HCM Insights October 2021

HCM Insights October 2021

Upcoming Holiday

Veterans Day

Veterans DayWe are grateful to those who have served our country throughout all generations. The upcoming Veterans Day Holiday falls on Thursday, November 11, 2021. While CBIZ HCM offices will be open this day, this is a Federal Reserve Bank Holiday, so payroll draft dates may need to be adjusted.

Important Payroll Deadlines

Check Date

Check Processing Date

Friday, November 12, 2021

Tuesday, November 9, 2021     

Monday, November 15, 2021    

Wednesday, November 10, 2021

 

Thanksgiving

ThanksgivingIn observance of the Thanksgiving Holiday, CBIZ HCM offices will be closed on Thursday, November 25, 2021, and Friday, November 26, 2021. Also, Thursday, November 25, 2021, is a Federal Reserve Bank Holiday, which means payroll draft dates may need to be adjusted.

Important Payroll Deadlines

Check Date

Check Processing Date

Friday, November 26, 2021

Tuesday, November 23, 2021     

Monday, November 29, 2021    

Wednesday, November 24, 2021

 

As always, your CBIZ HCM team is here to help should you have questions. We appreciate your continued partnership, and we wish you and your business the best of health. Please contact your payroll services team if you have any questions.


Click here to access the CBIZ 2021 Holiday Schedule

 

Payroll Prepaid Card Fraud

Mask

You can never be too careful when it comes to taking steps to protect your employees’ payroll funds. That is why we encourage you to always verify payroll changes directly with an employee before making the change in your system. Confirming changes directly with the employee can help protect their funds against some commonplace direct deposit payroll schemes.


Among the many scams, employers may encounter is a prepaid debit card ploy. When hackers use this tactic they send an email to a payroll professional from the employees' email (usually personal email) requesting that the direct deposit is changed to deposit funds onto a prepaid card. For the tactic to work, the payroll professional has to change the direct deposit information in the system without verifying the change with the employee which can result in losses to the employee or to your organization.

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.

Some Other Things to Consider

Using a prepaid card to receive a direct deposit is not a definite indication of fraud, as some individuals legitimately use them. But often, direct deposit fraud does involve a prepaid card because it is difficult to track the fraudulent activity. Once funds are deposited, fraudsters are waiting in the wings to drain the accounts quickly, which means that the likelihood of recovery of any funds sent to fraudulent cards is very low. Also, prepaid card companies typically do not have a phone number to reach a live representative, so any attempt at recovering funds is through email, and response time is typically slow.


*Please note that CBIZ does not make any payroll changes unless directed by the primary payroll contact. Should you need us to change an employee’s direct deposit information, please verify the change directly with the employee and have the primary payroll contact reach out to us.

 

7 Steps to Help You Prepare for Year-End

SSI

We’ve provided a few tips, tricks, and reminders as you prepare for year-end.

Step 1: Review workers’ wages and benefits - Check the wage and benefit information for each employee to make sure you can account for all the benefits you paid them throughout the year, leading up to the final paycheck. If any benefits are not accounted for, add these to their last 2021 paycheck.


Step 2: Review employees’ and contractors’ personal information - Make sure you have the correct names, addresses, and Social Security Numbers for every employee and contractor you paid in 2021. For independent contractors, you will also need to check that their Tax Identification Numbers are correct, and ensure payments are recorded for any bills that need to be included on Form 1099-MISC.

Step 3: Update employee tax profiles for 2022 - Remind your employees to review their withholding allowances for federal and state income taxes. Have them complete a new Form W-4 (or state equivalent) by January 1, 2022, if their personal information or allowances have changed. 

Do not forget: W-2s must also be sent to any employees you paid in 2021 who are no longer working for you.

Step 4: Bring everything together with reconciliation - If you pay your employees by check, perform a payroll bank reconciliation through December 31, 2021. This reconciliation should include identifying outstanding checks and comparing state and federal payroll tax withdrawals from your bank account to the amounts on your tax liability records.

Step 5: Make sure your employer information is up-to-date - Review your business’ legal name, address, and Employer Identification Number to ensure they are correct.

Step 6: Confirm your tax profile for 2022 - Deposit requirements can change each year, so make sure you have the correct deposit information as government agencies do not notify CBIZ of these changes.

