On Dec. 20, 2023, the IRS issued Notice 2024-2, providing guidance in the form of questions and answers with respect to various provisions of the legislation known as the “SECURE 2.0” Act.
Background – The Consolidated Appropriations Act of 2023 was signed on Dec. 29, 2022, which is an omnibus bill that includes the SECURE 2.0 legislation, referred to as such because it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The legislation is intended to increase employees’ retirement savings and makes numerous important changes that employers should be aware of. A section-by-section summary of the legislation can be found here.
Bereavement is an experience that follows the loss of a family member or friend. It’s an inevitable part of life. Many employers recognize the emotional toll it takes on workers and implement bereavement leave policies. Offering bereavement leave is not just a legal requirement in some places but a way to support grieving employees during challenging times in their lives. This type of leave can be an important component of an employee benefits package and can positively impact employee attraction and retention. Bereavement leave acknowledges the emotional well-being of employees as they balance the demands of work with the circumstances of daily life.
Last year presented employers with many new and difficult compliance challenges, including federal and state laws and regulations expanding worker protections, widespread adoption of artificial intelligence (AI) in the workplace, and increased enforcement actions by federal agencies. Employers have had to respond as courts and federal agencies addressed several hot-button issues. In addition to these novel and growing compliance challenges, employers have also had to navigate record-high inflation, economic slowdown, and an unusually resilient labor market. For many employers, these challenges made it more difficult to prioritize compliance or establish successful mitigation strategies because they lacked sufficient time, proper resources, or trained personnel.
In today’s market, managers and HR professionals must adapt to the changing expectations of organizations and employees amid difficult economic conditions. As such, proactive leaders and HR professionals will approach 2024 with strategies that incorporate artificial intelligence (AI) into everyday operations, satisfy employee demands for greater compensation and flexibility, and conform to evolving compliance standards. Organizations will benefit from putting people first and responding to what their workers need. To aid our followers in meeting organizations’ and employees’ demands and desires, this HR Insights article highlights six HR trends to keep an eye on this year.
Looking forward in 2024, the labor market is expected to ease somewhat, although employers will likely still struggle to attract and retain talented employees. Skills gaps and high inflation remain challenging, but the influx of Generation Z (Gen Z) workers into the workplace is expected to help shift market conditions in employers’ favor. Organizations that focus on learning and development opportunities, transparent practices, and competitive compensation may be better equipped to find and keep high-demand workers. Our latest HR Insights article explores five attraction and retention trends to watch in 2024 so employers can prepare their strategies for the year.
Join Rob and Jason in this HR Chat as they explore HR trends in 2024 that will be shaping attraction and retention. They discuss the evolving labor market, the trend of skills-based hiring, adapting strategies for Generation Z, the expanding practice of pay transparency, and the importance of keeping up with competitive pay practices.
Stay informed on the latest HR trends, and contact us if you have any questions – firstname.lastname@example.org.
Join Rob, Scott, and Jason in this month’s HR podcast as they delve into the details of the new Form I-9, a critical component of the hiring process. They also highlight HR and employment changes set to roll out in 2024.
The new Form I-9 is now mandatory for all new hires. The team discusses some of the improvements, remote verification updates, internal and external audits, fines and penalties, document retention policies, and some insightful tips for employers navigating the I-9 process. As 2023 draws to a close, they also discuss some of the changes coming in 2024, including those related to pay transparency, diversity, equity, and inclusion.
Contact Employco for expert guidance on navigating the evolving landscape of HR regulations and ensuring adherence to the new Form I-9. Whether you’re dealing with remote verification updates or putting a plan together for an internal audit, our team can help – email@example.com.