For Employers Archives

This Week’s ACA Registration Deadline Brings Changes for 2018

by Nicole Smith | Dec 13, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

This year’s Affordable Care Act registration ends December 15th. Here’s what you need to know and why you should be helping “push” your employees across the finish line.

This year, the Affordable Care Act, also known as Obamacare, has the shortest enrollment period ever, reduced to 45 days from its previous 3 month enrollment period. This may prevent individuals from registering on time, especially those “healthy procrastinators.” As an employer, you may be penalized.

The ACA requires that employers with 50 or more full-time employees provide health insurance to all full-time employees and their dependents. With rumors afoot, there is a lot of confusion right now among employers; it’s important to know that offering benefits is still required and the Affordable Care Act is still very much in effect as “law of the land.”

2018 will bring several changes to policies and the how the ACA is enforced. Most importantly, there will be changes in processes, forms and filing dates and you may face a time crunch early in the year, which could possibly affect dealings with your employees as well your interactions with the IRS.

Additionally, those employers who may have been noncompliant with the ACA at any point between 2015-2017 will be hearing about it soon. The IRS has been slow to address noncompliance, but they are catching up and employers might receive three years of fees at once.

It is important for employers to know what aspects of the Affordable Care Act have changed, and which have remained the same – and you need to know by the end of this week.

2018’s changes to the Affordable Care Act: What you need to know, ASAP.

The numbers speak for themselves. A company that invests in developing a quality onboarding process is 25 percent more likely to retain its workforce and increase employee performance. Here are the top picks of the industry’s contemporary, innovative and cutting-edge employee onboarding processes. Develop your cutting-edge onboarding process today.

Are you and your HR team ready for the upcoming year? As December mulls to a close, so does your annual checklist. Whether you’re ahead of your game or looking for a well-intentioned distraction, there’s always more to get done! From open enrollment to flexible spending, vacation days and file auditing, ‘tis the season to read-up on and start checking-off your end-of-year HR checklist.

Are the holidays causing undue financial stress in the workplace? Don’t let the winter-holiday-woes weigh heavy on your employees. Sometimes, a fun distraction is the best short-term solution there is! Here are 5 outstanding ways to recognize, celebrate and enjoy the holiday season – at work. Help your employees de-stress during the holidays.

Company benefits are amping up in 2018. Recognizing the importance of helping your employees make better financial decisions is going to pay off, in the short and long term. Studies show that employers who focus on the overall on-the-job satisfaction of their teams are seeing higher productivity and less turnover. Employee benefits trends to watch out for.

Self-Employed? Setting up a healthy retirement-savings plan is even more important for people like yourself. Unlike traditional employees, the likelihood of your having a 401(k) or pension is quite low. Did you know that 42 percent of self-employed professionals and small business owners are dangerously not preparing for their retirement? Start planning for your retirement, today!

Should paid time off be provided in cases of extreme weather? Absolutely. Employee benefits are meant to provide flexibility and ease of mind when life intervenes with work expectations. With the massive uptick in extreme weather, “climate leave” is rising through the charts of standard, expected employee benefits. Here’s why your staff should be paid during inclement weather.

The baby boomer brain-drain has arrived. Boomers are beginning to leave the workforce en masse. 56 percent of US leadership positions are held by boomers and 66 percent of all US companies are owned by these seasoned employees. As the wave of retirement arrives, how can companies retain the boomers’ knowledge and expertise? How to resist the brain-drain.

Have something to add? Email info@bestmoneymoves.com.

This Holiday Season, Give More Benefits – That’s What Employees Want!

by Nicole Smith | Dec 5, 2017 | Blog

Does non-cash compensation really matter? A reported 4 out of 5 employees say they would prefer a benefits increase over a pay raise. In recent years, unique and thoughtful workplace benefits have not only become more important to applicants, your current employees expect them as well.

Nobody wants to be dragging their feet all day! Your team wants to be engaged, productive and happy at work – in line with a healthy work-life balance. Providing unlimited vacation days or having a gourmet chef on premises are certainly not the only ways to keep your employees satisfied with their jobs.

During this holiday season, we all have giving on our minds but if you’re a small business, you may find that you’re simply unable to budget for additional employee contributions this year. Well, a great way to circumvent the cost of individual bonuses or gifts is to improve your employees’ overall benefits in an inexpensive way that’s sure to impress and please everyone in the office.

They say that it’s the little things that count. Well, when it comes to employee benefits, it’s perks of all sizes that will keep your team members happy, healthy, productive and coming back for more.

These five employee benefits will be gifts that keep on giving.

Open Enrollment closes December 15, 2017. Are your employees ready? Unexpected personal health care costs bring financial stress to the workplace. You care about your employees’ wellbeing and arming them with resources and assistance will not only show that you care, it can make a significant difference in their lives. 5 ways to help your employees, before it’s too late.

Open over the holidays? Make sure your employees are taken care of. When implementing holiday schedules, pay and perks, common practice varies from legal requirements. But at the end of the holiday season, it’s going to be your employees who will make note of the difference. Give your employees some cheer this holiday season.

