Amid today’s economic uncertainty, we know you need strategies and solutions that will help your business thrive. With workforce and talent concerns running high for employers across the nation, our experts developed these articles with those critical issues top of mind. We offer fresh insights designed to attract, retain, engage and motivate your employees — all while protecting your bottom line and managing emerging risks. Articles include:
- Unlock Success with Effective Performance Management
- How Employers Can Benefit from Financial Wellbeing Programs
- How to Talk About Hard Decisions During a Recession
- Cost-Effective Health Plan Perks to Consider in 2023
- 3 HR Strategies to Recession-Proof Your Organization
- Responding to Employment Practices Liability (EPL) Claims
- Versatility — Important in Life & Life Insurance
BIZGrowth Strategies - The Great Resignation Special EditionCBIZ, Inc.
The Great Resignation continues to plague organizations across the country. It has exacerbated a host of employer challenges, including attraction, retention and engagement of top talent, as well as mitigating new risks. Our experts have developed these articles and linked resources to help your organization combat the mass employee exodus.
Compensation and Human Theory A close look at all the t.docxmaxinesmith73660
Compensation and Human Theory
A close look at all the theories of human motivation reveals a common driving
principle: people do what they are rewarded for doing. This has been termed "the
greatest management principle in the world." Reinforcement, expectancy, and goal
setting describe how to motivate people. Hence they are also called the "process
theories." Rewards are both intrinsic—that is feeling good about an accomplishment—
and extrinsic—that is being recognized for an accomplishment. Compensation is part
of the mix of rewards for employees.
David McClelland’s early studies showed that receiving a bonus or salary increase had
a short-term positive effect. Withholding a bonus or salary increase had a long-term
negative effect. Pay satisfaction is comprised of four elements: the level of pay and
benefits, the extent to which workers perceive their earnings are fair or deserved,
comparisons with other people’s pay, and noneconomic satisfactions such as intrinsic
satisfaction with the content of one's work.
Compensation is a topic near and dear to every employee. Companies are learning that
sharing the economic gains of reaching targets helps employees stay motivated to reach
increasingly difficult goals. For example, PepsiCo has instituted a program called
"SharePower" that makes all employees—not just a select group of senior executives—
who work at least 1,500 hours per year and who are employed by Pepsi for 1 year or
longer, eligible for stock. Since its introduction, stories abound at Pepsi about how
employees have gone the extra mile to serve customers. When HR professionals help
employees see that a particularly demanding project or exercise will result in economic
payback for the employee, the employee is likely to work harder. With a clear line of
sight between work and reward, employees may cope better with increased demands.
Financial incentives, in order to be effective, must be clearly linked with desired
outcomes. For example, in one banking call center, management rewarded employees
who had shorter time per call averages because they were able to take more calls. The
employees strove to have shorter online times each day. Unfortunately, they often did
not complete customer requests and customers had to call several times to get a request
completed or problem solved. Call volumes in the center went up dramatically, and
customer satisfaction with the call center service went down. The plan was changed
once management determined they had created the problem.
Benefits and services are a major ingredient in employee compensation. Estimates are
that on average, benefits as a part of payroll are 41%. The overall benefits plan of a
company is also an important element in employee retention. Each plan is designed for
the specific company and its unique situation, although there are many similarities
within industries. As part of the corporate downsizings, many companies outsource
their bene.
Dependent Verification: What You Don't Know Can Hurt YouHodges-Mace
Regardless of whether an employee’s intent is to defraud their employer, or whether the employee simply does not understand the plan rules, the time to correct an eligibility error is before a major health issue arises.
BIZGrowth Strategies - The Great Resignation Special EditionCBIZ, Inc.
The Great Resignation continues to plague organizations across the country. It has exacerbated a host of employer challenges, including attraction, retention and engagement of top talent, as well as mitigating new risks. Our experts have developed these articles and linked resources to help your organization combat the mass employee exodus.
Compensation and Human Theory A close look at all the t.docxmaxinesmith73660
Compensation and Human Theory
A close look at all the theories of human motivation reveals a common driving
principle: people do what they are rewarded for doing. This has been termed "the
greatest management principle in the world." Reinforcement, expectancy, and goal
setting describe how to motivate people. Hence they are also called the "process
theories." Rewards are both intrinsic—that is feeling good about an accomplishment—
and extrinsic—that is being recognized for an accomplishment. Compensation is part
of the mix of rewards for employees.
David McClelland’s early studies showed that receiving a bonus or salary increase had
a short-term positive effect. Withholding a bonus or salary increase had a long-term
negative effect. Pay satisfaction is comprised of four elements: the level of pay and
benefits, the extent to which workers perceive their earnings are fair or deserved,
comparisons with other people’s pay, and noneconomic satisfactions such as intrinsic
satisfaction with the content of one's work.
