Old State Staffing | Employment

Staffing Your Family Office: In-House vs. Outsource

When to build your dream team in-house vs. when to outsource like a pro Picture this: You’ve just set up your family office, and suddenly you’re drowning in decisions. Do you hire that expensive CFO everyone’s recommending? Should you bring tax planning in-house or stick with your longtime CPA firm? What about investment management? These aren’t just staffing decisions, but strategic choices that will determine whether your family office becomes a well-oiled wealth preservation machine or an expensive bureaucratic nightmare. Here’s what most families get wrong: they think it’s an either/or decision. Go all-in on internal staff or outsource everything to keep costs down. Both approaches usually backfire spectacularly. Why This Decision Will Make or

Why Your References Matter

When applying for a role in the private staffing industry, there are several key components you need to submit to make a strong impression. The most important of these are your resume and professional references, although a cover letter or headshot can help too. While your resume and cover letter showcase your skills and experiences, your references provide a third-party validation of your capabilities and character. What are references for and why do they matter? References are provided by individuals who can vouch for your qualifications, work ethic, and character. They matter to employers because they offer an external perspective on your professional abilities and personal attributes. A great reference can strongly reinforce the positive

Household & Private Employment Changes For 2024

Every year Old State Staffing prepares a summary of new or updated employment tax laws and benefit information for employers of household or private staff employees. Household Employee 2024 Wage Base The IRS annually reviews, and adjusts as necessary, the wage payment threshold that requires families and private employers to pay Social Security and Medicare taxes. These tax withholdings are reported annually on a W-2. This threshold will increase to $2,700 for 2024. Minimum Wage Increases Minimum wage under federal law was raised in 2009 and remains at $7.25/hr, but states and local governments continue to set and increase minimum wage requirements at the local level. Governments are recognizing the need to ensure household and

How To Set Up Payroll In 7 Easy Steps

Setting up payroll as a private employer may seem like a task that will take enormous time and effort, but Old State Staffing’s employment experts are here to break it down into 7 simple steps. Before you get started though, there’s a few things you’ll want, such as an Employer Identification Number (EIN) and an employee agreement and/or employee handbook, outlining the terms of your employment relationship with your employee. Once you have these basics covered, you can then move forward with setting up your payroll system. While there are many vendors who handle payroll for private employers and small businesses, many employers prefer to manage payroll themselves. If that sounds like you, here are

Household Employer Calculating & Filing Taxes

What To Know About Taxes As A Household Employer

When it comes to working in someone’s home, working arrangements can often be casual and an employer may prefer to pay an employee’s wages in cash to avoid the effort of setting up a formal employment relationship and paying taxes. This grey area can lead to confusion for both parties, but determining if a household worker is considered an employee can lead to many benefits to the employer, as well as the employee. Most private employers hire through an employment agency that formalize your employment relationship, and utilize a payroll service company to handle paying an employee’s compensation, keeping track of financial documents and filing taxes on behalf of the employer. However, some employers wish

Find Your Dream Job With Old State Staffing

Tired of spending hours browsing the web for jobs that don’t match your skills or interests? Feel frustrated by sending out countless applications and never hearing back from anyone? Wish you could find a job that suits your personality and lifestyle? If you answered yes to any of these questions, you should consider working with a recruiting agency that specializes in private staffing. At Old State Staffing, we’ll help you find your dream job in no time, and here’s how: You get access to exclusive and unadvertised jobs Many estates and companies prefer to hire through Old State Staffing rather than posting their openings online. This is because they trust the agency to provide them

Why Workers’ Compensation Insurance Is Important For Employers Of Private Staff

Preparing an employment agreement, setting up payroll and tax withholdings, making sure your staff are prepared to excel in their future role. All of these tasks are at the top of your to-do list when you hire private staff to work in your home or within your family office. Getting worker’s compensation insurance? That may not be as obvious a “to do” but a lack of coverage can be a critical and costly mistake for families. What Is Workers’ Compensation? Workers’ compensation insurance coverage provides medical and wage benefits for employees who are hurt or become ill on the job. Workers’ compensation can help cover your employee’s medical bills and a portion of their lost

How To Retain Great Employees

The labor shortage and the ability to find and retain qualified employees is still making headlines everywhere. Now, more than ever, it is important to ensure that you keep your employees happy in their role. That’s why establishing trust and maintaining an open line of communication from day one is key. Here are some other employee retention tips to keep in mind. Offer Meaningful Title/Compensation Growth One of the most common reasons employees leave their jobs is because they feel underpaid or undervalued. That’s why it’s important to offer meaningful title/compensation promotions that reflect your employee’s contributions and achievements. A promotion in title or compensation can boost your employee’s morale, motivation, and loyalty, as well