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Showing posts from January, 2022

Recruiting and retaining top talent

Recruiting and retaining top talent is a challenge for many organizations. Successful recruiting campaigns include a variety of techniques and careful positioning. However, despite its challenges, recruiting top talent is crucial for both short- and long-term organizational success. Use these resources below to bolster your recruiting efforts and solicit the best possible candidates for your organization. The best people are looking at much more than job postings. Things like company values, internal policies and company culture are all factors for potential applicants. This information can help strengthen your organization’s messaging so you may attract the best talent.  Recruiting and Retaining Talented Employees Today's workers are not committed to companies the way they once were. This article provides suggestions on how to hire qualified employees—and how to keep them. Recruiting Post-coronavirus Like most aspects of the workplace, recruiting norms have changed as organizatio

Major Types of Employer Retirement Plans

The first step to understanding your retirement benefits is to understand your employer’s plan. There are two major types: defined benefit and defined contribution. A defined benefit plan promises a specified payment amount at retirement. This may be stated as an exact dollar amount or may be calculated through a formula that includes factors such as your salary, age and time with the company. In a defined contribution plan, you and/or your employer contribute to an account. Your contributions are invested and the value of your account upon retirement depends on the amount contributed and how your investments perform.   DEFINED BENEFIT PLAN DEFINED CONTRIBUTION PLAN Employer Contributions and/or Matching Contributions   Employer funded. Federal rules set amounts that employers must contribute to plans. There are penalties for failing to meet these requirements.   For most plans, there is no requirement that the emp

Complex Health Benefits Can Hinder Employee Productivity and Morale

Many individuals need help making sense of their options when receiving health services. In fact, a recent study from Quantum Health found that 8 out of 10 people said they faced challenges when receiving care. The study also noted that these challenges were worsened by benefits complexity. In other words, confusion toward health benefits can take a toll on employees in the workplace. According to Quantum Health’s findings, the vast majority of consumers have reported facing hurdles while receiving care during the past two years. These challenges include issues understanding coverage levels, locating providers and navigating the insurance claims process. Issues like these were compounded for individuals with chronic conditions—90% of whom said they faced additional challenges, such as making sense of diagnoses or test results. Here are other main findings from the study: Of the majority who experienced health care challenges, 57% of these consumers said they suffered negative impacts f

Paid Sick Leave—State Law Overview

As a growing trend, states across the country are continuing to enact their own paid sick leave laws. Currently, 13 states and the District of Columbia have enacted statewide laws that require employers to provide paid sick leave benefits to employees. An additional two states—Maine and Nevada—have laws mandating paid employee leave for any reason. Employers that are subject to these laws may face compliance challenges as they update their existing leave policies for the new requirements. Each of these state laws has its own rules for covered employers, qualifying reasons for leave and amount of paid leave. This Paid Sick Leave—State Law Overview includes a chart that provides a high-level overview of current statewide paid leave laws.  Cities and counties across the country additionally have local ordinances that mandate paid sick leave. For example, New York City; Chicago; and Montgomery County, Maryland all have enacted local paid sick leave ordinances. Employers must generally c

Employee Leave – Legal Rules

  Employees may need to take time off from work for various reasons, including for their own medical situations or family emergencies. Federal and state leave laws require employers to provide employees with leave in certain situations. In general, when employees request time off from work, employers should consider their obligations under: The federal Family and Medical Leave Act (FMLA), if applicable; The federal Uniformed Services Employment and Reemployment Rights Act (USERRA); The federal Americans with Disabilities Act (ADA), if applicable; and Any applicable state and local laws on employee leave, including laws about paid sick leave. General Rules At the federal level, the FMLA, USERRA and the ADA require covered employers to provide leave in certain situations. Many states have their own laws regarding employee leave, including family and medical leave, school leave and organ donation leave. As a growing trend, states and localities are adopting paid sick leave laws. Key Comp

2022 State Minimum Wage Rates

The current federal minimum wage rate is $7.25 per hour. However, several states have adopted minimum wage rates higher than the federal rate. When the state rate and the federal rate are different, employers must pay their employees the higher rate.  Minimum Wage Rate by State The table below provides a high-level summary of minimum wage rates by state and important provisions that regulate how these rates apply. Click here to download your full copy of the 2022 Minimum Wage Rates by State . For more information about employee benefits, our services and products, please contact HANYS Benefit Services by  email  or by calling (518) 431-7735.