HCM Insights March 2022

HCM Insights March 2022

URGENT Alert - Payroll Scams

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Scammers are targeting your payroll, but there are actions you can take every day that can help add a layer of protection. Cybersecurity threats continue to challenge companies at every turn. As many employees continue to work from home and industries across the board face staffing shortages, the need for tighter cybersecurity has never been more significant.

 

Stay Ahead of the Hacker

  • Verbally confirm ALL direct deposit changes with the employee requesting the change.
  • Speak to employees face to face or by phone.
  • When calling an employee, use a phone number YOU have on file, not a phone number listed in the email you received requesting the change.

Keep Cybersecurity Top of Mind For You and Your Staff

Companies must remain vigilant about cybersecurity, which means that HR and IT professionals need to continue to work together to educate staff on best practices, especially with a growing number of employees working off-site yet remaining connected to online company resources.

  • Make annual information security training part of your employee education program.
  • Have your information technology team create hands-on learning opportunities by conducting phishing email simulations.
  • Remind employees of possible security issues, and inform them of the latest cybersecurity threats and how they can protect themselves and your organization.
  • Consistent education on recognizing scams and what to do with suspicious emails provides a vital way to protect your organization from unwanted intrusion.

 

Women Transforming Business Awards

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On March 8, 2022, in honor of International Women’s Day, CBIZ Women's Advantage (CWA) announced the finalists for its second annual Women Transforming Business Awards. The award identifies and honors leaders who have had a transformational influence within their organization in one of three areas: financial strength, innovation, or culture. 

 

“Over the last year, we have witnessed leaders blaze new trails, reinvent products and services and embrace their most precious assets – their employees – in a way that will forever change how we conduct business,” said Lori Novickis, National Leader of CBIZ Women’s Advantage. “CBIZ is proud to be a champion of these leaders, and our CWA Program is thrilled to recognize the second annual class of finalists for our Women Transforming Business Award. Through fearless leadership and keen business acumen, these finalists have driven remarkable advancement in the financial strength, innovation, and culture of their organizations.”

On April 26, 2022, CBIZ will partner with Martha Stewart, founder of Martha Stewart Living Omnimedia, as a special guest for the virtual celebration. She will share how she has successfully transformed her business and brand over the years. The celebration will take place at 12 p.m. CT and winners of each category, as well as one overall winner, will be honored. Registration for the virtual event is available here.


 

Creative Benefit for Employers and Employees

ZayZoonCBIZ HCM has partnered with ZayZoon to give our clients the option to offer employees wages on-demand with no cost or administration needed from the employer, just a $5 cost to the employee. A significant number of employees (90%) report that access to ZayZoon has reduced their financial stress driven by cash shortfalls between paychecks. By reducing financial stress, companies have experienced improved productivity and increased retention. Many companies have also noted that providing wages on-demand has aided their recruitment efforts.

Wages On-Demand

Wages On-Demand is also known as Earned Wage Access or Pay On-Demand. With Wages On-Demand, employees can access wages they have already earned. At a time when 78% of American workers are living paycheck to paycheck, earned wage access gives workers more freedom over their paydays by offering an advance on their paycheck which could help them pay for last-minute expenses while avoiding late payments and unnecessary predatory financial products.

Financial Education for Your Employees

Alongside the Wages On-Demand feature, ZayZoon provides employees access to financial education with ZayU. This trusted financial health platform gives employees a deeper understanding of their finances through tools such as Overdraft Prediction, Spend Behavior, Banking Insights, and Interactive Financial Education to help prevent financial stress.

New Fee-Free Option for Employees

Now, employees can access their earned wages for free (no $5 payout fee) when they receive their payouts on the new ZayZoon Visa® Prepaid Card. The ZayZoon Visa® Prepaid card acts like a debit card, where employees can spend their paycheck in any store and online where Visa® debit cards are accepted. Employees can sign up within the ZayZoon app and manage their card within the ZayZoon interface.

Activate the ZayZoon Benefit

ZayZoon, a leader in earned wage access, uses its patent-pending technology to seamlessly administer wages to employees in seconds, without impacting the current payroll processes of the employer. CBIZ clients can have the service activated for staff within minutes – at no cost to you as the employer.


Learn more about ZayZoon and CBIZ’s partnership with them, along with how easy it is to activate wages on-demand as an employee benefit. Visit ZayZoon.com or send them a message at [email protected].

 

CBIZ Main Street Index

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CBIZ released the Q4 2021 CBIZ Main Street Index, which takes the pulse of and gauges the outlook for small and mid-sized businesses (SMBs). The findings reveal an increasing number of employers are responding to worker demands for better pay and benefits, as changes to the job market landscape continue amid the ongoing pandemic. The survey also found nine of 10 SMBs are struggling to hire workers, inflation remains a top-of-mind issue, and the rising cost of goods and services is affecting the bottom line of many companies.

The survey, which was conducted between November 30 and December 31, 2021, analyzes responses from nearly 2,000 Main Street businesses with fewer than 100 employees in 27 industries across the U.S.* The index assesses a range of timely trends, including business confidence, staffing needs, areas of growth and decline, and adapting to a changing workplace.

“We are seeing employers implement both offensive and defensive strategies to combat the ‘Great Resignation.’ For example, many are making generous offers in an effort to attract exceptional talent. Others are offering stay bonuses that pay employees for simply remaining with the organization, typically for six months or a year,” said Ed Rataj, Managing Director, Compensation Consulting, CBIZ, Inc. “Ensuring that your pay is market competitive is more important than ever. Falling behind the market during the Great Resignation could be disastrous.”

“Employees and job seekers are benefiting from a robust economic recovery, dating back to the early months of the pandemic,” added Phil Noftsinger, Executive Vice President, CBIZ, Inc. “Low unemployment and a greater appreciation for work-life balance are forcing the hands of these companies to respond to workers’ demands.”


An interactive infographic with the results and additional resources to help your organization combat these trends is available on the CBIZ website.

 

How Do Your Benefits Stack Up?

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With an increase in turnover and a tight job market, an attractive benefits program can help employers recruit and retain team members, but it can also be a significant expense. That is why many companies are taking a deeper look at the benefits they provide. They are doing this with the end goal of ensuring they offer a package that is both competitive and economical. Benchmarking data can provide businesses valuable insight as they evaluate their benefits package. Here are a few merits of benchmarking your benefits program in 2022 and beyond.

Evaluate Your ROI

Benchmarking is an excellent way to determine if the cost of employee benefits is paying off or if it’s falling short in comparison to competitors. Implementing a measurement tool such as employee surveys could help determine if altering your benefits offerings could better meet the needs of employees.

Cut Costs

Benchmarking leads to informed spending decisions and, ultimately, helps cut costs. If competitors offer significantly cheaper benefits plans while attracting and retaining talent at comparable rates, organizations may want to reconsider their approach.

Stay Ahead of the Curve

Employee benefits trends are ever-changing, and it can be challenging to predict where benefits offerings are headed. Paying attention to what others in the industry are doing can provide a realistic understanding of what benefits employees want and will use. Knowing more about industry offerings and what employees are looking for equips businesses with the information they need to build a cutting-edge benefits program and increase employee engagement.

Stand Out Among Your Competition

Employers are looking for innovative ways to rise above the competition as the Great Resignation continues. Advertising a stand-out benefits program can position an organization as an industry leader, but it is imperative to understand the true competitive nature of the benefits offerings.


 

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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.