Author Archives: CorpStrat News

Is Your Life Insurance Policy a Ticking Time Bomb?

Life Insurance Ticking Time Bomb

Imagine finding out that the life insurance policy you’ve been paying for is destined to explode—or, even worse, not be in effect when you need it the most?

Over the past couple of years, thousands of universal life policyholders have been informed that their insurers are using the fine print of their policies to increase their long static “premiums”. Now, we are already seeing major insurance carriers announce increases in the “raw costs” of certain policies. Some carriers are even limiting amounts of insurance they are willing to write.

This is the result of the low interest climate, which has significantly impacted the life insurance industry. Many life insurance policies have been adversely affected due to substantial changes such as:

  • Significant reductions in interest/dividend crediting resulting in lower values;
  • Disruption in accumulation goals or income projected from policy values;
  • Higher premiums required to assure coverage to specified year/age;
  • And the forceful lapsing of a policy if corrective action is not taken.

We, at CorpStrat, have developed a program called The Life Insurance Audit™, designed to ensure that every client has the best possible life insurance solution available in the market today. Through the audit, you will receive an objective evaluation of you or your client’s current policy, including comparisons to today’s marketplace and pricing.

The Life Insurance Audit™ provides a consultative review and results in an analysis that can be delivered by you to your client. In light of recent changes, every cash-value or interest/dividend sensitive insurance policy must be evaluated.

Interested in learning more? Check out our methodology here at: https://www.corpstrat.com/life-insurance/.

 

What’s More Important – Cash or Benefits? You May Be Surprised…

Cash or Benefits Important

No matter the size of your business, employee benefits are a crucial factor in the job market. A QuickBook Payroll study shows that 87% of employees of small businesses would rather get additional benefits instead of a pay raise. If your benefits package isn’t up to par, employees will feel under-appreciated, leading to low morale and, possibly, desertion.

Benefits help employees feel supported and understood in their workplace. Fun perks like free food and drinks, remote work options or flexible work schedules go a long way in keeping morale high and employees satisfied. However, your company doesn’t need to offer all these “fun” benefits. 38% of employees just want an extra week of paid vacation.

In the current job market, 39% of respondents say they are not satisfied with their current benefits offering. Not only did 35% of people looking for a new job in the past year place a heavy focus on better benefits, but also 41% said they wouldn’t want to work for a company that offered no benefits such as health insurance, paid vacation and sick days, retirement plans or dental insurance.

The study also reported the following:

  • 93% get at least one benefit from their small employer, but what they get and how much varies greatly.
  • While 57% get paid time off for vacations, only 48% get paid sick leave and 37% get paid personal time.

Employees highly value a good benefits package. 26% of employees said they would recommend their company to others only if they were offered the right benefits package. Another 21 percent said a great benefits package is what makes them love their job. If you are a small business considering whether or which benefits to offer, it is important to remember that benefits are the key to retaining and attracting productive employees.

Reach out to CorpStrat to learn how we design and manage employee benefits at competitive rates so your company can attract, reward, and retain your employees.

4 Best Labor Law Compliance Practices Your Business Should Adopt

Best Practices Labor Law Compliance

Last time, we explained the importance behind labor law compliance. To recap, employers have a legal responsibility to keep track of any labor law changes and update their posters accordingly. That being said, we understand that poster compliance can be tricky. To help you navigate poster compliance, here are four best practices you can adopt.

1. Stay up to date on labor law changes

Failure to post up-to-date labor law notices can result in hefty fines up to $33,486. Of course, to receive this maximum fine, your company would need to continually or knowingly be in violation of labor law poster compliance. But fines and penalties vary by agency and are determined on a case-by-case basis. So, we advise to make it a habit to research and stay to up to date on labor law changes.

2. Post compliance posters in Spanish, and in any other languages

The requirement for posters in Spanish vary depending on the percentage of workers as well as language fluency and literacy. Additionally, government agencies don’t always provide specifics about language requirements. Regardless, it is an employer’s responsibility to inform all employees of their rights under employment law, no matter what language. So, you should ensure best practice by posting notices in English and Spanish, or in any other dominant language, if you have a large non-English speaking workforce.

3. Display posters in a common area

Have you ever heard of the saying location, location, location? Location is important and poster location is no exception. If posters are not displayed in accordance with labor law poster guidelines, you can be penalized. But there is no need to freak out; all you need to follow are two simple rules:

  • Must be displayed in a common area frequently used by employees.
  • Positioned at eye-level with an unobstructed view.

We personally recommend displaying the posters in the break room, kitchen, or near a time clock for easy access.

4. Purchase employment law posters

With labor law posting requirements changing frequently, we understand that staying up to date is difficult and time-consuming. Since 2013, there has been an average of over 100 posting updates per year. Most businesses do not have the patience, resources or know-how to be compliant successfully each time.

