April 2023 Edition

RKL’s Workforce Strategies team is here to help you navigate the complexities of today's HR environment with the updates, reminders and insights you need to maximize your most important asset — your people. We value your feedback, so let us know what you think of this newsletter!

Here are the trends and hot topics we’re tracking this month.

Workforce Minute Book Review: Love + Work, “Your Wyrd (And You’re Amazing)”

Do you go to work every day feeling energized, happy and excited for what’s ahead? If you answered yes — congratulations! Your job inspires and fulfills you. If you answered no, the next chapter of Marcus Buckingham’s Love + Work aims to help readers recognize their love language and lean into the aspects of their work that align with it.

How do we identify our love language? According to Buckingham, this starts with our “wyrd” (pronounced like weird). He explains that every person has a wyrd that drives their intrinsic pattern of love and loathing. Over time, this pattern is tamped down by societal norms and expectations. It gets harder and harder for adults to recognize this pattern, but we all know there are certain things that make us feel good or bad.

Tap into your wyrd by focusing on the things that fulfill you and those that make you unhappy. As you begin to understand your wyrd and your love language, it becomes easier to find aspects of your daily work that support them. When you invest more creativity and focus into the most fulfilling aspects of your job, you’re insulated from other aspects that don’t align with your passions. Ultimately, the less fulfilling aspects won’t be as detrimental because the rest of your work day is filled with things that inspire you.

In the next Workforce Minute, we’ll review Chapter 4, “Love is Attention — Why Doesn’t George Clooney’s Sister Act?" We hope these tidbits and takeaways from Love + Work inspire you and help you bring enjoyment to the things that you do, whether it is personal or professional. And if you’re reading along or want to share any feedback — drop us a line!

What’s on the minds of your HR peers? Check out this recent client FAQ.

Q: We’ve heard from several team members who’ve noticed a difference in their federal tax refund this year. Is there anything we can do as employers to provide more support or awareness in this area?

A: While the individual nature of personal finance is reflected in the term itself, employers still have an important role to play in their team members’ financial wellness. In fact, more and more employees seek out and expect this type of support. We’ll address financial literacy and well-being efforts more broadly in future editions of the Workforce Minute, but for now, let’s address the specifics of this tax-related question.

We’re at an inflection point as many of the COVID tax relief provisions have expired and eligibility thresholds have changed for certain tax credits and deductions. After a few years of larger refunds, employees may see a return to previous levels.

Employers should consider re-educating their teams on existing benefits and other ways to manage their tax status. Here are a few ways to get started:

• Remind your team to adjust withholding as needed throughout the year, based on new children, marriage, divorce or changes in financial circumstances. Provide them with tools like this IRS W-4 calculator to estimate their optimal withholding.
• Reiterate benefits like 401(k) and health savings accounts, which can help employees reduce taxable income as well as save for future health and retirement needs.
• Review new hire onboarding materials and processes to make sure you’re covering relevant tax filing and benefits information.

…how quickly you need to deposit employee 401(k) deferrals?

Employers must deposit their employees’ deferrals in the retirement plan trust as soon as possible, but no later than the 15^th business day of the following month, according to the U.S. Department of Labor (DOL). For plans with fewer than 100 participants, this window drops to seven business days.

Failure to follow this timetable can result in plan disqualification and excise tax penalties. Employers can resolve prohibited transactions and bring their plan back into compliance through the IRS’ Employee Plan Compliance Resolution System, which includes the Voluntary Fiduciary Correction Program.

The IRS offers guidance to find and fix these mistakes and avoid issues moving forward — check it out here.

Questions about your fiduciary responsibilities for qualified retirement plans?

…that April was Neurodiversity Acceptance Month?

Neurodiversity is the range of differences in individual brain function and behavioral traits. A 2020 study in the British Medical Bulletin estimated that between 15 and 20 percent of the worldwide population is neurodiverse, which can include conditions such as dyslexia, autism, Tourette’s syndrome, ADD/ADHD and more.

Chances are you may work with or supervise neurodivergent individuals. Their neurological differences can produce a number of traits highly desirable by employers, such as:

• High levels of concentration and focus
• Problem-solving skills
• Outside-of-the-box thinking
• Strong recall of information
• Excellent attention to detail and ability to detect errors
• Reliability and persistence
• Ability to excel at work that is routine or repetitive in nature 

As more and more companies embrace diversity, equity and inclusion, neurodiversity should be encompassed in all efforts to create a more welcoming and accessible workplace. Here are some tips to improve neurodiversity inclusion:

• Use people first language, or proceed according to the individual’s preference
• Include neurodiversity in any manager or supervisory DEI training
• Offer mentorship programs or resources groups for employees with neurodivergence or other disabilities
• Ensure neurodiversity is reflected in your company’s accommodation practices, which may include the creation of dedicated calm/quiet spaces
• Keep items like noise-canceling headphones, balance balls to sit on or sensory objects in stock or reimbursable
• Review your recruiting approach for ways to attract neurodiverse candidates and alleviate their anxiety during the application/interview process
• Get more tips and resources from Disability:IN, a business disability inclusion nonprofit organization supported by more than 400 corporations worldwide