Managing Prescription Drug Costs 2023-24 -

The rising cost of healthcare, and prescription drugs in particular, is a source of anxiety for employers with each new plan year. While there are multiple reasons for this increase, pharmacy costs—including the growing demand for specialty drugs (high-cost medications for individuals with chronic conditions)—contribute to these rising costs. It is essential that employers gain a deeper understanding of the emerging trends in managing prescription costs.

Creating Efficiency and Effectiveness: AI in Finance, Accounting and HR

Artificial Intelligence (AI) has become a game-changer across many industries, offering innovative solutions to streamline processes and enhance productivity. AI – and generative AI (GenAI) in particular – has the power to transform the fields of finance, accounting and human resources as well, providing new, interesting opportunities for personal and professional growth.

First, let’s dispel some of the common myths around AI. With the launch of ChatGPT (developed by OpenAI) in November 2022, t

Get Creative to Solve Your Construction Company’s Staffing Challenges

Construction projects are on the rise due to a generational investment in infrastructure spending. The Infrastructure Investment and Jobs Act passed by Congress in August 2021 includes around $550 billion in new federal investment in America’s roads and bridges, water infrastructure and more to be allocated over the next five years.

Because of the influx of federal funds for infrastructure, construction firms that previously focused on local, private sector clients are incentivized to pursue pu

4 misconceptions about health reimbursement arrangements

(HRAs) represent an opportunity for employers to provide employees with a health insurance benefit. Instead of choosing a one-size-fits-all group plan or leaving employees to shoulder the financial burden of health insurance on their own, employers can offer employees a tax-free allowance to purchase a plan of their choice.

In a tight labor market, employers look for any advantage in attracting and retaining good employees. Many small employers have never been able to afford to offer health ins

Is a PEO just what your clients need?

Many small companies can't afford an HR department or even an HR manager. HR is often one of many responsibilities handled by one person like a CFO or office manager.

At Worldwide Technologies, a 50-employee manufacturing facility in Franklin, Kentucky, Lindsey Tyler is that person. She works 80- and 90-hour weeks to manage the firm's accounting, human resources and more. To accomplish all this — including payroll, benefits, insurance, training, labor costs, workers compensation, hiring and ter

Women in leadership: Breaking down internal, external barriers

It seems we have been tracking the progress of women leaders for decades. Much has been written, researched and thoughtfully discussed, and many organizations have put in place valuable programs that have helped women move up the ladder.

However—where are we now, 20-plus years into the 21st century? What are the barriers for women today? And how can individuals and organizations continue to move the needle?

Organizations today have varying degrees of introspection into the topic of women in le

True equity requires a smart pay transparency strategy. Here’s how to build one

By the end of 2023, millions of Americans will live in a jurisdiction that requires employers to include a salary range in job advertisements. Already, a number of jurisdictions—including California, New York City, Colorado, and Washington—require this, and new laws will come into effect in New York state and other cities over the course of the year.

As employers adapt to these new laws, the goal is no longer just achieving baseline compliance. Rather, employers are increasingly focused on deve

How employee resource groups can impact the bottom line

To achieve results and remain relevant, any organizational initiative must connect to and support business strategy. And to support and impact those goals in innovative ways, HR leaders must understand the objectives of the organization. Without this connection, the initiative won’t succeed. But if you link it to the overall business strategy, it becomes more sustainable. While this business-focused approach is oftentimes pragmatic, many diversity, equity and inclusion initiatives, such as emplo

Flexibility Is A Key To Staffing Successfully

With the worst of COVID-19 seemingly past, many employers are reconsidering remote and hybrid work arrangements in favor of returning to the office (RTO). Some feel the face-to-face time helps build a stronger culture, idea generation and general camaraderie. Even though some high-profile companies are backtracking on remote work, many office-based organizations are still on the fence. However, much of the office workforce is not on the fence about flexible work arrangements. They’re all for it.

Improve employee engagement with tailored career paths

As employers continue to devote tremendous resources to recruiting, hiring and training new employees, retention has become more important than ever. Competitive pay and benefits are essential, as is offering flexible work arrangements. Beyond work-life integration, workers also want the opportunity to grow their skill set, to feel cared about and to feel a sense of purpose in their work. All of this leads to greater employee engagement and retention.

