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Human resources is becoming an exciting field of late, rapidly moving along with digital technology trends that are transforming the world of HR. As a result, so much about the way we traditionally have done business has been upended. Organizations need to think more broadly and creatively about how they manage people and meet the needs of a tech-savvy workforce that is evolving every day.
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An analysis of data taken from a 2012 National Health Interview Survey (NHIS) has found that 25 million adults in the US have some sort of chronic pain (at varying levels of severity), and 40 million are living with severe pain that impacts their overall health. That means almost 30% of the adult US population is walking around each feeling some level of pain. Chances are good, you are one of them.
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There’s a lot of discussion in the business world right now about the millennial generation. Who they are, what they care about, how to recruit them, how to get them to stay. And all with good reason. According to the Bureau of Labor Statistics, millennials will make up 75% of workforce by 2030. That’s only 14 years away, so thinking now about the growth of your organization and how millennials can help shape that future is crucial to long-term sustainability.
December and January mark the time when round-up lists of every sort hit the stands – predictions for the year to come, best of 2015, and what to watch for in 2016. As such, business publications have put out their projections for 2016’s business trends, which have implications for both for-profits and nonprofits alike. Below is a brief round-up of some of the big topics anticipated in the corporate world this year, and how nonprofits can integrate these ideas into the workplace:
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With the recently announced two-year delay of the Cadillac tax (from 2018 to 2020) and the pending presidential election debating the entirety of the ACA, its unclear if the 40% excise tax will ever become a reality. In theory, the tax is meant to reduce employer and employee healthcare spending and help fund the expansion of the ACA. In reality, companies of all sizes are fighting against it saying that the toll will significantly impact the affordability and accessibility of healthcare for US workers. And with healthcare costs skyrocketing, well beyond normal wage growth and inflation, the Cadillac tax seems almost unavoidable, if it comes to fruition in 2020.
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Recruitment and retention are always top of mind for nonprofit executives, and rightfully so. According the Bureau of Labor Statistics, nonprofits employ 10% of the US working population with a large percentage in health and social services. But attracting – and retaining – top talent continues to be a challenge, especially staying competitive with compensation packages.
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As a result of both the US vs Windsor case in 2013 and the recent Supreme Court decision legalizing same sex marriage in all 50 states, same sex spouses are now able to receive spousal support for healthcare, if a company offers that benefit, without any imputation of income from the employed spouse. Employees with same sex spouses who were previously covered under domestic partner benefits should have implemented a change in marriage status with their employer after the Supreme Court decision to ensure that income was no longer imputed for their spouse.
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Depleting savings, working extra hours, and increasing credit card limits are just a few of the strategies 20% of insured US workers are undertaking in order to cover at least some of their excessive medical costs. This is according to a Kaiser Family Foundation/New York Times survey released on January 5th, which shows that 1/5th of Americans who are insured are facing significant economic challenges due to medical bills that are unaffordable.
The New Year brought good news for those employers required to file tax returns reflecting healthcare coverage for the first time. The IRS and the Department of Treasury have extended deadlines for the employer mandate (also known as “pay or play”) for both employee notifications and filing with the IRS.
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The New Year is upon us and although many organizations will remain in a 2015 state-of-mind with regard to tax returns, it is imperative that planning for changes to the ACA in 2016 be happening simultaneously. Below is a brief run-down on what businesses can expect to shift for them in the next 12 months:
