Understanding the overall economic and occupational climate will assist you in planning your workforce needs. Information such as industry trends, unemployment rates, and the occupational outlook provides you information for planning workforce recruiting.
Labor Market Information provides you with:
- Employment and unemployment statistics
- Prices and living conditions
- Compensation and working conditions
- Productivity and technology
- Employment projections
Career ladders provide you with job descriptions, educational and training requirements, career pathways, and current labor market information for specific local demand occupations. Click here to view our current career ladders.
When it comes to paying wages, there are a couple of areas that you need to concern yourself with:
- Deciding what to pay employees: Pay programs, just like employment itself, have a life cycle. From the moment you bring an employee on until the moment that employee terminates employment with you, you'll run into issues that need your attention, like finding out how much other employers are paying, how to negotiate the salary for a new hire, or deciding what kind of raise a current employee should get.
- Complying with wage and hour laws: Almost every employer has to comply with certain laws concerning minimum wage, overtime pay, equal pay for equal work, child labor, record keeping, and posting. The laws can be tricky and involved, and further compounded by state wage and hour laws. It's crucial for you, as an employer, to understand these laws and how they apply to you.
- Payroll: You'll face the recurring job of doing payroll and the tasks it entails, including setting up a payroll system, calculating the hours an employee works, calculating the employee's regular pay rate, making deductions from the employee's pay, and getting the money into the employee's hands.