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Several lawsuits highlight employers role negotiating health plan contracts with pharmacy benefit managers ( PBMs ) that include pricey prescription drugs, and seek to hold them accountable under the Employee Retirement Income Security Act of 1974 (ERISA). How prices can skyrocket under PBMs.
If you’re an employer, check out the Awards for ideas on which solutions might be right for your needs. We did some extensive research on this topic in 2024 and recently published a report in partnership with Insperity on the topic of HR outsourcing, payroll, and SMB HR trends. We follow the team at HRTech.sg
As the job market evolves, companies are experimenting with various employment types to build more flexible staffing models. Blending different types of employment can help plug this gap by tapping into broader talent pools while also reducing costs, boosting agility, and nurturing future talent. with 49 out of 50 states permitting it.
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.
As a broker-friendly professional employer organization (PEO) , ExtensisHR strives to keep its partner community informed of the latest industry developments. For example, a client using a legacy applicant tracking system (ATS) may use parts of that program but find the resume-screening process tedious.
Employers’ wellness programs aren’t working well. The pandemic spotlighted employers’ need to pay more attention to workers’ mental, emotional, financial, and social well-being. Many implemented programs to help employees manage their mental and physical health, time, and money. That’s down from 49% in May of 2020.
Handling employeebenefits and other HR services in-house is extremely difficult for many small businesses. According to research by Secure Data Recovery, 88% of employees have worked at a small business without a dedicated HR team. Besides the cost savings, working with a PEO can yield many benefits to employers.
Compliance and legal updates Reviewing and adjusting for evolving employment laws is one of the most important end-of-year HR responsibilities. Acquire labor law posters: Confirm you have all required posters for 2025 and display them in common areas to keep employeesinformed of their rights and workplace policies.
In the year since the PUMP Act took effect, the share of organizations offering an “onsite lactation/mother’s” room has risen to 73% , up 19 percentage points from 2023, according to the Society for Human Resource Management’s (SHRM) 2024 employeebenefits survey.
EmployeeBenefits Administration: Handling health insurance, retirement plans, and other perks to ensure employees receive their entitled benefits. Recruitment and Talent Acquisition: Managing job postings, candidate screening, background checks, and onboarding processes.
When a company hires an employee, each party enters into an agreement centered on payment for labor combined with an employeebenefits package. Department of Labor is responsible for the enforcement of everything pay-related—from minimum wage and overtime requirements to deductions and employee classifications.
Quick look: Open enrollment is a critical period for small- and medium-sized businesses (SMBs), when employees select their benefits for the upcoming year. For employers, it can be a complex and time-consuming process, fraught with paperwork, deadlines, and the need to ensure that all employees are well-informed and supported.
Seasonal employees are hired for a specific period, which could range from a few weeks to several months. Employers usually do not offer long-term employment or benefits beyond the season they are hired for. There are approximately 75,000 seasonal employees in the U.S. and end before 7 p.m.
An effective work schedule should ensure that employees maintain a healthy work-life balance, that their work operations are not interrupted, and that they can promptly meet the organization’s requirements and goals. A work schedule refers to the days and hours of the week during which employees work. What Is a Work Schedule?
Key Features: Real-time workforce insights : Provides advanced analytics to help businesses monitor headcount trends and make informed decisions. Employee self-service : Provides a platform for employees to manage their information, improving efficiency.
Employers have increased their efforts to meet women’s health needs, including improved coverage of fertility services , maternity leave, menopause support and rates of evidence-based cancer screenings. Advertisement - Addressing benefit coverage for screening MRIs and ultrasounds is more urgent than ever.
In this article, we’ll deep dive into hospitality industry turnover and explore potential solutions to help employers navigate this challenging environment. Most employees can only sustain working in a toxic, stressful work environment for so long before seeking employment elsewhere. Gig workers.
Many employers dangle stock options for their highest-tier employees, but more companies, including e.l.f. He noted that its important for all employees to have ownership of the business, no matter where they are in their careers or what country theyre in. Founded in 2004, e.l.f.
Revisiting an organization’s employeebenefits package is essential to ensure their offerings remain competitive, sparking the need for deeper, more strategic discussions. Additionally, staff value increased education and transparency to ensure they’re making well-informed decisions. How is communication being handled?
When it comes to 2025 employeebenefits trends , many companies are seeking innovative solutions to meet the changing needs of their workforce. Shaped by changing work environments, economic pressures, and technological advancements, the following trends are emerging as essential components of a competitive benefits package.
As job seekers increasingly turn to digital platforms to research potential employers, a well-crafted recruiting video can serve as a first impression that resonates deeply. It showcases company culture, highlights employeebenefits, and gives prospective employees a sense of what life would be like working there.
