Blog Category: Employee Benefits
Attracting and retaining good employees in today’s tight labor market can be a challenge. While competitive pay and good benefits are important, job seekers want the total package. They are looking for the ideal work environment – which includes work-life effectiveness. Total rewards strategies have traditionally focused on compensation and benefits, but it’s time for a change. Employees have expressed a desire for a healthy balance between their professional and personal lives, and that’s only possible through you – their employer.
Portions of the U.S. Department of Labor’s (DOL) Final Rule regarding Association Health Plans (AHPs) went into effect on January 1, 2019. It expands the availability of AHPs, allowing small businesses to band together and negotiate better deals when buying insurance for their members by broadening the definition of “employer.” States are reacting in extremely different ways. Learn more here.
Each year Omaha Magazine gives companies a chance to vote on other area organizations in the Best of Business-to-Business (B2B) contest. It’s an opportunity to showcase some of the top performing companies in Omaha. SilverStone Group is honored to receive the 2019 award for Best Employee Benefit Company. It's our 11th year in a row and this recognition is particularly meaningful, as it comes from our clients and colleagues. We appreciate all who took the time to cast their votes and recognize our team.
A company’s success often relies on its key employees. If one of them should abruptly pass away, the company’s future could be in jeopardy. Smaller businesses are particularly vulnerable, as they often depend on a few key people whose knowledge and skills are essential to the company’s operation. According to a survey of small businesses by the National Association of Insurance Commissioners, 71% of firms said they were very dependent on one or two key people for their success. However, only 22% of respondents had key person insurance.¹
More than 10,000 Baby Boomers turn 65 each day. This means a new person is eligible for Medicare benefits every eight seconds. But many who reach this milestone need help determining their best Medicare options. Further complicating the matter is that many people continue to work past the age of 65. Understanding Medicare can help employees make the right decision based on their particular needs. Let’s start by covering some of the basics.
Employees have spoken – paid time off (PTO) is important. In fact, a good PTO policy is one of the most valued benefits among job seekers. According to a recent survey, flexible hours and more vacation time ranked among the top three job perks people look for – right behind better health insurance.¹
Today’s competitive job market has been amplified by the nearly 10,000 Baby Boomers retiring daily.¹ Couple that with a record low 3.9% national unemployment rate and it’s not surprising
that applicant pools are looking rather thin. As the demand for qualified candidates increases, developing a strategic recruitment process is imperative.
The IRS has released the 2019 cost of living adjustments affecting retirement plans. The adjustments and changes affect the limits applicable to all employees who defer salary into retirement plans, plans that are integrated with Social Security, the maximum benefit payable from defined benefit plans and the maximum annual additions for defined contribution retirement plans. For your convenience, SilverStone Group has summarized the changes as follows:
Today’s workforce is competitive. Employers in every industry are searching for ways to attract, engage and retain talented people. With increased job skill specialization, it has never been
more difficult to expand a company's workforce.