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In the fall of 2019, I toured the Office of Personnel Management’s (OPM) Retirement Operations Center—known as the “ROC”—located 220 feet underground in a former limestone mine north of Pittsburgh, Pennsylvania. All new retirement applications must be submitted electronically.
Participate in Industry Events: Competitive compensation and benefits packages are critical in attracting top talent. Customizing benefits packages to cater to the diverse needs of employees, such as health insurance, retirement plans, paid time off, and flexible work arrangements.
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.
In this blog post, we will take you through the 7 crucial steps involved in conducting an HR audit, providing practical insights, examples, and infographics to guide you through the process. Step 4 Review Compensation and Payroll Systems Compensation and payroll compliance are vital components of an HR audit.
In this blog, we’ll explore how incentive theory shapes workplace strategies and the impact it has on employee engagement and performance. Whether it’s a financial perk, professional growth opportunity , or simple recognition, incentives help create a culture where employees feel valued and motivated to contribute their best.
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. The information in this blog post is for educational purposes only. Why invest your HSA funds?
Employee benefit administration and analysis In today’s hyper-competitive market, employees consider their benefits a critical component of their total compensation. Here are 10 reasons to show appreciation for your HR staff on Human Resource Professional Day (and year-round!): In fact, nearly 70% of U.S.
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 employee compensation package may mean your company is losing its competitive edge.
Total rewards include compensation, benefits, well-being initiatives, and recognition, and help companies increase productivity, retention rates, and talent acquisition success. According to Gartner , total rewards are “the combination of benefits, compensation, and rewards that employees receive from their organizations.
In this blog, we are going to explore the seven key stages of every employee’s journey through lifecycle mapping. Equally important is providing competitive incentives ranging from health insurance, variable pay plans, retirement benefits, etc, to attract and retain top talent. Career development also plays a significant role in this.
It also provides an avenue for you to build a nest egg for retirement and invest. Preparing for retirement One oft-cited estimate: A 65-year-old couple retiring in 2020 will need an average of $351,000 in healthcare costs throughout retirement. The information in this blog post is for educational purposes only.
In this blog post, we explain the various ways efficient HR payroll management can streamline your operations, from reducing administrative burdens to improving data accuracy and compliance. This includes benefits administration, employee records, tax forms, and retirement accounts.
Retirement savings and healthcare costs are two of the biggest financial concerns for employees today. Offer a benefits package with employer contributions One of the most effective ways to help employees save for retirement while managing healthcare expenses is by offering competitive benefits.
Schedule workshops or webinars to break down complex topics like: Health savings accounts (HSAs) Flexible spending accounts (FSAs) Retirement planning options Emphasize the total rewards picture Highlight how your benefits program fits into your companys total rewards strategy. Learn more by subscribing to our blog.
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.
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Open enrollment is a designated period each year when employees can review, adjust, or select their benefits, including health insurance, retirement plans, and other perks their employer offers. However, without a streamlined process, open enrollment can become stressful and chaotic for everyone involved. What is open enrollment?
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?
In the final blog post of our three-part series to educate first-time participants, we explore all the unknown voluntary benefits terms and bring clarity of information to first-time participants. Check out our other first-timer series blog posts on health plans and employee benefits. What are some examples of voluntary benefits?
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Employees are Listed Under the PEO for Tax and Benefits Purposes : Because PEOs operate with a larger pool of employees across multiple businesses, they can offer better employee benefits, such as healthcare and retirement plans, at more competitive rates. FMLA, ADA, EEOC regulations) HR best practices and workplace policies 4.
With people analytics solutions in the drivers seat, you can use historical trends and current workforce demographics to project future headcount needs based on anticipated growth, retirements, and promotion paths. Another real-world use case involves compensation analysis.
Benefits Administration ASOs assist businesses in selecting, managing, and administering employee benefits, such as: Health insurance Retirement plans (401k, pensions) Employee wellness programs Paid leave and other perks 3. HR Support and Compliance Navigating HR laws and compliance requirements can be complex.
