by admin | Jun 20, 2019 | Human Resources
Every company wants to lead their industry, and doing so means remaining competitive. With the rate of speed the world experiences change in this age that is a very difficult proposition. For an HR professional, it is increasingly more difficult to stay ahead of the curve.
So, what are the critical pieces to the strategy?
- Agility
- Change Management
- Culture
Knowing that, how do the three concepts tie to one another?
We start with agility.
When it comes to this part of the strategy, what HR professionals really want is to be able to adjust at a moment’s notice. But it’s not enough to just be able to make the change. The HR professional wants to effectively implement the change in the organization.
Of course, that change doesn’t just happen at the drop of the hat. It requires leadership and even some maintenance.
That’s where change management comes into the mix. HR Exchange Network contributor John Whitaker says:
“Change can and will come quickly. Change management is a helpful (and sometimes hopeful) way to plan the actions and responses needed during a change process. But you must take advantage of those times where you are thrown into a chaotic situation without the benefit of planning.”
Finally, that brings us to culture.
In addressing this concept, CultureIQ worked with Bloomberg to survey 300 senior executives about the Future of Work. In that research, one of the first things they learned is work is becoming more complex. How? Consider first that companies are becoming more agile either by force or organically. Executives know they have to do this in order to remain competitive. Optimizing a talented workforce, predicting talent needs and keeping retention rates high are critical to sustaining your organization’s competitive advantage.
In fact, CEOs recognized that one of the most important factors in their organization’s performance for the next three years was ensuring their organization was agile.
CultureIQ says agility ranked higher than other attributes like collaboration, engagement, or innovation.
A company’s culture is imperative to its strategy especially when you consider this fact: culture influences whether talent is attracted or not attracted to the company. It’s also significant in the company’s ability to retain their best employees.
According to Gallup, 4 in 10 U.S. employees strongly agree their organization’s mission and purpose makes them feel their job is important. Furthermore:
“By doubling that ratio to eight in 10 employees, organizations could realize a 41% reduction in absenteeism, a 33% improvement in quality, or in the case of healthcare, even a 50% drop in patient safety incidents.”
Gallup has studied organizational culture and leadership for years. They find some organizations have difficulty in successfully establishing their “ideal” culture and attribute that to the fact that culture is constantly in flux and is not the same one moment to the next.
Earlier this year, researchers looked specifically at how HR leaders fit into the process of changing culture.
“Our analytics show that in the world’s highest performing organizations, HR leaders play a central role in creating and sustaining the culture their organization aspires to have. As the stewards and keepers of the culture, HR leaders are responsible for inspiring desired employee behaviors and beliefs — and in turn, realizing the performance gains of a thriving culture.
By owning their pivotal strategic and tactical roles in shaping work culture, HR leaders can cultivate exceptional performance and prove to senior leadership that they deserve a seat at the table.”
For HR, Gallup set forth three roles that explain how leaders influence culture.
- Champion – Executive leaders create the vision of the perfect culture, but HR leaders champion it. They are responsible for turning words into deeds.
- Coach – HR leaders, as coaches, make sure managers and employees are on the same page and help the two entities take ownership of the culture.
- Consultant – HR leaders here consistently check culture metrics such as employee engagement, customer outlines and performance indicators. In this way, HR leaders can make sure the culture strategy stays on track.
By Mason Stevenson
Originally posted on hrexchangenetwork.com
by admin | Jun 13, 2019 | Human Resources, IRS
Question: Are amounts an employer reimburses employees for mileage taxable?
Answer: They may be; the type of reimbursement plan will dictate whether reimbursement for business travel is or is not taxable. Both accountable plans and non-accountable plans allow an employer to reimburse employees for their business expenses.
