An FSA, or “Flexible Spending Account,” can be an excellent benefit to offer your employees, and to your business bottom line, as the contributions are pre-tax. Several types of FSAs are available: Medical Expense FSA These accounts pay for eligible medical costs, prescription drugs, copayments, deductibles, medical devices, and other
Since 2020 with the enactment of the “21st Century Cures Act,” employers of any size could reimburse their employees for the costs of individual health insurance plans. The Affordable Care Act required employees with 50 or more employees who worked at least 30 hours per week, to offer health insurance.
A loyal, dependable workforce is a critical aspect of business success. When a company is experiencing a high turnover rate, it is imperative that you discover what is driving the exodus before it worsens. The costs of employee turnover to a business are more than financial, and include the following:
Companies with over 50 employees are required, under the FMLA (Family and Medical Leave Act), to offer maternity leave for up to 12 weeks. Over that period, the person’s job is protected, and after the parental leave time has expired, the person has the right to return to the original
A captive insurance company is a subsidiary owned by a parent organization, established primarily to insure its owner. The captive insurer writes insurance policies for the parent organization and does not insure any other company. It provides risk mitigation for the parent company or a group of related companies. A
Choosing a group health insurance plan for your business may require a great deal of consideration and time. It can be a challenge to find the right plan to suit the needs and budgets of everyone concerned. The following are four important questions to ask when you are shopping for
The benefits workers want most can change with the seasons. What seems particularly appealing in the spring or summer months may change in the fall or winter. The following are seasonal benefits your employees are bound to love. Let Them Off Early On Fridays This benefit is particularly popular during
The days are shorter, colder, and gloomier in the wintertime. This can have a negative effect on employee wellbeing, performance, and motivation. For this reason, employee wellbeing should be a company priority during the winter months. Tips for Boosting Employee Wellbeing in Winter Lack of sunshine, seasonal illnesses, shorter days,
Most of your staff will use PTO to take time off over the holidays. Managing your critical staffing needs over the holidays requires planning. Requests for PTO days should be accommodated as much as possible, with an eye to ensuring enough of the right staff is present to keep the
A business holiday party is a highly anticipated event for employees and owners. You are investing in the event, so you want it to be memorable. A holiday party can have a positive impact on your employees, building rapport and cooperation, and help with employee retention. If you are planning
