Upcoming Holidays

Labor Day

In observance of Labor Day, CBIZ HCM offices will be closed on Monday, September 5, 2022. Since Labor Day is a Federal Reserve Bank Holiday, payroll draft dates will need to be adjusted.

Important Payroll Deadlines

Labor Day also marks the beginning of National Payroll Week (September 5-9), a perfect week to highlight the importance of the payroll industry and extraordinary payroll professionals.

For tools and resources on celebrating this week, visit the American Payroll Association’s National Payroll Week website.

Inflation & Recession Talk: Strategies to Retain Employees

Inflation and recession are on the tip of everyone’s tongue these days, and businesses are looking for ways to keep their workforce intact — even if they can’t provide a significant pay increase. We’ve put together some suggestions to address inflation-related retention concerns.

A recent survey noted that 80% of job seekers expect the U.S. to enter a recession next year, fueling 60% of job seekers to look for a new job before a recession hits. This means now is the time to take action to retain high-performing employees.

One retention strategy is increasing compensation, but that isn’t always an option. Even businesses that have already increased wages or have budgeted an increase in 2023 cannot keep pace with inflation. An average pay raise next year is expected to be 4.1%, which is less than half the rate of inflation reported for June 2022.

Steps to Reduce the Risk of Employee Theft 

costing u.s. employers over $50 billion annually, the federal bureau of investigation (fbi) reports occupational fraud is the fastest growing crime. employee theft causes bankruptcy, financial loss, litigation, and many other problems. many leaders are passive in fraud prevention and only respond to theft when external sources (e.g., employee tips, police investigation) bring it to their attention.  

the most common forms of employee-related crimes include:

• merchandise theft involving products being stolen for personal use or profit
• supply theft, occurring when employees take work supplies without approval 
• monetary theft, ranging from an employee physically stealing cash to extorting company funds 
• data theft, stealing valuable company information

Discrimination Risks Your Business Cannot Afford

Workplace discrimination goes far beyond the realm of human resources. Even those with primarily financial roles are responsible for ensuring their approaches to management and day-to-day interactions promote inclusivity and minimize bias, as discriminatory missteps can have negative legal and reputational impacts on your organization.

Discrimination has become a growing concern as awareness of environmental, social and governance (ESG) and diversity, equity and inclusion (DE&I) continues to increase. ESG is important to the financial health of any company as stakeholders are increasingly invested in this measure of company risk and sustainability. Further, given the talent crunch, creating and communicating a supportive, inclusive and diverse work culture should be top of mind to help your organization attain and retain best-fit talent.

Reminder - Send CBIZ Your Fiscal UI Rates

Have you received updated Fiscal Unemployment Insurance (UI) rates? If so, forward that information to the CBIZ Tax Department. You can do this via email, fax, or regular mail service. Note that rates are set to be released by state unemployment tax agencies in New Jersey, New Hampshire, Tennessee, and Vermont.

Contact Information

Email
[email protected]

Fax
540-343-5279

Mailing Address
2797 Frontage Road NW
Suite 2000
Roanoke, VA 24017

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The information contained in this HCM Insights is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations. This information is provided as general guidance and may be affected by changes in law or regulation. This information is not intended to replace or substitute for accounting or other professional advice. You must consult your own attorney or tax advisor for assistance in specific situations. This information is provided as-is, with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.