Author Archives: CorpStrat News

6 Things to Ensure Your Benefit Package Is up to Par Post-COVID

The pandemic has changed so much for employers. Just a year and a half ago, companies were grappling with adjusting to remote teams, securing PPP loans, and the uncertainty of so much in the business world. Now that we’ve got something close to a new normal, the demand for employers to build robust benefit packages is even more challenging given the difficult climate we have in attracting and attaining people. Employees are expecting more and employers are finding it difficult to deliver.

That’s why we’ve put together our top suggestions for making sure your benefits hold up in a post-COVID world.

1. Benchmarking

Ask your Benefit broker to provide some tools to measure both your offerings and your cost-share strategy. The bar has risen and employees are expecting to get more and pay less.

2. Benefit Packages

In prior years, companies slimmed down their benefits and increased their cost-share to employees. It’s time to revisit both as competition for talent is at an all-time high. It won’t be enough to offer basic health insurance. You need to make sure your benefit package includes dental, vision, disability, life, as well as robust pre-tax cafeteria plans for tax advantages.

3. Safety

At the forefront, employees want to understand their safety is put first. Not solely in regards to COVID protection. Many employees are reluctant to return to the office and need to feel that their employer is looking out for their safety and best interest to smooth over the transition.

4. Purposefulness

Employees are seeing work as much more than just a job. They want a community. They want a company that supports positive, proactive, and complimentary values to their own and consistently walks the walk and reinforces those values.

5. Remote work

Don’t discount the comfort that most employees have come to know and love. This past year has shown employees that they can work and earn from anywhere. So no, remote work is not going away anytime soon. Workers are comfortable working at home and a lot of them would prefer to do so. Be sure to build options around this and give yourself the opportunity to evolve dynamically.

6. Reward and Recognize

And repeat it again and again and again. Employees expect to be recognized when they do good work and reviewed regularly . Don’t be surprised to see younger employees seeking faster advancement and increased wages at a pace that most companies are just not prepared to address.

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If you need help putting together a robust Post-COVID Benefit Package, we can help with that. Reach out to us at marketing@corpstrat.com.

Are You Worried about the Quality of Your Benefits Offerings Post-COVID?

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During the pandemic shutdown, many employers had to get creative with how they delivered benefits. For the first time ever companies had fully remote teams, made work/life balance top priority, and ensured ample tele-health and mental health resources were available to their teams. As we return to the office, employees are now expecting these benefits and perks and feel more empowered than ever to ask for them. This creates a tricky situation for small business owners who might be working with tighter budgets. Employers are juggling budgets with making sure they’re keeping their talent happy in a post-pandemic world.

Small Business Owners Are Finding It Hard to Expand Benefits Post-COVID.

For companies with 500 employees or more, expanding benefits is a no-brainer. Many plan to increase their offerings in the next 12 months. However, for small business owners with fewer than 500 workers, affordability can be a barrier. The pandemic has changed the kinds of benefits and support employees are expecting. Many employees now want benefits like expanded retirement savings, pet insurance, access to fitness and mental health professionals, and more.

When It Comes to Benefits, You Don’t Have to Be on Your Own.

Many smaller companies don’t have an HR team to help them understand how to deliver benefits without breaking the bank. They want to offer their employees the world but don’t know how to create a benefits package that makes fiscal sense. In order to empower small businesses with the resources to evolve their benefits options, it will require better communication from both small business owners and their providers to decide on the products and services employees want and how to deliver them.

That’s where we come in. In order to fix the problem and empower your small business with the resources to evolve your benefits options along with your workforce, you need someone to guide you through the process. We can help you combine creative and main stay benefits that will attract and retain talent.

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Don’t wait until it’s too late, call us today to get your benefits set up for 2022. Call us at (818) 377-7260 or email us at marketing@corpstrat.com.

Is Your Time & Attendance System Losing You Money?

