{"id":33676,"date":"2020-10-15T12:09:20","date_gmt":"2020-10-15T16:09:20","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=33676"},"modified":"2020-10-16T13:33:20","modified_gmt":"2020-10-16T17:33:20","slug":"business-report-develop-compliant-policies-and-procedures","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/10\/business-report-develop-compliant-policies-and-procedures\/","title":{"rendered":"Business Report: Develop Compliant Policies And Procedures"},"content":{"rendered":"
\"\"
Rose Miller is president of Pinnacle Human Resources LLC.<\/figcaption><\/figure>\n

By Rose Miller
\nAs fall and winter approach, employers will not only have to plan for the on-going pandemic, but they must also address the challenges faced by working parents, a stressed workforce, decisions involving onsite versus a remote workforce and possibly shutting down again.
\nThese decisions involve creating comprehensive and legally compliant policies and procedures.
\nIt is also a time for employers to think about a comprehensive approach to its company\u2019s benefits. Like every aspect of the business, employers need to assess how the pandemic has impacted their entire benefit offering. They need to also consider how new federal and state mandated leaves interplay with paid time off policies and insurance benefits. Based on their findings, they may want to revise what type of benefits are critical to both the company and its employees.
\nAccording to the annual MetLife Benefit Trends Survey for 2020, generational demographics show a glimpse on how businesses should revise their benefit offerings and possibly reallocate funds to better meet employee needs.
\nThe benefits survey shows:
\n\u2022 Health Insurance continues to be a top \u201cmust have\u201d for employees of every age with 95 percent for Boomers, 88 percent for Gen-X, 81 percent for Millennials and 68 percent for Gen-Z.
\n\u2022 Another must have is a 401(k) with 69 percent of Boomers, 80 percent of Gen-X, 68 percent of Millennials and 60 percent of Gen-Z wanting this benefit.
\n\u2022 Company provided Auto Insurance was surprise must have with 70 percent of Boomers, 70 percent of Gen-X, 67 percent of Millennials and 44 percent of Gen-Z marking auto insurance a desired benefit.
\n\u2022 Voluntary benefits scored lower than 50 percent with 44 percent of Boomers, 34 percent of Gen-X, 49 percent of Millennials and 34 percent of Gen-Z finding this benefit as needed.
\nMost employer provide life insurance yet company auto insurance was rated much higher by employees. According to data collected by the Society of Human Resources, there some other important trends that reinforce the new normal of blending work and home life.
\nA revision to the trend to have one pool of paid time off began with New York and other states mandating Paid Family Leave. Everyone is waiting to see if the federal government\u2019s Family First Corona Response Act will be extended beyond Dec. 31. There is the new mandated sick leave beginning in 2021.
\nIf the PTO allocated time includes family and sick, the pool should be reduced accordingly. Rather, employers may want to consider supplementing wages for leave of absences. We are also recommending employers to carve out the mandated sick leave that will require a carryover when the PTO policy does not.
\nWages that were factored for travel\/time or geographic location (big city versus small city) may be adjusted while travel may be reduced or factored downward to match the home location.
\nWellness and mental health benefits should be considered to address employee anxiety, increased drug\/alcohol use and domestic violence all of which have reported to increase significantly during the pandemic.
\nTelemedicine and telehealth services are increasing popular and successful. They have proven to reduce health insurance utilization.
\nMore frequent pay period processing is a reoccurring request. Some payroll companies are offering this as a value add.
\nA workplace survey by Deloitte on recruiting and retaining Millennials and Gen-Z have some specific benefit requests from these groups. They are:
\nThey are two times more likely to stay in a company that have a demonstrated diverse and inclusive workforce.
\nThe company benefits include professional development\/tuition reimbursements\/student loan assistance.
\nFamily-related benefits such as family planning, childcare assistance, adoption assistance, eldercare and transition back to work programs.
\nWhat we can surmise from this data is employees are seeking a holistic mix of programs and benefits to support them and help them navigate the stresses of the pandemic and their careers.
\nIn the midst of the pandemic, work and life are blending more than ever before and employees are responding by requesting more meaningful employer support and resources that can help them better manage this blend.
\nCompanies that create benefits that support their employees\u2019 new normal are better positioned to meet the evolving challenges of the pandemic and increase company performance while supporting its employees.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Rose Miller As fall and winter approach, employers will not only have to plan for the on-going pandemic, but they must also address the challenges faced by working parents, a stressed workforce, decisions involving onsite versus a remote workforce and possibly shutting down again. These decisions involve creating comprehensive and legally compliant policies and […]<\/p>\n","protected":false},"author":196,"featured_media":33677,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"yoast_head":"\r\nBusiness Report: Develop Compliant Policies And Procedures - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/10\/business-report-develop-compliant-policies-and-procedures\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Develop Compliant Policies And Procedures - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Rose Miller As fall and winter approach, employers will not only have to plan for the on-going pandemic, but they must also address the challenges faced by working parents, a stressed workforce, decisions involving onsite versus a remote workforce and possibly shutting down again. 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