Blogs

Do You Know the Difference Between Cost of Performance vs. Market Approach to Sourcing Revenue?

By Bryan Besco posted 3 hours ago
Calculating how to source gross receipts is a key element in determining a staffing company’s state income tax liability. Staffing companies operating in multiple states should be aware of the growing trend in which states are migrating from a cost of performance based sourcing method toward a market-based approach when determining where to properly source gross receipts derived from sales of services. Under cost of performance (COP), receipts earned from performance of services are apportioned to the state based on the location where the taxpayer incurs expenses associated with providing those services. For example, assume Company ABC has all its property ...

Retirement Planning Rundown: Updates and Changes in 2025

By Bryan Besco posted 2 days ago
As 2025 begins, the cost-of-living increases for retirement plans and IRAs will become effective, as will new provisions from SECURE Act 2.0 and other changes. These changes include rules on required minimum distributions (RMD) on inherited IRAs, catch-up contribution limits for older employees, and auto-enrollment requirements. Required minimum distributions on inherited IRAs resume in 2025 A new IRS rule proposed in 2022 that required certain beneficiaries (those who inherited an IRA of someone who has reached their required beginning date for RMDs) of inherited IRAs to empty the inherited account within 10 years caused confusion for some beneficiaries ...

Are You Burning Cycles Working "C" Jobs?

By Kim Henderson posted 7 days ago
Are You Burning Cycles Working "C" Jobs? How often in staffing have we worked on lackluster jobs that would never result in a placement due to unrealistic skills, process, or expectations? Time is something we can never manufacture, and we must aim our efforts towards jobs that will yield a placement! Sometimes we don’t ask the hard questions because we fear getting answers we don’t want to hear. Let’s get our head out of the sand in 2025! It’s better to know if the client is serious or just tire kicking. Here's what to ask to know if you're working an "A" job! How long has the position been open, and why is it open? Have they seen/interviewed candidates ...

Coping with the SECURE Act 2.0: Things Employers Need to Know

By Bryan Besco posted 28 days ago
Debuting in 2019, the SECURE Act has played a pivotal role in helping US employees better prepare for retirement and combat the yawning American retirement security crisis. In fact, according to the Federal Reserve's recent Economic Well-Being of U.S. Households in 2022 report, a majority of non-retired employees now have at least some retirement savings. That said, while the number of employees with retirement savings has ticked up, a vast minority of non-retired employees, 31%, say that their retirement savings plans are "on track" according to the same report – a concerning decrease from 40% in 2021. This shortfall has not gone unnoticed and spurred on the ...

Common Payroll Mistakes Staffing Companies Make…and How to Avoid Them

By Bryan Besco posted 30 days ago
Payroll taxes are often complicated for companies with stable and settled workforces; staffing companies have all of the same issues as traditional employers, but with higher volumes and with additional technical issues. While there are no easy solutions, below are some issues to be aware of and ideas on how to deal with them. Hiring Process One of the first issues you will deal with is at the beginning of the hiring process: are the people you are paying employees or contractors? This may seem like an easy question, but it often is not. The IRS has identified 20 factors to consider in making the decision. Many states are cracking down on employee ...

A Quick Guide to Understanding Automation and AI for Staffing

By Laura Boivin posted 30 days ago
Picture this scenario: you go to conferences and summits all year to learn more about how to elevate and scale your business using technology. You’re being told that incorporating automation and artificial intelligence into your business processes is THE KEY to staying competitive in the forever-evolving, competitive staffing industry. But, you leave the event feeling frustrated and confused about what exact steps you should take to adopt this technology Where do you go from there? Do you hire a third-party consultant or business analyst to make technology recommendations to you? How will you vet technology companies to ensure you’re making an informed ...

How do you prepare your people and your staffing company for both innovation and change?

By Bryan Besco posted 12-12-2024
You create a sustainable culture of continuous improvement. Companies are expected to innovate and become profitable more quickly than ever before, which makes competition extremely fierce. Economic stimuli change the business landscape constantly; when your processes are stagnant and your people are not engaged, it is nearly impossible to innovate. In order to compete in business today, you need to drive innovation in your organization. But with innovation comes change, and change is not always easy. Developing a sustainability program is the first step to developing and/or maintaining your competitive edge. There are many different definitions of sustainability, ...

