Request a call Login

  • In a significant move to support surviving spouses of high-risk workers, Colorado lawmakers have introduced House Bill 1139, which seeks to amend the existing death benefits paid under workers’ compensation claims. The proposed legislation aims to provide greater financial security to families who have lost a loved one due to work-related incidents.

    The Current Scenario

    Under the current law, surviving spouses of deceased employees are entitled to lifetime death benefits only if they remain unmarried. However, the benefits are abruptly terminated if the widow or widower decides to remarry. This provision has often left families dealing with financial uncertainty, especially when the surviving spouse seeks companionship or remarries.

    The Proposed Changes

    House Bill 1139 seeks to address this limitation by allowing dependents of deceased high-risk workers to receive lifetime death benefits even after remarrying. The bill recognizes that love and companionship are essential aspects of healing and moving forward after the loss of a partner.

    Jobs classified as high-risk play a crucial role in our communities and include the following:

    • Colorado State Patrol Officers
    • Bureau of Investigation personnel
    • Department of Corrections employees
    • Firefighters
    • Wildlife officers
    • Department of Transportation workers
    • Parks and recreation officers

    Why It Matters

    The proposed changes recognize the sacrifices made by high-risk workers and their families. By allowing surviving spouses to remarry without losing their benefits, Colorado acknowledges that life doesn’t stop after tragedy. It encourages healing, companionship, and the pursuit of happiness amidst grief.

    The proposed bill in Colorado has significant implications for small business owners. If passed, it would allow dependents of deceased employees who worked in high-risk job classifications to receive lifetime death benefits, even if they remarry. Currently, the law terminates benefits upon remarriage. For business owners, this means they may need to adjust their workers’ compensation policies and ensure compliance with the new provisions.

    Fortunately, a professional employer organization (PEO) is here to help. A PEO plays a crucial role in assisting small business owners with various aspects of HR and employee management. In addition, a PEO can help with the proposed bill by offering the following:

    • Legal compliance and guidance
    • Workers’ compensation administration
    • Benefits administration
    • Risk management
    • Administrative efficiency

    GMS, a PEO, is here to navigate legal complexities, provide better benefits, and maintain a productive workforce while keeping you informed about legislative updates. Contact us today to learn more.

  • The Automatic IRA Act of 2024, introduced by Representative Richard Neal, D-Mass., aims to significantly enhance retirement security for millions of U.S. workers. This groundbreaking legislation proposes a mandatory enrollment of employees in individual retirement accounts (IRAs) or other automatic-contribution arrangements if their employers, with more than 10 workers, do not offer a retirement plan. Let’s explore the specifics and potential impact of this proposed act.

    Expanding Retirement Coverage

    The primary objective of the Automatic IRA Act is to extend retirement coverage to employees, gig workers, and independent contractors, addressing the existing gaps in retirement savings. By leveraging automatic enrollment, the legislation seeks to ensure that a larger segment of the workforce can benefit from retirement savings opportunities. It’s designed to complement and safeguard employer-sponsored plans while also building upon and protecting state-facilitated automatic IRA retirement saving programs.

    Key Provisions Of The Legislation

    Under the proposed legislation, there are a handful of key provisions, including the following:

    Mandatory automatic enrollment

    Employers with more than 10 workers not offering a retirement plan would be required to automatically enroll employees in IRAs or other automatic-contribution arrangements, such as 401(k) plans.

    Tax credits for small employers

    The act proposes a new tax credit of $500 per year for three years for employers of up to 100 employees that offer enrollment in either a state or national automatic IRA.

    Contribution requirements

    The legislation mandates that all automatic contribution plans default at a minimum contribution of six percent, with an annual automatic annual increase of one percent until reaching 10%.

    Lifetime income options

    401(k)-type plans with more than 100 participants would need to permit participants to elect to receive at least 50% of their vested account balance in the form of lifetime income, with exceptions for participants with balances of up to $200,000. Lifetime income refers to a steady stream of income that lasts throughout an individual’s lifetime. This is often associated with retirement planning, where the goal is to ensure a consistent flow of money during retirement years. Examples of lifetime income include the following:

    • Social security
    • Pensions
    • Annuities

    Investment options

    Automatic IRAs must offer employees a target date fund as the default investment, along with a principal preservation fund, a balance fund, and any additional options designated by the Treasury Department in the future.

