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The pharmacy chain is the latest organization to take advantage of a new federal provision that allows employers to contribute to workers’ retirement accounts based on payments they make toward their student debt. of their income to retirement over a three-year period, on average, compared with a 5.7%
Several states have set their own minimum wages over the years, but as more move to do so, navigating a fractured compensation compliance landscape will become increasingly complicated for people professionals. “I Some 23 states—including California, New York, and Illinois—are currently set to raise their minimum wages in 2025.
One of my favorite activities every year is pulling together some of the insights of the previous year to highlight, and we’re already seeing 2025 movement right out of the gate with the Paychex acquisition of Paycor just announced. Looks like an exciting year ahead! 2) Employers look to providers for expertise, not just product.
Traditional benefits like health insurance, retirement plans, and paid time off serve as hygiene factors or factors that help prevent employee dissatisfaction. Retirement Plans Retirement plans are paramount for the long-term financial security of employees. This change will go into effect January 2025.
As noted by Gartner’s 5 HR Trends for 2025 , more than 75% of HR leaders consider that managers are overwhelmed; 70% report their present leadership programs are not getting them ready for the future. In 2025, businesses face compliance challenges, especially concerning data privacy, labor laws, and remote work policies.
Laura Hanson, CHRO, insightsoftware The Sun Shine on Fair Compensation The winds of change are blowing through the landscape of employment, carrying with them a demand for transparency and equity. Nearly half of job listings now display compensation ranges. Their arrival signifies a seismic shift in workplace dynamics. “As
These statements often indicate a workplace where employees are expected to work long hours without additional compensation or clear boundaries between personal time and work responsibilities. Does “rockstar” imply that they will be overworked and expected to go beyond their job title without compensation?
Employees look for solutions to their unique problems from building retirement savings to handling unexpected medical expenses. Compared to years prior, employees are more interested in retirement benefits and paid leave opportunities. Here are the most important benefits your company needs in 2025.
If youre covered by an HSA-eligible health plan (or high-deductible health plan ), the IRS allows you to put as much as $4,300 per year (in 2025) into your health savings account (HSA). If youre contributing to an HSA, and on a family HDHP, the maximum amount that you can contribute is $8,550 per year (in 2025). What is an HSA?
instant messaging, email, video calls, phone calls) Learning (professional development and official training) Workflow and productivity (customer relations, project management, analytics) HR systems (compensation, self-service access to policies, performance management information, PTO, etc.)
While saving HSA funds for immediate healthcare costs is beneficial, leveraging the investment potential of an HSA can create long-term financial security, particularly for retirement healthcare expenses. WEX receives compensation from some of the merchants identified in its blog posts. Why invest your HSA funds?
Retail coffee chain Starbucks recently announced that in 2025, it is upping its paid parental leave benefit, increasing the leave from six weeks to 18 weeks for birth parents and 12 weeks for non-birth parents. This suggests leave programs could be an increasingly important topic at the bargaining table.
In 2025, businesses can no longer get away with ignoring technology at work. What to Look for While Making HRIS Comparisons in 2025? Payroll processing and compensation management : Does the tool have a clear system of processing pay to workers, from calculating wages to sending them out on time?
For HR professionals, understanding the Social Security payment schedule for 2025, particularly the March 2025 Social Security checks , is not just a matter of curiosity but a vital component of supporting employees and retirees alike. Curious about Social Security March 2025 payments? For most beneficiaries.
How many people in your organization have been there 10+ years, are deep-rooted and likely aren’t going anywhere until retirement? By 2020 or 2025, do you think you’ll have more or fewer roles turn into revolving door positions? And they don’t settle for being undervalued, or letting those less valuable receive more compensation.
As we move deeper into 2025, HR leaders are under increasing pressure to design total rewards programs that not only attract and retain top talent but also adapt to the rapidly evolving needs of the workforce. The post Total Rewards Trends for 2025 and Beyond: Future-Proofing Your HR Strategy appeared first on Flimp.
There is a lot of uncertainty about who qualifies for the up to $1400 stimulus check in 2025 and how to apply for it, and many employees may be unaware of the opportunity to claim these credits. Who Qualifies for the $1400 Stimulus Coming in 2025?
This 2025 Benefits Compliance Checklist outlines key topics, dates, and additional areas to keep an eye on, ensuring your company meets regulatory obligations throughout the year. Key dates February 28, 2025: Paper filing deadline for 1095-C forms. March 3, 2025: Provide 1095-C forms to employees.
The program collects non-wage compensation for employees and their salaries. These benefits range from health insurance to retirement plans, paid time off (PTO), and wellness programs. Retirement plans : Helps employees save for the future. A staff benefits program is a collection of perks provided by employers.
Some of the most common pre-tax benefits include: Health savings accounts (HSAs) Flexible spending accounts (FSAs) Commuter benefits Dependent care FSAs Retirement plan contributions (401(k)) Each of these benefits provides unique tax advantages that can make a big difference at tax time. It is not legal, tax or investment advice.
In 2025, salaries alone no longer define an attractive employment offer. At its core, the fringe benefits meaning refers to any compensation provided to employees beyond their regular wages or salaries. In 2025, theyre a cornerstone of progressive HR policies, reflecting a shift toward holistic employee value propositions.
Quick look: As 2025 unfolds, a new wave of human resources trends is emerging. The ExtensisHR 2025 Trends Report highlights the top five shifts, complete with actionable insights from industry thought leaders.Below is a quick recap of the report, which can be downloaded using the form below.
