March Madness: Employee Benefits

You may have heard this statement in the last few days. “Can you believe it’s March already??” Yes, I’ve thought this many times, and I’m not quite ready to admit that March has begun. How are you?

This year has gotten off to a FULL start, which is great as a consultant. And I’m not the only one feeling the fullness of work. Many of my clients and colleagues are feeling the work grind and pressure to get huge amounts of work completed NOW. Today. Or maybe yesterday. It’s a lot to manage.

Today we are talking about some of those great employee benefits that can help us recover and rejuvenate from busy seasons like these. Health care can look like an annual physical, mental health checks, and regular exercise. Paid time off can look like an afternoon nap, a closed office, and vacations. Flexible schedules can look like 4-day work weeks, synchronous office hours, and remote work. While employee pay has been the big news since 2020, employee benefits plans have also expanded and diversified a great deal in the pandemic. Here are some ideas for that full brain of yours. 

A traditional employee benefits package might include paid time off, health insurance coverage, retirement contributions, and paid holidays. I could write a newsletter in depth about each of these components; however, I want to focus on benefits that support a flexible workplace. Why flexible? First, the world has changed, and the traditional in-person office schedule of 9am-5pm is not the standard anymore (unless you work in time-bound positions like retail). Second, a flexible schedule promotes employees working at times that are convenient to them and supportive of their lifestyles.

Finally, research after research shows that flexibility is a key driver for accepting job offers and staying with a company. You may have seen the UK study released last fall where respondents said they would take a pay cut for remote work. Companies must offer some concept of flexibility to employees unless they are ready to lose employees for a long time. You may be asking, “How in the heck do we offer flexibility when we are already slammed with work and don’t have time for a big rollout?” Well, I’m glad you asked. Here are some recommendations:

1.      Offer one day per week with no internal meetings

2.      Offer every other Friday off (could be afternoons only)

3.      Provide mini sabbaticals for the whole organization (everyone gets paid)

4.      Offer remote work during high viral infection months (Ex. Dec-Jan)

5.      Set hours for synchronous work time and meetings

6.      Offer a 4-day workweek

These are steps that you can take right now to increase flexibility. And you can even pilot these changes in a team to see how it goes. These small steps will take some adjustment for everyone, and it will take time to change routines in a meaningful way. However, these small changes are worth the time and effort to keep your employees. 

While I was trying to take time off in December 2022, Congress decided to add some huge changes to the US retirement plan guidelines. You might have missed them, too. These were part of the big federal omnibus spending bill signed into law in December 2022. Before I start, let me remind you that I am neither a lawyer nor a financial advisor, so I encourage you to research this information and consult these experts for advice.

The Secure Act 2.0 offers a lot of changes, and I will focus on seven big ones here. Each of these has exceptions and different years when they are enforced, so research carefully.

1.      Employers required to start auto-enrollment on new retirement plans.

2.      Employers can make contributions to employee retirement plans based on the employee's student loan situation.

3.      Age increased from 70 ½ years old to 72 years old for required minimum contributions.

4.      Employees can make a one-time withdrawal for emergencies without a penalty fee. See this one for details on repayment.

5.      Age increased from 50 years old to early 60s for catch up contributions.

6.      Saver’s Credit match from the federal government is simplified.

7.      Changes for part-time worker eligibility to participate in employer retirement plan.

Many of these changes will make a HUGE difference for working adults. 

Remember a few minutes ago when I said, “Companies must offer some concept of flexibility to employees unless they are ready to lose employees for a long time?” The table above shows the growing trend toward remote work as an available option. The US Department of Labor recently issued a new bulletin about telework (remote work) and the Fair Labor Standards Act (FLSA) and the Family and Medical Leave Act (FMLA).

The guidance covers small work breaks, meal breaks, off duty time, and breastfeeding breaks for FLSA and the PUMP Act and an employee’s worksite for FMLA. It’s important to remember that labor laws still apply in remote work situations. You can read the full bulletin here. 

This is me and my colleague, Tanya Blackford, facilitating at a Trauma-Resilience Community training last month. March is US Women’s History Month, and March 8 is International Women’s Day 2023. How are you planning to celebrate your female colleagues? Here are three posts that might inspire you:

·      Corporate Performative Allyship with Reproductive Rights

·      Loftis Partners Women’s History Month Resources

·      United Nations Observance of International Women’s Day

Author Octavia Butler once wrote, “All that you touch, You Change. All that you change, Changes You.” I am grateful to the numerous female ancestors and colleagues that have shaped me in ways that I couldn’t even dream of.

One way you can support women in the workplace is providing coaching. At Loftis Partners, we define coaching as simply helping someone become a better version of themselves as defined by you. We use a coaching style that encourages and empowers our clients to internally build capacity for change. AND we are offering 16% off (yep, that’s the gender pay gap) for women right now. Find more details here or DM me for more details. Offer valid until 11:59pm ET on March 30, 2023. Sessions must be used between May-December 2023.

I hope that you enjoyed The Fully Human | Resources Newsletter!

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