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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). The most recent lawsuit was filed by JPMorgan employees on Mar.
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.
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
It provides a comprehensive view of the number of employees within a company, segmented by various categories such as department, job function, location, and employment status. This data enables employers to make strategic decisions around hiring, budgeting, and workforce planning.
With more employees choosing to work beyond age 65, HR leaders are increasingly being called upon to guide aging employees through one of the most complex transitions in their professional lives - from employer sponsored plans to Group Medicare. ✅ Enhancing Value & Retention - Strengthen employee trust and long-term benefits strategy.
Employee Benefits 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. HRO providers offer a cost-effective alternative.
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. It’s also a chance to learn more about how to take advantage of everything their employer offers. Why is open enrollment important?
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.
Employee engagement describes the connection an employee has with their employer and how that keeps them motivated and committed to doing their best work. In a survey from the Pew Research Center , job satisfaction was broken down into nine categories, from relationships with coworkers to commutes and paychecks.
Employers, youve got a big storm coming. Talent shortages are likely to be exacerbated by population decline, and knowledge gaps left by retiring workers may fail to get filled. Significant disruptions are coming to the labor market. These looming challenges are unprecedented in many ways.
According to research by Secure Data Recovery, 88% of employees have worked at a small business without a dedicated HR team. Professional employer organizations (PEOs) offer a cost-effective solution to this problem. Professional employer organizations (PEOs) offer a cost-effective solution to this problem.
Enhanced Employer Branding and Candidate Experience Competition for top talent is intense, and first impressions matter. A strong employer brand helps potential applicants picture themselves as part of the team. Regular check-ins let employees know they are heard, and well-structured support can lead to higher productivity.
Yet, recent research has found that many employers are not offering environments conducive to recruiting or retaining these professionals. Without strategic planning now, they say, systemic ageism in the workplace could cause employers to miss out on the potential of this growing population of workers.
As healthcare employers, we are tasked with understanding our employees’ intrinsic motivations and the external factors affecting their profession. Moreover, crafting these benefits packages must be adaptive and innovative, aligning with the changing landscape of healthcare employment.
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%
While recruitment teams handle interviews and candidate screening, talent acquisition teams spend most of their time: Identifying specific talent pools Building relationships with potential future hires Developing employer branding strategies Creating talent pipelines for anticipated needs The key difference?
When a business fails to comply with any of these laws, employers are held accountable for things like back wages, penalties, attorney fees, and may even face criminal or civil penalties. Paper checks and direct deposit are still the norm, but new methods, such as payroll cards , have emerged for an evolving workforce.
While recruitment teams handle interviews and candidate screening, talent acquisition teams spend most of their time: Identifying specific talent pools Building relationships with potential future hires Developing employer branding strategies Creating talent pipelines for anticipated needs The key difference?
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.
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. Key Features: Headcount tracking : Tracks and manages your workforce in real-time.
Quick look: It’s National Retirement Security Month, making it the perfect time for brokers to equip clients with the tools and resources needed to help their employees plan for a secure financial future. Retirement is a hot topic for all staff. workers is reaching retirement age. workers is reaching retirement age.
Learn how to write a job description that is engaging, inclusive, and informative, and check out the outline and examples below. Including a salary range and details about benefits (health insurance, PTO, retirement plans, professional development opportunities, bonuses etc.) can help attract top candidates.
In the post-pandemic employment landscape, buzzwords containing the word ‘quiet’ are all the rage. This prompted employers to create the term and practice of ‘quiet firing,’ wherein they make such a hostile work environment that it encourages an employee to quit. What is quiet hiring?
The research found just 56% of full-time US workers earn a living wage, with stark disparities among women and workers of color. Frankly, the results are startling,” said Jason Rahlan, VP of corporate responsibility and sustainability at Dayforce, adding that he hoped the research would be a “wake up call” for businesses.
RetirementRetirement attrition occurs when employees exit the workforce upon reaching the eligible retirement age or choosing to retire early. Employee attrition refers to the process of employees leaving an organization, encompassing various reasons such as retirement, resignation, or termination.
Hire-to-Retire (HTR) refers to the comprehensive employee lifecycle management process that spans from the moment an individual is recruited until they retire or exit the organization. The Stages of the Hire-to-Retire (HTR) Process HTR involves several stages that align with an employee’s career trajectory.