Want to improve productivity in the office? Lower employee financial stress. Study after study shows that employees are stressed over personal finances – and it’s affecting your company’s bottom line. Helping your team find organization and relief within their own bottom lines will greatly improve workplace stress, enjoyment and productivity. Employee stress reducers inside.

Are you or someone you know under the age of 40? If so, listen up: The newly passed tax plan severely “kicks millennials in the teeth, taking from their future, to give to the richest Americans in the present.” What’s done is done. So, the best money move for you, your kids, your employees and your business is to plan for your present as well as your future, today. The new tax plan explained.

Does your Company offer Paternal Leave? It should. 83 percent of America’s largest workforce claims that receiving this family benefit would be a deciding factor when accepting a new position. And, 38 percent of employees under 38 years old offered to take a position abroad if it offered better family leave policies. Are you losing out on quality staff? How do you measure up?

Millennials have stepped up to the plate. It turns out that Millennials aren’t job-hopping any more than anyone else. These employees want long-term employment opportunities with solid benefits including: convenient access to healthcare, flexible work hours and financial education programs. Understand your employees’ benefits expectations.

Is your company prepared for a data breach? Cyber security is nothing new but, believe it or not, many companies are still a few steps behind the times when it comes to system integrity. A significant amount of data breaches that occur involve human resource – related information. Take the steps to prepare. Become an expert by securing your clients – and your company.

Have something to add? Email info@bestmoneymoves.com.

Planning Your Company’s Holiday Party? Prevent Legal Risk with These Steps

by Nicole Smith | Nov 28, 2017 | Blog

Although the logic of company holiday parties will be debated until the end of time, studies show that they do help boost employee morale. And that’s great! But, what about the morale of senior management? Does the idea of a potential disaster keep you up at night?

Make no mistake: we aren’t talking about how many paper plates you should buy or how much dip you will need. This is holiday party planning for the 21st century workplace. Reduce your legal liability with a smattering of timeless wisdom: Hope for the best but prepare for the worst.

From reducing employee alcohol consumption to preventing unlawful harassment (often stemming from excessive employee alcohol consumption), here are a few timeless, proactive steps that you can take to lessen post-holiday party liability.

Don’t forget, employers are employees too – and the holiday party is meant for you to enjoy as well!

(Don’t forget to do your own research, as laws do vary state by state.)

Steps to reduce your liability during this year’s holiday fun.

Your 401(k) is not your personal piggy bank for holiday spending! When you take a loan from your 401(k), you’re not just taking out cash, you’re taking out the eventual growth that goes along with it. It is recommended that you only pull funds for an emergency or a down payment on a home. Your 401(k)’s best money moves.

Ready or not! 2018 is upon us and brings us new labor and employment laws. Changes are coming to laws and policies at the federal, state and local levels. Areas affected go well beyond the realms of healthcare, employment eligibility, overtime, equal pay and background checks. Is your company ready to accommodate these changes? New laws you need to know for 2018.

A lack of savings and overall financial stress reduces employee productivity. More and more studies are showing that your team members don’t know how to save. This puts your entire company at the mercy of unexpected emergencies. Financial strain of any kind never stays out of the workplace. What can you do? Easy ways to reduce stress and raise productivity now!

Human Resources has evolved to being the most dynamic part of the workforce. HR goes well beyond hiring and firing – this department has a huge impact on employee engagement and success, along with the health and longevity of your company’s future. Are you building a great workplace experience? The future of human resources inside.

Is your company up to snuff when it comes to paid time off? Certain workplace benefits are more highly regarded than others but PTO seems to take the cake across the board. From vacation time to sick days, personal days and family leave – how can you choose which is best for your company? Different PTO options your HR department should consider.

Will your small business be affected by the NAFTA trade changes? Small business leaders are finding that upcoming changes to the North American Free Trade Agreement may drastically affect product availability and bottom lines. With unknown changes coming to most imported and exported goods, your business could be at stake. NAFTA’s uncertain times.

Think your company’s job perks are above par? Think again. Basecamp, an ever-growing web development company views their employee benefits very simply: employees’ standard of living is top priority. It turns out that generous salaries and benefits, vacation stipends and shorter summer workdays yields higher productivity, higher profit. Life changing job perks inside.

Have something to add? Email info@bestmoneymoves.com.

Can Exercise Make You Rich?

by Nicole Smith | Nov 15, 2017 | Blog

In 2016, the Lincoln Financial Group set out to the identify common factors of people who consider themselves on to be on the financial “right track.”

Of all workers surveyed, nearly 80% exercise at least once a week, a whopping 98% of these “right trackers” say that they’re focused on the future and over half are enrolled in more than three non-medical workplace benefits.

Does your company’s benefits package help provide mental, physical and financial wellness programs for your employees? According to the numbers, it absolutely should. Get yourself and your employees on the right track now.

