As Benefits Packages Shrink, Could Telecommuting Be the Ace Up Your Sleeve?
Many employee benefits have been impacted by the recession. According to a recent survey by the Society for Human Resource Management (SHRM), one of the hardest hit is relocation programs. Prior to the recession, 42% of employers reported providing relocation and housing benefits for newly-hired workers. In the report released by SHRM at its annual conference in late June of this year, the number of employers providing this benefit dropped sharply, to just 25%.
One of the few “benefits” of the recession for employers has been greater access to top talent due to the higher unemployment rate. But potential candidates, regardless of their current employment status, are considerably less eager to relocate without a “package”. In fact, the housing market in many areas may make it virtually impossible for some candidates to relocate. Click here for more information.
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Healthcare Reform (HCR) was a big topic in the news again in the final months of 2011. In early November, a U.S. appeals court for the District of Columbia affirmed a lower court’s opinion that the law’s minimum coverage is constitutional. This decision is in conflict with that of two other federal courts that have found the same “individual mandate” provision to be unconstitutional. Click here for more information.
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The Michigan Department of Treasury recently issued a press release stating that Michigan has repaid the $3.2 billion Unemployment Trust Fund balance due to the U. S. Treasury. This is a win-win for the state and its employer communities.
Because this transaction was completed before the end of 2011, the state and its business community will benefit in several ways, including:
- FUTA tax credits restored (rate reduced from 1.8% to 0.6%, effective January 1, 2012)
- Significant interest savings for the state of Michigan and their taxpayers—estimated between $150-$200 million
- Elimination of 2011 solvency tax on Michigan employers
As more information is released by the Michigan Department of Treasury, we will keep you informed in our monthly Compliance Newsletter. If you have any questions, please call your Payroll Team at 888.679.8865.
To learn more about how Oasis assists employers in all 50 states, give us a call to schedule your Free Consultation, 866.709.9401.
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