Tag Archives: Time Management

Tax Cuts and Jobs Act and Your Business

Tax Cuts and Jobs Act and Your Business

The Tax Cuts and Jobs Act that has recently been put into action is an exciting thing for businesses and the workforce as a whole. Thus, several companies have begun reacting and implementing further benefits for their employees. How is this happening? Prior to January, corporate tax rates were up to 35%. The recent tax reform (which is valid until 2025) has lowered the rate to 21%. Ideally, such a difference should allow a company to better serve its employees.

Change Is Coming

In an environment where a lowered tax rate can lead to employee benefits of several kinds– from higher starting wages to 401k matching and bonuses– the desire to retain valued employees comes with a need to stave off other businesses that are competing for employees.

Take a look at this excerpt from a Starbucks strategy as it pertains to increasing the quality of life for their employees. Click the image for a link to the official statement.

Starbucks employee benefits

As you can see, a good business that values its workforce, no matter the size, understands the need to present greater means of livelihood. Of course different businesses have different amounts of wiggle room when it comes to making various benefits available. Have you started initiatives to appeal to your internal customers? What are you doing to retain and grow your business from the inside-out?

Zip Time Clock as a Best Business Practice

In using Zip Time Clock as a key component to the way your business functions, we believe the benefits will be realized. If you aren’t already using Zip Time Clock as a cloud-based time clock solution for your company, why not take advantage of our free 30-day trial today? From its easy functionality, to encouraging healthy communication among staff, and keeping accountability in scheduling, we urge you to try Zip Time Clock. No software to download and startup is simple, plus we’re here to help you.

The Takeaway

It goes without saying that the business environment is always evolving– Sometimes for better and sometimes for worse. A quasi-motivational graphic recently caught my eye that stated, ‘Life is 10% what happens to you and 90% what you do with it.’ As new challenges of all kinds present themselves this year, I must confess that this simple adage is especially significant. From personal life to business, perhaps it is best to adapt and identify ways to continue to grow and learn. As we know from experience, the business that stops growing is the business that starts dying.

Thanks for reading and we wish you the best this year.

 

Find the original news story here.

A link to the law document from the House of Representatives can be found here.

Miller, Stephen (2018, Jan 29). Tax Law Is Prompting Enhanced Benefits and Pay, Companies Say. Retrieved from https://www.shrm.org

Disclaimer: Zip Time Clock is merely reporting on this subject because it is interesting, and does not claim to be an absolute authority on the matter. Furthermore, Zip Time Clock does not wish to have this writing construed as fool-proof business advice.

Time entry setup

Time entry setup

Getting started in Zip Time Clock

Entry methods in setup

One powerful money-saving method that Zip Time Clock employs is the ability to choose among three different entry types. Selecting the correct entry type for each of your jobs or departments is vital in time loss detection and saving money. However, not all jobs are managed in the same way, so let’s take a look at three time entry types to choose from in Zip Time Clock setup. 

Single entry

This is a one entry action– clock in/clock out. There is no need to return to the computer to clock out after a shift because the clock out time was already recorded. This is made possible by a manager pre-approved schedule for each employee.

Single entry is best used for employees with high accountability and time-sensitive tasks, such as those with set appointments.

Two entry 

The traditional method of clocking in and out for a shift. Zip Time Clock stamps the exact time the employee clocks in and out, regardless of what time they enter. In this case, the time clock is a necessary tool in verifying correct hours for an employee. The double entry method is typically used for employees that are not overseen by management.

Quantity entry

The quantity entry is best used for departments or jobs where clock in and clock out times are not needed. Instead, this is for task-based (quantifiable) jobs, not time-based jobs. Please note that for payroll purposes, any number entered in the quantity field represents one hour of work. 

Common departments or jobs that could use this entry method are teachers or instructors being paid per lesson, set management hours per weekly basis, or any employee that has a specific number of appointments with clients regardless of real time.

Use what fits best

Below you’ll find an attachment with more information on the different entry methods used for setup. From there you can determine which is the best fit for your departments or employees. And if you’ve got any questions, don’t hesitate to reach out and send us a message. You can also email us at techsupport@ziptimeclock.com.

The three entry types in Zip Time Clock setupExamples of labor departments and entry types for setup

Q1 2017 Labor statistic highlights

Q1 2017 Labor statistic highlights

From a business and management perspective, the time is now to be intentional with our best business practices and reasoning so we can continue to encourage as much growth as possible. Let’s take a look at a few current employment trends and draw some plausible conclusions as they relate to using Zip Time Clock.

Firstly, employment growth is up 18% compared to this time last year. Over 470,000 net new jobs have been added so far this year, which is on pace to exceed the previous year’s growth by a small margin*. Does your business reflect this growth trend?

Where is growth happening? 

Sectors showing the most growth are in Education, Health Services, Construction, Professional and Business Services, Manufacturing and Leisure and Hospitality. Of the above sectors, education, health, and office-using businesses are showing the slowest wage growth.

What could this mean for your business?

It is reported that consumer confidence is up from a time not matched since 2001**. In the US, consumer confidence is oftentimes a lagged indication of trading market prosperity. It is perhaps no coincidence then, that the DOW, NASDAQ, and S&P are up at an average of nearly 6.2% so far this year***.

What is the takeaway as a client of Zip Time Clock?

Business owners and managers are opportunists by nature and function. We see an opportunity for a service or product and create a new demand; or we tweak and fine-tune workplace behaviors to attain a desired outcome. Business environments also change and a correct course of action must be taken to maximize a successful outcome. Ideally, everything we do is planned and purposeful.

Managing your employees’ hours for optimal efficiency is no different. At a time when more people are entering the workforce and the need for high productivity is a must, wise choices must be made. Use Zip Time Clock to approve hours and stop wasting minutes.

In our next post we’ll examine some best Zip Time Clock practices and why we encourage you to adopt them into your daily workflow.

For a more in-depth look at the above trends visit the referenced links below.

References:

*Ryan, P. (2017, March 10). Employment Rate Data Trends. www.us.jll.com

**Weinstein, A. (2017, March 1). U.S. Consumer Confidence Rises to Highest Level Since 2001. https://www.bloomberg.com

***(2017, April 6) Markets. http://money.cnn.com/data/markets/