News Brief: Workers Likely to Explore Job Market in 2025, According to Report
Although employee quits have trended down in 2024, EY’s 2024 Work Reimagined Survey report found that 38% of employees are likely to leave their jobs in the next year. According to the survey results, EY advises that to maintain a talent advantage,employers may need to hone their attraction and retention tactics to prioritize enhancing workplace culture, expanding rewards and building agile employee skill sets.
“The global workforce has evolved into one with personalized experiences and expectations, increasingly disconnected from one- size-fits-all ideas of career, total rewards and work location.”
– EY’s 2024 Work Reimagined Survey report
News Brief: Jobs Total Up, Hiring Continues to Slow Down in September
In its latest Employment Situation Summary, the U.S. Bureau of Labor Statistics (BLS) reported that job gains in September exceeded expectations, with employers adding 254,000 jobs instead of the approximate 140,000 expected by economists. This is the largest increase since March 2024, when 303,000 jobs were added. It’s also above the average monthly gain of 203,000 over the prior 12 months.
While job totals are up, overall hiring has slowed throughout the year. According to the most recent Job Openings and Labor Turnover Summary from the BLS, hiring levels diminished by about 100,000 from July to August 2024 but are trending down substantially from one year prior.
The unemployment rate changed little at 4.1% but remains higher than one year ago. This stability in unemployment suggests that, despite the increase in job totals, the market is taking a guarded approach to hiring. Economists attribute the slow down in hiring to several factors, including economic uncertainties and businesses’ caution to expand their workforce amid fluctuating market conditions.
Career Elevator: How to Be a Better Listener at Work (October)
In today’s fast-paced work environment, effective communication is more important than ever. One of the most crucial aspects of communication is listening. Being a good listener at work enhances communication, builds stronger relationships and boosts productivity by ensuring messages are accurately received and understood. It also reduces conflicts and encourages open dialogue, leading to a more positive and collaborative work environment.
Legal Update: IRS Allows Employees to Allocate Employer Contributions Among Various Benefits
The IRS has released a private letter ruling (No. 202434006) approving an employer’s program that gives employees the option to direct employer contributions toward several different offered benefits. A private letter ruling, or PLR, is a written statement issued to a taxpayer in response to a written request that interprets and applies tax laws to the taxpayer’s represented set of facts. While a PLR may not be relied on as precedent by other taxpayers, the PLR provides important insight into how the IRS might view similar employer programs.
Compliance Bulletin – Deadline for Submitting Gag Clause Attestation Is Dec. 31, 2024
Effective in 2020, the Consolidated Appropriations Act, 2021 (CAA) prohibits health plans and health insurance issuers from entering into contracts with health care providers, third-party administrators (TPAs) or other service providers that contain gag clauses (i.e., clauses restricting the plan or issuer from providing, accessing or sharing certain information about provider price and quality and de-identified claims).
Plans and issuers must annually submit an attestation of compliance with the CAA’s gag clause prohibition to the Departments of Labor, Health and Human Services, and the Treasury (Departments). The first attestation was due on Dec. 31, 2023. The next attestation is due Dec. 31, 2024, covering the period since the last attestation.
Client and Employee Resources
The more your employees understand your benefit plans the more they become educated, empowered consumers. The programs you provide will also gain an enhanced value.
As your strategic partners in employee benefits, we can provide multiple avenues of ongoing support, including:
- Employee Meetings (English and Spanish)
- Webcasts
- Payroll Stuffers
- Poster Campaigns
- Newsletters
Carrier Directories
E-Verify is a web-based system that allows enrolled employers to confirm the eligibility of their employees to work in the United States. Click the image below to begin.