    Implications And Considerations

    The Ways and Means Democrats highlighted that automatic IRAs have been instrumental in narrowing coverage and savings gaps across racial, ethnic, gender, and income lines, emphasizing the potential impact of the act on promoting retirement security for traditionally underserved demographics. In addition, workers could decline participation or opt-out at any time after enrollment, ensuring individual autonomy in retirement planning.

    Exceptions And Safeguards

    The legislation would allow several exceptions, including companies with 10 or fewer workers, those already offering a qualified plan, those in business for less than two years, or those with governmental plans or church plans. In addition, it would not affect workers currently enrolled in a state-sponsored plan.

    The Assistance Of A PEO

    In navigating the intricacies of the Automatic IRA Act of 2024, business owners may find value in partnering with a professional employer organization (PEO) like GMS. A PEO can offer comprehensive support in managing retirement plans, ensuring compliance with the new legislation, and facilitating the seamless implementation of automatic enrollment and contribution requirements. By leveraging the expertise of a PEO, business owners can navigate the complexities of the act with confidence, streamline administrative processes, and ultimately prioritize the financial well-being of their employees while staying ahead of regulatory changes. Contact our 401(k) experts today!

  • As a small business owner, you may think offering a retirement plan to your employees is too costly or complicated. However, there are many benefits to providing a retirement plan, especially a 401(k) plan, that can help you attract and retain talent, save on taxes, and secure your own future. Of the 34% of small business owners offering retirement plans, 63% said they offer the plans because it’s the right thing to do, while another 53% said their employees appreciate and expect the benefit, and 51% said the plan helps recruit employees. Let the statistics speak for themselves. However, if you still don’t feel compelled to offer your employees a benefit they want and need, we’ve compiled a list of advantages. But first, let’s start with the basics.

    What Is A 401(k) Plan?

    A 401(k) plan is a type of retirement plan that allows employees to contribute a portion of their salary to a tax-deferred account, where it can grow over time. Employers can choose to match some or all of the employee contributions or make profit-sharing contributions to the plan. There are different types of 401(k) plans, such as traditional, safe harbor, SIMPLE, and solo 401(k) plans, that have different rules and requirements.

    Why Offer A 401(k) Plan?

    There is a plethora of benefits to offering a 401(k) plan to your employees. Beyond being a cornerstone of financial security for employees, a 401(k) plan serves as a beacon of loyalty, attracting and retaining top talent in today’s competitive job market. Let’s get into the benefits:

    • Employee retention: Offering a 401(k) plan can enhance employee retention by providing a valuable benefit that encourages loyalty and long-term commitment to the company.
    • Competitive advantage: A comprehensive benefits package, including a 401(k) plan, can make your company more attractive to top talent, giving you a competitive edge in recruitment efforts.
    • Tax advantages: Both employees and employers can benefit from tax advantages associated with 401(k) contributions. Employees can enjoy tax-deferred growth on their investments, while employers may be eligible for tax deductions on contributions made to the plan. In addition, there are tax credits resulting from SECURE 2.0 legislation that may help lower the cost for some employers starting a new 401(k) plan.
    • Employee financial security: A 401(k) plan helps employees save for retirement, fostering financial security and peace of mind. It empowers them to take control of their future and plan for a comfortable retirement.
    • Employee engagement: Providing a 401(k) plan demonstrates a commitment to employee well-being and financial literacy. It can lead to increased employee morale and overall satisfaction, which can positively impact productivity and workplace culture.
    • Flexible contribution options: 401(k) plans typically offer flexible contribution options, allowing employees to contribute a percentage of their salary and adjust their contributions over time to suit their financial goals and circumstances.
    • Employer matching contributions: Many employers offer matching contributions as part of their 401(k) plan, providing employees with an additional incentive to participate and save for retirement.
    • Automatic enrollment features: Some 401(k) plans offer automatic enrollment features, making it easier for employees to start saving for retirement without taking proactive steps to enroll.
    • Investment options: 401(k) plans allow employees to tailor their investment strategy based on their risk tolerance, investment objectives, and time horizon.
    • Portability: 401(k) plans are portable, meaning employees can typically roll over their account balances into another qualified retirement plan if they leave the company, providing continuity in retirement savings.

    Offering a retirement plan to your employees is not only a smart business decision but also a way to show them that you care about their well-being and future. By providing a 401(k) plan, you can help your employees achieve their retirement goals while also benefiting your own business and personal finances.

