HR checklist: 5 things to-do before the new year
2020 has been… a year. But before HR professionals look hopefully to the future, they need to tie up loose ends to ensure their workforce starts the new year off on the right foot.
“This has been a strange year, and a stressful one for both employees and their companies,” says Tauhidah Shakir, vice president of human resources and chief diversity officer at Paylocity, an Illinois-based HR software company. “Anything you can do to get ahead of things to wrap up this year is going to help alleviate that stress and get everyone off to a good start.”
The pandemic has caused a lot of stress in the workplace. In November alone, 42% of Americans reported experiencing cases of anxiety or depression, according to the Centers for Disease Control and Prevention. As an HR manager, Shakir believes that staying organized, and helping employees through end of year changes will help alleviate stress for everyone. To help other employers cope with these unprecedented times, she created an end of the year to-do list to help other HR professionals stay on track.
Note last payroll date
“Keep an eye on the payroll process, and be sure to note the first day of the New Year falls on a Friday so it doesn’t take you by surprise,” Shakir says. “You have to make sure people are getting their sick and bonus time. Have it all plotted out so you’re not rushing at the last minute.”
Open enrollment
“This isn’t like any other open enrollment; HR needs to over communicate what benefits they’re offering, and which ones are going to help their employees the most,” she says. “We don’t know how much things are going to change in the New Year; make sure employees are prepared by making them aware of any mental health, financial wellness and other benefits that can help.”
Go paperless
“Since many of us are not all working in the same space right now, this is the perfect time to switch the workforce over to a completely paperless documentation process,” Shakir says. “Email employees their end of year documents; it’s going to be a lot less stressful than them waiting for it to come through the mail.”
Employee feedback
“This year presented a lot of challenges for everyone, and you’re going to want to take any lessons learned into the New Year,” she says. “You’re looking for lessons learned, ways to improve to make benefits more accessible to employees. There’s always room for improvement, so be sure to be open to what employees are telling you.”
Be flexible
“A lot of employees are fatigued about working from home and feeling like they have no control right now,” Shakir says. “Remember employees have a lot on their plate right now, especially with the winter holidays going on, so be kind and flexible about when they work so they can juggle all their responsibilities.”
SOURCE: Webster, K. (16 December 2020) "HR checklist: 5 things to-do before the new year" (Web Blog Post). Retrieved from https://www.benefitnews.com/list/hr-checklist-5-things-to-do-before-the-new-year
Top 10 year-end tax planning tips
Another year is coming to a close, which only means a season of taxes is slowly approaching. Tax time can often be one of the most stressful times of the year for businesses, employees, and even clients, but that just means helping clients with a less stressful year-end planning session more crucial than ever. Read this blog post for helpful tips.
Between the upcoming presidential election and the COVID-19 pandemic and its attendant stimulus packages, this year has seen more than its share of uncertainty around tax — which makes helping clients with year-end planning all the more crucial.
“Year-end tax planning is more important than ever this year,” said Renato Zanichelli, national managing partner of tax services at Grant Thornton, in a statement. “Businesses both large and small have been dealt a tough hand. Having the right tax strategy will help businesses navigate this time of historic disruption and put them on the right track as a new year begins.”
“Lawmakers dedicated trillions of dollars to keep families and businesses afloat, but those provisions may also require quick action, in many cases by the end of this year,” added Dustin Stamper, managing director in the firm’s Washington National Tax Office. “The government wants to get money in the hands of those who need it, and many of the most generous provisions are tax changes that provide welcome liquidity for businesses and timely relief for individuals.”
With that in mind, the Top Eight Firm has put together a list of 10 key tax considerations for year-end planning for both individuals and businesses (below); for more see their year-end tax planning guides.
Accounting method changes are among the most powerful ways to accelerate deductions, but remember any non-automatic changes a company wants to make effective for the 2020 calendar year must be made by the end of the year. C corporations make NOL refund claims themselves, but passthrough businesses like partnerships and S corporations pass losses onto to owners, who will make claims.
The fastest way to obtain a refund is generally by filing a tentative refund claim, but these must be filed by Dec. 31, 2020, for the 2019 calendar year. If losses will be in 2020, the business should start preparing to file early, because they cannot claim an NOL carryback refund until they file their tax return for the year.