Are You Accounting for Your Per Diems Correctly?

By Bryan Besco posted 12-10-2024
Using the per diem allowance rule can help alleviate the recordkeeping for lodging, meals, and incidental expenses incurred by an employee while away from home overnight on business. It can be a useful tool when you have many employees traveling on business at once. However, are you aware of the Internal Revenue Service requirements for reporting billable per diems on customer invoices? Per diems are generally tax-free for the employees and deductible by the employer. They are used as a reimbursement of ordinary and normal business expenses incurred by the employees, while they are traveling for business away from home. Normal business expenses include ...

Are You Accounting for Your Per Diems Correctly?

By Bryan Besco posted 10-31-2024
Using the per diem allowance rule can help alleviate the recordkeeping for lodging, meals, and incidental expenses incurred by an employee while away from home overnight on business. It can be a useful tool when you have many employees traveling on business at once. However, are you aware of the Internal Revenue Service requirements for reporting billable per diems on customer invoices? In order to make sure you are compliant with Internal Revenue Service rules, you will need to follow a few important items. First, the per diem expense reimbursement must be separately stated on each invoice. They cannot be blended into the employee’s pay rate being charged ...

Five Sessions We're Looking Forward to at Staffing World 2024

By Kelli Ryan posted 10-16-2024
It’s that time of year–when the staffing industry gathers to connect, learn, grow… and have fun! We’re so excited to meet you in Nashville. We’ll be in the Knowledge Hub at the Tech 1 booth , and would love for you to drop by and say ‘hello!’ With so many great sessions and extracurricular evening experiences, we combed through the agenda and selected a few sessions to highlight. There’s something valuable in every session, so be sure to review the agenda and attend those in alignment with your goals and interests. Here Is A List of Five Sessions at Staffing World We Are Excited for and Why: 1. Keynote: Become an Exponential Company with Explosive ...

Don't Miss This Knowledge Hub Session Presented by Jerry Grady, National Staffing Practice Leader at UHY

By Bryan Besco posted 10-15-2024
With a week before Staffing World, I wanted to highlight a can't miss Knowledge Hub Session that Jerry Grady, National Staffing Practice Leader, at UHY will be hosting on Wednesday, October 23 from 1:30pm - 1:40pm. -- " Succession Playbook: Key Strategies to Defining Your Legacy-the Right Way". What is a succession planning risk owners lose track of? Time!! We do not believe that “one size fits all”; as each transaction is distinct. We offer services tailored for each transaction and seek opportunities for our staffing clients to maximize their return on investment, while minimizing risks. This session will guide owners through four different options that ...

Navigating Talent Crunch During Economic Slowdown: Opportunities for Staffing Firms

By Saba Tariq posted 09-20-2024
The global economy is navigating through turbulent times. The United States is currently experiencing a unique economic phenomenon: an ongoing talent shortage in key industries despite signs of economic slowdown . This paradoxical situation presents both challenges and opportunities for staffing firms. In this blog post, we'll explore how staffing professionals can navigate these complex conditions to support American businesses and job seekers alike. Understanding the Current US Landscape The US economy is showing mixed signals, creating a complex environment for businesses and staffing professionals: Economic Indicators: GDP Growth: The current ...

AI-Driven Gig Economy: How Staffing Firms Can Thrive in a Freelance-First Future

By Saba Tariq posted 09-12-2024
The gig economy has rapidly become a cornerstone of today's labor market, delivering unparalleled flexibility for workers and businesses alike. As professionals increasingly seek non-traditional employment and companies adopt agile workforce models, the way we work is undergoing a significant transformation. According to Reid Hoffman, co-founder of LinkedIn, we're just at the beginning of this shift. Hoffman predicts that by 2034, traditional 9-to-5 jobs may largely become obsolete, replaced by a freelance-driven workforce. As artificial intelligence (AI) further integrates into business models, the transformation of the labor market will only accelerate. Staffing ...

