Professional development is the ongoing and intentional process of an individual learning and improving their knowledge, skills, and abilities in their chosen profession. Small businesses should encourage and foster professional development opportunities to ensure employees remain adaptable, competitive, and up-to-date in their skills after entering the workforce. Going beyond formal education, professional development extends into…
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What Is Employee Relations? Small Business Guide
Strong employee relations drive engagement and productivity through open communication. It involves creating an environment where employees can share ideas, concerns, and feedback without repercussions.
Overview of Employee Relations As a subset of human resources, employee relations are the interactions between employers and employees. They are not merely transactional, but reflect the company’s values, commitment to its workforce, and capacity for an inclusive environment. Employee relations professionals work to ensure employees feel heard and valued, resolve grievances, and improve overall…
Full-time Equivalent (FTE): Definition, Calculation and Examples
FTE stands for full-time equivalent and is used by businesses to calculate the total number of full-time hours worked within their business among all employees (both part-time and full-time). A full-time employee (working 30 to 40 hours per week) is equal to one FTE; a part-time employee (working 20 hours per week) is equal to…
What Is Employee Management + Tools & Tips
Employee management is a broad term that encompasses every aspect of managing, developing, and interacting with your employees. The aim is to give your team members every tool and advantage necessary to help them achieve their personal goals so that your company reaches its corporate objectives. When you understand how to manage employees in a…
How to Calculate Employee Turnover Rate (+ Free Calculator)
Employee turnover rate is the percentage of employees that leave a company in a specific period, such as for the month, quarter, or year. The process for how to calculate employee turnover rate is fairly straightforward. Simply divide the number of employees that leave within a specific period by the average number of employees that…
Accounts Payable Turnover: Definition, Formula & Calculator
The accounts payable (A/P) turnover ratio is a liquidity measure that shows how fast a business pays its suppliers during a specific period. The A/P turnover formula is: Accounts Payable Turnover = Total Credit Purchases Average Accounts Payable Accounts Payable Turnover Ratio Calculator Generate A/P reports faster by using accounting software. Our list of the…
Workforce Analytics: A Guide for Small Businesses
Workforce analytics is the data collection and analysis that businesses use to understand their people (i.e., employees, teams, etc.). It can help your business measure employee performance, engagement, behavior, retention, and overall return on investment (ROI) related to your workforce. With technology, it is easier than ever to gather and crunch big data, simplifying work…
IRS Form 1099 Reporting for Small Businesses: Ultimate Guide
IRS Form 1099 is a series of forms used to report certain types of income that don’t come from a direct employer in the form of wages, salaries, tips, etc. Form 1099-NEC (nonemployee compensation) is the most common version, frequently used by small business owners. If businesses pay $600 or more in compensation throughout the…