Tax rules allow businesses to claim certain losses attributable to a disaster on a prior-year tax return. This is meant to provide quicker refunds. President Donald Trump’s COVID-19 disaster declaration was unprecedented in scope, designating all 50 states, the District of Columbia and five territories as disaster areas. This means essentially every U.S. business is in the covered disaster area and may be eligible for refunds from certain types of losses. Under this provision, a business could claim a COVID-19 related disaster loss occurring in 2020 on a 2019 amended return for a quicker refund. The provision may potentially affect losses arising in a variety of circumstances, including the loss of inventory or supplies or the closure of offices, stores or plants. To qualify, the loss must actually be attributable to or caused by COVID-19 and satisfy several other requirements.
5 talent trends to watch in 2020
Although 2020 is a new year, talent may still seem comparable to previous years' trends. In 2020, employers can expect to see talent management move into a more proactive role. Read this article to learn about the five talent trends to watch for in 2020.
2020 may herald a new year (and decade), but today's talent trends will likely seem familiar.
Employer branding, diversity and inclusion, empowering managers and developing employees all remain priorities for talent pros. For example, HR Dive identified "talent acquisition panic" as one of the driving forces of 2019 — and while recruiting won't necessarily remain in a panic state, most experts agree that it will be a strategic focus for all company leaders in 2020.
But experts also said that certain trends may rise in importance in the new year, and five, in particular, will likely stand out.
Talent management will move from reactive to proactive
The workforce now encompasses a large swath of employees, independent contractors and even robots, requiring a new approach, Michael Stephan, Deloitte's US human capital leader, told HR Dive in an interview. "It's going to change the way HR business partners approach … workforce planning," he said. "Not just how many heads you need, but 'where is the best place to access this particular talent?'"
That means employers will need to move from reacting to talent needs to anticipating them, Mark Brandau, principal analyst at Forrester, told HR Dive. "Most organizations look at it from a reactive perspective and not enough time is done on planning," he said.
Expect more proactive talent strategies that encompass tech's undeniable impact on work. Kristen Ruttgaizer, director of human resources at Igloo Software, agreed that employers will have to put more effort into initiatives that draw candidates in over time, such as solid employee experience.
Diversity and inclusion efforts provide a good example of what this shift may look like, as a successful D&I initiative requires that an employer address "the entire employee life cycle," according to Randstad US's report on 2020 trends. Talent is no longer about simple efficiencies; it's now a driving force for C-suite decision-making, Stephan explained.
Contingent hiring will be more integrated
While employers may no longer be in panic mode about talent acquisition, the rise of contingent worker hiring has complicated recruiting by introducing a new variable: When you need more help, do you hire an employee or bring on a contractor?
Employers are "trying to figure out the workforce ecosystem or strategy that cuts across the different sources," Stephan said. "They realize how important figuring out that ecosystem is to that future strategy. They're in rapid investment mode."
In other words, recruiters are starting to press third-party vendors to provide offerings that would allow them to see both employee and contractor availability from the same place, Brandau said. "Why aren't they in the same place and with a nod toward skills?" he said.
Some of this transition also may include adopting development structures that create "gig-like" models within an employed workforce, WorldAtWork's CEO Scott Cawood said in his Top 7 Workplace Predictions emailed to HR Dive, giving workers opportunities to work on a project-by-project basis and understand how their career will develop in the long-term.
'Super jobs' will become more prevalent
Employee learning and talent management are more intertwined now than ever; learning was the No. 1 trend in one of Deloitte's 2019 human capital trend reports. But that push is driven in part by the looming talent shortage and heightening competition. As employers adopt tools that can do some of the work that talent would previously be hired to do — think robots in Amazon warehouses — they're also inadvertently creating "super jobs" that require skill sets that cross multiple domains, Stephan said.
"A package organizer now has to be an expert in robotic tech," he said. Someone who is managing fellow organizers may now have to combine those key leadership skills with minor capabilities in robotics. To make up that gap, employers began to lean heavily on employee development — but how does a company balance necessary development time without disrupting the work?