5 Legal Changes Every Staffing Professional Should Understand

By Saba Tariq posted 08-28-2024
The staffing industry is at a crossroads, with 2024 bringing a wave of regulatory changes, reshaping the employer-employee relationship. As these changes take effect, staffing professionals must stay informed and adaptable to navigate the evolving landscape. In this blog, we highlight five significant legal developments and their potential impact on staffing agencies. Key Regulatory Changes 1. DOL Contractor Classification Rule (March 2024) The U.S. Department of Labor’s (DOL) Contractor Classification Rule , effective March 2024, introduces a new framework for determining whether workers are classified as employees or independent contractors under ...

The ever-evolving role of IT and Automation in Recruitment

By Tanishka Patidar posted 08-20-2024
The recruitment industry is undergoing a considerable transformation in today’s tech-driven world. Staffing companies can function more efficiently by streamlining recruitment with technology, improving candidate experiences, and securing top talent. It is advantageous and imperative for staffing companies, catering to the young and dynamic (35–58) age range, to keep up with current technological developments. Digital Recruitment Tools for Hiring Staffing companies can now manage their processes more efficiently than ever because of the increasing availability of digital recruitment alternatives. Among these are the following instruments: Applicant ...

What Recession Means for Staffing Firms and How They Can Prepare

By Saba Tariq posted 08-13-2024
Recent economic indicators suggest that the U.S. might be heading towards a recession , which has significant implications for various sectors, including staffing firms. As uncertainty looms, the role of staffing firms becomes even more crucial, yet more challenging. What does a recession truly mean for these agencies? How can they continue to thrive when the market seems to be shrinking? In this blog, we’ll dive into the potential challenges and, more importantly, the strategies that can help staffing agencies weather the storm and emerge stronger. The Economic Landscape and Recession Indicators Recent data points to a weakening U.S. economy, with ...

Signs of Recovery in the US Staffing Industry: June 2024 Trends and Strategies

By Saba Tariq posted 07-12-2024
Staffing Industry Recovery June 2024: An Overview In June 2024, the staffing industry displayed promising signs of recovery, marking a potential turning point after months of economic challenges. The American Staffing Association (ASA) reported that staffing employment improved during the week of June 10-16, with the ASA Staffing Index increasing by 0.9% to reach a value of 90 for the first time in nine weeks. While the industry is still 10.0% below the same period last year, this slight uptick suggests a gradual stabilization. Contributing Factors to the Rise: Several factors have contributed to this rise in staffing employment: Economic ...

Former employee looking for Staffing Agency in Baltimore

By Tyia Patnaude posted 06-20-2024
Hello Baltimore Cohorts! I have a former employee who moved to the Baltimore area and has asked me for recommendations for a reputable staffing agency in that area. She needs part-time work from home IT/Help Desk. She is a dedicated worker! We had great feedback on her from our clients. Any suggestions welcome! Thanks! Tyia Patnaude, CSP Preference Employment Solutions

Biden Administration's AI Guidelines for Workplace & Staffing

By Saba Tariq posted 06-20-2024
Artificial Intelligence (AI) is rapidly transforming the workplace, offering immense potential to enhance efficiency, decision-making, and innovation. However, as AI becomes increasingly integrated into various business processes, addressing the associated risks and ethical considerations is crucial. In response, the Biden administration has introduced a series of comprehensive guidelines to regulate AI usage in workplaces, aiming to protect workers, ensure ethical development, and promote transparency. For staffing firms, understanding and implementing these guidelines is essential to navigate the evolving AI landscape effectively. Key Developments in AI ...

The FTC Ban on Non-Compete Agreements: A New Era for Staffing Firms

By Saba Tariq posted 05-21-2024
For decades, non-compete agreements have been a cornerstone of the employment landscape. These contracts are crafted between the employee and employer and bar the employees from working for competitors for a certain period after leaving the company. The reasons for non-competes are to protect employer confidential information or trade secrets and to prevent valuable employees from leaving to compete directly with other businesses. The authorities, particularly staffing firms, have mostly depended on restrictive non-compete clauses to ensure stability among their placements. These clauses are intended to prevent skilled workers from engaging with and then ...