Compensation is a topic near and dear to every employee. Companies are learning that
sharing the economic gains of reaching targets helps employees stay motivated to reach
increasingly difficult goals. For example, PepsiCo has instituted a program called
"SharePower" that makes all employees—not just a select group of senior executives—
who work at least 1,500 hours per year and who are employed by Pepsi for 1 year or
longer, eligible for stock. Since its introduction, stories abound at Pepsi about how
employees have gone the extra mile to serve customers. When HR professionals help
employees see that a particularly demanding project or exercise will result in economic
payback for the employee, the employee is likely to work harder. With a clear line of
sight between work and reward, employees may cope better with increased demands.
Financial incentives, in order to be effective, must be clearly linked with desired
outcomes. For example, in one banking call center, management rewarded employees
who had shorter time per call averages because they were able to take more calls. The
employees strove to have shorter online times each day. Unfortunately, they often did
not complete customer requests and customers had to call several times to get a request
completed or problem solved. Call volumes in the center went up dramatically, and
customer satisfaction with the call center service went down. The plan was changed
once management determined they had created the problem.
Benefits and services are a major ingredient in employee compensation. Estimates are
that on average, benefits as a part of payroll are 41%. The overall benefits plan of a
company is also an important element in employee retention. Each plan is designed for
the specific company and its unique situation, although there are many similarities
within industries. As part of the corporate downsizings, many companies outsource
their bene.
Dependent Verification: What You Don't Know Can Hurt YouHodges-Mace
Regardless of whether an employee’s intent is to defraud their employer, or whether the employee simply does not understand the plan rules, the time to correct an eligibility error is before a major health issue arises.
Special Health Care Reform Edition of BIZGrowth Strategies NewsletterCBIZ, Inc.
Be sure to check out the Special Health Care Reform Edition of BIZGrowth Strategies Newsletter. Article topics include Private Exchanges, Health Care Reform's Impact on Compensation, the Shared Responsibility Penalty's Effect on Worker Classification, How to Manage Change during these Times and How the ACA Affects Your Payroll System.
As a business owner or operator, your work is about taking a series of risks over time – those you choose, and those that choose you. Your response to these business risks, or the decisions you make over time, will be closely examined by your shareholders, regulators, employees, business partners and customers. While you can’t totally avoid them, having the right coverage in place for each risk can protect you and your business from serious consequences.
Turn Your Business Risks into Growth. There’s no doubt that you could face these risks and more over the life of your business. But, if you’re prepared for them – with the right coverages – they can lead to growth instead. You’ll likely consider expanding your workforce at some point, or adding a new product line or vendor. Maybe you’ll face the loss of a key executive or major customer. You’re sure to experience increased regulatory oversight and maybe even acquire a new entity. For more on the coverages you’ll need to take these business risks and more,
In This Issue:
• 5 Strategies to Combat the Great Resignation
• What You Need to Know About SALT Cap Workarounds
• Hidden Insurance Coverage Risks of Mergers & Acquisitions
• Employee Wellbeing Trends to Watch in 2022
• Thrive vs. Survive — A Tale of Two Retirees
Business Quarterly (BQ); a magazine bringing innovative and inspiring content to businesses and professionals.
This issue highlight matters that will help you make smart decisions in a difficult and challenging environment - as well as business support and advice in these uncertain times.
Running head EMPLOYEE BENEFITS PROGRAMS .docxtodd271
Running head: EMPLOYEE BENEFITS PROGRAMS 1
EMPLOYEE BENEFITS PROGRAMS 7
Strategic Value of Employee Benefits Programs
Phyllis Spears Jones
Strayer University
HRM599 Capstone
Dr. Gary Wash
June 2, 2020
Strategic Value of Employee Benefits Programs
For a commercial entity to stay competitive in the changing business world, it needs to have a strategic human resource department that acts as a strategic partner to ensure it has the best to gain a competitive advantage. The human resources department, therefore, needs to put itself in a decisive role that helps it to attract and retain highly skilled employees. This is affected by several factors that include types of benefits from the company that accrues to the workers. In other words, employee benefit programs are useful in creating an atmosphere that makes employees more engaged and motivated (Klonoski, 2016). Therefore, for a company to be strategically in terms of competition, the human resources department needs to step away from conventional administrative roles to be a strategic partner who recognizes the value of employee benefit programs and the role they play in generating a significant competitive advantage. This makes it vital to be mindful that an excellent employee benefits package attracts and maintains the skills required to distinguish a company from its competitors. This paper discusses the factors to considers when providing employee benefit programs, compares and contrasts income protection programs, and pays for time not worked programs and other benefits that are necessary for the benefits package.
Factors to Consider Before Providing Employee Benefits Programs
Everyone is aware that rewards are components of an organization's overall incentive package. It is also worth noting that other than the traditional pensions and healthcare plans, employees need a broader choice of benefits that reflect the changing needs and lifestyles (Hagel & White, 2016). It is undeniable that every commercial entity must ensure that it has in place attractive employee compensation packages to attract and retain the talent needed to gain a meaningful competitive advantage. It must, however, be recalled that many essential variables play a crucial role in deciding an economic entity's employee benefits programs. One of these variables is the type of benefits to be provided. Some benefits are too expensive to provide while others are within reach of many business organizations. Therefore, a commercial enterprise must weigh its financial soundness to avoid providing a benefits program that works against its overall objectives.