"People need to be able to do their job and have access to knowledge when doing their job," Stephan said. A global manufacturing company that works on elevators once had a 3,000 page manual, he explained. Now, employees can use an iPad to search for ways to resolve issues on the fly, educating the worker while keeping them productive.
"They're having to adapt to a really fast changing market," Brandau said.
It's not all tech-driven. The rise of super jobs also has forced employers to redefine leadership development and what it means to be a leader in an organization that requires each worker to have a broad swath of skills, Brandau added.
'Agility' will give way to 'adaptability'
Last year, "agility" was the buzzword of choice. But employers and experts have made a semantics shift toward "adaptability" as employers consider how to best prepare for the future of work.
"When you think of agility, you think of being able to bend an arm in a certain way," Brandau said. "But adaptability is an intelligence of...which way do I need to bend and why?"
The concept is not wholly different from agility, which requires an employer to be ready for the rapid changes descending upon the business world, but it does require an employer to more seriously consider how its people work and behave. "Adaptable is about living and breathing around networks," Stephan said.
A company's culture may need to adopt a philosophy about "failing fast and learning fast," he continued. After all, a workplace can't be "adaptable" if its people aren't ready — though Brandau predicts this will continue to be a hurdle for employers to overcome.
"You have to have a workforce that is ready to adapt to change. We hate change," he said. "Adaptive workforces thrive in change. How do you do this in real ways?"
Employers will have to use data to dive local — whether they're ready or not
To find talent faster, some employers have invested in data and "workforce sensing" to get a more accurate assessment of the local talent market. The pressure to do so — and quickly — has only risen in recent years as employers grapple with talent gaps. That data can inform the type of tech an employer needs or even a new location strategy, Stephan said. And that doesn't even account for HR's use of internal data to gauge employee experience.
Unfortunately, HR teams aren't exactly prepared for this deep dive, even if the branding around it has been centered on employee experience, Brandau said. "HR and these areas have not typically been very good at dealing with data," he added. "How are managers going to deal with an intelligent suite? They aren't ready for it."
Employers that want to improve their workforce sensing capabilities will need to invest serious time into understanding external data sources. Where are the "pockets of workforce capabilities"? "Our clients really aren't there yet," Stephan said. But this talent market might just push them there.
SOURCE: Moody, K. (08 January 2020) "5 talent trends to watch in 2020" (Web Blog Post). Retrieved from https://www.hrdive.com/news/5-talent-trends-to-watch-in-2020/570026/
Health Resolutions You Can Stick To In 2018
We ask the experts which resolutions we should be making this year, and how we can actually stick to them.
Whether it's giving up smoking, exercising more, or getting our 5-a-day, most of us have usually given up before January ends.
But with a little help from the pros, you can live a happier, healthier life in 2018...
1. Drink more water
Health and fitness mentor Sarah-Anne Lucas (birdonabike.co.uk) says starting a daily ritual is the answer to New Year resolutions. She suggests drinking more water: "Water intake is massive. Most people do not drink enough, but what we'd all like is more energy. That comes down to what you put in, so increase your water intake. It's the first thing you put in your body in the morning. Go and get yourself a minimum of 100ml water and get it into you. To progress that practice, add lemon, to make the body alkaline. Lemon water is amazing, it also adds a bit of flavour."
2. Learn to meditate
Life-coach and mindfulness practitioner Dr Caroline Hough (aspiring2wellness.com) says we can train our minds to reduce stress, making us more likely to achieve our goals: "It involves sitting and meditating for 20 minutes. Bring yourself into the moment and be aware. That's an awareness of your external environment, so just looking at the flowers and the trees and the sunshine and appreciating it instead of rushing through life. Be aware of your internal environment, by noticing if you're very stressed, for example if you're clenching your muscles. We tend to live our lives at a level of stress which is unhealthy."
