Welcome to The Source, your one-stop-shop for the latest and greatest HR and benefits news. Our weekly publication highlights this week’s top stories in human resources, benefits administration, insurance, legislation and more to make sure you can stay on top of industry trends and changes. Start off your week on a high note with The Source!In this week's edition, we discuss increasing medical costs for 2020, how HR can shift to a strategic mindset, the growing role of the benefits broker and much more! Click To Tweet
Employer Medical Costs Expected to Rise 6.5 Percent Next Year
U.S. employer medical costs, or “medical trend,” will rise 6.5 percent in 2020, the same increase as in 2019, though the rate will outpace inflation by 3.8 percent. The stable rate of increase in the U.S. medical trend will be due mainly to moderate price increases, coupled with flat or decreasing utilization rates that will likely decline even further in the next few years, albeit slightly. Read more on what’s driving the rising cost of health care on BenefitsPro.
‘Let it break:’ How HR can Stop Putting out Fires and Think Strategically
Many HR professionals feel they aren’t in a good position to help influence the direction of their companies in a meaningful way. “Most organizations’ view of HR is too narrow,” according to Traci Fiatte, CEO, Professional and Commercial Staffing, Randstad US, who spoke to HR Dive via email.
While benefits and compliance work are critical to regulatory and legal compliance, she said, “HR can also propel a business into the future.” — hear more on how to make the shift from manging the day-to-day to driving strategic decisions on HR Dive.
Talk to Me—The Growing Role of Benefits Brokers
Today’s employers are faced with creating a package of benefits that supports employee recruitment and retention, meets employee health care needs and preferences and keeps costs under control for employer and employees alike. That’s a tall order, and brokers are stepping in with strategic advice and hands-on support. Learn more about the growing role of benefits brokers and how they can help companies become lean, mean people managing machines.
5 Ways Hiring more Women in Senior Leadership Will Positively Impact Your Bottom Line
Corporate America has a problem. Women make up only 27 percent of executive and senior-level management in S&P 500 companies. The lack of women in executive and senior-level management positions across Corporate America is the root of more issues than one. Despite being an overall indicator of diversity and inclusion problems, this absence is negatively impacting the bottom line of companies in every industry. Get the business case for supporting women in the workplace from HR Technologist.
“We Want Our Money Back”: Small Business Owners Scrambling After MyPayrollHR Closure
Small business owners were left scrambling after the sudden closure of a popular payroll company, called MyPayrollHR, and the millions of dollars that disappeared with it. MyPayrollHR was an online service that handled payroll for small companies. It was holding nearly $35 million in wages when it closed. The mysterious collapse of MyPayrollHR impacted some 4,000 businesses across the country, from exercise companies in Chicago to animal rescue shelters in Nashville to fire departments in Florida. Read more on the case on CBS News.
The (New) ABCs of Classifying Employees and Independent Contractors
Properly classifying workers as either employees or independent contractors is critically important for California businesses. Employees generally are entitled to benefits that contractors are not, including sick leave, workers’ compensation coverage, overtime, and meal and rest breaks.
But while relying on contractors may manifest significant upfront savings, the cost of defending a misclassification lawsuit often outweighs any savings by an order of magnitude. Employee Benefit News has the details on what you need to know to properly classify employees.
The Week at PlanSource: Have a Happy OE!
Open enrollment doesn’t have to be exhausting and stressful; with the right communications plan, you can transform the most stressful time of year into a showcase of your team’s hard work.
Join us for a free HRCI- and SHRM-approved webinar on Tuesday, September 24 at 1pm ET (10am PT). In this webinar, you will:
- Learn how to build an effective OE communications strategy from planning to execution and follow up
- Discuss how to personalize communications based on workforce demographics and preferences
- Hear how HireRight maximized OE results and achieved success with a strategic communications plan
Thought Of The Week
“The ones who are crazy enough to think they can change the world, are the ones that do.” — Anonymous
How are you working to promote positive change?