Friday, 05 May 2023 00:56
Recession-proofing Strategies for Small Business & HR Teams
Written by Kristen RussellA recession is a prolonged and pervasive reduction in economic activity that can last for several months or years. Amid a recession, organizations of all sizes and sectors usually experience decreased sales and profits stemming from changing economic environments and consumer behaviors. While these behaviors can threaten the financial stability of any organization, large businesses are often better positioned to weather a recession because of their substantial revenues, excess reserves and expanded access to a wider range of credit markets. On the other hand, small businesses may be particularly vulnerable during an economic downturn, as they generally lack the additional capital necessary to offset extended periods of loss. As a result, when a recession occurs, small businesses are more likely to have to make difficult financial decisions to avoid issues such as insolvency or bankruptcy.
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Best Practices
Engaged employees are more than just satisfied with their jobs, they are committed to the company and its goals. They have passion, pride and energy for their work and their organization and are willing to go the extra mile on a regular basis. Employees who are truly engaged stay because they enjoy their work and support the company.
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Benefits 101
There have been shifts in the path to parenthood as many people turn to in vitro fertilization, surrogacy and egg freezing to build their families. As such, employers are responding to these modes of family-building with expanded and inclusive benefits.
Family-building benefits can support many different forms, but some of the most common include fertility treatment, donors and adoption. Family- building benefits can also include holistic support, such as emotional and mental health resources, while building a family.
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Benefits 101
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Friday, 28 April 2023 00:03
5 Small Business Attraction and Retention Trends for 2023
Written by Kristen RussellEmployers of all sizes are currently facing attraction and retention challenges. These challenges will likely continue through 2023. Successful efforts to win over employees can require a time investment and carry high costs. Unfortunately, small businesses often don’t have excess resources to invest in attraction and retention efforts in today’s worker-friendly labor market; however, they have the agility to respond to the employment market with new strategies. Amid current labor obstacles, many smaller employers are focusing on what’s feasible in 2023.
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Best Practices
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Wednesday, 26 April 2023 23:37
What Happens If Your Employees Miss Open Enrollment?
Written by Kristen RussellIf your employees miss your open enrollment deadline, they could lose coverage and be unable to make benefits changes or enroll until the next enrollment period. One exception to this rule is if they experience a life-changing qualifying event that would trigger a special enrollment period (SEP). Events such as getting married or divorced, having children or losing eligibility for other health coverage can trigger special enrollment rights.
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Benefits 101
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