3. Start self-watching
Professor Jim McKenna, head of the Active Lifestyles Research Centre at Leeds Beckett University, advises we record our successes to motivate ourselves: "Whatever you want to do, whenever you achieve, write it down. You're trying to achieve it every day, so it needs to be nice and small, and all your job is then is to keep the sequence running. It's really as simple as that. What you're capitalising on there is positive self-regard, but also the fundamental process of self-watching. There's a lot of success in seeing your own achievements. When you collect all that up, you can start saying, 'Actually I've got nearly 10 occasions there when I did well, I'm doing well, I'm someone who can change'."
4. Look after your skin
Louise Thomas-Minns (uandyourskin.co.uk), celebrity skin therapist, recommends we pay more attention to protecting and caring for our skin: "Wash your skin nightly. Not removing make-up, daily dirt, oil, grime and pollutants from the skin every night will result in infections and outbreaks. Your skin regenerates at night too, so give it a helping hand. And don't pick! Picking at your skin will result in scarring and create more spotty outbreaks. Wear SPF every day to slow ageing and protect from the harmful effects of UV rays. Find out your skin type from a skin health expert, so you stop wasting time and money on incorrect products."
Read the original article.
Source:
Go Active (6 December 2017). "Health Resolutions You Can Stick To In 2018" [Web blog post]. Retrieved from address https://www.goactiveincumbria.com/get-started/other/article/Health-Resolutions-You-Can-Stick-To-In-2018-e9f9d40d-ca39-48ed-be2e-b2f88f4061eb-ds
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Employers prefer paper-based approach for open enrollment
Sure, technology is great, but can it ever live up to a face-to-face sit down? Let's take a look at the facts from Employee Benefit Advisor.
Fewer than half of businesses use technology to handle annual enrollment or manage time off, Affordable Care Act reporting or benefits changes during the year, according to a recent white paper by one of the nation’s leading ancillary benefits providers.
Citing a 2017 LIMRA report entitled “Convenient and Connected: Employers and Benefits,” Colonial Life highlighted several reasons why employers are resisting the digital age. They believe their organization isn’t big enough (32%), a technology solution is too expensive (24%), they don’t have enough staff (16%), in-person meetings are more engaging, or it’s the preference of their broker or plan administrator (tied at 15%).
In fact, Colonial Life post-enrollment surveys from 2009 to 2016 show that 98% of employees understand their benefits better through 1-to-1 benefits counseling and 95% describe the personalized attention they received as valuable.
Steven Johnson, vice president in premier markets and enrollment solutions at Colonial Life, was surprised by the prevalence of “manual and outdated ways.” However, he also understands the tendency to resist change— noting, for example, how some people still maintain landlines in spite of a reliance on smartphones for calls, text, e-mail, social media and GPS directions.
“Slow adoption of technology can be especially true in the workplace,” he says. “Heavy dependence of the fax machine at many workplaces still baffles me with so much advanced technology available to perform the job better, faster and cheaper.”
For those employers looking to add capabilities to their benefits technology programs, the report noted that LIMRA found most cited cost reduction (36%) or control of benefit data (35%). Rounding out the list was reduced staff time (32%), improved benefits communications (29%) and better employee experience (27%).
Among the features most sought after for either benefits administration systems, enrollment technology or both, LIMRA said low cost led the way (87%), followed by data security (86%), ease of use for employees (85%), it’s accessible all year (80%), employees re-enrolled annually or all insurance benefits are on the same platform (77% apiece).
Colonial Life stressed the importance of providing personalized resource materials, such as web content, e-mails and one-to-one meetings, as well as ample time for employees to make wise choices for themselves and dependents. Another recommendation was that insurance carriers make available benefits counselors to help guide employees through their decisions.
Johnson urged benefit brokers and advisers to help educate their clients on affordable enrollment technology solutions that will greatly enhance the experience for their employees while also reducing administrative burdens and challenges for employers and plan administrators.
“A trusted benefits adviser can share case study examples from companies of similar size and industry to illustrate the benefits of adopting a benefits admin solution for enrollment,” he says. In addition, he suggests that employee survey feedback can be shared to help advance the argument that “the overall experience is far better for those who’ve used technology to help them make their important benefits decisions.”
