In October 2021, Bloomberg Law reported, “Covid-19 is upending employers’ open enrollment as benefits plan advisers struggle to communicate with their workers about changes to their fringe compensation.” Additionally, COVID-19 has pushed more employers to conduct open enrollment remotely. Note that prior to COVID-19, many on-site and remote employers had already adopted virtual open enrollment … [Read more...]
Employee Stock Options: A Smart Benefit
When employees take advantage of stock options that are offered as a benefit, you are granting them the opportunity to purchase shares of your company at a predetermined and discounted price. Since the shares are often much less expensive than the share price that nonemployees must pay, stock options can be a valuable benefit for employees. As an employer, you can work with your team to decide … [Read more...]
Improve Communications in Your Company
Effective internal communication has gotten more important since the pandemic and remote work decentralized teams. Better internal communication engages employees, keeps teams aligned, prevents duplicate work and keeps time from being wasted in searching for information. How can you supercharge communication no matter where everyone is working? Demonstrate empathy. Managers need to show that … [Read more...]
Avoid These Questions on Your Job Application
A job application, by its very nature, asks personal questions. But what are you allowed to ask on one, and what should stay out of bounds? According to the Society for Human Resources Management, "The guiding principle behind any question to an applicant — whether the question is asked by the interviewer or appears on the employment application — should be, 'Can the employer demonstrate a … [Read more...]
Reap Rewards With Mental Health Benefits
What does the term "well-being" mean for each of the individuals you employ? Take some time to answer this question, and from there, think about how you can go about meeting the needs of your employees regardless of the current stage of life they're in or what is going on in the world today. If employees cannot trust that their employer will take care of them, then how can you expect your business … [Read more...]
Take a Look at the Alternative Workforce
Take a Look at the Alternative Workforce One of the most fitting descriptions of the alternative workforce comes from Deloitte. In the company’s words, they have said that “the alternative workforce has become an integral component of the workforce ecosystem, providing organizations with access to a wide array of skills and highly diverse talent that they may not be able to source … [Read more...]
Characteristics of a Healthy Workplace Culture
Characteristics of a Healthy Workplace Culture You can't measure a company's success entirely by sales. You have to look at the workplace culture, which has a long-term effect on the company's health. According to the Society for Human Resource Management, three things occur in a positive workplace culture: According to the Society for Human Resource Management, three things occur in a positive … [Read more...]
How To Achieve Excellence in HR Service Delivery
How To Achieve Excellence in HR Service Delivery The human resource function is responsible for providing services as well as support to employees during their time working for a company, from hiring, onboarding, training and development to payroll, benefits and termination. This "services and support" arm is known as "HR service delivery." HR service delivery: Then and now Historically, HR … [Read more...]
7 Key Players in 401(k) Administration
Plan sponsor, named fiduciary, custodian … these are just a few of the players on the 401(k) administration team. Each player brings something unique to the game. Click through for insight into seven of the main players. Below are seven key roles in the 401(k) administration hierarchy. 1. Plan Sponsor The plan sponsor is the employer that establishes the 401(k) plan for the benefit of its … [Read more...]
The Tax Implications of Closing a Business
The decision to close a business's doors for good is never an easy one. However, it's important to keep abreast of compliance requirements before you say goodbye. That's why you should take time to visit the closing a business page of IRS.gov. It's designed to help you navigate the process of shutting down. It includes guidance on: What forms to file. How to report revenue received in … [Read more...]