With an accountable plan, the reimbursement is not taxable to your employee. Amounts paid under an accountable plan are not wages and are not subject to income tax withholding and payment of Social Security, Medicare, and Federal Unemployment Tax Act (FUTA) taxes. Your reimbursement or allowance arrangement must meet all of the following conditions in order to quality as an accountable plan:
- There must be a business connection to the expenditure. This means that the expense must be a deductible business expense incurred in connection with services performed as an employee of the employer. If not reimbursed by the employer, the expense may be deductible by the employee from their taxable income.
- There must be adequate accounting by the employee. This means that the employee must give their employer a statement of expense, an account book, a diary, or a similar record in which they entered each use at or near the time it occurred, along with date, mileage, and the business purpose of the use.
- Excess reimbursements or advances must be returned within a reasonable period of time.
A non-accountable plan does not meet the three requirements for accountable plans and is subject to all employment taxes and withholding. Payments under a non-accountable plan occur if: (1) the employee is not required to substantiate expenses with receipts or other documentation in a timely manner; and (2) the employer advances an amount to the employee for business expenses and the employee is not required to, and does not, return any amount he or she does not use for business expenses in a timely manner.
Employers should also check with their state department of taxation to understand any state tax rules applicable to them.
For more detailed information on federal mileage reimbursement, see the IRS page containing Publication 463, Travel, Entertainment, Gift, and Car Expenses, and updates to this publication since its publication date.
Originally posted on ThinkHR.com
by admin | Jun 4, 2019 | Employee Benefits, IRS
On May 28, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-25 announcing the annual inflation-adjusted limits for health savings accounts (HSAs) for calendar year 2020. An HSA is a tax-exempt savings account that employees can use to pay for qualified health expenses.
To be eligible for an HSA, an employee:
- Must be covered by a qualified high deductible health plan (HDHP);
- Must not have any disqualifying health coverage (called “impermissible non-HDHP coverage”);
- Must not be enrolled in Medicare; and
- May not be claimed as a dependent on someone else’s tax return.
The limits vary based on whether an individual has self-only or family coverage under an HDHP. The limits are as follows:
- 2020 HSA contribution limit:
- Single: $3,550 (an increase of $50 from 2019)
- Family: $7,100 (an increase of $100 from 2019)
- Catch-up contributions for those age 55 and older remains at $1,000
- 2020 HDHP minimum deductible (not applicable to preventive services):
- Single: $1,400 (an increase of $50 from 2019)
- Family: $2,800 (an increase of $100 from 2019)
- 2020 HDHP maximum out-of-pocket limit:
- Single: $6,900 (an increase of $150 from 2019)
- Family: $13,800* (an increase of $300 from 2019)
*If the HDHP is a nongrandfathered plan, a per-person limit of $8,150 also will apply due to the Affordable Care Act’s cost-sharing provision for essential health benefits.
Originally posted on ThinkHR.com
by admin | May 30, 2019 | Health & Wellness, Work From Home
The winter doldrums have left most of the country and we are witnessing the arrival of spring. Just like the budding trees and baby animals signify a new start, so does a fresh cleaning of your home. But don’t let the spring cleaning stop with the physical place where you live—extend it to all corners of your life. Give your life a good spring cleaning by organizing, decluttering, and setting goals.
ORGANIZE
By now everyone knows who Marie Kondo is—the master of “The Life-Changing Magic of Tidying Up.” What began a worldwide phenomenon of “sparking joy” in your home can be applied to your work life as well. Start by organizing your thoughts. Write down the tasks you want to accomplish whether it be daily, monthly, or yearly. Calendar the tasks so you know when you want them completed and prioritize them so you know what importance you assign to each item. Prioritizing tasks helps you accept a request or confidently say “no” when someone asks you to do something knowing it doesn’t fit in with your priorities. Organizing tasks works for both your personal and work life.