As they look for new ways to connect with t

How Mentoring Supports Gen Z

Graduation season is coming soon and with it a whole class of new workers. Gen Z is the popular moniker for these new hires. Born between 1997 and 2012, they are digitally-savvy having grown up with smartphones and social media. But this digital experience has come at a price. Due to the pandemic, this younger generation has spent most of their college years working remotely or in a hybrid arrangement. It’s taken a toll on their mental health and their social skills, according to experts. Soft s

How payroll can expand your client services

Payroll is often considered a value-added service for accountants. Accounting firms are looking for ways to keep in touch with their clients often and to advise them as much as they can, and payroll is a high-touch service that can accomplish this. For accountants looking to break into advisory services, payroll can be the entry point.

The pandemic demonstrated how much business owners need accountants who can do more than taxes. Paycheck Protection Program loans, a tight labor market, the hybr

Preparing for Your Next Creative Role

With the flux in the economy and labor market, many creative professionals are looking for new opportunities. If you are in between jobs or just interested in moving your career in a new direction, there are several actions you can take to get ready for that next position.

If you’re like many people, you’ve probably put off refreshing your resume or updating your portfolio. It can feel daunting, but take it a little bit at a time. If you’ve been in a job for a while, it’s easy to get a little s

7 Reasons to Seek Onsite Contract Work

Contract work is finally coming into its own. Once considered second choice to a permanent full-time job, many workers are choosing to work on a contract basis for a variety of reasons. The number of independent workers has increased tremendously – 69% since the beginning of the pandemic, according to MBO Partners. An uncertain economy has also increased the number of employers looking for contract employees. In a January 2023 survey of 1,000 employers, reported that one third

SECURE 2.0 creates new retirement saving incentives for employers and employees

Americans are not saving enough for retirement. A survey in October 2022 found that 55% of Americans said they are behind in their retirement savings and almost 35% said they are "significantly behind." Even more alarming, 71% of Baby Boomers report being short on retirement funds.

Certainly, inflation has contributed to these outcomes because employees have less , but this has been a trend for some time. Many Americans don't realize how much money they need to live comfortably in retirement. A

How Firms Can Use Payroll to Build Trust with Clients

Accountants have more tools at their fingertips to grow their advisory services than ever before, and the pandemic underlined the importance of using those tools to help their clients. Today’s accountants are helping their clients navigate a rapidly changing labor and regulatory landscape. PPP loans, a tight talent market, the hybrid workplace, and changing tax laws are all combining to put incredible pressure on small- to medium-size businesses. As a result, expectations are changing for accoun

Stressed workers? Look to a financial wellness ecosystem

Two-plus years of the pandemic and its continued impact on the economy are making workers more financially stressed than ever. According to a study by ADP, 60% of workers across all income brackets are at least somewhat stressed by their finances. This trend remains consistent across all income levels, with 44% of earners making at least $75,000 saying they are at least somewhat impacted by financial stress.

Another study by ADP reported that 75% of employees want to work for a company that car

How Data Can Drive Skills Development and Performance

One of the best parts of my job is imagining new ways for data to transform the way businesses and people work, and the growth they achieve. The ability of data to power performance is true no matter what your field. Take, for instance, Patrick Cantlay, who at age 30, is an eight-time PGA TOUR winner. On the golf course, he’s described as focused and down to business -- “linear, direct, cerebral” are some of the words used. Data is key to his game. Cantlay relies heavily on his caddy, for instan

Recruiting and Retaining Millennials and Gen Z

Finding the best talent and holding onto to them has become the Holy Grail. The turmoil in the job market – even with fears of a recession – continues. The cost of recruitment is high and the cost of turnover even higher, especially when you consider how long it takes an employee to be trained and productive. The New York Times reports that the impact turnover is having on productivity is a major factor in a lagging economy.

Let’s look at our present workforce. Millennials, age 26-41, represent
Photo by Yan Krukau on Pexels

Voice of the Employee

Today's employers face growing challenges to maintaining an engaged, productive workforce. In a continuously shifting labor market with employees demanding more in terms of flexibility and compensation, it is a critical time for employers to build connections with their workforce.

But to retain your best talent, you need to know what they are thinking and feeling. According to ADP Research Institute (ADPRI), weekly connections between leaders and their workers can increase the likelihood of eng
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