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Right now, for example, you may be wrapping up open enrollment , ensuing all employees have enrolled in – or waived – coverage. At the same time, you are probably trying to review employee data and payroll records in preparation for year-end reporting, tax filing and setting up the first payroll of 2020.
“I don’t really care about my employeebenefits,” said no employee ever. When it comes to employeebenefits, if your business can offer it, employees want it. That’s the case for any employeebenefit, from time off to healthcare to flexible work arrangements to workers’ comp insurance.
When you can’t always offer a higher salary than your competitors, a big difference maker can be found in your employeebenefits. Big-ticket benefits like health insurance are obvious favorites, but less expensive perks like flexible work and earned wage access also attract job seekers.
Large HCM SaaS solution providers, for example, quickly added functionality to comply with new payroll legislation, track COVID cases, obtain feedback from employees or support return-to-work management. With that as context, HRE checked out tools in these areas that saw strong pandemic-driven growth during 2020.
Before diving into the latest HR outsourcing trends, it’s important to understand the various types of HR outsourcing companies, which include the following: Benefits consultants : Firms or individual professionals who assist companies with selecting, purchasing, and administering benefits plans. And the PEO industry is booming.
Not only do PEO clients get expertise from their PEO partners, they no longer need to do the grunt work for the administration of their company’s HR, benefits, tax, payroll, and compliance issues, giving them time to focus on the core functions of their business—and focus on growth. 4 PEO Trends To Watch In 2020 & Beyond.
civilian workers “had access to paid sick leave” — increasing slightly from 78% in March 2020. Be clear about what constitutes “sick leave” to reduce misunderstandings and confusion among your employees. According to SHRM’s 2022 EmployeeBenefits Survey : 96% of employers offered paid sick leave. Automate payroll.
Technologies such as AR/VR glasses can be used in training to simulate new tasks and help employees develop the skills needed to accomplish the tasks. Therefore, it is possible for manufacturers to bolster employee support in a variety of ways while tackling digital transformation head-on and positioning themselves for success.
Why employees want (and need) EWA Many hourly workers would prefer to be paid more frequently than once or twice a month. EWA gives workers access to funds without completely disrupting the payroll cycle. Once you’ve experienced EWA, going back to a fixed payroll schedule feels like giving your employer a series of interest-free loans.
We’re partnering with a company called Argyle to get your shift info from PayCom, your employer’s payroll provider. Through offering financial wellness benefits such as on-demand pay, employers can reduce their turnover rates by helping employees feel supported and valued, encouraging them to stay longer.
2 Earned Wage Access is a payroll innovation that helps hourly workers get access to wages they have already earned in between the two week pay cycle– a critical capability amidst the COVID-19 environment in ensuring people have the funds to buy the essentials they need to stay safe and healthy. SAN JOSE, Calif. ,
Even in the midst of the pandemic in 2020, 37% of workers rated their financial wellness as excellent or very good. The first request was to have employers pay a greater share of benefits cost, with 51% of workers citing that as their preference. There have been signs of employee financial stress going back for years.
Simplify benefits administration. Automate payroll. Simplify benefits administration. Automate payroll. Employees went looking for higher pay and better benefits. A record number of small businesses opened up in 2020 and 2021. We’ve listed some of the most important benefit options below.
Per HRI, the medical cost trend is defined as the year-over-year percentage increase of projected cost to treat patients (assuming benefits are the same). Part of the increase is due to the bounce-back utilization of healthcare spending following the abrupt halt in 2020. Contact ExtensisHR today.
Payday is everybodys favorite day of the monthunless youre the payroll administrator. Taxes, benefits, and everything else needs to be on point down to the penny. The right payroll software can take most, if not all, of those tasks off your hands and automate everything into a simple and easy-to-use payroll solution.
1 payday back into 2020, you’d still have 27 biweekly pay periods, this time in 2021. Although most companies choose this option, it may be a costly decision, since employees will receive an extra paycheck, along with extra taxes withheld and extra benefits provided. If you choose not to adjust, employees could be underwithheld.
Some 61% of employees who received fertility benefits from their employer said they feel a greater sense of loyalty to their organization, according to the 2020 FertilityIQ Workplace Index. With all that in mind, Kenslow expects to see lifestyle spending accounts gain traction as an employeebenefit. “It
Payday is everybodys favorite day of the monthunless youre the payroll administrator. Taxes, benefits, and everything else needs to be on point down to the penny. The right payroll software can take most, if not all, of those tasks off your hands and automate everything into a simple and easy-to-use payroll solution.
In this week's edition, we discuss increasing medical costs for 2020, how HR can shift to a strategic mindset, the growing role of the benefits broker and much more! percent in 2020, the same increase as in 2019, though the rate will outpace inflation by 3.8 Click To Tweet. Employer Medical Costs Expected to Rise 6.5
Quick Look: Adapting to trends while also focusing on what employees really want is essential to maintaining low turnover and an engaged work environment. SHRM has recently published its 2022 EmployeeBenefits Survey which shows the trends worth paying attention to as employers prepare for the upcoming benefits renewal season.
question for job seekers by outlining employeebenefits, training opportunities and career paths. Also highlight employee success stories and testimonials on your career site, so top talent can envision what it might be like growing their careers with your team. Visibility into Their Overall Benefits .
The way that Subway pays its employees is no different from many companies in the United States (US). Typically, Subway pays their employees every two weeks. Unfortunately, Subway has seen a big decline in their customer-facing employees and their revenue since the 2020 Pandemic.