Employee engagement is often reduced to a corporate buzzwordmeasured through annual surveys and generic HR initiatives. Too often, it becomes a numbers game, detached from the deeper relationship between employer and employee. In our research, we saw that 52% of the workers had changed jobs in the last 12 months.
HR KPIs provide valuable insights that help improve decision-making, monitor workforce performance, and plan for future talent needs in multiple ways, such as: Aligning HR activities with business goals: HR uses KPIs to ensure that its strategies, like hiring or employee development, contribute directly to broader company objectives.
Employees are the backbone and driving force of any business, and with EmployeeBenefits Day fast approaching, now is the perfect time to strengthen your workforce for the long haul. EmployeeBenefits Day provides a meaningful opportunity for you to show appreciation and prioritize the needs of your employees.
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. Walgreens is offering this benefit thanks to a provision of the SECURE 2.0 Quick-to-read HR news & insights.
In the last few years, employee attention to the quality of their benefits offerings has grown—and insurance provider Hiscox recognizes that employer attention needs to match that interest, says Laila Gillies, head of HR in the U.S. If you’re looking to set yourself apart in any way, it requires continuous innovation.”
In this era of transformation, employeebenefits have emerged as a strategic lever for attracting, retaining, and engaging top talent. So, what does the future hold for employeebenefits in 2025? Lets dive into the key trends shaping employeebenefits in the workplace. In 2025, personalization is paramount.
It’s also a great way to build your employer’s reputation and enhance your recruiting outcomes, as candidates want positive reviews from past employees and a solid commitment to career development in potential employers. Check out the HCM FAQs below for more information. What is human capital?
“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.
What do you think of when employeebenefits are mentioned? Organizations often fail to go beyond these standard benefits, and if they do, it’s with a few additions that are selected without much thought and seldom improved. Find out what your employees want out of an employeebenefits program.
Employer healthcare spending is projected to jump nearly 8% in 2025—the largest year-over-year projection increase in more than a decade—according to a survey released this week by Business Group on Health. million employees in the U.S. million employees in the U.S.
Bureau of Labor Statistics March 2021 jobs report said that employers added almost 1 million jobs and the unemployment rate is down to 6%. Similar to the labor law posters required for your employees, there are specific postings you must make available to job applicants as well. Enjoy the article!). First, the U.S.
Quick look: SHRM recently released its annual employeebenefits survey depicting what benefits remain high-priority and which are trending upward. Though the popularity of some benefits may not come as a surprise, there are a few important changes to note which brokers can help their clients get ready for.
However, some employers want to provide it despite the expense because they say the benefit makes attracting and retaining employers easier. The percentage of employers with 25 to 99 workers offering healthcare fell to 77% in 2023 from 81% in 1996, according to the EmployeeBenefitResearch Institute (EBRI).
Offer Competitive Benefits If your agents are worried about how they’re going to pay for medical care or feed their families while they wait for payday, they’ll likely be distracted. They may even start looking elsewhere for a better employment opportunity. 1 Earned Wage Access requires employer participation.
If you’ve never been asked if you would like to participate in an employeebenefits account before, you might be asking yourself, “What are all these acronyms?” Funds you or your employer contribute to your HSA can help with this. FSAs are employer-owned, meaning you may lose the funds if you change job or health plans.
It makes sense the second most requested benefit among workers is resources to help with their finances, with nearly a third of employees desiring it, according to a report by the EmployeeBenefitResearch Institute and Greenwald Research.
Despite this added stress, however, reducing work hours can still be a great option for organizations who need to limit their expenses without laying off employees. They can eliminate costs associated with working hours and employeebenefits, while still maintaining the size of their workforce.
The IRS stimulus check deadline is fast approaching, and theres $1400 on the line. Not only is this an opportunity for millions of Americans to claim their 2021 Recovery Rebate Credits, but it’s also a chance for employers and their HR teams to support and promote financial wellness among their workers. Who Qualifies for $1400?
Here, we explore the many potential benefits of 401(k) plans for SMB employers, including improved employee retention rates, more successful recruiting, and decreased tax liability. And that makes sense, as 401(k) plans are the most common employer-sponsored defined contribution (DC) plan in the U.S.
It’s also a problem for employers, costing billions of dollars in lost productivity as male employees struggle with related physical and mental wellbeing challenges, recent studies show. Experts say this can lead to long-term consequences for employees and employers, including a financial hit. employers upwards of $9.3
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.
Today I’m going to show some awesome employer brand marketing strategies. Email Marketing Content Marketing Job Boards Company Job Pages Employer Review Sites Google Adwords (Search Network) Google Analytics Social Media Advertising Recruiting Microsites 1. Let’s get to it! Start a company career blog.
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