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.

On May 28, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-25 announcing the annual inflation-adjusted limits for health savings accounts (HSAs) for calendar year 2020. An HSA is a tax-exempt savings account that employees can use to pay for qualified health expenses.