Another variable to consider is aligning the benefits strategy with the business objectives. The human resource department of an organization must revisit a plan quite regularly to ensure that it meets the changin.
The Impact of Dropping Your Health Plan in 2015CBIZ, Inc.
As employers consider whether or not to drop their health plan in 2015, a broad, comprehensive financial impact analysis is required. In addition to calculating the cost of the “No Coverage” Shared Responsibility penalty, employers must factor in the nondeductibility of the penalty, increases in cash compensation and possible reductions in productivity. This article provides a brief overview of these components and explains how to run the math.
BIZGrowth Strategies — Cybersecurity Special Edition 2023CBIZ, Inc.
As cybercriminals continue to advance and evolve, a stagnant cyber risk management approach is simply not an option. Further, the prevalence of cyber breaches means cybersecurity is not solely an IT concern. It takes a robust set of processes and people from across your organization, working together toward a common goal. We offer fresh insights to help protect your organization from cyberthreats in multiple operational areas. Articles include:
- How Cybercriminals Are Weaponizing Artificial Intelligence
- Employee Benefits Cyber Risk Exposure Scorecard
- Closing the Security Gap: Managing Vendor Cyber Risk
- Retirement Plan Sponsor Cybersecurity Checklist
- Protect Your Digital Frontline With Employee Training
BIZGrowth Strategies - Back to Basics Special EditionCBIZ, Inc.
Amid the increasing complexity of today’s business landscape, it can be of great benefit to shut out the noise and simply get back to the basics. Summer offers the rare opportunity for organizations to slow down and sweat the small stuff.
In this issue, our experts address seven key topics intended to help leaders guide their teams to stability and refocus on the foundational elements of success, including:
- Talent Management 101: How to Attract & Retain Great Employees
- Exploring the What, Why & How Behind the Employee Experience
- The Shifting Normal: 3 Ways Leaders Can Embrace Change & Conquer Challenge
- What is Financial Wellbeing & Why Should Employers Care?
- D&O Insurance Application Basics to Protect Your Leaders
- Your Life Insurance Policy May Be One of Your Biggest Assets
- Understanding Labor Law Poster Compliance
Welcome to our newly branded newsletter, "The Advantage." The articles in this issue provide insights to help you:
■ Have conversations around tough decisions during periods of economic uncertainty
■ Evaluate fast-growing artificial intelligence tools like ChatGPT
■ Recognize colleagues who are key allies in supporting women in the workplace
■ Navigate career shifts along the path to successful leadership
■ Manage workplace culture in a hybrid model
■ Garner inspiration from the 2023 Women Transforming Business finalists and winners
BIZGrowth Newsletter - Economic Slowdown Solutions Special EditionCBIZ, Inc.
The "Economic Slowdown Solutions Special Edition" newsletter includes articles that present tips, strategies and ideas to help your organization master economic uncertainty and recessionary concerns. Topics include:
- Considerations for a Reduction in Force
- Tips to Prepare for Risk Management Challenges
- Tactics to Recession-Proof Your Benefits Strategy
- HR Best Practices
- Recruitment Strategies to Keep You Competitive
- 3 Innovations to Stay Nimble
- Disability Insurance for Business Owners
BIZGrowth Strategies - Cybersecurity Special EditionCBIZ, Inc.
Cyberattacks are becoming more frequent and sophisticated, making a recovery from them increasingly difficult. Without preparation, a cyberattack can be devastating to your business, having severe operational, financial, legal and reputational implications.
The prevalence of cyber breaches also means cybersecurity is no longer solely an IT concern. Elevating your information security from functional to effective takes a robust set of elements, processes and people working together toward a common goal.
Our professionals have developed these articles and resources to help you protect your organization from these attacks.
Connections Help Law Practice Efficiently Obtain $5 Million Line of CreditCBIZ, Inc.
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Be sure to check out the Special Health Care Reform Edition of BIZGrowth Strategies Newsletter. Article topics include Private Exchanges, Health Care Reform's Impact on Compensation, the Shared Responsibility Penalty's Effect on Worker Classification, How to Manage Change during these Times and How the ACA Affects Your Payroll System.
As a business owner or operator, your work is about taking a series of risks over time – those you choose, and those that choose you. Your response to these business risks, or the decisions you make over time, will be closely examined by your shareholders, regulators, employees, business partners and customers. While you can’t totally avoid them, having the right coverage in place for each risk can protect you and your business from serious consequences.
