Compensation & Benefits

Health-benefits costs jumped 5.2% in 2023 due to inflation, higher pharma costs

11/20/2023

The average per-employee cost of employer-sponsored health insurance rose by 5.2% in 2023 to reach $15,797. That’s a big jump compared to 2022, according to the Mercer consulting firm’s annual National Survey of Employer-Sponsored Health Plans.

How to battle poor retention by improving interactions and saying “thank you”

11/20/2023

At the HR Specialist Summit 2023, Karl Ahlrichs, renowned HR expert and speaker, shared insightful strategies for providing rewards and recognition to employees. In his presentation, he emphasized the potential to bolster your team’s retention without significant additional costs, focusing instead on the value and thoughtfulness of the rewards and recognition you offer.

Smaller raises predicted in 2024

11/13/2023

Based on 2024 salary-budget surveys conducted by seven consulting firms, payroll vendors and business organizations, raises for the coming year should average 3.9%.

All tax Friday wrap: The last of the 2024 inflation adjustments and a little bit more

11/10/2023

2024 inflation adjustments and volunteer opportunities ahead of the holiday weekend.

Inflation worries reshaping employees’ retirement expectations, savings behavior

11/06/2023

Following a second straight year of above‐average inflation, and after last year’s volatile markets, workers’ perceptions of what retirement will look like have also begun to shift, further complicating the retirement outlook.

Employers expect smaller pay raises in 2024

11/06/2023

U.S. employers plan to raise their compensation budgets by 3.5% for merit increases in 2024, and 3.9% for their total salary-increase budgets for non-union employees, according to the Mercer consulting firm’s latest QuickPulse U.S. Compensation Planning Survey.

DOL proposed rule requires retirement plan advice ‘in investor’s best interest’

10/31/2023

The Biden administration on Oct. 31 proposed requiring financial advisors working on retirement-plan accounts to act in the best interests of investors, not the companies that create investment products. The core of the new rule—issued by the Department of Labor’s Employee Benefits Security Administration—is an updated definition of investment advice fiduciary. EBSA will enforce the rule if it becomes final, probably in 2024.

December 2023: Employer’s business tax calendar

10/31/2023

Here’s your monthly guide to critical payroll due dates.

Looming child-care crisis could affect your employees

10/30/2023

Many of your employees may soon begin scrambling to find child care for their kids—if they’re not already struggling. That’s because as many as 70,000 child-care providers nationwide could be forced to close after $24 billion in American Rescue Plan federal funding ran out Sept. 30. Thousands of day cares have shut their doors since then.

Cost of employer-sponsored health insurance rose 7% this year, totaling almost $24K