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Today we want to cover why it’s so important to have a robust Time & Attendance System for your organization. A lot of employers look at Time & Attendance Systems as this super simple thing: my employees clock-in, they clock-out, that’s the end of it. It’s understandable why you would want to believe Time & Attendance was this simple and easy. But we’ve found that what you don’t know can hurt you. This is one of the areas employers can really get hurt from a financial standpoint. Making sure you have the right Time & Attendance system that meets the needs of the organization is something you must invest in.

In a recent American Payroll Association Survey, they found that companies that lack a comprehensive Time & Attendance system had up to an 8% error rate in pay every payroll.

That’s more than four hours of wasted pay, per employee per payroll, that the employer’s paying for. That’s a lot of money. Think about that over a month or a year at x number of employees and do the math.

As an employer, I’m sure you understand the litigiousness of the employer/employee relationship. Wrongful termination suits are at an all time high. When ex-employees look for ways to go after employers, one of the easiest ways is through incorrect pay: missed lunch punch, incorrect overtime pay, no employee acknowledgement of time sheets, et cetera et cetera. And unfortunately in today’s world, the burden is on the employer to prove that they pay correctly, not on the employee to prove they didn’t.

This is why having a robust Time & Attendance System to help you reduce time errors, reduce overtime costs, increase compliance, increase efficiency, and put your business in a substantially better position is vital for success.

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Want to get set up with our CorpStrat Time & Attendance System? Let’s talk. Email us at marketing@corpstrat.com

“Can I Deduct Medical Expenses Not Covered by My Insurance Plan?” – Answer Inside

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What if we told you there was a way you can deduct all of the medical expenses that are not covered by your insurance plan. Doesn’t that sound interesting?

We’re talking about things like deductibles, co-insurance, doctor visits, doctor’s who don’t take insurance, eyeglasses, therapy, etc. Basically, all the things that you shake your head at and wonder, “why am I paying thousands of dollars for every year, after tax dollars?”

We’re here to tell you that there is a way to make all of these expenses deductible through a Discriminatory Medical Reimbursement Plan. This plan is available to:

Subchapter S Members
Sole Proprieters
Members of an LLC
Officers of an S Corporation.

If this pertains to you, please give us a call now and we can help make sure you’re maximizing deductibility. Your CPA may tell you that it’s not possible, but let us check to see what we can do.

At CorpStrat, our primary focus is helping business owners utilize all available strategies to overcome the complexities in benefit planning, reverse discrimination of benefits, and maximize deductibility. If you want to learn more about medical reimbursement strategies, reach out to us at marketing@corpstrat.com

LEARN MORE IN OUR ONE-MINUTE VIDEO:

Group Disability Insurance: Just How Important Is it? (Hint: Very)

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Getting disabled. It’s easy to think, “that’s never going to happen to me” or “stuff like that only happens to other people”. We get it, nobody thinks they’re going to be the victims of a disability. Did you know that 1 in 7 Americans can expect to be disabled for 5 years or more? You heard us right, 1 in 7.

Most people dismiss the idea of becoming disabled without giving it a second thought. We think it’s one of the biggest mistakes employers and employees can make. Becoming disabled could be financially catastrophic, especially for families that rely on a single income. If you’re a close relative of Bill Gates or Jeff Bezos, becoming financially burdened may not be a problem for you. But if you’re not, you need to ask yourself: how are you going to replace your income in the event that you can’t work? Both business owners and employees who earn and need to continue to generate incomes must protect themselves and their families.

That’s where Group Disability Insurance comes in. Group Disability Insurance is:

1.) Extremely affordable
2.) A fantastic Employee Benefit
3.) Protection for people who need to protect others.

Some people are under the false impression that Group Disability Insurance is expensive. This couldn’t be further from the truth. In the event of the unthinkable, NOT having Group Disability Insurance is far more costly. Even though it’s not a flashy benefit, none of your employees are going to jump for joy, it’s one of the most important benefits you can provide. Because when life happens and someone gets disabled, this will be the lifeline that keeps their family financially afloat.

If you’d like to set up Group Disability Insurance for your team, contact us at marketing@corpstrat.com and we’ll get you started!