Disengaged Employees Are Costing Companies Millions. What You Need To Do Now.

Disengaged Employees Are Costing Companies Millions. What You Need To Do Now.

According to the latest findings from Duke’s Fuqua School of Business, over 90% of CEOs and CFOs consider the culture of their company to be critical to their business success. They know, and studies have proven, that the right company culture improves camaraderie and respect among peers, a comfortable work environment, tenure, and loyalty.

It also improves the quality of service and products, and the ability to attract and keep great talent.

What is company culture?

Company culture is just as palpable as the culture you experience with every new country. It’s how its people speak to each other and the ideas, values, and rituals they share with each other throughout their day. Laid back, competitive, collective, individual—several concepts factor into creating a company identity and developing the supportive structure of benefits, events, support, and motivation for group and personal success.

Where does company culture start and why is it important?

“There’s no question that company culture starts and ends with HR,” says Craig Broome, President at Highflyer HR. “It may trickle down from the executive branch, but human resources is responsible for implementing and maintaining it.” Since a company’s culture plays a huge role in how well its employees engage, perform, and stay in their positions, it is not a small job; according to a 2017 Gallup report on the State of the American Workplace, companies that score ranked with higher engagement percentages have a serious advantage over companies who struggle with employee satisfaction.

And there are significant stats to prove it. Companies with actively engaged employees report:

  • 41% lower absenteeism
  • 70% fewer safety accidents
  • 20% higher sales
  • 40% fewer quality defects
  • 21% higher profitability.

“Each study that comes out doesn’t say anything that HR managers haven’t known for years,” adds Broome. “It’s not that companies aren’t aware of the dangers of disengagement. It’s that they don’t know how to find time to fix it with everything else they have to do to maintain compliance, payroll, benefits, and administrative functions.”

With company culture being so important, how do human resources managers actively cultivate it given their current workload?

Sometimes it only takes one thing. For several companies, that one thing is automating HR processes and platforms. Doing so not only streamlines and consolidates data, but also validates and protects it from time-consuming errors, report generation, compliance issues, and platform management. By simply removing the slow nature of paperwork, these HR teams can take the time to strategize and implement programs that not only align with company success but the enrichment of their employees.

Disengagement is costly, but an engaged workforce pays for itself and then some. When HR teams have and take the time to develop the culture, it sets up the company for long-term success; candidates are screened based on qualifications and fit, employees feel like they belong to something bigger than themselves, executives can confidently predict performance, and investors see more value. When HR managers have the time and space to work, everyone wins.

How’s your company’s vision?

How’s your company’s vision?

Can you see what’s coming for employee health care reporting?  The Affordable Care Act (ACA) is burdensome and complex with changes to many different laws or sections of our tax code.   With nearly 100 provisions since its enactment, it seems to continually impact employer responsibilities and reporting.

Determining if your company is an applicable large employer (ALE) is just one of the ACA requirements.  An employer with more than 50 full-time (or an equivalent combination of full-time and part-time) employees is an ALE.  An ALE must offer affordable health plans that provide at least a minimum level of coverage to their full-time employees (and their dependents), or possibly be subject to the employer shared responsibility penalty.  Though no employer shared responsibility payments were assessed for 2014, employers must use their 2014 workforce information (e.g., number of employees, hours of service) to determine their criteria for 2015, since the number of employees is a calculated value of full-time and part-time employees over the last 12 months.

The ACA also amended the tax code, adding sections 6055 and 6056. ALEs are required to file information returns with the IRS and provide statements to their full-time employees about health insurance coverage offered by the employer.

Section 6055 Section 6056
Insurers and self-funded plans Applicable large employers
Enforce the individual mandate Enforce the employer mandate
Show all individuals who are covered Show who has been offered coverage
Form 1094 B transmittal to the IRS Form 1094 C; ALE’s transmittal to the IRS
Form 1095 B notice to the individual Form 1095 C;  ALE’s notice to the employee

As you can see, it’s critical that all your workforce data is in one location, making it easy to track critical employee and dependent data needed for required ACA reporting:

  • Required identifying information
  • Availability of required coverage
  • Waivers of available coverage
  • Affordability of plans

Highflyer HR’s Human Capital Management (HCM) technology that helps you determine your ALE status and maximum waiting periods for medical enrollments, in addition to running applicable self-funded or fully insured reports.  Highflyer HR also provides appropriate filing for companies that fall under the exception reporting for this year.  And if you’re curious about potential penalties due to the non-affordability of offered plans, Highflyer HR can show you proactive estimates.

Highflyer HR makes adhering to ACA requirements easier and more efficient. With expert support from our staff, iSolved makes sure you have all of the necessary data collection, forms and procedures so you don’t lose sight of vital compliance issues.

Contact us at 844.398.7800 for more about Highflyer HR and health care reporting compliance.

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6 Reasons To Use HCM Technology

6 Reasons To Use HCM Technology

Most human resource professionals are well aware of the Human Capital Management (HCM) movement.  The right HCM technology will streamline HR processes and save the company time and money, both of which should be considered for your ROI.

A recent Nucleus Research study included companies of various sizes and industries and revealed many noteworthy items that confirm implementing HCM can significantly impact your business.

HCM provides hard savings:

  • HCM technology returns an average of $9.13 for each $1.00 spent.
  • Initial implementation of cloud-based HCM solutions can cost 79% less than on-premise solutions.
  • Companies experience about 90% in savings for ongoing maintenance.

Cloud-based HCM provides everything an employer needs to manage their workforce and is in high demand. With today’s business environment, legislation and technology, employers are challenged to do more than just issue paychecks.

Here are six reasons HCM will benefit your business:

  1. Cloud-based solutions. HCM technology is extremely cost-effective. Cloud-based HCM applications reduce the need for IT support while providing access from any location, with any device. HCM allows multiple customers to access the same application simultaneously.
  2. Hardware/software upgrades. The cloud technology’s multi-tenancy architecture assures you of always working with the latest version. No more downtime while updates are processing.
  3. Data security. Data in a cloud-based HCM system provides secure data effortlessly, maintaining high standards and rigorous adherence to government compliance regulations. Important information is protected using superior firewalls and encrypted transmissions.
  4. Shorter learning curve. Using a single plug-and-play solution consolidates numerous tasks, leaving more time to focus on vital HR related issues.
  5. Tracking talent management. HCM platforms can cover the entire employee lifecycle, from hiring, onboarding, to training and even termination.
  6. Better employee engagement. No matter where employees are located, they can access personal data, benefits information, requests for PTO and payroll, relieving HR from time-consuming data management.

Today’s employers need to save time and money wherever possible. HCM technology has numerous benefits that not only streamline processes but can increase your ROI.

 

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