Treasury, IRS, and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses
The IRS issued official guidance as to how the credit for paid leave due to COVID-19 will be taken. It will be a direct offset against any payroll tax deposit required, so it will make the additional cash immediately available. There are some pretty good examples in the IRS notice issued yesterday, which you can read here: Visit: IRS.gov
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Information for Employers and Group Health Plan Sponsors on COVID-19
For Employers and Group Health Plan Sponsors
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Congress Passes Coronavirus Families First Act
Families First Coronavirus Response Act
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3 Reasons Why Healthcare Costs are on the Rise in 2021
American businesses are noticing a frightening trend: healthcare costs are on the rise and there are no signs that the costs are slowing down. Studies show that healthcare spending per person has grown more than 4% in the past few years, with more individuals receiving support for multiple chronic conditions than ever before. This represents a 10-year rise of nearly 18% for individual healthcare services, which explains why healthcare utilization has stayed mostly flat while costs continue to go up. There are a number of factors that make up these figures, but the costs associated with longer lifespans and the intensity
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CARES Act: Coronavirus Aid, Relief, and Economic Security Act
Congress passes the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) On March 27, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act comes as a continued response to the Coronavirus 2019 (COVID-19) pandemic that is significantly impacting the United States. The Act is a $2.2 trillion economic package that is meant to stabilize individuals and employers, while the nation continues to experience shelter-in-place advisories/orders and hospitals report a surge of severely ill COVID-19 patients. The Act’s Paycheck Protection Program is retroactive to February 15, 2020, which is important for businesses
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4 Ways to Better Manage Rising Healthcare Costs in 2021
American businesses are noticing a frightening trend: healthcare costs are on the rise and there are no signs that the costs are slowing down. Studies show that healthcare spending per person has grown more than 4% in the past few years, with more individuals receiving support for multiple chronic conditions than ever before. This represents a 10-year rise of nearly 18% for individual healthcare services, which explains why healthcare utilization has stayed mostly flat while costs continue to go up. There are a number of factors that make up these figures, but the costs associated with longer lifespans and the intensity
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3 Steps to Take for a Successful 2021
As we inch closer to starting the new year, it’s time to reevaluate and redesign your employee benefits to ensure you and your team are set up for success. So much has happened during this past year with the coronavirus pandemic. Changes have included long leaves of absences, employee status changes, and new employees hired in some cases. This means the demographics of the average work environment have changed considerably over the past months. Now is a good time to take stock of exactly what you will be offering your employees to meet employees’ needs and determine employer contributions. Consider Offering
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4 Strategies to Recruit Successful Remote Workers
Welcoming new team members is a great step to continue building your team's success. Though it may seem like an arduous task to integrate new faces into your existing company with so many employees working from home, proper planning can ensure that you find the right candidate to further fuel your team's success. Consider the following suggestions to help you recruit the right remote workers.Evaluate Who You Need to Fit the RoleBe sure to have specifics on how you need to fill the role. It's important to define the traits you're looking for to fill the role whether it’s for an
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5 Tips to Enhance the Employee Experience Beyond Health Benefits
Happy employees are more productive employees. They are more likely to stay with your company and more likely to produce top notch work while they are there. While generous health benefits are a top draw, they aren't the only employee benefits you have available to enhance the employee experience. These benefits are easy to put in place, but hugely appreciated by the people who work for you: Flexible Schedules Today's highly connected digital landscape means that it's easier than ever for people to get the work done on a schedule that fits the rest of their lives. Offering flexibility can
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Why Now is the Best Time to Redesign Your Benefits Options
As we come towards the end of the year, it’s time to redesign your employee benefits to get a jump start before the next enrolment period. So much has happened during this past year with the coronavirus pandemic. We have seen a lot of movement in employee status, with some taking a leave of absence, others furloughed, and new employees hired in some cases. This means the demographics of the average work environment have changed considerably over the past months. Employers need to reevaluate their employee benefits before moving into the next open enrollment period. Now is a good time to
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