Paid time off policies have come a long way from their inception, transitioning from set vacation days to paid personal days and floating holidays. Unlimited PTO takes this evolution a step further by removing a set number of days entirely. Still a relatively new concept, only 8 percent of employers currently offer unlimited vacation, according to a 2023 SHRM survey.
To get ready for open enrollment, employers who sponsor group health plans should be aware of the legal changes affecting the design and administration of their health plans for plan years beginning on or after Jan. 1, 2024.
Many remote professionals seek public spaces with Wi-Fi for a change in scenery during the work day. This can reduce feelings of claustrophobia, create healthy boundaries between work and home life and increase daily enjoyment. However, a poorly planned remote work excursion can also reduce focus, decrease productivity and increase cyber risk.
Many employees continue to feel financially strained because of inflation. With open enrollment fast approaching, inflation could impact the choices employees make when it comes to their benefits. Specifically, employees are likely to consider which benefits matter the most and how to optimize the money they spend on those offerings. As a result, this year’s open enrollment may be more challenging than usual for employers and benefits providers.
To get ready for open enrollment, employers who sponsor group health plans should be aware of the legal changes affecting the design and administration of their health plans for plan years beginning on or after Jan. 1, 2024.
The labor landscape was undoubtedly a roller coaster in the first half of 2023, and employers are still along for the ride. During the past year, the market experienced a record number of employee quits, a jump in talent shortages and increased workplace demands from workers—many of whom had the upper hand in employment negotiations.
Communication in the workplace is key. When it comes to employee benefits, proper communication helps employees recognize the true value of their benefits, which can lead to an appreciation of the company’s investment in their health and well-being. Employees who understand and value their benefits are more likely to utilize them.
In the aftermath of a global pandemic, employers face a new array of employee needs, particularly regarding mental health. Four strategies are emerging that could radically transform the dynamics of employee well-being.
The modern business landscape is shifting, propelled by fundamental transformations in employee benefits, according to the 2023 Society for Human Resource Management (SHRM) Employee Benefits Survey.
The 2023 labor market continues to tighten, creating challenges and opportunities for employers. Compensation is a key aspect of these dynamics. Mercer’s latest data reveals that pay increases this year are the highest since the 2008 financial crisis.