    401(k)s For Small Businesses With A PEO

    To recruit and retain quality employees, retirement plans are an essential benefit; however, they come with a lot of complexity and risk. At GMS, we understand that’s probably the last thing you want to worry about. That’s why when you partner with us, we take on that administrative burden. As a small business owner, you can finally offer that retirement plan you’ve debated adding to your benefits package for years.

    By partnering with us, we cut costs, reduce stress, save time, and offer benefits your employees want the most. Contact us today to learn more about our retirement plan offerings so you can attract and retain the top talent you want and need.

  • If you’re like most Americans, you’ve probably changed jobs several times in your career. And each time, you may have left behind a small retirement account with your former employer. But what happens to those accounts when you move on? Do you keep track of them? Do you roll them over to your new employer’s plan or an Individual Retirement Account (IRA)? Or do you cash them out and spend the money?

    According to the U.S. Department of Labor (DOL), millions of workers lose track of their retirement savings when they change jobs. This can result in lower retirement income, higher fees, and more taxes. To address this problem, the DOL recently proposed a rule that would facilitate automatic portability of retirement accounts for workers who switch jobs.

    What Is Automatic Portability?

    Automatic portability is a feature that allows your retirement savings to follow you from one employer to another without any action required from you. It works like this:

    • When you leave a job with a retirement plan with savings totaling $7,000 or less, the plan can automatically roll the money into a Safe Harbor IRA if the plan document allows it and you do not take action after receiving the required notices.
    • When you start a new job with a retirement plan, the Safe Harbor IRA provider can automatically transfer your savings to your new employer’s plan if the plan document allows it and you do not opt out after receiving required notices.

    The DOL’s proposed rule would allow vendors to charge reasonable fees for processing these transactions, which are currently prohibited by law. It would implement provisions of the federal SECURE 2.0 Act that allow automatic portability providers to receive reasonable fees in connection with executing automatic portability transactions through a new exemption in the Internal Revenue Code. In addition, the rule would also impose certain safeguards to protect workers’ interests, such as disclosure of fees, fiduciary responsibility, data security, and record keeping.

    What Are The Benefits Of Automatic Portability?

    Automatic portability can help you save more for retirement by:

    • Keeping your retirement savings consolidated in one place, making it easier to manage and monitor your investments
    • Reducing the risk of losing track of your retirement accounts or forgetting your passwords and login information
    • Avoiding the temptation of cashing out your retirement savings and paying taxes and penalties
    • Saving on fees and expenses that may be higher in Safe Harbor IRAs than in employer-sponsored plans
    • Taking advantage of the higher contribution limits and employer-matching contributions that may be available in employer-sponsored plans

    How Can You Take Advantage Of Automatic Portability?

    To benefit from automatic portability, check with your current and former employers to see if their retirement plans offer this feature. If they do, you must ensure you receive and read the notices informing you of your rights and options. You’ll also need to update your contact information with your current employer and IRA provider so they can reach you when necessary.

    If your current employer doesn’t offer automatic portability, you can still take action to consolidate your retirement accounts on your own. You can either roll over your old accounts to your new employer’s plan or an IRA of your choice. This way, you can avoid the drawbacks of having multiple small accounts and enjoy the benefits of having a larger retirement nest egg.

    Remember, your retirement savings are your future. Don’t let them get lost or forgotten. Take advantage of automatic portability or rollover your accounts today. Your future self will thank you.

    Actions For Employers

    As a business owner, the first step in supporting your employees is determining whether your retirement plan currently allows automatic portability transactions. If it doesn’t, decide what steps you need to take to make that feature available in your plan. Or, you can partner with a professional employer organization (PEO) like GMS. Our retirement experts at GMS ensure seamless transitions for employees when transitioning to our retirement plan. No more burdens associated with managing employees’ retirement benefits. Partner with GMS to unlock opportunities for your business and your employees. Get a quote from us today!

  • Stepping into adulthood comes with a game-changing moment – hitting the big 26 and waving goodbye to the safety net of your parent’s health insurance. It’s like unlocking a new level of independence but navigating the health care landscape can feel like a rollercoaster ride. This transition isn’t just about paperwork and getting the proper coverage; it’s a real-life journey into adulting. Picture this blog as your guide, unraveling the ins and outs of claiming your own health coverage. It’s going to feel like a breeze when you approach the 26th year of your life.

