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Several trends in traditional and non-traditional benefits are poised to transform the HR and benefits landscapes. GENERAL TRENDS Rapid technological advancements and shifting employee expectations have added another layer to recruiting and retaining top talent. Let us help you successfully navigate everything 2024 has in store.
Employeebenefits and compensation Managing employeebenefits and compensation involves multiple processes to ensure your organization stays compliant, controls costs effectively, and promotes the health and well-being of your workforce. File FICA/FUTA: If applicable, submit forms by the IRS deadlines.
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.
In this blog, we provide a few suggestions on how best to make this happen – from defining evergreen versus periodic tasks and organizing employee data to interdepartmental teamwork and leveraging the latest technology. .” No two ways about it – you have a lot on your plate, as does your team.
For employers, open enrollment is equally significant—it’s a time to communicate benefit options, ensure compliance with regulations, and support employees in making informed decisions. However, without a streamlined process, open enrollment can become stressful and chaotic for everyone involved. What is open enrollment?
To help in that endeavor, weve gathered our five most-read blogs of 2024, which are full of insights on how your company can adapt to the latest workforce developments, from the new wave of Gen Z employees to comprehensive tips on improving corporate culture. However, HR outsourcing can also drive many other advantages.
First off, businesses are legally obligated to pay their employees timely and accurately. When a company hires an employee, each party enters into an agreement centered on payment for labor combined with an employeebenefits package. Gross pay is the amount that employees receive before deductions.
The term “employeebenefits” is used regularly, but often with a limited, traditional definition in mind. The traditional concept refers to legally mandated benefits plus a few voluntarily added by employers. What are employeebenefits? . Employeebenefits are non-salary compensation and perks.
For instance, if an analytics dashboard shows that employees in a certain location have low engagement and high turnover, leadership can investigate the root causes, like uncompetitive compensation or poor management, and respond swiftly. Enhanced Employee Experience Employeesbenefit when HR data is centralized and accessible.
Employeebenefits play a crucial role in attracting, retaining, and motivating top talent in any organization. However, the effectiveness of these benefits heavily depends on how much they address the needs of your workforce and how well they are communicated to your employees.
Inadequate Compensation As of March 2024, the average hourly pay for call center agents in the US is just $17.75 Incentivize Loyalty Another effective retention technique is to align agents’ compensation with their achievements. This relentless pressure can strain agents’ mental health and lead to burnout.
The telemedicine company pays the physician based on the quantities of products or services ordered or prescribed, which may be described to the practitioner as compensation based on the number of alleged medical records they reviewed. Certification Institute (CI) Certified for worker’s compensation and risk management.
Quick look: A comprehensive total rewards strategy is just that: rewarding (for businesses and employees alike). Total rewards include compensation, benefits, well-being initiatives, and recognition, and help companies increase productivity, retention rates, and talent acquisition success.
Conducting an HR audit not only helps businesses comply with legal requirements but also allows them to identify gaps, improve employee satisfaction, and enhance operational efficiency. Its like a health checkup for your companys HR department, ensuring that everything from recruitment to employeebenefits is in good shape.
Professional employer organizations (PEOs) : Organizations that enter into a joint-employment relationship with a business and provide comprehensive solutions for HR, payroll, risk and compliance, employeebenefits, recruiting, and more. A company’s employees remain on its FEIN number and the employer assumes all associated risk.
AI-powered programs can also find skill gaps and patterns of bias in promotion and compensation, helping to create a fair and diverse culture. Business leaders should also focus on overall compensation and consider providing mental health support , enhanced parental leave, learning stipends, flexible work arrangements, and more.
As we approach the 2024 United States presidential election, Chris Byrd, senior vice president, health executive and, more broadly, head of Government Affairs at WEX, joined our Benefits Buzz podcast for an insightful conversation on how election years can influence employeebenefits. It is not legal or tax advice.
Level up your performance and talent management strategies with a PEO Daily responsibilities often leave small business leaders strapped for time, and as pivotal as performance and talent management are, they may fall to the wayside so more urgent matters can be addressed.
Attracting the best talent and holding onto the existing top performers means the company will need to have an attractive compensation package within its staff retention and hiring plan. Falling out of touch with what makes a strong employeecompensation package may mean your company is losing its competitive edge.
This blog delves into the critical importance of compliance in managed payroll and how it benefits businesses. Understanding Payroll Compliance Payroll compliance involves adhering to all laws that govern employeecompensation, tax withholdings, and benefits.
Written by Sheu Quen • 4 minute read • September 25, 2024 Are your employees satisfied with their compensation, or are they looking elsewhere for better offers? That’s where a competitive compensation package comes in. Our article explores the vital role that well-designed compensation packages play in retaining talent.
Employeebenefit administration and analysis In today’s hyper-competitive market, employees consider their benefits a critical component of their total compensation. PEOs help businesses manage various aspects of their HR, recruiting, employeebenefits, payroll, and risk management.
