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30 Dec

Vensure’s Top 10 Blogs of 2021

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As 2021 comes to a close, we’re taking a look back at some of your favorite blogs from the past 12 months—and we’re so glad that through our content, we were able to teach you a thing or two. If you think you missed a couple of blogs, don’t worry.

Here are our top 10 blogs of 2021, with some of our favorite excerpts from each:

Breaking Down Barriers Between Department

No company ever wants an “It’s not my job” mentality. To combat such a perspective, aligning company vision and goals with a strategy to obtain them is critical to evenly distributing responsibility and avoiding burnout. Motivating employees consists of incentivizing through shared interests, individual growth initiatives, mutual goals, and word of affirmation. Instilling such tactics into management encourages feedback, collaboration, and productivity. Having a clear vision, set goals and deadlines, and appropriate strategy to achieve them draws the company a path for success.

1099 Employees: Everything Employers Should Know

A 1099 employee, otherwise known as an independent contractor, is self-employed. When an employer enters a contract with a 1099 employee, the 1099 employee is typically responsible for their hours, tools, taxes, and benefits. Unlike a standard employee (W2 employee), 1099 employees are not tied to a single employer and must follow different laws and regulations.

Health Savings Account (HSA) vs. Flexible Spending Account (FSA)

  • You must have a high-deductible health plan (HDHP) to qualify for an HSA.
  • Funds from your HSA roll over year after year while FSAs work on a “use it or lose it” basis, meaning you will lose any funds not spent by the end of the year.
  • Some HSAs offer investment options.
  • HSA holders cannot spend over the amount allocated from each paycheck. However, they can file for reimbursement later in the year.
  • You can use your FSA to cover eligible healthcare expenses early in the year, as long as you plan to contribute what’s necessary to cover those expenses by the year’s end.
  • The biggest benefit of the FSA is that withdrawals can be made for childcare expenses and medical expenses.

2021 Employee Benefits Trends: The Impact on Your Business and Your Employees

This year, we’re seeing employee benefits trends directly related to employee experiences over the last two years. As a result, some of the following trends have emerged:

  • A greater focus on voluntary benefits.
  • Importance on financial security.
  • Renewed focus on employee mental health.
  • Alternative work arrangements.

While all four were topics of conversation before the pandemic, they are now being even more widely adopted. Employees around the country are beginning to build more comprehensive plans for their physical, mental, and financial health.

A Timeline of Employee Benefits

Employer-sponsored benefits haven’t always been a part of the new hire process. Most of the legally required employee benefits that candidates have come to appreciate as part of their onboarding process weren’t developed until the early 1900s. Employee benefits, as we now know them, are the accumulation of different programs, research, plans, and policies, that were all put in place deliberately to improve the lives of employees and strengthen the bond between the employer and employee.

To learn more about employer-sponsored benefits that meet the changing needs of your employees, click here.

Asked and Answered: What is Co-Employment?

According to NAPEO, co-employment refers to a contractual client service agreement (CSA) that allocates certain responsibilities between the PEO and the client company. This means that the PEO will assume some of the employer’s rights, responsibilities, and risks while keeping the responsibility of the day-to-day operations on the business owner.

Partnering with a PEO does not take ownership away from the client company. In a co-employment agreement, the client company still reserves its rights when making final decisions regarding the business, such as operations, hiring/firing employees, customer services, etc.

8 Trends to Shape the Workplace in 2021

Employers who support employees with life experiences reported improved employee mental health (23%), physical health (17%), and performance (21%). Prioritizing employee mental health, financial wellness, and life experiences will allow employers to reap the benefits of healthier, happier employees.

(How do you think these trends played out? Read more!)

2021 New Year Business Goals and Strategies

Promoting Professional Development: January is National Mentoring Month, where business leaders and employees focus on collaboration and promoting networking and mentorship to young professionals. A great way to help incentivize employees in the new year is promoting professional development. Consider starting a mentoring program that raises awareness of the value mentoring offers, invests in high-performing workers to promote their roles to young professionals interested, and improve recruiting efforts. If you already have a mentoring program, conduct an audit to see what can be improved, as well as consider additional professional development opportunities, such as webinars, business summits, and tuition assistance.

4 Ways to Improve Performance Reviews

In preparation and goal setting, it is imperative that clear guidelines are established for measuring an employee’s performance. For example, if an employee wants to move into a supervisory role, lay out what types of qualities or tasks they will be evaluated on. This could include general qualities like communication, time management, critical thinking and problem solving, and working under pressure.

To prepare your employee for a performance review, lay out the format. For example, is this going to be a formal or informal meeting? If it is going to be formal, you could provide the structure of the meeting by explaining what is expected from the employee, what the employee should expect from you, and the goal of the performance review (i.e., annual evaluation, consideration for a raise or promotion).

Incorporating Tax Planning into Risk Management Strategy

Risk management is the process of identifying potential exposure to damage, injury, illness, liability, loss, or negative impact to a business and mitigating it through preventive action. According to the American Accounting Association – Management Accounting, developing a board of directors to oversee a company’s risk management results in balanced tax planning risks and rewards.

According to a 2014 annual proxy disclosure statement, the board of directors who proactively participate in risk management oversight tend to experience lower taxes on average and lower risks of damaging the company’s reputation.

Happy New Years!

There you have it: Our top 10 blogs of 2021. We are fortunate that we were able to serve as your resource for all this PEO—and we look forward to serving you in 2022. If you love our blogs and have gained invaluable knowledge, find out how else we can help you with a free HR Diagnostic. Whether you need assistance with benefits and workers’ compensation, or payroll and recruiting, we’re glad to help.

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