    Understanding The Transition

    Young adults lose coverage from their parents’ plans because of the Affordable Care Act (ACA), which only requires companies to cover dependents on a parent’s plan until they turn 26. Before the ACA, insurance companies dropped young adults from their parent’s policies after they reached a certain age or stopped attending college. This resulted in many young adults losing their insurance earlier in life. Now, with the ACA, adults 26 years and under can stay on their parent’s plan even if they:

    • Have started or finished school
    • Are no longer a dependent
    • Are married
    • Adopt or have a child
    • Turn down group health insurance through work

    What this means is that when you turn 26, you’ll need to find alternative coverage to ensure you’re protected in case of illness or injury. Understanding the options available to you is crucial as you embark on this new phase of your life.

    Exploring Your Health Care Options

    It’s essential to understand you have various options when choosing health care options. Let’s take a look at your options:

    Employer-sponsored plans: If employed, your company may offer health insurance benefits. It’s essential to familiarize yourself with the coverage options and enrollment periods provided by your employer.

    Health insurance marketplace: You can explore plans through the Health Insurance Market, where you may be eligible for subsidies based on your income. A subsidy is a benefit given to an individual, business, or institution, usually by the government. It can be direct (cash payments) or indirect (tax breaks). It’s typically given to remove some burden and is often considered in the public’s overall interest, given to promote a social good or an economic policy.

    COBRA coverage: You may qualify for the Consolidated Omnibus Budget Reconciliation Act (COBRA) for a temporary extension of your parents’ plan, although it can be costly. This coverage gives workers, and their families who lost their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances, such as voluntary or involuntary job loss.

    Medicaid: Depending on your income, you may qualify for Medicaid, which provides low-cost or free health care coverage. In all states, Medicaid provides coverage for some low-income individuals, families and children, pregnant women, the elderly, and those with disabilities.

    Transitioning off your parents’ health plan can pose several challenges, such as understanding insurance jargon, comparing different plans, and budgeting for health care expenses. It’s normal to feel overwhelmed, but there are resources available to guide you through this process. The following are a few resources available to you:

    Financial Considerations

    • Budgeting for premiums: Evaluate the cost of premiums for different plans and consider how they fit into your monthly budget. For a healthy 26-year-old, the average cost of a marketplace plan is $372 per month.
    • Out-of-pocket expenses: Understand the potential out-of-pocket costs for deductibles, copayments, and coinsurance when comparing plans.
    • Health savings accounts (HSAs): If eligible, consider opening an HSA to save for medical expenses with pre-tax dollars. An HSA is a type of savings account that lets individuals set aside money on a pre-tax basis to pay for qualified medical expenses.

    In addition, it’s essential to understand the plan coverage:

    • Network providers: Check if your preferred doctors and health care facilities are included in the plan’s network to ensure continuity of care.
    • Prescription drugs: Assess how different plans cover the cost of prescription medications you may currently use or anticipate needing in the future.

    What Next?

    If 26 is just around the corner, you must start thinking about this process. Being able to compare your options allows you to get the best coverage for the best price as opposed to waiting until the last minute and rushing this decision. If your employer offers health insurance, you’re in luck. Your colleagues should be able to offer you advice, and if you’re lucky, your company might have a designated benefits specialist who can walk you through the entire process. If your employer doesn’t offer health insurance, the process will be longer, and you’ll have to make decisions on your own.

    For employers, have you considered partnering with a professional employer organization (PEO) like GMS? As your employees transition to their independent health care coverage, it’s essential you provide them with the tools and resources to make the right choice. When you partner with GMS, we provide access to comprehensive group health plans, leveraging our buying power to offer competitive rates and quality insurance. In addition, our Benefits Account Managers work with you and your employees to guide them through the enrollment process. We will also simplify complex paperwork, ensure compliance with regulations, and get the coverage your employees want and need. Contact our benefits experts today to ensure a seamless process for employees during this transitional period.

  • The phrase “aging with grace” has taken on a new meaning in modern times. As we age, we not only face the typical challenges associated with getting older but also a new set of factors that have reshaped the aging process. It’s crucial for individuals to confront these challenges head-on rather than avoiding them altogether. The good news is that people are becoming more proactive about aging, particularly those who have taken on the role of caregivers themselves. Recent data from New York Life reveals members of the Sandwich Generation, who care for aging parents and children, are actively saving for retirement, purchasing long-term care insurance, and setting aside funds for their children’s future care.