Turn Your Business Risks into Growth. There’s no doubt that you could face these risks and more over the life of your business. But, if you’re prepared for them – with the right coverages – they can lead to growth instead. You’ll likely consider expanding your workforce at some point, or adding a new product line or vendor. Maybe you’ll face the loss of a key executive or major customer. You’re sure to experience increased regulatory oversight and maybe even acquire a new entity. For more on the coverages you’ll need to take these business risks and more,
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Running head EMPLOYEE BENEFITS PROGRAMS .docxtodd271
Running head: EMPLOYEE BENEFITS PROGRAMS 1
EMPLOYEE BENEFITS PROGRAMS 7
Strategic Value of Employee Benefits Programs
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Strayer University
HRM599 Capstone
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Strategic Value of Employee Benefits Programs
For a commercial entity to stay competitive in the changing business world, it needs to have a strategic human resource department that acts as a strategic partner to ensure it has the best to gain a competitive advantage. The human resources department, therefore, needs to put itself in a decisive role that helps it to attract and retain highly skilled employees. This is affected by several factors that include types of benefits from the company that accrues to the workers. In other words, employee benefit programs are useful in creating an atmosphere that makes employees more engaged and motivated (Klonoski, 2016). Therefore, for a company to be strategically in terms of competition, the human resources department needs to step away from conventional administrative roles to be a strategic partner who recognizes the value of employee benefit programs and the role they play in generating a significant competitive advantage. This makes it vital to be mindful that an excellent employee benefits package attracts and maintains the skills required to distinguish a company from its competitors. This paper discusses the factors to considers when providing employee benefit programs, compares and contrasts income protection programs, and pays for time not worked programs and other benefits that are necessary for the benefits package.
Factors to Consider Before Providing Employee Benefits Programs
Everyone is aware that rewards are components of an organization's overall incentive package. It is also worth noting that other than the traditional pensions and healthcare plans, employees need a broader choice of benefits that reflect the changing needs and lifestyles (Hagel & White, 2016). It is undeniable that every commercial entity must ensure that it has in place attractive employee compensation packages to attract and retain the talent needed to gain a meaningful competitive advantage. It must, however, be recalled that many essential variables play a crucial role in deciding an economic entity's employee benefits programs. One of these variables is the type of benefits to be provided. Some benefits are too expensive to provide while others are within reach of many business organizations. Therefore, a commercial enterprise must weigh its financial soundness to avoid providing a benefits program that works against its overall objectives.
Another variable to consider is aligning the benefits strategy with the business objectives. The human resource department of an organization must revisit a plan quite regularly to ensure that it meets the changin.
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As employers consider whether or not to drop their health plan in 2015, a broad, comprehensive financial impact analysis is required. In addition to calculating the cost of the “No Coverage” Shared Responsibility penalty, employers must factor in the nondeductibility of the penalty, increases in cash compensation and possible reductions in productivity. This article provides a brief overview of these components and explains how to run the math.
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"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Sustainability: Balancing the Environment, Equity & Economy
BIZGrowth Strategies - Workforce & Talent Optimization Special Edition
1. HELPING YOUR BUSINESS RESPOND TO ECONOMIC UNCERTAINTY
S T R A T E G I E S
ISSUE 95 | SPRING 2023
WORKFORCE & TALENT OPTIMIZATION
— Special Edition —
3HRStrategiesto
Recession-Proof
YourOrganization
Versatility—Important
inLife&LifeInsurance
HowEmployersCan
BenefitfromFinancial
WellbeingPrograms
HowEmployersCan
BenefitfromFinancial
WellbeingPrograms
Respondingto
EmploymentPractices
Liability(EPL)Claims
Cost-EffectiveHealthPlan
PerkstoConsiderin2023
HowtoTalkAbout
HardDecisions
DuringaRecession
UnlockSuccesswith
EffectivePerformance
Management
Cost-EffectiveHealthPlan
PerkstoConsiderin2023
HowtoTalkAbout
HardDecisions
DuringaRecession
Cost-EffectiveHealthPlan
PerkstoConsiderin2023
HowtoTalkAbout
HardDecisions
DuringaRecession
2. Amid today’s economic uncertainty, we know you want strategies
and solutions that will help your business thrive. With workforce
and talent concerns running high for employers across the nation,
our experts developed these articles with those critical issues top
of mind. We offer fresh insights designed to attract, retain and
motivate your employees — all while protecting your bottom line
and managing emerging risks.
And be sure to check out our new Agility & Excellence Resource
Center — full of articles, webinars and other resources developed
to help your organization master the moment and emerge from
uncertain times ready to tackle the future with confidence.
In This Issue
2 | BIZGROWTH STRATEGIES — SPRING 2023 CBIZ, INC.
CBZ
To subscribe to this newsletter
or a variety of others, click here.
You can also call us at
1-800-ASK-CBIZ (1-800-275-2249).
CBIZ
CBIZServices
DISCLAIMER: This publication is
distributed with the understanding that
CBIZ is not rendering legal, accounting or
other professional advice. This information
is general in nature and may be affected
by changes in law or in the interpretation
of such laws. The reader is advised to
contact a professional prior to taking
any action based upon this information.
CBIZ assumes no liability whatsoever in
connection with the use of this information
and assumes no obligation to inform the
reader of any changes in laws or other
factors that could affect the information
contained herein.
— Special WORKFORCE & TALENT OPTIMIZATION Edition —
D
uring these times of economic uncertainty, financial wellness benefits
are needed more than ever. Providing these benefits is not only the
right thing to do, but it can also have key benefits for your company,
such as decreasing turnover, reducing absenteeism, boosting productivity
and increasing participation in other benefits like retirement plans.