Source:
Shutan B. (13 November 2017). "Employers prefer paper-based approach for open enrollment" [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/employers-prefer-paper-based-approach-for-open-enrollment?brief=00000152-1443-d1cc-a5fa-7cfba3c60000
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Making and Keeping New Year’s Resolutions
Originally posted by Elizabeth Halkos on https://www.purchasingpower.com
It’s a new year, and for millions of Americans that means New Year’s resolutions are in order. Many of us will promise to exercise more and eat less to lose weight in 2014. Some of us will set income or sales goals, and some will set goals for what they want to buy this year. Some goals may be to spend more time with friends and family, or even to take long-needed vacations.
Every year it seems we’re excitedly setting our New Year’s resolutions, but by mid-February, those promises are out the window. Why can’t most of us stick to those resolutions? Psychiatrist Sarah Vinson, MD, says many people quit in the first few weeks because they don’t see results. The best method, she says, is to break the resolution down into manageable goals.
Dr. Vinson said people should do three things when making a resolution:
1. Set manageable goals. Instead of saying “I will lose 50 pounds this year,” make a promise to work out twice weekly and have the goal of losing five pounds in a month.
2. Have an accountability partner to help you stay on track. Find someone with similar goals and tackle them together.
3. Determine the factors that prevented success in the first place. Think about what got in the way of you accomplishing the goal in the past, and fix it. For instance, if you plan to work out every morning, but can’t get up, try going to bed an hour earlier the night before.
Here’s to a prosperous New Year for all of us – and achieving our resolutions!
Bosses: Here are 7 New Year’s resolutions to help retain your talent
Originally posted on December 16, 2013 by Tim Loh on https://blog.ctnews.com
Each year, employees make career-related New Year’s resolutions much more frequently than their bosses — but their top resolution is to find a new job, according to Danbury’s OI Partners-Cunis & Gontin, a coaching and leadership development consulting firm.
And so, Cunis & Gontin has put together a list of New Year’s resolutions for bosses that should help them retain their top talent.
“If more managers resolved to develop their employees’ leadership skills, invite their input, demonstrate continued interest in their careers and recognize their contributions, fewer workers would be determining to find new jobs each year,” said Mary Ann Gontin, Managing Partner with OI Partners-Cunis & Gontin.
Retaining talented employees has become a higher priority in an improving job market, the firm said, as more than three-fourths of employers worry about losing key employees, according to a survey by OI Partners.
Here are the top seven resolutions managers can make to help retain talent:
1. Coach workers in how to become more influential and persuasive. “Explain the implications of their actions and decisions on internal politics and help them become savvier. Provide training and guidance in how to craft their messages to meet the needs of others. Managers are too often frustrated by employees’ inability to work effectively through others. Teach them how to win over people in appropriate ways,” said Gontin.
2. Develop employees’ leadership skills. “Use challenging ‘stretch assignments’ that motivate workers, require them to learn new skills and build coalitions. Look for opportunities where members of your team can step into leadership roles. That may mean you have to be in the background more and become comfortable with sharing the spotlight,” said Gontin.
3. Improve your feedback and increase their accountability. Most managers are inconsistent in communicating expectations and holding people accountable. Be clear about your expectations and give timely feedback to your team when they do a good job or miss the mark.
4. Tap into employees’ wealth of knowledge and experience. Encourage employees at all levels to suggest, create and communicate new ideas based on the direct experience of those on the line. Personally ask people for their input to get the best recommendations.
5. Demonstrate continued interest in employees’ careers. Reassure employees that they are appreciated for the work they’re doing. Increase the frequency of discussions about their careers and one-on-one meetings with their managers.
6. Recognize and reward contributions. Managers should be certain they recognize employee contributions, both big and small. A compliment from the boss can be as effective as a monetary reward. Many employees feel that their managers do not spend enough time thanking them for a job well done, but are too quick to criticize them for making mistakes.
7. Build teamwork and provide developmental coaching to workers.
Look for ways to partner employees on projects and concentrate on assembling compatible teams. Include ground rules on how they should work together, check in with them periodically throughout the assignment and facilitate a discussion on what’s working and what’s not. Coordinate a debriefing at the end of the project for overall feedback and lessons learned. Developmental coaching sharpens employees’ leadership skills and helps retain the most talented workers.