Signed into law on January 5, 2025, the Social Security Fairness Act 2025 removed the Windfall Elimination Provision (WED) and Government Pension Offset (GPO) , unlocking a social security benefit increase for over 3.2 The Social Security Fairness Act isnt just an update about retirees cashing social security back pay in 2025.
Key Features: Benefits tracking Check printing Compensation management Direct deposit Employee database Payroll reporting Pros & Cons Good customizability Easy to use Limited data import capabilities Hard to set up Pricing: In order to receive a price quote you must speak to a representative.
Employee Appreciation Day 2025 arrives as both a milestone and a mirror. Its time to ask a few questions: How do find better ways to recognize employees and make gratitude meaningful in 2025? The State of Work in 2025 Five years on from the seismic shifts of the Covid-19 pandemic , the workplace of 2025 is a hybrid beast.
A survey by Medscape in 2019 found that 25% of physicians considered leaving their current position, citing burnout, low compensation, and administrative burdens as key reasons. Compensation : Competitive salaries and benefits are crucial for retention.
Employee attrition : Often used interchangeably with turnover , employee attrition is a gradual reduction in staff, usually through natural causes like retirements or resignations, without actively replacing those employees. CompensationCompensation is often still seen as an important predictor of why people leave.
Key Features: Benefits tracking Check printing Compensation management Direct deposit Employee database Payroll reporting Pros & Cons Good customizability Easy to use Limited data import capabilities Hard to set up Pricing: In order to receive a price quote you must speak to a representative.
As people seek more quality time away from the office and more employees work remotely, they desire the security of affordable healthcare, flexible work schedules, and retirement savings. An employer-sponsored retirement plan can help workers experience less financial stress, leading to higher productivity and job satisfaction.
workers better prepare financially for retirement, at every stage of their employment journey. workers who have not been able to save enough money to retire have delayed their transition into this next stage of life because of current economic conditions and record-high inflation. The SECURE 2.0 For many U.S. The SECURE 2.0
Employee benefits are non-salary compensation and perks. They consist of government mandated and voluntary indirect and non-cash compensation. . Some states have mandated disability insurance and retirement plan requirements. . What are employee benefits? . What are benefits that are voluntary?
This includes reviewing health insurance plans, retirement savings options , and any other perks provided to employees. Stay ahead of compliance challenges in 2025! WEX receives compensation from some of the merchants identified in its blog posts. The information in this blog post is for educational purposes only.
Health Resources and Services Administration (HRSA) predicted a surplus of nurses for 2025! To better understand the nursing shortage (or lack thereof) it’s helpful to consider the following perspectives: Delayed Retirement of Baby Boomers “The nursing shortage is real…or at least it will be.” And in 2017, the U.S.
An estimated 50 percent of the oil and gas industry’s workforce is set to retire in the next five to seven years, a phenomenon known as the Great Crew Challenge. Largely because one of the biggest demographic changes to the makeup of the labor market is upon us — the retirement of the baby boomer generation. Why is this happening?
Economic recessions have masked this problem in the past, but as manufacturing production continues to increase, technology efficiencies will be unable to compensate for a shortage of skilled labor. In the Year 2025 The U.S. manufacturing industry is not waiting for the year 2025 and a deficit of 2 million skilled employees.
Compensation and Benefits Administration You manage compensation and benefits to maintain employee satisfaction and retention. This involves setting up competitive salary packages and comprehensive benefits plans, such as health insurance and retirement plans.
2025 Budget Amends Universal Paid Leave Act, False Claims Act and Other Employment Laws Developments Taking Effect This Month Without doubt, employment law policies are ever changing, with some going into effect this month.
Plans must not discriminate or be in favor of key/highly compensated employees. The Employee Retirement Income Security Act of 1974 (ERISA) protects the retirement funds of working Americans (and their beneficiaries). According to Deloitte, folks born between the years 1982 and 2000 will comprise 75% of the workforce by 2025.
is an update to a law passed in 2019 designed to help improve America’s retirement system. The Act contains 90 provisions that aim to make it easier for businesses to offer retirement plans and lessen the burden of managing them. SECURE 2.0 But SECURE 2.0 This is known as a required minimum distribution (RMD). With SECURE 2.0,
Quick look: Recent EBRI research reveals an all-too-common challenge employees face today is paying off student debt while also trying to save for retirement. These range from tuition reimbursement, student loan repayment plans , and financial counseling, in addition to the traditional retirement savings plans employers typically provide.
For those paying off student debt, the idea of saving at the same time—be it for retirement, a down payment, a wedding, or an emergency fund—can seem impossible. With a sound strategy and plan, you can chip away at your student loans AND chip in to your retirement savings. Open an IRA Don’t have a 401(k) plan at work? No problem.
The law is nothing short of a detailed overhaul of employer retirement savings plans. Sutton of Strategic Retirement Partners (aka “The 401k Lady”) said the new rules came out before employers and the industry were ready. brings to your retirement plans in 2023. Employers have been trying to unpack the provisions of SECURE 2.0
The Growing Contingent Workforce Contingent workers will make up 35-40% of the global workforce by 2025. Since contingent workers aren’t employees, they are not eligible for employee benefits such as health insurance and retirement contributions, and your business is off the hook for most employment costs. billion by 2031.
To help workers face inflation, many organizations are reassessing compensation and taking a closer look at financial health resources. As a result, and in support of our commitment to competitive pay, we shared with employees that we will more regularly review compensation.”. Raising wages. deputy people leader at PwC. “As
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