February 2, 2018

SOTU | Top 7 Compliance Dangers | High Cost of Failing to Save for Retirement

In StaffLink’s Small Business Week this week the big news is, of course, President Trump’s delivery of his first State of the Union address. The speech highlighted recent signs of economic prosperity as do several news stories about companies responding favorably to the recently passed tax reform law. In HR news, StaffLink this week takes a look at leadership and compliance trends and the EEOC’s top charges in 2017. Plus, an article explaining the costs of failing to save for retirement.

A call for unity and a recitation of economic success highlighted President Trump’s first State of the Union Address.

President Trump touched on immigration, unemployment, tax reform, crime, and diplomacy in his January 30, State of the Union speech. Video and commentary on the speech abound. CNN’s montage can be found at Trump’s State of the Union Speech in 2 minutes.  

Corporate America demonstrates its pleasure with nex tax law with bonuses, and wage and benefits increases.

Writing Lowe’s to give some employees bonuses of up to $1,000 and expand benefits due to tax reform for CNBC, reporter Lauren Thomas shares that both Lowe’s and Home Depot will award one-time bonuses to thousands of employees in the coming months. Thomas notes that these incentives are part of a larger move on the part of retailers to retain hourly workers in a tight job market.

It’s not just retailers who are celebrating the Tax Cuts and Jobs Act with bonuses and other incentives. John Kartch, writing for Americans for Tax Reform reports that 3,000,000 Americans across 300 companies will receive bonuses or other wage or benefits increases attributable to the reform. You can read the details in List of Tax Reform Good News.

Competition for talent leads companies to expand leave benefits.

More employers offering paid parental leave to hourly workers writes HRDive’s Valerie Bolden-Barrett. The increase in benefits is believed to be a result of a shrinking labor pool as unemployment sits at a low of 4.1%. Companies are hoping better benefits and pay will help them recruit and retain qualified employees.

Changes in workforce demographics prompt changes in leadership styles.

Economic growth and disruption were 2017’s buzzwords and now businesses of all sizes are responding. In 14 Leadership Trends That Will Shape Organizations in 2018 Forbes highlights the changes that companies are making in response to a changing business landscape. Continual learning, empathy, and personal development are the topics that have business leaders buzzing in 2018.

Over 84,000 employers were charged with discrimination and retaliation by the EEOC in 2017.

Reporting for the fiscal year 2017, the Equal Employment Opportunity Commission disclosed that 84,254 workplace discrimination charges were filed. In Top 10 Employment Discrimination Charges in 2017, Claims Journal lists the top ten charge categories. Retaliation and race hold the top two places. The article also reports that the EEOC filed 184 lawsuits in 2017 and resolved 99,108 charges.

The compliance issues that should be on every HR team’s radar.

Human resource professionals know that keeping track of compliance issues can be a full-time job. What are some of the main compliance problems that come up again and again? HRDive author Pamela DeLoatch describes the top troublemakers in 7 compliance issues every HR leader should know.

Are you putting off saving for retirement?

Compound interest can be your friend when it comes to retirement, but only if you use it. Discover the real cost of procrastination in this Fox Business article, The Shocking Cost of Putting Off Retirement Savings for a Year,

In case you missed it, here is CNN’s selection of highlights from President Trump’s Tuesday State of the Union speech: