recognized the cost of the drug would be too high for impoverished international markets.
Financial Statement Red Flags to Detect Internal Theft Construction Contractors Can Minimize Financial Damage by Recognizing Fraud
Businesses worldwide lose five percent of revenue each year due to occupational fraud committed by their very own employees, according to the Association of Certified Fraud Examiners’ Global Fraud Study for 2016. In 94.5 percent of fraud cases, perpetrators took some effort to hide the fraud by creating or altering physical documents.
Typically, disruption in the workplace is counterintuitive to productivity. But in terms of creating innovative ways to manage people, processes and technology, the concept of “disruption” isn’t such a bad thing for the construction industry. Change is stirring whether contractors are ready for it or not, and firms that have adopted new ways of managing scheduling and workflows are seeing stellar results—earning the accolades of repeat projects for key clients, as well as happy project partners.
All too often, construction companies lose out on good candidates for preventable reasons. For example, one company lost three consecutive candidates after going through the entire interviewing and vetting process. The company made offers in each case, but discovered the candidates had already accepted other jobs.
Time trackers can help companies stay competitive and reduce overall costs in a number of ways. With the automatic time tracker, business owners will be able to record work hours and see how employees spend their time. They can use it for payroll processing and management to ensure accurate billing, improve efficiency and more.
Tips for Reviewing Independent Contractor Agreements Ensure Classification Compliance as DOL Focuses on Construction Industry
Just as the Department of Labor (DOL) proposed major changes to the nation’s overtime rules in 2015 (taking effect Dec. 1, 2016), the DOL also doubled down on its “misclassification initiative.” By collaborating with several states through work-sharing agreements, the initiative is designed to promote information sharing and coordinated enforcement efforts against independent contractor misclassification.
In recent years, the Department of Labor (DOL) has taken the position that due to a “particularly competitive” environment, pay practice violations are rampant throughout the construction industry. Previously, the DOL mostly cited issues related to “off-the-clock” work, travel time and poor recordkeeping.
The Distinction Matters Contractors Must Properly Classify Workers as Employees or Independent Contractors
Independent contractors and employees are not the same. Classifying a worker as an independent contractor, rather than an employee, may appear at first glance to result in financial savings and reduced liability. But the consequences of using one classification versus the other may mean the difference between tax obligations, compliance with regulations governing wages and discriminatory actions, obtaining workers’ compensation insurance and providing employee benefits.
Businesses in the construction industry are missing the advantage of providing cooperative workplaces that reflect the demographics of the society they serve. The construction industry is the second largest grossing industry within the United States, yet women construction company employees are substantially underrepresented.
The labor shortage crisis is continuing to create major challenges in key industries such as manufacturing, trucking and construction. Continue »
As many plan fiduciaries can attest, retirement plan fees can be extremely complex and difficult to understand. This is due in large part to the lack of transparency surrounding plan fees and services as well as the complicated and varying methods in which service providers are compensated.
Construction and facilities services employees ranked top for overall employee happiness in a 2015 Best Industry Ranking Report by TINYPulse, a firm that helps companies improve employee morale. Employees were surveyed from 12 industries, including technology and software, health care, hospitality and entertainment. Check out this infographic by NCCER on what leads to workplace satisfaction and what drives employees away. Continue »