In this blog, we concentrate on two main types of HR audits: the Fair Labor Standards Act (FLSA) Audits and general HR Compliance Audits. A careful review ensures employees receive fair compensation for their extra hours. Assessing Overtime Calculations: FLSA mandates specific rules on overtime pay.
In this blog, we’ll discuss the five main drivers of employee retention. Key Takeaways 5 Main drivers of employee retention Strategies to improve the drivers of retention Driver 1: Competitive Compensation and Benefits Money talks! You've got to be open about the value of your compensation and benefits.
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.
Include Benefits in Job Offers : Make sure candidates understand whats included in their total compensation package. Compensation and Benefits Offering competitive compensation packages is crucial: Salaries : Benchmarking against local and regional pay data to offer market-competitive salaries.
In this blog, we’ll look at What is HR automation? Overtime calculations: To comply with labor laws and ensure accurate compensation, automation tools precisely calculate overtime hours based on established rules. HR automation, when rightly employed, is an effective alternative that is affordable and simple to implement.
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92% would delay retirement if given the opportunity to reskill. Tackling each of these is essential for long-term resilience and sustainable growth: Retention of key skills As older workers near retirement, organizations risk losing critical institutional knowledge and deep expertise developed over decades.
Employees can also invest their HSA funds , allowing them to build a healthcare nest egg for future medical needs, including retirement healthcare costs. Discover more about HSAs and LSAs by subscribing to our blog! Simply hit the “Subscribe” button above or submit your email address in the form below to subscribe to our blog.
Professionally, individuals may seek new challenges, better compensation, or improved work-life balance. Financial Pressure Midlife often comes with substantial financial obligations, such as mortgages, children’s education expenses, and retirement planning.
For many, financial independence might seem like a lofty goal—one reserved for the ultra-wealthy or those nearing retirement. An HSA can help you save for healthcare costs today while also serving as a long-term investment vehicle for retirement. Subscribe to our blog! It is not legal, tax or investment advice.
This includes reviewing health insurance plans, retirement savings options , and any other perks provided to employees. 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, tax or investment advice.
In this blog, we’ll provide some essential tips to help you master the art of writing job offer letters, along with 10+ free job offer letter samples that you can use straight away. Compensation and Benefits : This section outlines the salary, bonus structure (if any), and benefits such as health insurance, retirement plans, and other perks.
And while retirement plans remain a cornerstone of financial security, heres the uncomfortable truth: For millions of American workers, retirement savings arent just out of reach theyre out of relevance. Retirement plan participation drops sharply as income falls: While there are over 100 million retirement accounts in the U.S.,
With political campaigns often influencing policy proposals from healthcare to retirement plans, this episode dives into what employers and professionals can expect and how they can prepare for potential changes. The information in this blog post is for educational purposes only. It is not legal or tax advice.
Mistake #7: Benefits blunders Today’s increasingly diverse workforce wants more than the standard health insurance and retirement savings plan ; They seek benefits that meet their specific needs , and continuing to offer one-size-fits-all benefits may prove to be a monstrous HR mistake. But fear not!
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.
Many rehires return with fresh skills, higher compensation, and renewed motivation after exploring opportunities elsewhere. Benefits & Seniority Restoration Clarify how employment breaks impact entitlements like paid time off, retirement vesting, and seniority. They often come back stronger, too.
Emphasize wellness in benefits offerings Most standard benefits packages include things like health insurance, a 401(k) retirement plan and PTO. Compensate fairly It’s the most basic reason why employees come to work – to be able to support their families and lifestyle. Increase company contributions to retirement plans.
So, in simple terms, it means providing clear details about how compensation decisions are made, including pay scales, benefits information, and the range of compensation for similar roles. For instance, California employers are required by state law to include a range of compensation for open positions in their job ads.
And while retirement plans remain a cornerstone of financial security, here’s the uncomfortable truth: For millions of American workers, retirement savings aren’t just out of reach — they’re out of relevance. Retirement plan participation drops sharply as income falls: While there are over 100 million retirement accounts in the U.S.,
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