DECLUTTER
A good decluttering session is good for the soul! Step back and look at your workspace—are there piles of paper stacked on your desk? What about that mound of things you keep saying you’ll take upstairs in your house? Do you have relationships that are cluttering up your life? Take an hour each week to sort through your workspace piles. Choose to save only the papers/magazines/notes that you need to complete your job or that you want to save for sentimental reasons. Toss the rest of those papers in the recycle bin! After you are able to pare down the piles, begin asking yourself if the next paper that comes across your desk needs to be saved, trashed, or recycled so that those mounds don’t grow into mountains again. The same goes for stuff around your house. Start that garage sale box, begin a keepsake box, and trash the rest. Finally, kick those toxic relationships to the curb. You know the ones—the relationships that suck the life out of you. If you have someone whose values and priorities don’t align with yours, choose to keep them at arm’s length so you can spend more time with the people who hold priority in your life.
SET GOALS
Goals are unlike resolutions. Resolutions are a firm decision to do or not to do something. “I resolve not to eat dessert after every meal.” Goals give direction to follow to achieve a desired outcome. For instance, a career goal may be to finish your college degree or obtain a special certification. A relationship goal could be to have weekly date night or to start a family. Financial goals may include paying down debt, setting aside money from each check for a summer vacation, or to begin regularly giving to a non-profit dear to your heart. Set goals as you spring clean your life to give yourself direction in how you spend your time and effort this year.
As you begin spring cleaning your life, you will be surprised what good things are able to flow into those corners that were previously inhabited by disorganization, clutter, or lack of focus. By giving yourself a chance to have a fresh start in your life, you are encouraging new growth. And new growth is always exciting!
by admin | May 23, 2019 | Financial Planning
Preston Newby was a youth minister. He and his wife, Tara, were driving with their son to visit family—excited to announce a new baby on the way. In the keeping with the kind of person Preston was, he stopped to help at the scene of an accident. That’s when he was struck by another car and killed. He was only 24.
Fortunately, this young couple had done their planning and had bought life insurance. So despite the emotional upheaval that Preston’s death caused, Tara, a stay-at-home mom, and her two sons were able to carry on financially as they had before. You can watch their story here.
How many other people have prepared like this for the unexpected? Unfortunately, not enough: 43% of adult Americans don’t have life insurance, according to the 2019 Insurance Barometer Study, by Life Happens and LIMRA.
Many people think, “I’m young. That won’t happen to me.” Statistically they may be right. However, they could be up being one of the statistics. You just don’t know—and that’s the problem. The solution is life insurance.
If you have people you love and who depend on you, or you have financial obligations to meet, you need life insurance to protect against the “what ifs”—at every stage in life. Here are just a few reasons you may need life insurance, or more of it, throughout your life.
Single with no children: You may think you don’t need life insurance, since you have no dependents, but if you owe money, you need it. It ensures that your debts, including student loans and funeral expenses, won’t be passed on to your family. Additionally, if you are taking care of aging parents or a special-needs sibling, or know you will in the future, life insurance is a smart way to make sure that care can continue uninterrupted.
Married or partnered: As you begin your lives together, you’ll likely incur joint financial obligations like buying a home, in addition to monthly bills. It makes sense to protect your spouse or partner with adequate life insurance. It’s also a smart move to get coverage in place now if you plan on having a family in the future.
Parents with children: If you’re in the midst of this stage, financial obligations abound. Many couples rely on two incomes to make ends meet and single parents may be their children’s one-and-only. Life insurance is critical at this point. When figuring out how much you need, remember that the economic impact you have on your family can be measured not just by how much you earn now, but by how much you’ll earn over the course of your working life. Life Happens’ Human Life Value Calculator can help you figure out what that will be.
Empty-nesters/retirees: Your kids are on their own and your mortgage is paid off, so you may think you don’t need life insurance. However, if you are still building your retirement nest egg, life insurance ensures that if something happens to you that your spouse or partner can still live comfortably in retirement, despite any shortfalls.
Keep in mind, life insurance is a simple answer to an important question: Would anyone suffer financially if I were to die. If the answer is yes, it’s time to sit down with an insurance professional.
By Maggie Leyes
Originally posted on lifehappens.org