    Changing Care Options

    The aging population continues to transform the landscape of care options. In the past, Americans could rely on federal support to meet their retirement needs. However, today’s retirees can no longer be certain about the availability of such support. Federal programs are already under strain, with a significant increase in the number of retirees receiving social security benefits. In addition, the U.S. Census Bureau states approximately 4.4 million Americans (12,000 people per day) will turn 65 in 2024, placing even more pressure on an already stretched system.

    Statistically, individuals aged 65 or older have a 70% chance of requiring some form of long-term care support. Surprisingly, Medicare does not cover long-term care, and Medicaid coverage is limited to approved facilities, leaving individuals with minimal control over their aging journey. In addition, to qualify for Medicaid coverage, individuals must exhaust a significant portion of their hard-earned assets. Although some states have introduced long-term care funding programs, the limited benefits they offer are unlikely to cover the substantial costs associated with long-term care.

    The Role Of Private Insurance

    The retreat of many private insurance carriers from the long-term care space has left consumers with fewer options. However, private insurance alone cannot provide a comprehensive solution. While the current landscape may appear overwhelming, there are viable options available. As a business owner, you play a crucial role in supporting your client’s lifestyle goals as they age, including helping them design a robust financial strategy to meet their long-term care needs.

    Pandemic-Era Trends And Costs Of Care

    The COVID-19 pandemic has further highlighted the importance of at-home care, with 88% of Americans expressing a preference for receiving ongoing assistance in their own homes or with loved ones. In-home care costs an average of $60,570 annually, while a one-bedroom assisted living apartment costs around $63,337 annually. The average cost of a year’s care in a private Medicare-certified long-term nursing home room is $116,577. This preference for at-home care places additional strain on caregivers, impacting their personal finances, mental health, and social lives. Caregiving is often emotionally, socially, physically, and financially more challenging than expected, particularly for women who tend to spend more time caring for aging relatives.

    Building Support Systems

    As more individuals opt for aging at home, robust support networks become increasingly critical. Caregivers face mounting physical and mental health challenges, making it essential to establish reliable support systems. Data indicates that caregivers are already seeking help, with family members and friends being the most common sources of support. Planning for a network of paid and unpaid caregivers empowers individuals to maintain control over their care situation while alleviating the burden on individual caregivers.

    The Role Of Financial Planning

    Financial planning is often the weakest link in people’s support systems. Encourage your clients to plan early for their long-term care needs, regularly reassess their plans, and make necessary adjustments. Collaborating with a trusted financial professional can make all the difference, providing clients with the confidence and peace of mind they need as they navigate the complexities of long-term care.

    Addressing Long-Term Care Challenges With A PEO

    In navigating the increasingly complex landscape of long-term care, small business owners face unique challenges in supporting their employees and planning for their future care needs. A professional employer organization (PEO) can lend a helping hand in this journey, offering comprehensive solutions to address the evolving needs of employees and employers.

    Small business owners can access tailored benefits packages, expert guidance on financial planning for long-term care, and support in establishing robust support systems for employees when they partner with a PEO. In addition, GMS, a certified PEO (CPEO), can provide access to cost-effective insurance options and valuable resources to help small business owners and their employees navigate the intricacies of long-term care planning. Address the long-term care needs of your employees while securing their financial well-being by partnering with GMS. Contact us today to learn more.

  • Health care costs in the United States have been steadily climbing, and the burden on employers providing health care benefits for their workforce is intensifying year by year. A recent report by Aon forecasts a looming challenge: average costs for employers covering their employees’ health care are projected to surge by 8.5% in 2024, amounting to over $15,000 per employee. This steep rise marks a concerning trend, nearly doubling the previous year’s increase of 4.5%, setting off alarm bells for companies navigating their health care budgets.

    Driving Factors Behind Escalating Costs

    Let’s take a look at three pivotal elements that are steering this surge in health care expenses.

    Inflation: The silent aggressor

    Inflation, accounting for roughly half of the cost hikes, substantially impacts health care expenses. The health care sector experiences a delayed effect due to multi-year provider contracts. Renewals in these contracts are causing providers to demand higher fees, thereby stretching the impact of inflation over several years.

    COVID-19’s lingering impact

    The aftermath of the pandemic continues to cast a shadow over health care costs. Medical utilization, which plummeted during the peak of the pandemic, is now reverting to pre-COVID levels. This resurgence in medical usage is a driving force behind the escalating health care expenditures for employers.

