Recent research shows the payroll market continues to grow, driven by technology and global reach.
By Gary Bragar
NelsonHall’s most recent Payroll Market Analysis shows the global payroll services market is estimated at $18.1 billon with a 4.1 percent annual growth rate. The multi-country payroll market is growing at nearly two times the rate of the overall market, representing nearly 17 percent of total standalone payroll service revenues.
Today’s wellness programs benefit both employees and organizations alike.
By Lynn Herrick
HR executives understand the biggest asset to any company is its people. And the biggest asset to employees? Their health and well-being. Nowadays, employees are placing even greater value on taking care of their mental and physical health, which is why it makes good business sense for organizations to ensure that employee wellness is a top business priority. The numbers don’t lie: A study from Willis Towers Watson found that a healthy, happy workforce can reduce overall business costs by more than $1,600 per employee, driven by a decreased need for taking time off for injuries or unplanned sickness. On the other hand, not having a workplace wellness program can be incredibly costly considering the potential risk for high turnover, employee absenteeism, and decreased employee morale.
Customizable benefits are key to engaging, retaining, and motivating millennial employees.
By Bradd Chignoli
Millennials have become the largest generation in the labor force, making up more than one-third of the total workforce, according to a Pew Research Center analysis of U.S. Census Bureau data. As a result, organizations are striving to understand and meet the needs of this diverse demographic. And this is just one generation. Today’s workforce spans four—soon to be five—generations, and is comprised of various demographic and socio-economic backgrounds. So, it’s more important than ever that organizations’ benefit options are just as diverse and are designed to meet each employee’s individual goals and needs. How can this be accomplished?
In order to remain competitive, organizations need to build strategy around their pay practices.
By Wendy Brown
2017 was a year of transformation for compensation practices. More and more states banned the salary history question, pay equity laws became more prevalent, and major tax reform bills threw payroll into disarray. With the unemployment rate at historic lows, employees gained many more options when it came to employment opportunities.
Companies are adopting volunteer programs to attract and retain younger workers.
By Marta Chmielowicz
Every day, people become more conscious of their impact on the world and how they can shape it in their personal lives. Faced with global economic, political, and social instability and disruption, the millennial generation in particular is turning its attention to social causes that benefit the greater good. Whether it’s by supporting altruistic brands like TOMS or contributing to non-profit fundraising efforts on Facebook, it’s clear that young people today want to be socially responsible.
The EMEA region calls for special considerations when managing relocation.
By Jonathan Langueneur
As the world becomes more globalised, cross-border transfers are becoming more common. Permanent relocations can be a win-win for both organisations and employees alike; they can help companies achieve talent and workforce management goals whilst offering workers personal and professional development. They are also an effective way for companies to develop or retain talent, especially in the EMEA region where employees have greater freedom to move across borders.
Expanded benefits offerings are helping organizations retain top performers.
By Tim Weber
What does a well-integrated benefits program look like these days? Nothing like yesterday’s. Between healthcare cost pressures and regulatory uncertainties, organizations have to contend with not only a volatile benefits marketplace, but also the rising expectations and individual needs of the workforce. Partnering core health benefits with a robust voluntary benefits program can help employers solve these challenges.
HR can expect transformation in every sector in 2018.
By Amy L. Gurchensky
HR partnerships and engagements have remained in a stable state of predictability for years, but changes within the business landscape are now occurring at an increasingly accelerated pace. Organizations are experiencing industrywide transformation, and HR services are being forced to respond. This reaction is yielding great innovation which is happening at a fast rate. This is also driving the need for transparency and investments in technology across all HR functions.
By leveraging technology and research, HR can demystify the open enrollment process.
By John Hull
Benefits enrollment happens around the same time every year. But even with the same tune being sung, the same instructions being given, and the same procedures being followed, many employees never feel comfortable or familiar with the process. According to the 2017 Aflac WorkForces Report, when respondents were asked about their understanding of overall policies, deductibles, copayments, and providers in their network, only 24 percent of employees surveyed could say that they understood everything.
Organizations that help workers eliminate student loan debt earn a greater payoff: increased productivity, loyalty, and retention.
By Michael Fenlon
With outstanding student loan debt at a national high of over $1.3 trillion, more than 44.2 million Americans are burdened with student loan debt. Along with increased stress, debt is having secondary impacts on many professionals and affecting when they are starting families, buying homes, and how they’re saving for retirement. These obstacles have a negative impact on overall workplace wellness by decreasing productivity, leading to disengagement, and even undermining physical health.
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