Like many industries, the manufacturing industry has fallen to the provisions of the Affordable Care Act (“ACA”) and the updated Department of Labor overtime regulations. Many companies are struggling to maintain their overhead, comply with regulations, and pay for the ever-increasing health care costs, all the while attracting and retaining skilled workers. If you have felt the heat, you are not alone. According to the 2016 Manufacturers’ Outlook Survey, a lot of companies are dealing with these same concerns.
The Employee Retirement Income Security Act of 1974 (ERISA) states, in short, that companies must have their annual benefit plan report (Form 5500) audited if you have 100 or more participants in your plan (Companies within the range of 80 to 120 employees have additional criteria to consider). It is the responsibility of the plan administrator to hire independent, qualified public accountants to perform the audit. Manufacturing companies may look to keep costs down by hiring a less experienced accountant. But you’ll want to pay now to save yourself later.
With people retiring later and the next generation of employees graduating, it is currently possible to have five generations working together. What a thought! All generations have different ways of communicating. They hold different ideas about work and management. They are just different. All of these articles popping up on older generations and younger generations, and their negative ideas about the other, it’s going to lead to some tension. As a CEO or owner of the company, it’s your job to make sure that everyone is happy, or at least coexisting.
If you’ve been on the fence about social media, it’s high time you jump on the truck and deliver content. Social media isn’t going anywhere. It’s evolving, and so should your manufacturing company. It doesn’t have to be expensive. It can be effective. Even if you do not sell directly to the public, it can work for you, as long as you know how to work the platform.
Topics: Manufacturing & Distribution
A recent Gallup poll shows that roughly three-quarters of Americans support a minimum wage increase. Factories and warehouses tend to employ a large number of entry-level and low-wage workers. So you may be considering a wage increase for your hourly workers. Here are some important questions to factor into your decision.