According to research from SoFi at Work, 75% of U.S. workers face at
least one source of major financial stress. For many of these employees,
this stress has had a negative effect on their sleep, mental health, physical
health and, ultimately, their performance at work.
Financial wellbeing is a critical driver of overall wellbeing, and when
employers invest in the wellbeing of their employees, they can see
tremendous value in return. Therefore, it would be wise for your organization
to consider incorporating financial wellness initiatives into your overall
wellbeing strategy or benefits package. Advantages your organization can
achieve include:
1. Decreased Turnover
High turnover rates can be expensive and have negative effects on
company culture. A survey from PwC shows that employees with severe
financial stress are twice as likely to look for a new job compared to
other employees.
HowEmployersCan
BenefitfromFinancial
WellbeingPrograms
How Employers Can Benefit from
Financial Wellbeing Programs.........2
Responding to Employment
Practices Liability (EPL) Claims.......4
Cost-Effective Health Plan Perks to
Consider in 2023............................6
How to Talk About Hard Decisions
During a Recession.........................7
Unlock Success with Effective
Performance Management.............9
3 HR Strategies to Recession-Proof
Your Organization.........................10
Versatility — Important in Life &
Life Insurance...............................11
3. — Special WORKFORCE & TALENT OPTIMIZATION Edition —
Even if they aren’t actively looking for a new job,
many employees say they’d be attracted to another
company if that organization seemed to care more about
their financial wellbeing. Eighty-four percent of employees
believe their employer should be responsible for their
financial wellbeing, but only 55% believe that their
employer actually cares about it.
2. Improved Attendance
The same survey found that 15% of U.S. employees
reported that their financial stress has had a severe
or major impact on their attendance at work. Further,
financially stressed employees are seven times more
likely to say that financial stress has had a major impact
on their attendance.
3. Enhanced Productivity
In addition to missing work, employees are distracted
by their finances when at work. SoFi at Work found that
employees are spending an average of 9.2 hours per
week on their personal finances during work hours and
14 hours per week total.
As for the overall impact on employee productivity,
76% of stressed employees admit that their financial
worries have had a negative impact on their productivity,
and 25% of this group says this impact has been major.
4. Increased Use of Benefits
Many employees may not take advantage of their
company’s retirement plan because they need the money
for more pressing things, such as paying off credit card
debt and dropping money on emergency expenses.
Helping employees pay off debt and build emergency
savings allows them to focus on other priorities, like
saving for their retirement.
There are many methods and providers who can
help you incorporate financial wellbeing into your overall
strategy. Make sure you work with a trusted advisor to
help you navigate the complexities of financial wellbeing
benefits.
Investment advisory services provided through CBIZ Investment Advisory Services, LLC, a registered investment adviser and a wholly owned subsidiary of CBIZ, Inc.
3 | BIZGROWTH STRATEGIES — SPRING 2023 CBIZ, INC.
Connect with a CBIZ professional to learn more.
4. requested lost wages, company preparation time, and the
financial and emotional costs of a trial.
An ADR isn’t a one-size-fits-all approach to EPL
claims. Mediation and arbitration won’t protect against
EEOC discrimination charges. Regardless of fault,
mediation and arbitration often conclude with the
accused company awarding the claimant. Compared to
attorney and litigation fees, these awards are significantly
lower than a successful court defense.
How to Respond to an EEOC Investigation
An administrative charge will occur prior to an
actual lawsuit when a former employee or applicant
seeks a charge. Initially, the EEOC notifies of the
charge with a complaint itemization and justification
for the investigation. If a violation is confirmed and
the employer refuses to settle, the EEOC will litigate,
seek indemnification for the employee and impose
alterations for the company’s compliance. When the
EEOC determines a violation didn’t transpire, the
employee who filed the complaint will be given 90 days
to organize a lawsuit.
Regardless of whether your company believes the
charge is credible, quickly and professionally respond to
the EEOC and provide reasonable details. Your company
could avoid a full EEOC investigation if you immediately
provide sufficient evidence the claim is unfounded. A
quick EEOC claim dismissal can significantly lessen an
employee’s decision to litigate.
E
conomic downturns force leaders to make highly
scrutinized decisions. To remain operational,
companies may implement layoffs or reorganize,
which could lead to lawsuits and claims. Regardless of
the claim’s legitimacy, these charges can be financially
and emotionally draining. Successfully avoiding an EPL
claim requires a proactive employment approach and
partnership with your attorney and broker.
Top 5 EEOC Employee Claims
The current employment landscape (e.g., downsizing,
layoff notifications) has marked 2023 as the year of
employment reductions. As top EEOC claims are directly
related, review these discriminatory areas:
■ Retaliation
■ Disability
■
Racial discrimination
■
Gender pregnancy
■ Age
Economical Options to Settle Employee Disputes
The EEOC can penalize organizations $300,000 in
compensatory and punitive discrimination damages.
Without an EPL insurance policy, your company will pay
out of pocket. In a slow-growth economy, employment
reduction savings could cost more.