To avoid hassle and save precious time, we advise companies to purchase employment law posters instead of obtaining them from the government. When you purchase posters, they come laminated and ready to be displayed. In addition, your posters will always be correct. There is no need to spend time researching, downloading, and laminating the correct posters when you can streamline the process by ordering from a trusted poster compliance provider, like CorpStrat.

As part of our comprehensive labor law solution, CorpStrat offers a pay-as-you-go labor law poster update service. You don’t have to waste energy looking for the correct posters when you can easily receive posters with our e-update service. So how does it work?

  1. Receive your all-in-one state and federal labor law poster.
  2. When a change occurs, we alert you with a call, and email you the updated posting.
  3. Print the updated poster.
  4. Display your updated posting in your favorite spot.
  5. Receive an updated all-in-one state on the anniversary of your subscription.

With these four best practices, you are guaranteed to have a worry-free compliance.

Interested in our pay-as-you-go labor law poster update service? Contact CorpStrat to learn more our comprehensive labor law compliance solution and how you can sign up.

Labor Law Compliant

Why You Should Be Labor Law Complaint

Labor Law Compliant

To ensure smooth business operations, all businesses must comply with federal, state, and local laws and regulations. This includes human resources, sexual harassment training, and ERISA. And labor law is no exception.

Proper labor law poster compliance is required by law. If your business has at least one paid employee, you are required to post city, county, state and federal labor law notices. Failure to post up-to-date labor law notices can result in lawsuits or hefty fines of up to $33,486.

You may be asking, why is labor law compliance so important for your business? The answer is three-fold.

Labor law posters are critical for an employer.

As an employer, making sure labor law posters are properly displayed in a common area and up to date are easy preventative measures. Proper posting can strengthen your legal defense, especially in the event of a lawsuit or employee dispute. In addition, labor law compliance can come to your aid when there is an accident in the workplace, an unannounced Occupational Safety and Health Administration audit, or a Labor Board/ Equal Employment Opportunity Commission inquiry.

Lawsuits and employee disputes are on the rise.

Since the #MeToo movement, lawsuits and disputes, especially surrounding workplace harassment, are on the rise. Discrimination, gender equity, wages, and working conditions are other popular topics in these proceedings. Again, communicating current employee laws and rights can strengthen your legal defense in the long run.

Federal budget for the enforcement of employment laws has been increased to $13.2 Billion.

An increase in budget is a sign of higher regulations, which come in the form of higher OSHA fines and more surprise workplace visits, citations, and labor law poster audits. To avoid fines and cruise through all visits and audits, ensure best practice and properly display your up to date labor law posters in a visible spot where all employees can access it.

Keep your business compliant with the help of HRIS platforms, such as CorpStrat. CorpStrat provides a fully comprehensive, year-round labor law posting solution that includes:

  • Laminated, up-to-date, attorney-approved All-In-One State and Federal Labor Law Posters.
  • QR codes and posting legends for simple compliance tracking.
  • Access to any city and county labor law notices that are required for your business location.
  • Automatic updates every time changes occur in city, county, state, or federal posting requirements.
  • A $25,000 Fine Guarantee.

Let’s talk about your poster compliance needs. Contact CorpStrat to learn more about our labor law poster solutions.

Sexual Harassment Training Compliance may be delayed, but it’s NOT what you think

As we know, California has enacted a series of laws that strengthen the state’s protections against workplace harassment. The deadline for sexual harassment training compliance has been updated to January 1, 2021, a year later than the initial date of January 1, 2020.

Even though companies have an extra year to fully comply with these new harassment laws, we recommend to not delay training. Companies must still provide training to all new employees within the first 6 months of hire. So, in order to ensure best practice, companies need to start implementing them as soon as possible.

We advise companies to use a learning platform, like CorpStrat, to keep employers on track and help with compliance. Employers will be able to easily upload their roster, push out trainings, track progress and secure completion certifications. With a platform, companies will be able to get started on compliance right away. Again, it is important to know that delaying is not best practice.

To recap, here are the new California laws that companies must implement:

  • Require employers with five or more employees in the state to provide sexual harassment prevention training to all employees;
  • Expand and clarify employer liability for workplace harassment; and
  • Prohibit employers from entering certain agreements related to sexual harassment and other unlawful acts in the workplace.

All California employers should become familiar with the new laws. Those with five or more employees should review the new training requirements and ensure that each of their employees receives the required training by the end of 2020.

  • Managers must complete 2 hours
  • Employees must complete 1 hour

The appropriate training must be completed by each employee within six months of assuming his or her job. Each employee must receive the appropriate training once every two years.

The deadline for initial compliance with these requirements is now January 1, 2021.

Contact CorpStrat to learn more about our learning platform ASAP! Don’t delay.