The HIRE Act: Questions and Answers for Employers
Internal Revenue Service
Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers ("qualified employees").
The first, referred to as the payroll tax exemption, provides employers with an exemption from the employer's 6.2 percent share of social security tax on wages paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010.
In addition, for each qualified employee retained for at least 52 consecutive weeks, businesses will also be eligible for a general business tax credit, referred to as the new hire retention credit, of 6.2 percent of wages paid to the qualified employee over the 52 week period, up to a maximum credit of $1,000.
Learn more about The Hire Act from the IRS website here. |
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It is June, and the reports on the economy are mixed. Polls conducted by Issues & Answers Network, Inc. show that 50% of people in Hampton Roads do not think the economy is improving, 43.5% believe it is, and 6.5% don't know. Some restaurants feel business hasn't gone up or down, and some feel the more moderately priced establishments have not been hit as hard as the high-end restaurants.
According to Benchmark Hospitality that manages Founder's Inn and Spa in Virginia Beach, "bookings for 2010 are up, and 2011 looks bright." Reports from the commercial sector state that the industrial market is on the rebound where Cushman & Wakefield have "experienced eight months of improvement." An increase in exports due to the weak currency in Europe is anticipated; although, the port activity in our area was down 13.6% last year. While these reports are mixed, positive and negative opinions are much better than all sectors of the economy being down.
As far as the staffing industry is concerned, Reliance is pleased to report a continued increase in the clerical, industrial, and professional fields of our business, and this most often bodes well for future permanent hiring from local businesses.
Lynn Connor
Vice President of Sales & Marketing
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 One of the many goals of business is to increase competitive value. The goal of increasing profits does not change because of the current economy or other factors. Competition, vendor management, operational costs, environmental costs, globalization, and changes in technology all effect competitive value.
In trying economic times, businesses tend to cut operational costs to include monies spent on supplies, advertising, and by reducing their workforce. A great way to increase value and handle operational costs is through "employee economics." Let a staffing firm supply your employee economic demand by lowering operating costs, providing for surges in business, empowering employees, and harnessing the power of referrals.
Lower operating costs. Staffing companies supply Employee Economics by saving companies on training, payroll taxes, and lower recruiting costs.
Provide for surges in business. People are a source of competitive advantage when their talents can be rapidly deployed. Instead of idle employees waiting for an order or project to come in, a staffing company can provide temporary employees to cover the busy times.
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Background Checks Under Attack: EEOC Takes Aim at Hiring Practices
By Diane J. Geller, Esq.
 This summer, the Equal Employment Opportunity Commission (EEOC) signaled that it was planning to revisit its longstanding Guidance (found here) which explains when employers can use arrest and conviction records as a pre-employment screening criteria. The EEOC also said it was contemplating issuing new Guidance on when credit history checks can be used as part of the hiring process. To date, no new Guidance on these topics has been forthcoming from the EEOC. |
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Staffing Employees: Extraordinary Human Resources
By Steven P. Berchem, CSP, Vice President
American Staffing Association
Staffing Models Can Make or Break a Company
The number of people working at a company, their skill sets, their cumulative cost to the company, and their ambition and motivation all combine to create the single most important variable in the success or failure of any enterprise: the staff. A company that can get the right people in the right positions at the right time and at
the right price has a tremendous advantage over less astute competitors.
As the world economy evolves and agility becomes absolutely essential for success in the global marketplace, the smartest companies are taking bold approaches to staffing. Increasingly, they are eschewing the traditional hiring model. They are moving away from hiring processes that can take weeks or months to recruit, interview, screen, and negotiate with candidates to fill a single opening. They no longer see the wisdom in filling every position with a permanent employee whose real cost to a company only begins with a salary and extends to benefits, payroll taxes, vacation time, holiday pay,
and a host of other expenses.
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Need a Contingent Workforce Assessment?
The goal of Reliance Staffing is to understand your personnel needs and to provide you with the most qualified, experienced professionals possible.
Reliance Staffing Services is in the business of helping clients understand the benefits and cost savings of contingent workforce solutions.
We take pride in knowing that we provide our clients with the most skilled and knowledgeable employees through
programs that are custom designed for your firm.
Contact Reliance Staffing Services Today
Newport News 757-873-6644
Virginia Beach 757-490-1700
Chesapeake 757-382-7222
Suffolk 757-925-0400 |
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