A third party can save litigation costs by mediating a
resolution. Plaintiffs often take legal action for damages
and losses that exceed amounts they would have settled
for during an alternate dispute resolution (ADR). Swift
resolutions can lower the expenses from employee-
RespondingtoEmployment
PracticesLiability(EPL)Claims
(Continued on next page)
— Special WORKFORCE TALENT OPTIMIZATION Edition —
4 | BIZGROWTH STRATEGIES — SPRING 2023 CBIZ, INC.
5. Defensive Steps to a Labor Dispute
If your business faces an EPL lawsuit, immediately
seek legal advice and contact your insurance broker
to properly investigate the incident. Time is critical
to formulate a defense strategy and collect essential
information, such as:
■
Witness statements
■
Company plaintiff records
■
Event timeline
■
Insurance policy coverage
The Importance of Record Management
Paperwork is the most compelling evidence to bolster
your EPL-claim defense. Well-established company
policies (e.g., employee handbooks, training records) set
the standard for company conduct and are advantageous
in court.
Robust employment practices can influence an
investigator or jury of your company’s innocence.
Alternatively, neglecting documentation could be
viewed as an effort to conceal evidence. Any attempt to
intentionally misfile or hide company records could cause
prosecution for obstruction of justice.
Employment Practices Liability Insurance (EPLI)
Explained
Statistics show that during unstable economic
conditions, the number of discrimination claims tends to
elevate. As more individuals are unemployed, they become
more motivated financially to explore legal options.
Regardless of your attempts to prevent an EPL claim
from going to court, some cases can’t avoid litigation.
Once it goes to court, your attorney, employment records
and broker are responsible to protect your company from
damages. In addition, defense fees alone can create
incredible financial strain. An EPL insurance policy can
protect you from these litigation consequences.
Tips to Prevent the Risk of EPL Claims
Use these tips to protect against costly EPL claims:
■
Investigate candidates during the hiring process
but guard their private information closely.
■
Require employees to sign an employment-at-will
policy.
■
Certify all employees receive proper training (e.g.,
safety).
■
Establish and enforce a strict zero-tolerance
discrimination and harassment policy.
■
Immediately investigate all claims and administer
necessary discipline and training.
■
Verify your workplace policy provides multiple
options to report harassment.
■
Generate an employee handbook.
■
Document all evaluations, employee complaints
and situations that lead to employment
termination.
■
Ensure workplace policy consistency to offer
justification for employment actions.
■
Maintain documentation for employment terms
and conditions (e.g., discipline, grievances, reviews).
■
Stay current with federal and state employment
laws and regulations.
■
Partner with your broker for risk mitigation
opportunities and to secure EPLI.
Don’t wrongly assume your company isn’t at risk of
an employment practices claim. An employee dispute can
disrupt business operations, affect employee morale,
damage your business’ reputation and be financially
devastating.
(Continued from previous page)
— Special WORKFORCE TALENT OPTIMIZATION Edition —
5 | BIZGROWTH STRATEGIES — SPRING 2023 CBIZ, INC.
Connect with us to evaluate your company’s
risk and secure an EPL policy.
6. Cost-EffectiveHealthPlan
PerkstoConsiderin2023
F
or employers looking to stay ahead of the curve this
year, incorporating the benefits employees value
most into their health plan is essential. However,
it’s equally important to keep your bottom line in mind.
To determine the top health plan features that
employers are — and should be — offering this year and
beyond, we conducted the 2023 CBIZ State of Health
Care survey. The results of that survey indicated that
a holistic wellbeing program, direct primary care and
employer-sponsored health centers, and family-forming
benefits are all key aspects of a competitive benefits
package that will set your organization apart without
breaking the bank.
Holistic Wellbeing Program
Low employee wellbeing is a top contributor
to rising health care costs. This makes a holistic
wellbeing program an invaluable health plan feature for
organizations seeking ways to cut costs and enhance
workplace wellbeing.
The 2023 State of Health Care survey indicated that
some of the most popular wellbeing offerings for 2023
include:
■
Disease/condition-specific education/programs
■
Biometric screenings
■
Health coaching
■
Health risk assessments
■
Weight management programs
Financial wellness, in particular, has grown in
importance as employees’ salaries are stretched
thinner. Consider expanding your financial wellness
benefits to include student loan repayment, refinancing
solutions, retirement savings plans, safety net insurance,
emergency savings funds, financial coaching, financial
crisis management planning and more.
Discover the power of financial wellness in this
on-demand webinar.
Direct Primary Care Employer-Sponsored Health
Centers
Due to the growth of medical insurance and
other intermediaries, primary care physicians’ role
as gatekeeper in the health care delivery system has
diminished. This coupled with increased financial
incentives for physicians to choose areas of specialty
other than primary care has resulted in employees’
access to primary care being greatly reduced.
However, employers can address this pertinent
health access issue by considering the use of direct
primary care (DPC) or implementing onsite or near-site
— Special WORKFORCE TALENT OPTIMIZATION Edition —
6 | BIZGROWTH STRATEGIES — SPRING 2023 CBIZ, INC.