    Surging prescription drug costs

    Prescription drug expenses are spiraling at an alarming rate, surpassing the growth rate of medical costs. The use of specialty drugs such as GLP-1 and medications initially designed for diabetes, which are now being utilized for weight loss, have doubled between 2022 and 2023.

    Navigating The Way Forward

    The tight labor market continues to discourage passing higher health care expenses onto workers. However, future projections indicate an inevitable shift towards significant changes in employee contribution as employers prepare for 2025. Employers are creating strategies to manage costs, including targeted plan adjustments to address expensive medications and treatments. In addition, a shift in vendors is anticipated to secure better prices and discounts on health care services. The focus on mental health services is also expected to intensify, acknowledging the importance of employee well-being.

    How PEOs Are Revolutionizing Employee Benefits

    In the face of these health care cost escalations, employers find themselves at a critical stage where innovative solutions are imperative. The strain of balancing employee well-being with financial sustainability requires a strategic approach. This makes the role of Group Management Services, a certified professional employer organization (CPEO), crucial. GMS extends a lifeline to businesses, offering access to various benefits through our master health care plan (MHP). Through pooled resources, negotiated rates, and streamlined administration, GMS enables companies to combat increasing health care expenses effectively. By leveraging GMS’ buying power and expertise, businesses can navigate these unprecedented times and provide quality health care benefits to their employees while maintaining a competitive edge in the marketplace. Get a quote from us today and end the open enrollment period on a high note.

  • Imagine walking into your workplace greeted not just by colleagues but also by furry friends wagging their tails. This isn’t a far-fetched dream but a growing reality in many forward-thinking companies today. A pet-friendly workplace isn’t just about accommodating pets; it helps foster a happier, healthier, and more productive work environment.

    Creating A Welcoming Environment

    Introducing pets into the workplace isn’t just about indulging in cute and cuddly moments. It’s about setting a tone of inclusivity. Pets have the ability to reduce tension and create positivity. 87.3% of Americans were reported as happier than the average person because of owning a pet. Their presence often leads to increased social interactions among employees, fostering camaraderie. Pets contribute to longer lives by influencing longevity, stress reduction, and fighting cardiovascular disease.

    Enhancing Employee Well-Being

    Stress is a ubiquitous aspect of modern work life. Approximately one million Americans miss work each day because of stress, with 94% of workers feeling stressed at work. However, the fix to this might be simpler than we thought. Studies consistently show that interaction with pets can significantly reduce stress levels. Petting a dog or playing with a cat can trigger a release of oxytocin, the feel-good hormone, leading to decreased cortisol levels, which, in turn, reduces stress and anxiety.

    Boosting Productivity And Creativity

    Contrary to popular belief, allowing pets in the workplace doesn’t necessarily lead to chaos. Instead, it often results in increased productivity. Employees tend to take shorter breaks, opting for playful moments with pets rather than longer, more distracting pauses. In addition, the presence of pets can stimulate creativity, providing mental breaks that inspire fresh perspectives and innovative thinking.

    Fostering A Healthier Lifestyle

    Pets encourage physical activity. Taking a dog for a short walk or playing a quick game of fetch during breaks can promote a more active lifestyle among employees. In addition, the responsibility of caring for a pet can instill a sense of routine and discipline, positively impacting the overall well-being of employees who own pets.

    Attracting And Retaining Talent

    A pet-friendly policy can be a powerful tool in attracting and retaining top talent. For many, the ability to bring their furry companions to work is a significant perk. It showcases the company’s commitment to employee happiness and work-life balance, ultimately contributing to a positive employer brand.

    Considerations And Implementation

    Implementing a pet-friendly policy requires careful consideration and guidelines to ensure a harmonious environment for everyone. Factors such as allergies and pet behavior should be taken into account. Should you consider a pet-friendly workplace, it’s essential to clearly define rules and designate pet-friendly areas to maintain a balance between accommodating pets and respecting the needs of all employees.

    Fetching Solutions

    In embracing a pet-friendly workplace, we unlock a world of positivity, improved well-being, and heightened productivity. However, transitioning to this innovative work culture requires careful planning and consideration. This is where a professional employer organization (PEO) can lend a helping hand. PEOs like GMS specialize in HR management, providing expertise in creating and implementing policies that cater to diverse workplace needs. From crafting pet-friendly guidelines to addressing logistical concerns, partnering with GMS can streamline the process, ensuring a smooth and successful integration of pets into the workplace. Partnering with GMS allows businesses to confidently venture into this exciting opportunity, fostering an environment where wagging tails and productive workdays seamlessly coexist. So, why not pave the way for a more paw-sitive work environment? Contact us today to learn more.

