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October 2023 Edition

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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!

Human Capital Minute Scoops

 

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

 

Quiet Hiring: What’s behind this rising trend? 

A new workplace trend is emerging: quiet hiring. Quiet hiring is a strategy employers use to fill the responsibilities of open roles without hiring new full-time employees. In some cases, that means bringing on short-term contractors, but it typically refers to adding responsibilities to current employees' workloads.

 

As a result, some employees may feel overwhelmed with the extra tasks or expanded roles, while others will welcome the opportunity to learn new skills. If your company plans on implementing this trend in your hiring process, be transparent with your employees and consider providing them with additional benefits.

 

COVID booster could present potential billing inquiries

With a new COVID booster now available, some insurance providers are running into issues when billing the shot since it is now being distributed as a commercial product. As employees begin to get vaccinated ahead of a busy holiday season, employers should speak with their health insurance company to resolve any potential issues so employees aren't charged with an unexpected bill. 

 

2024 projected wage increases

With the new year approaching, many employers are looking ahead to 2024 salary increases. Staffing Industry Analysts predict increases between 3.5 and 3.9% in 2024, lower than the rate increase range for 2023, which was 3.8 to 4.1%, due to the changing economic landscape.

 

How to support employees affected by Israel-Hamas War

With the world watching the Israel-Hamas war, there are a number of HR issues from the conflict that could directly affect your employees. Due to the sensitive nature, these issues must be handled carefully.

 

This article from SHRM breaks down how this could impact your workplace, including processing leave requests and managing international business disruptions, and how organizations should handle them.

 

Register today for the 2023 Workforce Strategies Update!

Join us for a half-day seminar focusing on how technology can help you save time, drive efficiency, reduce manual work and influence more informed workforce decisions. The sessions will cover various topics including strategies to boost employee engagement, techniques to establish a strong talent pipeline, insights on software selection and a glimpse into the future of HR compliance in 2024.

Register here
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...October is National Disability Employment Awareness Month?

National Disability Employment Awareness Month (NDEAM) honors the contributions made by employees with disabilities and highlights the inclusive employment practices that benefit everyone. 

 

...you must begin using the new Form I-9 as of November 1, 2023?

A revised version of the I-9 Employment Eligibility Verification form is now available and must be adopted by all employers by November 1, 2023. You can download the revised form here.

 

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SECURE 2.0 Catch-Up Contributions (age 50): Compensation Threshold

With the SECURE 2.0 Act beginning January 1, 2024, plans that allow catch-up contributions are required to make those as Roth contributions for any participant who exceeds $145,000 in the prior year. Since this is a mandatory provision, plan sponsors must review their plan design and make changes to support the new requirement.

 

Download RKL's 2023 Year-End Tax Guide to learn more
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