Tips for Managing During the Great Reshuffle
The Great Reshuffle—a mass movement of workers leaving jobs with which they are not satisfied—shows no signs of slowing down. As Generation Z and Millennials begin to make up more of the workforce, it has become clear that values and priorities have shifted from those of previous generations. Furthermore, unemployment rates are down, and the employment market is currently very worker-friendly. The combined effect of these factors is that employees more readily move between different jobs to find those that align with their priorities and desires. This often means seeking out better compensation or benefits, workplace flexibility, career development opportunities or the right culture fit.
The Great Reshuffle can make for a challenging environment for employers, but several tips can help mitigate the issues employers may face. Consider the following strategies:
Download the Entire PDF Below:
Total Compensation Statements and Today's Talent Challenges
Pay stubs typically show an employee’s salary, bonuses, taxes and other deductions, but many benefits employers provide employees may not appear. While some absent benefits may be obvious, others may be overlooked or are easily forgotten by employees. A total compensation statement provides employees with a broader understanding of what benefits their employer provides.
Organizations use total compensation statements to not only help employees understand their full compensation packages but also build loyalty and increase retention. After all, in the current labor market, employers need to do everything possible to bring in and keep employees. Utilizing total compensation statements may be one strategy to help employers address their attraction and retention challenges.
Download the Entire PDF Below:
Strategies for Avoiding Litigation Over COBRA Notices
Employers are seeing an increase in lawsuits from former employees alleging deficient Consolidated Omnibus Budget Reconciliation Act (COBRA) election notices. These lawsuits are generally class actions and can result in significant attorneys’ fee awards for successful ex-employees. Understanding current COBRA notice regulations and litigation trends can help employers stay compliant and avoid costly lawsuits.
What Is a COBRA Notice?
Most employer-sponsored group health plans must comply with the Employee Retirement Income Security Act (ERISA), which establishes standards for protecting employee benefits. One protection established by ERISA is an employee’s right to continued health insurance coverage under COBRA.
COBRA allows former employees and their families to continue their health insurance for a limited time after a qualifying event. Qualifying events include:
- Termination of employment
- Reduction of work hours for reasons other than misconduct
- Death
- Medicare eligibility
- Divorce
- A child’s loss of dependent status
Employers must provide former employees with notice that they may elect to continue their health coverage.
Download the Entire PDF Below:
Inflation Increases to 9.1% in June, Reaching a 40-year High
The Bureau of Labor Statistics announced that the U.S. consumer price index (CPI) rose 9.1% year over year in June 2022. This is the highest level since December 1981, surpassing last month’s record 8.6% reading and even economists’ predictions of an 8.8% CPI increase in June. Americans paid sharply higher prices for various goods in June as inflation kept its hold on the economy.
The increases were felt across all categories but notably impacted gasoline, shelter and food. Gasoline prices were up nearly 60% over the year in June; the American Automobile Association reported the national average at the pump was $5.01 per gallon. In general, energy prices rose (by 41.6% year over year). Electricity prices rose 13.7%, and natural gas prices increased 38.4% year over year in June.
Prices for food at home increased 12.2% over the year, significantly driven by cereals, dairy and meats. Food away from home trailed slightly behind at 7.7% in June.
Download the Entire PDF Below:
Employee Quits Continue Downward Trend in May from All-time High
The U.S. Bureau of Labor Statistics (BLS) recently released its May Job Openings and Labor Turnover Summary. The number of employee quits continued to fall for the second month in a row; May’s reported number of employee quits fell to around 4.3 million, down from 4.4 million in April and from a record high of 4.5 million in March.
Download the Entire PDF Below:
4 Strategies for Reducing Health Benefits Costs in 2022
Health care costs continue to rise each year, and 2022 will likely be no exception. In the new year, experts predict a 6.5% increase in medical expenses alone, according to PricewaterhouseCoopers. In terms of health plan premiums, employers anticipate they may rise more than 5% in 2022, a Willis Towers Watson survey reports.
With these increases in mind, employers will want to strategize methods to rein in benefits spending. This article offers four ways to help.
Download the Entire PDF Below:
5 HR Trends to Monitor in 2022
Human resources (HR) departments are given more responsibility each year, often with budgets that don’t match these changes. As a result, HR teams must constantly innovate and stay on top of trends to remain competitive in today’s labor market.
This article highlights five HR trends for employers to follow in 2022.
Download the Entire PDF Below:
5 HR Technology Trends to Monitor in 2022
No matter a company’s size, its day-to-day needs can feel overwhelming for human resources (HR) leaders, especially when faced with new coronavirus-related responsibilities or evolving role duties. Amid the COVID-19 pandemic, many employers are leveraging tech to address today’s challenges.
Fortunately, technology can assist HR professionals in addressing today’s challenges by enhancing the employee experience, improving workflows and helping organizations respond to change. The rapid development of HR technology can seem intimidating at first; however, much of what employers use today is intuitive and user-friendly.
This article explores five technology trends for employers to watch for in 2022.
Download the Entire PDF Below:
DOL Announces Rule to Increase Federal Contractor Minimum Wage
DOL Announces Rule to Increase Federal Contractor Minimum Wage
On Nov. 22, 2021, The U.S. Department of Labor (DOL) announced a new rule that will increase the minimum wage rate for federal contractor employees. The new rule implements Executive Order 14026 and increases the minimum wage for individuals performing work on or in connection with federal contracts to $15 per hour on Jan. 30, 2022. The rule also allows the DOL to adjust this minimum wage rate beginning Jan. 1, 2023, and creates standards and procedures to implement and enforce minimum wage protections created by the executive order.
Download the Entire PDF Below:
Market Snapshot: Why Is It So Hard to Find Workers Right Now?
Market Snapshot: Why Is It So Hard to Find Workers Right Now?
Brought to you by the insurance professionals at
C3 Group LLCEmployers across the country are facing a pronounced issue right now: too many open positions and not enough workers.
On its face, it might seem like there are not enough workers available for jobs—hence all the openings. But, confoundingly, that’s not the case. The unemployment rate is still hovering just below 5%, translating to around 7.5 million unemployed Americans, according to the Bureau of Labor Statistics.
Additionally, several key COVID-19 initiatives ended at the end of summer—expanded unemployment benefits ceased, and children returned to in-person classes. As such, many economists expected workers to be spurred back into the workforce this fall. That’s decidedly not been the case; while some individuals are returning to work, others are quitting in record numbers.
This article explores the current labor market, offering potential reasons why individuals have been slow to return to work despite available positions and suggesting ways for employers to attract some of these workers.
Download the Entire PDF Below: