Over the past decade, employees’ work desires and motivations have remained in a state of flux. Perhaps it is the changing of the guard in four parts with the four co-existing generations in the workplace at one time. The unique attitudes from Baby Boomers and Generation X to Millennials and Generation Z are bound to have an impact on the workforce since the world has changed drastically over the past 50 years.
Many employees have said that they would choose to accept a lower-paying salary for better benefits, especially when considering health care and financial (e.g., 401(k)) benefits. As a result, having a competitive benefits program can make a huge difference when it comes to attracting and retaining top talent. Unfortunately, many employers aren’t sure where their benefits align when compared to their competitors or the industry as a whole.
Your board of directors and officers are an important aspect of your organization. So, what happens when they face lawsuits related to things like breach of fiduciary duty, misrepresentations of company assets, or misuse of business funds?
It can cause a big dent in their financial stability and possibly the financial stability of the company. Directors and officers insurance is coverage that helps to protect your company and board of directors and officers if such lawsuits occur.
Retirement planning is an essential part of our sense of stability and safety for the future. Employees across all generations consider retirement saving benefits from their employer important.
According to the 19th Annual TransAmerica Center for Retirement Study report, 78% of Baby Boomers and 77% of Gen X workers participate in a company-sponsored 401(k) or similar plan, and 21% of millennials are engaged in the retirement savings topic. Gen Z also ranked 401(k) benefits as one of the top five employer benefits in the What the Class of 2019 Wants. And nearly 68% of surveyed students thought 401(k) employer matching contributions were important in the NACE Class of 2017 Student Survey. Also, in the 2018 American Institute of CPAs survey of 547 recent college grads and college seniors, 36% ranked 401(k) with a company match in the top three workplace benefits.
Retirement planning is an essential part of one’s livelihood. However, determining the right retirement plan for a business or individual isn’t always easy. There are many options available to meet the specific needs and requirements of employers and individuals. Included among retirement plan options are the traditional, Roth, and SEP IRA.
One of the best benefits of insurance brokers is that they work for the consumer to procure insurance plans that meet their needs instead of insurance companies. Furthermore, brokers work with several insurance carriers, so they can shop around to find the best pricing and plans to meet the needs of a business and individual clients. They often receive broker discounts from insurance companies and, at times, can pass those savings on to the consumer.
It is common knowledge that student loan debt is a combined trillion-dollar concern for millions of Americans. However, that doesn’t deter individuals, young and old alike, from pursuing higher education. It does, however, give them cause to find lower-priced colleges and various means to pay for college without going into insurmountable debt. Grants, low-interest loans, work-study, and tuition reimbursement are all options to help cover college expenses.
Employee benefits are an essential part of any employee value proposition. Employers have continually used their comprehensive benefits plan to attract and retain top talent in competitive job markets for decades.
As we continue into Q1 of 2021, there is no question that 2020 was a year that will go down in history. Between the pandemic and natural disasters to the changing political landscape, we saw a shift in the benefits employees desired and needed.
Marijuana laws are changing quickly across the United States. Marijuana, also referred to as cannabis, reform was at the forefront of national and state legislative movements in 2020.
Understandably, confusion might surface as organizations attempt to keep up with the changing legal landscape of marijuana use while also maintaining a drug-free workplace policy. Employers face balancing workplace safety, meeting legal requirements, and administering a non-discriminatory drug use policy relating to marijuana use.
The costs and lost profits associated with a cyber incident or breach can result in a small to mid-sized business closing its doors. The average global cost of a data breach in 2019 was $3.92 million according to the 2019 Cost of a Data Breach Report. Therefore, cyber incident response plans are crucial for business continuity in today’s world of technology.
With the vulnerabilities of a mostly remote workforce due to COVID, cybersecurity needs to be assessed and ramped up to mitigate the increased risk. Part of the assessment and response to a remote workforce includes revamping cyber incident response plans to accommodate remote work environments.