Guest post by Richard Lee, Director of Digital Marketing and Analytics with Honey
Growth can be very positive for many companies. Growth pays for team outings, free snacks, in-office massages and other employee perks that help support a well-balanced and high-performing workforce.
But with growth there are always questions. One of the biggest and most critical is this: During a period of accelerated growth, how can a company hold on to its culture and communication? According to a recent workforce survey by SaaS startup15Five, 81 percent of employees value an environment that fosters “open communication” but only 15 percent of respondents are satisfied with the communication in their current role.
Here are three common ways rapidly growing companies fall victim to employee alienation due to lack of communication and how to keep this from happening to you: Continue reading this entry →
This post is part of TriNet’s ongoing series about the Affordable Care Act and its effects on small business.
The Affordable Care Act (ACA) is here to stay and any business owner with at least one employee is affected in some way. We know many of you, as small business owners, may be confused by the ACA, how it will impact your business and what you need to do to stay in compliance. That is why TriNet created a series of articles on the ACA to walk you through what you need to know and keep you informed of any upcoming changes.
Here are the top seven things you should be aware of in regard to ACA and your business. We recommend bookmarking this page for easy future reference and, of course, contacting TriNet if you have additional questions: Continue reading this entry →
In 2012, California passed a law requiring companies with five or more employees to offer retirement plans. The California Secure Choice Retirement Savings Trust Act is expected to be implemented by the end of 2015. Right now, the act is undergoing a thorough analysis.
Why do we need a state-mandated retirement bill?
You may be wondering why California is pushing for a retirement account that will require more administration, committees and a long implementation. There are two main reasons:
- According to the California State Treasurer, fewer than half (45 percent) of California’s private-sector workers age 25-64 work for an employer who sponsors a retirement plan. This number is less than the U.S. average of 53 percent.
- Nearly half (47 percent) of California workers — public and private — are currently on track to retire with incomes below 200 percent of federal poverty level (i.e., about $22,000 a year for one person).
If you qualify, what does California’s retirement bill mean for your company?
- You will be required to have a payroll deposit arrangement with your payroll company that allows your employees to participate in the savings program.
- This retirement plan may not be as robust as the 401k plans employees would generally receive from a larger employer and may have limited options.
So, what are your options?
- If you currently offer a 401k to your employees, you can hold onto your plan, which will provide more options for investments and financial guidance.
- If you don’t currently offer a 401k, you might want to consider offering one as they are powerful tools for attracting and retaining quality employees in an increasingly competitive war for talent.
- If you want someone else to deal with this, we recommend engaging a professional employer organization (PEO), such as TriNet, that can provide you with 401k administrative options – along with health benefits, HR compliance and other solutions for your company.
- If you don’t have a 401k plan and don’t adopt one before the California law takes effect, you may be defaulted into the state-mandated retirement account.
While California is leading the way for this push into forced retirement plans, the trend is likely to spread throughout the nation. In fact, as I write this, 17 other states are also working on legislation to require similar state-sponsored plans.
If California’s new retirement bill affects your company, please reach out to me with any questions regarding this legislation or managing your employee administration: Jon.Siders@TriNet.com; 858.202.5829
First of a two-part series on ACA and the finance industry
Beginning January 1, 2016 every U.S. firm with 51-100 employees will be migrated to the “small group market” for healthcare benefits, as part of Affordable Care Act (ACA) mandated changes. Currently, in many states the small group market encompasses firms with 50 or fewer employees. But for policies that renew in 2016, this market will be expanded to include companies with up to 100 full-time employees.
Companies with 51-100 employees, who previously enjoyed the “economies of scale” benefits associated with being in the large group health care market, will become part of the small group market as of their first renewal on or after January 1, 2016. While this change will happen across the U.S., we believe its impact will be very significant in New York State. Continue reading this entry →
On June 26, 2015, the Supreme Court of the United States (SCOTUS) issued a ruling in the Obergefell v. Hodges case, requiring that all states must recognize marriages between same-sex couples. For employers, this ruling raises questions surrounding what changes, if any, need to be made for employee benefit health plans. Many employees are also concerned about how their health benefits will be handled. (Note that uncertainty over retirement plan benefits for same-sex spouses have been mostly resolved following the US v. Windsor decision in 2013 so this article does not address those benefits). Continue reading this entry →