business
September 10, 2024
Pay-or-Play Affordability Percentage Will Increase for 2025
On Sept. 6, 2024, the IRS released Revenue Procedure 2024-35 to index the contribution percentage in 2025 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2025, employer-sponsored coverage will be considered affordable under the ACA’s “pay-or-play” rules if the employee’s required contribution for self-only...
September 4, 2024
Preparing for the 2024 Election
Federal, state and local elections are scheduled for Tuesday, Nov. 5, this year. Employers should be aware of the number of ways elections impact the workplace. For instance, some employers are subject to voting leave requirements, and elections can lead to employee behavior challenges. As voting approaches, savvy employers can prepare by taking steps to...
August 29, 2024
Stopping Jobsite Theft
Construction businesses are at a heightened risk of jobsite theft, as expensive tools and machinery are attractive targets for criminals. Theft of construction materials can substantially disrupt a project, leading to delays and significant financial losses; therefore, it is essential for companies to understand how to prevent these incidents. Although every jobsite has its own...
August 28, 2024
Generative AI Benefits and Risks
As generative artificial intelligence (AI) advances, corporate boards are increasingly leveraging its capabilities to improve several aspects of their organizations. However, these boards must understand how to use this tool properly in order to use it effectively in their operations. They must also carefully analyze and weigh the risks it presents; otherwise, they may be...
August 27, 2024
The Risks of Severe Convective Storms
Severe convective storms can cause injuries, infrastructure damage and significant financial losses for businesses and their commercial properties. Often accompanied by hail, flooding, strong winds, lightning and abrupt temperature shifts, they are among the costliest types of natural disasters, according to industry research. To reduce potential losses and improve safety, employers should understand the risks...
August 22, 2024
Recent and Upcoming U.S. Supreme Court Cases Employers Should Monitor
In its 2023-24 term, the U.S. Supreme Court issued several consequential decisions that will likely have a significant impact on employers. These cases involved federal agency power, discrimination until Title VII of the Civil Rights Act (Title VII), whistleblower retaliation and arbitration. The Supreme Court’s next term, which starts Oct. 7, 2024, will also decide...
August 8, 2024
Early Preparation Is Crucial for 2025 Open Enrollment
The job market remains highly competitive as employers work to attract and retain today’s top talent. With the 2025 open enrollment season around the corner, employers have an opportunity to develop attractive benefits offerings and proactively communicate with employees to win them over. Early preparation can help show employees they are valued, convince top performers...
August 6, 2024
Factors to Consider When Estimating Maximum Loss of Business Income
Business interruption insurance can offer much-needed financial protection when an organization’s usual business activities are disrupted by covered perils (e.g., fires, theft, vandalism, heavy wind and hailstorms). Sometimes called business income insurance, this form of coverage can be purchased as a supplement to commercial property insurance or secured through a business owner’s policy—a bundled insurance...
July 30, 2024
Report: Employers Plan to Raise Wages 3.9% in 2025
The latest Salary Budget Planning Report released by Willis Towers Watson (WTW) shows that salary budget increases are expected to rise by 3.9% in 2025. The overall median pay raise for 2024 dropped to 4.1%, compared with 4.5% in 2023. Although these expected wage increases have diminished since 2023, this figure remains high compared to...
July 22, 2024
California Enacts New Workers’ Compensation Poster Requirements
On July 15, 2024, California enacted Assembly Bill 1870, requiring employers to notify injured workers that they can consult with a licensed attorney regarding their rights under workers’ compensation laws. This law becomes effective on Jan. 1, 2025. Overview of the New Posting Requirements California’s workers’ compensation laws generally require covered employers to post a notice...