Laura San Agustin, SHRM-CP’s Post

Have you looked into our PEO services as a way to help control these costs? #HR #HRoutsourcing #NGCOA #CMAA #PHCC #NPMA #NCRLA #CoAdvantage #HRstrategy

SHRM posted this article highlighting the pressure U.S. employers are feeling around the employee market, general economy and benefit choices. In short, employers feel they are between a "rock and a hard place". Many organizations are also thinking about what kinds of benefits their employees really want, so they can budget those into their packages. These can be high stakes decisions directly impacting the important business metrics of talent retention and productivity and employee satisfaction. We find the insights in the article to align with what we see in the market. The following is true with nearly every employer that invests in our world-class solutions. 1. They see the gaps in traditional fee for service healthcare and have the desire/ability to think differently about their benefit landscape. 2. They are "trend spotters" acknowledging the new era of virtual care delivery and seeking to leverage this to further empower their plan members to access affordable care. 3. They are proactive in finding innovative solutions that can positively impact their total cost of healthcare and attracted to our powerful ROI. #employer #employers #humanresources #benefits #medical #innovation #healthcare ReviveHealth

Navigating the benefits landscape can be like solving a puzzle, especially as employers strive to cater to the diverse needs of their workforce. 🧩💼 Employers find themselves in a delicate balance: They aim to enrich benefits for their employees, given the soaring financial stress among workers and the competitive job market across various industries. However, concerns about high costs and the effects of inflation often make them pause. How are you managing to strike the right balance between meeting your employees' needs and controlling costs? Share your insights! 💡✨ https://bit.ly/3PoMV2Q #TotalRewards #HR #EmployeeBenefits #WorkforceWellness #DiverseWorkforce #InflationImpact SHRM NFP

Kudos to Kathryn Mayer and SHRM for a timely article to kick off 2024. It shines a spotlight on some important needs. The Spice Girls said it best: "So tell me what you want, what you really, really want," realizing that employees and employers may want slightly different things. It's a fascinating article. One item is new to the table--that employees want more pay transparency. Some legislatures are assisting them in achieving that goal. Is there anything you'd add to the list of benefits and compensation trends for 2024? #benefitsandcompensation #beatinginflationthroughpayincreases #expandeddrugcoverage

Compensation increases continue to be competitive in 2024 - driven by high inflation and the tight job market. In this environment, it's critical to be strategic about compensation in light of the reality of budget and the long term impact of increases. https://bit.ly/3RLTIE2 #Compensation #TotalRewards #HR #Budget SHRM NFP

Total Compensation Costs on the Rise (shrm.org) Total compensation costs increased 4% Q4 2023. Employee benefits accounted for 30% of employer total compensation. ExtensisHR helps our clients drive down and contain these benefit costs long term; not only impacting the organizations bottom line, but also putting money back in their employee's pockets!

The CIPD has unveiled a manifesto for good work, which calls on the next UK government to develop a long-term workforce strategy, Personnel Today reports. It continues: The HR body’s manifesto, published in advance of the main party conferences, argues that the UK needs a joined-up workforce strategy covering three themes – skilled work, healthy work and fair work – in order to tackle stagnating productivity, rising skills shortages, an ageing working population and the UK’s transition to net zero. As well as government policy reforms, the manifesto argues that organisations and people will need to adopt new ways of working, including adapting to or optimising the use of artificial intelligence and other emerging technologies, as well as focus on improving job quality to support employee wellbeing, productivity and labour market participation. To develop healthy work the CIPD suggests that policy-makers: - create a well-resourced single enforcement body focused on employer compliance with the law; - ensure the Health and Safety Executive has the resources to encourage employers to meet their existing legal duty to prevent and manage stress at work; - improve employment rights for vulnerable workers and abolish ‘worker’ status, which would align status for both tax and employment purposes at the same time; - develop locally delivered access to occupational health provision for employers, which is free for SMEs; - reform statutory sick pay, by removing the lower earnings threshold and raising the rate to the equivalent of the national living wage, to be paid from day one of absence and making it more flexible to support phased returns to work; - establish an AI taskforce; - nominate a director of work and health to work with employers and across government departments to improve the recruitment, retention and progression of people with disabilities and long-term health conditions. To make work fairer it recommends that the government: - considers bringing responsibility for enforcing workers’ rights under the Equality Act 2010 within the remit of a properly resourced single enforcement body to help tackle discrimination; - promotes and support flexible working, including considering a challenge fund to support employers to trial flexible working in non-office and frontline roles; - increase statutory paternity leave to six weeks at or near full pay; - review and reform shared parental leave; - enhance childcare support for working parents; - require employers to include pay and pension information in job adverts; - introduce more reporting requirements for employers, including mandatory action plans for gender pay gap reporting and mandatory ethnicity pay gap reporting. #hr #humanresources #hrdirector #hrmanager

About 27 percent of U.S. workers quit their jobs in 2023, costing employers nearly a trillion dollars to replace them. As HR leaders, what can we do to ensure we don't lose stellar people and our business can thrive? This article explores some creative options that focus on individuals rather than expensive, out-of-touch enterprise options that have traditionally been offered to retain talent.  

Stay ahead in 2024 with these Top Employee Benefits & Compensation Trends! Check out some the highlights from a recent SHRM article: - Financial health offerings - Medication coverage - Wage increases that keeps up or exceeds inflation Read more at: https://bit.ly/490WsEI #workplace #employers #compensation #benefits