  • In recent years, the corporate landscape has shifted towards more inclusive and comprehensive employee benefits. A notable and groundbreaking addition to this trend is the growing acknowledgment of menopause and the need for the workplace to offer support. The conversation gained momentum when Microsoft took the lead in recognizing the gaps in its benefits package and proactively addressed the unique needs of employees navigating menopause.

    The Catalyst

    A spark for change regarding better workplace support for menopausal women echoes across the U.S. and beyond. At Microsoft, the conversation was kickstarted by an internal podcast featuring a guest who openly shared her menopause journey. Sonja Kellen, Microsoft’s Senior Director of Global Health and Wellness, reflected on the company’s existing benefits – comprehensive medical coverage and flexible working arrangements – but realized they lacked a benefit specifically tailored to menopause.

    The Turning Point

    Recognizing the missing piece in their benefits package, Microsoft partnered with Maven Clinic, a virtual health care provider specializing in women’s health. In July, the company rolled out a comprehensive menopause support program for its global workforce. The benefits, facilitated through Maven Clinic, included the following:

    • Hormone therapy
    • Physical therapy for pelvic-floor issues
    • Access to specialists in menopause care
    • Menopause-specific paid leave

    A Growing Trend

    Microsoft is among a pioneering group of employers acknowledging the importance of menopause support. While still a minority, the number of companies offering menopause benefits is gradually increasing. According to a report by benefits consultant NFP, around 4% of employers with sick leave policies currently provide additional support for menopause. However, 32% expressed openness to incorporating such benefits within the next five years.

    A growing understanding of the economic and personal impact of menopause drives the increase in interest. Studies estimate that menopause costs the U.S. economy $1.8 billion in lost working time annually, with an additional $26.6 billion in medical expenses. A Bank of America report revealed that 64% of working American women desire menopause-specific benefits, signaling a demand for more comprehensive workplace support.

    Kate Ryder, Chief Executive Officer (CEO) of Maven Clinic, highlights the significant gap in support for menopausal employees. The virtual health care provider, working with over 300 employers, has witnessed rapid adoption of its menopause benefits suite. The suite connects workers to virtual care providers, sleep coaches, OB/GYNs, nutritionists, and other professionals trained in menopause care. Ryder emphasizes that the conversation around menopause is gaining traction and is poised to continue growing.

    Inclusive Benefits

    The push for menopause benefits aligns with a broader movement towards inclusivity in workplace benefits. As companies focus on fertility benefits and parental leave, there’s a realization that employees in different life stages also need tailored support. The idea is to provide services and support similar to resources available during other transformative life stages, such as pregnancy.

    Success Stories

    You may ask – is it worth it? Microsoft’s early success with menopause benefits underscores the unmet demand for such support. With over 1,000 activations in the first week and over 3,000 provider-member interactions within the first few months, Microsoft’s menopause support resonated with its diverse global workforce. The steady increase in employee sign-ups signifies sustained interest and utilization of the new offering.

    Employers offering menopause benefits are witnessing positive impacts on workplace dynamics. Among the notable outcomes are reduced absences, enhanced productivity, and increased employee engagement. The Bank of America report indicates that 58% of women perceive positive effects on their work when menopause benefits are provided. In addition, these benefits contribute to higher retention rates, making the workplace more attractive and supportive.

    Why Partner With A PEO?

    The emergence of menopause benefits as a pivotal workplace perk signifies a progressive shift in how businesses prioritize the well-being of their employees across all life stages. Microsoft’s proactive stance and the increasing interest from other employers underline a commitment to fostering an inclusive and supportive work environment. For business owners, recognizing the impact of menopause on individuals and the bottom line is essential.

    To navigate this evolving landscape seamlessly, consider the role of a professional employer organization (PEO) like Group Management Services (GMS). PEOs specialize in comprehensive HR solutions, ensuring that businesses can effortlessly integrate and manage benefits that address the diverse needs of their workforce. By embracing menopause benefits and leveraging PEO expertise, businesses can attract and retain top talent and cultivate a workplace culture that values every employee’s journey. Interested in learning more? Contact us today.