Step 7: Verify employer tax rates for 2022 - Check your tax rates for state unemployment and disability insurance. If you have received a letter from any government agency with a new tax rate, please forward these to CBIZ.


 

Attracting Top Talent

PPP

Now, more than ever, prospective employees are looking for credible companies, which means your employer brand is critical to winning top candidates and retaining suitable employees. Having a solid employer brand helps your organization stand out from the competition. Your brand should tell an authentic story about what it’s like to be a part of the workplace and how employees collectively work toward the company’s mission.


Effectively telling your story can help you attract candidates who match your company culture. LinkedIn research found that a strong employer brand reduces turnover by 28% and cost-per-hire by 50%. Additionally, LinkedIn explored the benefits of investing in employer brand. The research shows that organizations with a strong reputation often spend less on recruiting and retention efforts. Additionally, when an employer brand is strong, recruiters experience less friction when introducing the organization to top talent and during the offer stage. However, like most aspects of the workplace, the needs and desires of employees and candidates change. Organizations who ensure their employer brand evolves to meet these changing wants and needs can continue to boost their recruiting and retention efforts.


For more tips on boosting your employer brand and attracting top talent, access The Road to Recruiting Executives: Finding, Hiring & Retaining Top Talent.

 

Ways to Prepare for Fall Time Change

Time Change

Fall Back

Daylight Saving Time ends Sunday, November 7, 2021, which means it is almost time to move your clocks back one hour. Fortunately, modern technology allows many of our devices, such as our cell phones, to update automatically.


If your organization has a CBIZ Time and Labor Management solution, your time clocks should also automatically adjust to the time change. But there are still some additional steps you should consider when the time changes.

Review Employee Schedules

If you have third-shift employees, review their schedules. If those employees are normally scheduled for eight hours, they may be working nine hours since clocks will be moved back one hour. If so, companies may want to adjust schedules accordingly. Do this as soon as possible to ensure employees aren’t caught off guard.

Establish a Policy or Standard

Determine how to handle employees with hours impacted by the ending of daylight-saving time. Whatever you decide, be consistent, so there are no surprises.

Communicate Changes That Impact Employees

Remind employees about the time change and any related schedule changes. Alert them in advance if the ending of daylight-saving time will affect their work hours. Communicate these changes to employees. Not only should this reduce the number of questions you get regarding schedules, but it could also save you and your employees’ time and frustration.

Check Time Clocks

Check your time clocks to make sure that the time reflects the end of Daylight-Saving Time*. Also, supervisors and managers should review punches to ensure each employee's time is properly recorded. (*Timesheets and time clocks through CBIZ's Time and Labor Management solutions automatically account for the end of Daylight-Saving Time, unless exceptions were requested upon implementation. If you have any questions about your time tracking solution, please contact us.)


Daylight Saving Time will end at 2:00 a.m. on November 7, 2021.

 

Making the Most of Employees' Healthcare Dollars

Health Shopper

Health Savings Accounts and Flexible Spending Accounts are a significant benefit to employees. These benefits allow employees to put funds aside each pay period to help them take care of potential healthcare costs. As the end of the year approaches, employees who have contributed to a health care Flexible Spending Account (FSA) may find themselves looking for ways to spend down their FSA funds.


One option FSA participants should consider is purchasing FSA-approved products that they will use in the future. There are a host of items that participants use frequently, such as pain relievers, allergy products, and contact lens solutions to name a few,  To help participants find FSA-approved items easier, My Plans by CBIZ offers an easy-to-use Health Shopper Portal. The portal is designed to take the guesswork out of healthcare spending by curating a list of FSA eligible items all in one spot. It also offers participants the option to purchase non-branded products, which are often less expensive.

Benefits of Health Shopper

  • Find eligible products, including seasonal recommendations
  • Access financial calculators
  • Learn about eligible products through helpful blog posts and a list of FAQs
  • Participants can purchase any eligible items listed on the site through Amazon using their own account


Connect with us to learn more about Health Shopper and My Plans by CBIZ.

 

HCM_HSA_Day

Want to know more about HSA's?

Join us on October 15, 2021, as we celebrate National HSA Awareness Day.

SHRM Certified HSA Day Webinars

Introduction to Health Savings Accounts
Friday, October 15 - 11 a.m. (1 credit)

Helping Employees Get the Most From Their HSA
Friday, October 15 - 1 p.m. (1 credit)