Matching skills to assignments. One of the most challenging aspects of HR is moving people into the right jobs. Not understanding how an employee’s job skills transfer from role A to role B can significantly impact employee engagement, productivity, and the employee’s overall shelf-life with the company.

But how can you be sure of an applicant’s skillset when often employees themselves are unable to quantify their own skills and experience?

Turns out there are so many tools that recruiters can use to identify the right skillset in order to pair your applicant with the right job and often, incredibly qualified applicants may be applying to role A when role B would be a much better fit. How can you know if and when it’s time for an internal transfer? When should an internal transfer supersede an external applicant? Here are some resources to help you better understand your employees’ and applicants’ abilities.

Is your small business at risk? Your new business needs money to grow but it’s way too easy to get overburdened with debt. Here are some great tips and a printable infographic to help you manage your small business debt, before it’s too late. Practical tips to manage your company’s debt.

Helping employees with open enrollment is good for business. Financial wellness and physical health go hand in hand. It is important to create a plan that caters to your in-office team as well as to your remote employees. Here’s how to help your employees with their benefits selections.

Virtual access has become the standard expectation for almost all roles within the workforce. Learn about new tools that the savvy HR professional can use to keep up with technology and embrace state-of-the-art digital solutions. Tips to boost your digital game.

Will open discussion of workplace sexual harassment bring change? As more employees step forward to share their experiences, companies and lawmakers are implementing sweeping changes to policies and resources. Help prevent and address sexual misconduct in the workplace.

Are your employees eligible for the “saver’s credit?” Also known as the Retirement Savings Contributions Credit, this tax credit can offset all or part of the first $2,000 employees voluntarily contribute to an employer- sponsored retirement plan or IRA. Help your employees save here.

If it feels like you keep losing your best employees, you probably are. Great employees require great work environments in order to stay challenged, engaged and productive. Try out these at-work morale boosters. The most important not-to-do list that you’ll ever read.

Studies show that 80% of employees would prefer add-on benefits over a pay raise. Perhaps it’s time to update your current employee perks and benefits package. Check out this slideshow for some great ideas on how to attract and keep the best employees.

Is your structured payday becoming obsolete? Another new smartphone-app-as-employee-perk will allow your employees to choose when they get paid – and how much. Often, employees need their already earned salaries before payday arrives. Are you ready for the switch?

Have something to add? Email info@bestmoneymoves.com.

Could Cloud Computing Help Improve Your Productivity?

by Ilyce Glink | Nov 8, 2017 | Blog

Will cloud computing improve employee productivity?

More businesses are finding that by moving key processes to the cloud, they’re able to operate more efficiently – especially since the option to work remotely has become increasingly popular among employees. By moving documents to a central location online, and automating certain aspects of a team’s workflow, employees are able to complete assignments wherever they are.

Many cloud-based platforms allow groups of people to contribute to the same project at different times, and some of the latest platforms even measure how productive each team and each individual on the team are.

Since online solutions take less time to learn, according to e-commerce company Meylah, companies that switch to the cloud can reach a higher level of productivity sooner. Here are some other ways cloud computing could help your people work smarter.

A lot of things have changed since 1996. In its 2016 Employee Benefits Research Report, the Society of Human Resource Management (SHRM) looked back at some of the changes in employee benefits and the companies that help facilitate these benefits since the organization started issuing these reports. See what‘s new.

Updating your employee benefits could help you keep your best employees. Whether you go for more traditional perks, such as a 401(k) match, or think outside the box with options such as free intern housing, your team will thank you for it. Learn what innovative employee benefits these 10 top companies are providing.

Your employees are leaving and it’s costing you money. Retention is a growing problem for employers as the economy heats up and unemployment drops. The latest Gallup report found that a record 47 percent of the workforce says now is a good time to find a quality job and more than half of employees are searching for new jobs or watching for openings. Why are your employees seeking greener pastures?

Is your HR department performing at its best? In order to support a company’s business model and goals, HR professionals need to focus on efficiency and delivering real value where it counts. Start with these five essential practices.

Your employees probably aren’t engaged at work. According to Gallup’s most recent State of the Global Workplace report, 51 percent of workers said they weren’t engaged and 17 percent said they were actively disengaged on the job. Here’s what you can do to fix it.

Many young adult workers are ignoring or rejecting their health insurance options. We’re in the heart of open enrollment season and millennials are 82 percent less likely to have health insurance. Unfortunately, 25 percent of millennials are more likely to have past-due medical debt. Here’s how to engage millennials and use open enrollment season to your advantage.

Should you be offering more ambitious perks? In today’s tight labor market, many companies are using unique benefits to attract and retain top talent. Learn from these six examples.

Does your startup offer the right benefits? While young companies might not want to spend big bucks on extravagant employee perks like weekly breakfasts or a ping-pong table, businesses are still finding plenty of inexpensive ways to make their teams feel valued. Check out these ideas.

How can HR leverage HCM technology? They have to do what they do best: blend the characteristics of their business and their workforce. Here are three things that could help make up the ideal HCM tech framework.

Have something to add? Email info@bestmoneymoves.com.