(Continued on next page)
Want to see more of the
data collected from our
State of Health Care
survey? Download the
2023 State of Health Care
Report now to discover
all the insights.
7. — Special WORKFORCE TALENT OPTIMIZATION Edition —
7 | BIZGROWTH STRATEGIES — SPRING 2023 CBIZ, INC.
N
avigating the murky waters of economic
uncertainty is no small feat; business leaders
often walk a tightrope between preserving the
company’s wellbeing and making difficult decisions
that will impact the organization for years to come. And
having conversations with employees about those tough
decisions, such as layoffs, can be an arduous task.
However, learning how to communicate these sorts of
changes effectively can ensure your employees feel
heard and supported during these trying times.
Be Transparent Communicative
In times of impending economic turbulence,
communication is essential for maintaining trust and
assuaging any panic that may arise. As an organizational
leader, it’s necessary to recognize that not everyone
understands how lean economic moments impact your
company. Providing a straightforward narrative of where
your business stands and how it has been affected
by economic instability over the past year can be an
effective way to ensure that all employees are on the
HowtoTalkAboutHard
DecisionsDuringaRecession
(Continued on next page)
employer-sponsored health centers. These strategies are
also innovative ways to contain health care costs.
When a direct primary care practice or worksite
provider is engrained with an employer it enhances
employers’ ability to:
■
Create stronger measurements of improved health
outcomes for chronically ill members with lifestyle-
related conditions.
■
Triage medical services to the appropriate levels
of care so that chronic condition maintenance and
high-risk condition management take priority.
■
Drastically reduce medical plan costs related to
fee-for-service charges that have wild variance in
pricing.
■
Avoid unnecessary costs related to specialty care.
Family-Forming Benefits
The U.S. Supreme Court’s decision to overturn Roe v.
Wade will impact employee benefits considerations this
(Continued from previous page) year. Perhaps the most significant impact is a renewed
focus on reproductive health.
The Supreme Court’s ruling, eliminating the
federal constitutional right to abortion care, has led to
a patchwork of state laws on this type of health care,
forcing employers to find new ways to support their
employees’ needs. According to our survey findings, many
employers are offering expanded family-friendly and
family-forming benefits, such as:
■
Infertility treatments
■
Pre-maternity maternity leave
■
Adoption assistance
■
Surrogacy assistance
These trending benefits can have a strong impact
on attraction and retention, making them top health plan
features for 2023.
Connect with a CBIZ Employee Benefits
specialist today.
same page. Numbers can be an invaluable tool for telling
your story and providing an understanding of how your
company is being impacted.
It’s also crucial to be open about your company’s
strategies to address the recession, even if those steps
include difficult decisions like reductions in force, hiring
or wage freezes, or a temporary halt to bonuses. Being
transparent and taking accountability for these steps
shows your employees that you understand the impact
these decisions will have. It’s best to be sincere and
understanding when communicating to your team while
offering support and reassurance wherever possible.
Acknowledge Mental Health Needs
The impact of a recession on employees can extend
beyond financial concerns, and it’s key to recognize
that economic uncertainty can affect your employees’
mental health. They may face increased workloads due
to layoffs or talent gaps, leading to burnout and fatigue.
8. — Special WORKFORCE TALENT OPTIMIZATION Edition —
8 | BIZGROWTH STRATEGIES — SPRING 2023 CBIZ, INC.
Additionally, inflation and high interest rates may
cause financial strain, making it difficult for your
employees to make ends meet. Even if your organization
hasn’t experienced layoffs, some employees may have
family members who were let go, adding to their stress
and anxiety.
While discussing mental health may feel
uncomfortable, it’s necessary to shed light on the topic
and encourage employees to utilize in-house resources,
such as employee assistance programs, mental health
counseling or financial planning services.
Learn How to Ease the Burden
As the cost of living rises, business leaders must
consider how they can support their employees’
financial wellbeing. For example, if your organization
has implemented a hiring freeze, this can be incredibly
challenging for families and individuals strained by the
costs of housing, goods and more.
Offering additional time off, working with nearby
retailers to provide discounts or providing more
opportunities for professional development are just
(Continued from previous page) a few examples of ways businesses can support
employees. By providing these additional benefits, you
can help alleviate some of the financial pressure your
employees may feel while fostering a more positive
workplace culture.
Another way to support employees is through
flexibility. Providing work-life balance options, such as
allowing employees to work remotely, narrowing hybrid
schedules or shortening the workday or workweek can
be a powerful way to alleviate stress and support your
employees’ wellbeing.
In addition, it’s important to answer any questions
employees have and offer the appropriate resources
or steps they need to take if your company’s
decisions negatively impact them. This could include
unemployment benefits, pension transfer information,
job training or career transition services. By arming your
employees with the knowledge and resources they need,
you can help calm their uncertainty.
Connect with a CBIZ Financial Services advisor
for more strategies and solutions.
