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Compensation & Benefits

Open enrollment countdown: Employers take a variety of approaches to health benefits education

08/07/2023
As open enrollment for 2024 benefits approaches, employers are ramping up efforts to educate employees about key benefits, including health insurance. According to a new study by Optavise, a provider of benefits training, employers use a variety of tools to ensure employees understand and make smart choices about their health coverage options.

‘Back to school’ may mean employees need time off

08/07/2023
Most employers are flexible about granting school-related leave, but just how far they’ll bend depends on whether employees are nonexempt or exempt and state short-term leave laws.

Retirement plan fiduciaries to pay more than $124 million for mismanaging profit sharing

07/24/2023
Fiduciaries of a retirement plan sponsored by an IT outsourcing firm—including the plan’s investment advisors—will pay more than $124.6 million to resolve violations of federal law related to their failure to properly manage the profit-sharing portion of the plan.

4 generations of employees face differing retirement realities

07/24/2023
The Transamerica Center for Retirement Studies recently surveyed members of four generations that make up the American workforce these days—Generation Z, millennials, Generation X and baby boomers. The topic: retirement expectations. Unsurprisingly, their views differ.

Friday wrap: Last stop for overtime regs, IRS again clarifies disaster tax relief and more

07/21/2023
Overtime regulations, student loan forgiveness and more to end the week.

SECURE 2.0: Is it the answer to both the retirement crisis and employee retention?

07/19/2023
With HR struggling to boost retention numbers, some experts believe SECURE 2.0 provides part of the solution. “SECURE 2.0 is the most sweeping legislation we have seen in the retirement industry,” said Mike Griffin of UBS Workplace Health Solutions.

Retaining top talent, managing higher costs driving employers’ benefits strategies

07/17/2023
Eighty percent of employers surveyed by Willis Towers Watson said competition for talent is the top priority influencing their benefits strategy right now. The second highest priority: managing higher costs, cited by 67% of employers. Coming in third and fourth were a focus on inclusion and diversity (cited by 41%) and caring for employees’ mental health (39%).

Encourage employees to save for retirement

07/14/2023
If your company offers a retirement plan, mentor your team members and encourage them to participate. And if not, you can still encourage them to save via the various programs available.

Salary survey projects 4% pay raises in 2024

07/10/2023
Salary budgets are expected to remain high in 2024 as employers become accustomed to ongoing labor market challenges, according to consulting firm Willis Towers Watson.

New York City upends gig economy with minimum wage

07/10/2023
Gig workers regularly find themselves taking home hourly earnings far less than they would as minimum-wage, overtime-eligible employees. Now one government agency believes it has found a way around the problem.