Traditional benefits like health insurance, retirement plans, and paid time off serve as hygiene factors or factors that help prevent employee dissatisfaction. According to a Census.gov survey, 86% of private-sector employers offer employer-sponsored health insurance. This change will go into effect January 2025.
While employers’ initial reaction may be to simply increase the minimum wage of all employees, that can quickly become costly. Increased compensation isn’t the only cost that employers should consider with wage hikes: There may be impacts on pay-based benefits, like health insurance premiums or retirement matches.
BlackRock CEO Larry Fink addressed the retirement crisis in his annual letter to investors on March 26, making the case that Americans should work later into their lives in light of demographic and economic factors straining the system. Fink challenged “our anchor idea for the right retirement age—65 years old,” in light of these trends.
In their help wanted ads and values statements, plenty of employers talk about treating workers like family, but strategic HR is where they can really invest in employee wellbeing. AI provides a powerful way to cull and organize huge amounts of information. Get new insights with HR software that accesses your integrated systems.
This translates to more informed decisions that not only save time and cut down on errors, but also boost your credibility when you walk into that executive meeting. So, where do these data-informed use cases come to life? After all, confidence backed by data is far more convincing than old-fashioned hunches.
Employers leveraging data-driven platforms to offer customized options will stand out regarding employee recruitment and retention. Many employees now prioritize flexibility in healthcare, retirement savings, and wellness programs. Employers should prepare for potential changes in healthcare policy, retirement plans, and wage laws.
This informs strategies related to recruitment, retention, and talent management and development. This involves reviewing hiring pipelines, internal talent pools , and potential challenges like retirements or high turnover in certain departments.
To do this successfully, companies are recommended to undergo a detailed process that often includes the following steps: Preparing for the Audit: Organizations are encouraged to review employee information and gather all necessary documents. Both of which can be hard to recover from in an increasingly transparent employment landscape.
COPYABLE EXAMPLE: [Date] [Recipient Name] [Address] [City, State ZIP Code] Dear [Recipient Name], I regret to inform you that, due to [reason: e.g., lack of funds, lack of work, reorganization] in the [Company/department name], it has become necessary to implement a reduction-in-force in the form of reduced work hours.
Compassionate leave Compassionate leave is a type of absence granted by the employer to give employees the time they need to deal with a personal or family emergency. Discretionary benefits Discretionary benefits are benefits that employers choose to offer their employees, although they are not legally required to do so. ” 4.
Quick look: A new year is quickly approaching, and with it comes a new set of contribution limits for retirement accounts, health savings accounts, flexible savings accounts, and commuter benefits plans. Employers and their staff should review these new figures set by the IRS and adapt their 2025 benefits plans accordingly.
Quick look: 401(k)s are the most popular retirement plans in the U.S. 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. When people think of a retirement savings plan, many think of a 401(k).
Disabled people experienced a record level of employment in 2023 , thanks in large part to remote work. Despite opportunities created by remote work and the three-decade old Americans with Disabilities Act , many disabled workers still face barriers to employment. The application process very often will have phone screenings.
As baby boomers retire, there’s a notable gap in numbers to fill their roles, leading to a shortage that’s felt across various industries. There is a gap between what is taught in academic institutions and the real-world skills employers demand. The power of information, when harnessed creatively, can transform your talent pipeline.
More than a third of workers say that they don’t fully understand their healthcare coverage Nearly two-thirds said their employer doesn’t act as a resource for healthcare-related questions Through better and more consistent communication and education, HR can elevate the overall benefits experience for all employees.
To achieve this, employers should create a comprehensive well-being program that addresses both physical and mental health, encourage a culture where taking sick leave is not stigmatized, ensure workloads are manageable, and promote work-life balance through flexible working hours.
Develop a Strong Employer Brand: A strong employer brand is the foundation of attracting top talent. Including information about growth opportunities, career paths, and potential benefits. Involving key stakeholders in the hiring process to make informed decisions and avoid unnecessary delays.
Two of the most common software solutions in this domain are the Human Resource Information System (HRIS) and Applicant Tracking System (ATS). A Human Resource Information System (HRIS) is a comprehensive software tool that serves as the backbone of HR management. What is an HRIS?
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