But employees remain top of mind for employers, with 55% of businesses saying they will not reduce salaries if there is a recession, and 47% saying they will not reduce benefits. That’s because benefits are critical for attracting and retaining talent. The impact cutting a benefits budget would have Why do you come into work?
Post-open enrollment is an opportunity to solidify the value of your benefits program and set employees up for a successful year. Subscribe to our blog to learn more about transforming your benefits season this year. The information in this blog post is for educational purposes only. It is not legal or tax advice.
As an employer, providing a robust employeebenefits package is only half the battle. Educating on the value of their benefits and how best to use them is equally important. One of the questions we asked: What benefit would you like to learn more about? The information in this blog post is for educational purposes only.
Given today’s tight labor market, quality compensation packages are becoming more crucial to an organization’s success. Strong employeebenefits and perks keep workers happy and less likely to send their resumes to your competition. Employeebenefits come in many forms.
When it comes to navigating the world of employeebenefits, there’s a lot to take in, especially if you’re a first-timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. Check out our other first-timer series blog posts on health plans and employeebenefits.
Issuing Form W-2 for compensation under its Employer Identification Number. Meanwhile, the client retains control over the hiring and firing of its employees, and business leaders continue to make the day-to-day operating decisions for their company. These can include: Remitting wages and withholdings of the clients’ workers.
Imagine a seamless payroll process where employee payments are accurate, on time, and compliant with all regulations. Such efficiency not only boosts employee satisfaction but also frees up valuable time and resources that can be redirected towards core business activities.
.” Learn more about employeebenefits by subscribing to our blog ! The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts. It is not legal or tax advice.
Check out our other compliance blog posts on HSAs , HRAs , LSAs , and voluntary benefits. Employee eligibility Employee eligibility for FSAs typically requires enrollment during your company’s open enrollment period, or at the time of hire or a qualifying event. It is not legal or tax advice.
The purpose of this blog post is to provide an overview of how to create an employeecompensation strategy. We’ll cover topics such as the types of compensation, how to determine salary and wages, the role of bonuses, and more. This can be done in various ways, such as by providing benefits, pay rates, and bonuses.
Competitive compensation and benefits like these are fundamental to attracting and retaining top talent, meeting a team’s needs, keeping people engaged, and fostering a healthy working environment. But are all the benefits you offer serving the needs of your people? Wellness app subscriptions. Subsidized gym memberships.
What is Total Compensation? The total compensation package is an employee’s base compensation, also known as their base salary, plus the value of the benefits package they receive. The best strategy for executive total compensation is unique to every business. Trends in Total Compensation Management.
It is important to conduct compensation data audits frequently in order to produce an equitable and appropriate compensation plan. Smart businesses understand that offering competitive pay for full-time employees is one of the most important factors in attracting and retaining top talent.
When done properly, employeebenefits management helps employees, as well as the company. Because employeebenefits can be complicated, and you need a centralized system to manage costs and adjust policies. When it comes to benefits, both legal compliance and employee satisfaction are important.
However, with clear goal-setting, you can increase employee satisfaction and loyalty while strengthening your company’s appeal to new candidates. And check out our Benefits Buzz podcast episode below with Shannon Hernandez, manager of client services at WEX, below. Don’t forget to check out this episode of our Benefits podca st
What is Executive Compensation? . Executive compensation programs are influenced by a variety of factors today. As a compensation manager, your primary concern should be the alignment of pay and performance. Compensation Strategy Allocation . Compensation Strategy: Salary Ranges. Total rewards.
As you can see from Chad’s comments, what might seem like a simple employeebenefit can be very complex. Both for the organization and the employee. Asking an employee to run a quick errand or drop off something at another location might not seem like a big deal at the time. And employees might be very willing to do it.
What is a compensation system ? A compensation package , also known as a “ total compensation plan ,” includes all of a company’s pay structure elements, such as wages, salaries, benefits, and total payout terms. Performance management – total compensation strategies for top talent retention .
23 new employeebenefits , including a student debt relief program. Over 73% of Chipotle’s 110,000 US restaurant employees are Gen Z, the fast-casual chain noted in a press release. We want to provide comprehensive compensation packages that address the needs of our current and future workforce.”
Building a robust compensation management plan is critical for organizations in 2021. A well-researched compensation management plan allows you to meet goals around pay equity and other critical factors while retaining talent and rewarding employees for work well done. What is Compensation Management? .
Proper research and securing affordable, reliable access to highly sought-after benefits is key. And open enrollment is the perfect time for business leaders to focus on how they plan to build a competitive employeebenefits package. The right benefits matter. 3 ways to build a competitive employeebenefits package.
Quick look: Effectively communicating employeebenefits is essential during open enrollment season but can also make a positive business impact for clients year-round. One-third of workers say benefits are as important to them as salary, yet nearly double that don’t feel they can turn to their employers with benefit-related questions.
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