If you pay employees bi-weekly, you normally have 26 pay periods a year. But 2020 brings you an extra one—thanks, leap year. True, an extra pay period isn’t exclusive to leap years, sometimes it just depends on which day of the week you pay your employees. Paycor’s Payroll solution is equipped to assist with this option.
Chances are, you’ve probably heard about student loan repayment as an employeebenefit. Many large employers have rolled this handy financial wellness perk into compensation packages as a way to attract and retain talent (notably, millennials) and provide better financial wellness support to employees across the board. .
June 4, 2020 /PRNewswire/ — PeopleStrategy, Inc.® From financial wellness and employee engagement to risk management and compensation planning, PeopleStrategy Network Partners represent the latest HR technologies and trends. EDISON, N.J., About PeopleStrategy, Inc. Learn more at peoplestrategy.com.
You need payroll protection. This offers federal guaranteed loans to businesses with fewer than 500 employees to cover payroll and other essential costs. This offers federal guaranteed loans to businesses with fewer than 500 employees to cover payroll and other essential costs. View Payroll Protection Infographic.
Quick look: The economic impact of 2020 on women in the workplace guided many companies toward offering women-specific employeebenefits as part of their larger diversity, equity, and inclusion (DEI) initiatives. Between 2020 and 2022, over one million women left the workforce, which accounted for 63% of jobs lost.
Quick look: The 2023 SHRM EmployeeBenefits Survey highlights the shift brokers are experiencing in how clients are prioritizing employeebenefits. Therefore, rather than viewing the future of employeebenefits as an “out with old, in with the new” situation, it’s better to welcome a co-mingling of the two.
2020 brought the pandemic and all of the uncertainty that came with it. 2020 saw another $5 billion invested globally in HR technology. 2020 saw another $5 billion invested globally in HR technology. Investors tapped their brakes during mid-2020 and then came roaring back in Q4. Payroll is cool again.
How to Boost Employee Engagement and Retention for Your Domestic and International Workforce In this post, we’ll talk about how streamlining your payroll processes can help boost your employee retention rate, which can be especially problematic for international companies that employ a global workforce.
5 minute read: On April 2, 2020, the Treasury issued Interim Final Rule on the Paycheck Protection Program (“PPP”). Eligible borrowers must have been in operation on February 15, 2020 and either had paid employees or independent contractors. x the average monthly payroll costs for the last 12 months.
More than 40 percent of employees have deferred medical care because of financial concerns, according to research by Willis Tower Watson. According to the Kaiser Family Foundation, the average annual premium is $7,470 for single coverage and $21,342 for family coverage in 2020. Managing Employee Healthcare Costs in 2021.
Coronavirus and Beyond: The Rise of Telemedicine in Your EmployeeBenefits Package. April 14, 2020. This has even extended to the doctor’s office thanks to telemedicine—which has actually been an option for employeebenefits packages for quite a while now, but has only seen a huge spike in participation recently. .
July 16, 2020 /PRNewswire/ — FinFit, a FinTech company that provides over 150,000 employers with a unique financial wellness benefit platform, today announced a partnership with PeopleStrategy, Inc. EDISON, N.J., ®, a full-service brokerage and provider of comprehensive, cloud-based human resource (HR) solutions.
1 minute read: The IRS recently issued IRS Notice 2020-32. This Notice discusses the tax deductibility status of expenses that are forgiven under the Paycheck Protection Program (“PPP”) provided for by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
In a 2021 Kaiser Family Foundation survey , “nearly 90% of large employers surveyed believe the cost of providing health benefits to employees will become unsustainable in the next five-to-10 years.” Benchmark benefits. This will give you a solid grasp of what other employers are paying for employeebenefits.
Adding family coverage for children, either voluntarily or under Affordable Care Act mandate, and spouses sweetens the pot for many job seekers and employees. Businesses often see tax benefits to offering healthcare coverage for staffers. Financial benefits. PTO is the 2nd most sought after benefit our survey respondents chose.
If you’re a business owner, it’s essential to understand all the tasks and objectives related with year-end payroll processing. verifying your employee’s social insurance numbers, reviewing your payroll system, etc.), Year-End Payroll Checklist. Process your final payroll. W-2s and 1099-MISCs.
In 2020, 33% of small businesses were still using spreadsheets to process and manage payroll. A small business that relies on a manual payroll system might spend as much as 10 times the hours it would take to complete the process using a software solution. Such errors can easily be eliminated through payroll automation.
Quick look: The economic impact of 2020 on women in the workplace guided many companies toward offering female-specific employeebenefits as part of their larger diversity, equity, and inclusion (DEI) initiatives. Between 2020 and 2022, over one million women left the workforce, which accounted for 63% of jobs lost.
We recently reached out to our employees to ask then for their 2020 #dailypay industry predictions. Their predictions are interesting and insightful; employers need to heed the demands of their workforces for this benefit, or risk the consequences. Jaime McDougall, Senior Director of Marketing. Michael Baer, Special Advisor. “I
Does your HR toolkit contain employeebenefits enrollment software? If not, you aren’t getting the benefits of your benefits. You choose benefits packages carefully because you want to attract high performers. After compensation, benefits are the second most important consideration for job seekers.
.” PeopleStrategy provides small and mid-sized companies access to a cloud-based, hire-to-retire HR platform to manage recruiting and onboarding, employee data and compliance, payroll, time and attendance, open enrollment, performance and compensation and reporting. To access the full Nucleus Research report, visit [link] /.
In 2020, the industrial world faced a challenge, the likes of which it had never seen before. Experts have proposed several solutions to end the labor shortage and, in this article, we’ll focus on how employeebenefits can help resolve this problem for companies and consumers alike. Why Is There a Labor Shortage?
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