SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Blog Tag: compensation

Executive compensation plans can attract and retain great leaders, drive individual and business performance and reward results. Therefore, company directors, compensation committees and HR leaders need to invest time and energy to develop their plans. A successful plan should keep top talent in key positons, motivate performance and remain fiscally responsible. While designing an effective plan does require effort, the payoff is worth it. We’d like to outline some general steps you can take to start the process.

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On Tuesday, September 24, 2019, the Department of Labor issued a final rule regarding overtime pay under the Fair Labor Standards Act (FLSA). Under the new rule, which will be effective January 1, 2020, any employee who makes less than $684 per week ($35,568 per year) will automatically be eligible to earn overtime pay.

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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

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Baby Boomers are beginning to retire, creating a more competitive hiring market. In order to attract and retain top talent, employers need to offer more than just an enticing base salary and job title. Attractive benefits are (and will continue to be) a crucial part of a company’s ability to hire and keep key executives. In fact, certain benefits can have perks for both the employer and the executive. Nonqualified deferred compensation, when used correctly, is a planning solution that can be mutually advantageous.

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Now is the time to rethink your approach if your organization has not transitioned from a traditional compensation and benefits plan to a total rewards strategy. Historically low unemployment rates continue to create a competitive labor market, and the talent pool is rapidly changing as baby boomers retire and millennials join the workforce. In response to this staffing environment, employers are beginning to modify their total rewards strategies and offer things like chef-prepared meals, yoga classes, massages, student loan repayment programs, unlimited paid time off (PTO) and sabbaticals.

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To remain competitive in today’s labor market, employers are constantly looking for avenues to attract, retain and reward key executives. They need options that will not only appeal to their employees, but also align with the company’s strategic plans and long-term goals. Certain benefit plans, such as the 162 Bonus Plan, when structured properly, have the ability to provide advantages to both employers and employees.

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What makes your company stand out from its competitors? Twenty years ago you might have said that technology gave your team a competitive edge, but in today’s environment, technology is a common (and typically necessary) commodity that simply helps maintain the status quo. So where are companies regaining that lost advantage? The answer can be found in an organization’s human capital.

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It's been said that "a comfort zone is a beautiful place, but nothing ever grows there." Perhaps Wayne Simmonds knew this when he began selling dust mop services for an up-and-coming franchise business known as Dust-Tex in the late 1950s. Fresh from active duty in the U.S. Navy, Wayne returned to Omaha, Nebraska with his young family and worked for the business until it was eventually acquired by American Uniform Company.

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Last month, President Trump signed landmark tax reform legislation. Throughout the legislative process, House and Senate bills contained various changes to employee benefit plans. Many of the proposed changes were removed, and the resulting final version has a somewhat minimal impact to employer-provided benefits.

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The IRS issued Notice 2018-06 and extended the deadline to furnish individuals with 2017 Form 1095-B and Form 1095-C. The automatic 30-day extension pushes the due date from January 31, 2018, to March 2, 2018.

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