9. W
ell-executed performance management is
helping many businesses retain top talent and
maximize their resources, allowing companies
to stay competitive in today’s uncertain economic
landscape. In addition, effective performance
management programs have fostered highly collaborative
work environments that enable employees to reach their
full potential while bolstering business growth.
If your company is looking for ways to stay strong for
the long haul, it may be time to explore best practices for
managing the ever-changing workforce.
What is Performance Management?
Over the years, employers have realized that
employee performance management isn’t a static activity
restricted to annual reviews. Instead, it’s an ongoing
dialogue between supervisors and employees, creating
an environment conducive to success — a win-win
situation that pays dividends in productivity.
It allows regular feedback to be given to employees,
helping them understand how their work contributes
to the organization’s success. Additionally, it provides
a platform for employers and employees to discuss
career progress and development plans, maximizing
employee engagement and satisfaction. But it all starts
with performance planning and requires managers to be
trained in effective coaching, counseling and evaluation
techniques.
Why is Performance Planning Important?
Performance planning helps an employee chart their
course to success. It aligns the individual’s knowledge,
skills and motivation with the company’s long-term
goals, identifying each individual’s role in achieving key
objectives and ensuring progress over the next year
and beyond. This helps keep employees and managers
on the same page by clearly delineating what needs to
be accomplished. As a result, it increases quality and
efficiency and can prevent costly problems by ensuring
that required resources are available.
Should Companies Still Conduct Yearly Performance
Reviews?
Many companies are giving up the annual
performance review, especially as more Millennials
enter the workforce. Unlike previous generations, they’re
UnlockSuccesswithEffective
PerformanceManagement
accustomed to instant feedback, which makes frequent
check-ins extremely valuable. But that doesn’t mean
companies should ditch their annual evaluations. After
all, the yearly review allows managers to track progress
and determine whether an employee is meeting or
exceeding their objectives. It’s also a perfect time to
set near- and long-term goals and identify development
opportunities. But, before making any changes to an
existing program, evaluate the current process and
determine your organization’s needs. Then, identify areas
for improvement and even consider surveying employees
about their feedback preferences.
Performance management helps organizations
ensure all employees work toward the same goals,
creating a culture of excellence, collaboration and
productivity. As a result, managers and staff work
together to reach common goals, helping to ensure that
the organization is maximizing its potential.
Connect with a CBIZ Human Resources expert
for more strategies and resources.
— Special WORKFORCE TALENT OPTIMIZATION Edition —
9 | BIZGROWTH STRATEGIES — SPRING 2023 CBIZ, INC.
10. 10 | BIZGROWTH STRATEGIES — SPRING 2023 CBIZ, INC.
■
Embed internal mobility as an organizational
principle, starting at the top.
■
Share internal mobility success stories you’re
proud of.
2. Remain Flexible Amid Remote Work Demands
There’s no one-size-fits-all preferred work
method. Be it a busy coffee shop or a tranquil office,
employees will be most productive where they feel most
comfortable.
Take inventory of what the employees on your team
prefer. If an employee prefers onsite work, then great
— there isn’t much to change! If an individual leans
toward hybrid work, then it’s important to welcome this
openly. Make sure that all team members are aware of
your openness to whatever mode of work will maximize
productivity.
It’s hard to say whether working five days a week
in an office will ever be the norm again. And, keep in
mind, the trends and demand for different working
arrangements will continue to fluctuate in the pandemic
aftermath, so it’s unlikely an employee preferring one
working style currently, whether in-office, hybrid or
remote, will want that mode of work forever.
3. Equip Yourself with the Leaders Necessary to Thrive
While there’s no silver bullet to find employees
who are guaranteed to work enthusiastically for the
long haul, using executive recruiting services to find
the right leadership can make a big difference. It’s
an excellent strategy to onboard executives who
have a demonstrated ability to build a supportive and
productive company structure and a culture that helps
employees do and feel their best.
A
dding to an already complex work landscape,
the looming economic downturn comes amid an
unprecedented labor shortage. This combination
paints a complicated and anxiety-inducing picture for
HR leaders everywhere. The challenge is to rethink
talent management while balancing rising employee
expectations and business needs during market turmoil
— not an easy task. Use this time to reimagine your HR
approach, leveraging the following expertise.
1. Provide Strong Internal Mobility Opportunities
Much like its name implies, internal mobility is a term
used to describe the movement of employees, vertically
or laterally, to new career and development opportunities
within the same organization. Strengthening internal
mobility offers considerable benefits for organizations
of all sizes and industries — from time and cost savings
by avoiding the use of external recruiters to improved
employee retention rates and increased idea-sharing
across roles and departments.
Some best practices to consider as you build your
internal mobility plans for 2023 include:
■
Invest in training and mentorship opportunities.
■
Incentivize employees where you can.
■
Set organizational internal hiring goals.
■
Enable a strong succession planning technique.
■
Utilize technology to build more efficient internal
talent pipelines.
3HRStrategiesto
Recession-Proof
YourOrganization
Connect with a CBIZ Talent Compensation
consultant to learn more about future-proofing
your workforce.
— Special WORKFORCE TALENT OPTIMIZATION Edition —