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Paycom Stands Out with Latest Accomplishment

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Paycom continues to rake in the accolades, this time garnering its 11th-consecutive appearance on the Greater Oklahoma City Chamber’s Metro 50 list. Of the Metro 50 winners, Paycom’s 11-year reign of consecutive appearances is the most of any of the companies on the list.

“This is huge honor to be the longest-running member on this distinguished list,” Paycom founder and CEO Chad Richison said. “But even more, this award is an indicator that our unique business model has resulted in continued, steady and sustainable growth.”

The Metro 50 event is scheduled for Sept. 23 at the National Cowboy and Heritage Museum in Oklahoma City where rankings of all of the Metro 50 winners will be announced.

The accolade showcases the metropolitan’s fastest-growing private companies. Qualified companies are required to have revenues of at least $1 million for the previous year and will be ranked based on their percentage of annual growth.

Growth is the name of the game at Paycom. In the last 12 months, the online human capital management provider announced rapid growth with an addition to its headquarters and added the Inc. Hire Power Award which recognizes private companies that are leading the way in job creation. Stay tuned for more exciting news from one of the fastest-growing companies in America.



Author Bio: A writer, speaker and young business leader, Jason has been the communications pulse for a number of organizations, including Paycom. A featured writer on human capital management technology, leadership and the Affordable Care Act, Jason launched Paycom’s blog and social media channels, helping empower organizations around the nation. Jason is attuned to the needs of businesses and recently helped develop a tool to aid organizations in their pursuit to comply with the ACA; one of the largest changes in healthcare the country has seen. While working in athletics for ESPN and FoxSports, Jason learned the importance of hard work and branding. In his free time he enjoys adventuring with his family, reading and exploring new areas to strengthen his business acumen.

cash

ACA-Related Costs and Premiums Predicted to Increase in 2017

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With the 2017 open enrollment for the Affordable Care Act (ACA) or “Obamacare” just around the corner, states are beginning to approve insurer rate requests. Based on the results so far, people who buy health insurance on their own via the marketplace can expect some steep premium surges. Employers, also, can expect hikes in ACA-related costs and health insurance premiums.

Cost impacts of the ACA

Costs for the lowest and second-lowest ACA silver plans are soaring faster in 2017 than in previous years, according to the Kaiser Family Foundation. For example, the cost of the second-lowest silver plan in certain major cities analyzed in the Foundation’s report is predicted to increase by a weighted average of nine percent in 2017 – a sharp jump from two percent in 2016.

Some states have already begun approving insurer rate plans, and the numbers depict some extensive premium hikes for individuals who purchase health insurance through the marketplace. Mississippi has endorsed increases of approximately 43 percent. In Tennessee, an average increase of 62 percent has been approved for one of the state’s largest marketplace plans; and California has announced an average increase of 13.2 percent.

According to Kaiser Health News, large employers expect their healthcare costs to rise by around six percent in 2017, and most employees of large businesses can expect a five-percent increase in their premiums. Based on a 2016 survey, employers are also anticipating a spike in their general administrative ACA expenses for 2017 – with reporting, disclosure and notification requirements being the primary cost drivers. There’s also the delayed 40-percent Cadillac tax on high-cost, employer-sponsored plans, which is forecast to be a significant ACA cost driver beyond 2017.

ACA penalties expected to rise

ACA penalties are expected to climb in 2017. For example, the penalty for not offering minimum essential coverage is expected to increase to $2,260 per full-time worker in 2017, compared to $2,160 in 2016. According to the Congressional Budget Office, the effect of employer penalty payments on the government’s revenue will mostly escalate in 2017 and beyond – with the biggest change being from $9 billion in 2017 to $16 billion in 2018.

Cost control measures

According to the International Foundation of Employee Benefit Plans, to contain ACA-related costs employers are increasing:

  • Out-of-pocket limits
  • In-network deductibles
  • Employees’ portion of premium costs
  • Copayment and coinsurance rates for primary care
  • Employees’ share of prescription drug expenses
  • Employees’ share of dependent coverage costs

Other cost-cutting strategies include:

  • Adopting high-deductible health plans
  • Expanding employee wellness programs
  • Dropping, or attaching a surcharge to spousal coverage
  • Modifying prescription drug benefits

Tax incentive for SHOP employers

Small employers who buy health insurance through the Small Business Health Options (SHOP) may qualify for the SHOP tax credit, which can help offset the cost of providing health insurance to workers. To qualify for the credit, employers must have fewer than 25 full-time equivalent employees who each earn an average salary of around $50,000 or less per year, pay at least 50 percent of their full-time employees’ premium and offer coverage to full-time employees via the SHOP marketplace. The smaller the company, the bigger the credit, which is capped at 50 percent of the employer’s contribution toward employees’ premium costs.

Businesses with fewer than 50 full-time and full-time equivalent employees are not subject to the ACA’s Employer Shared Responsibility provisions and can therefore simply choose not to offer health insurance. But, an analysis published by the New England Journal of Medicine concluded that employers competing for top talent will continue to provide health benefits and will not shift employees to an insurance marketplace – though this could change if the Cadillac tax is implemented.

DISCLAIMER: The information provided in this blog is for general informational purposes only. Accordingly, Paycom and the writer of the above content do not warrant the completeness or accuracy of the above information. It does not constitute the provision of legal advice, tax advice, accounting services, or professional consulting. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other professional services.



Author Bio: A writer, speaker and young business leader, Jason has been the communications pulse for a number of organizations, including Paycom. A featured writer on human capital management technology, leadership and the Affordable Care Act, Jason launched Paycom’s blog and social media channels, helping empower organizations around the nation. Jason is attuned to the needs of businesses and recently helped develop a tool to aid organizations in their pursuit to comply with the ACA; one of the largest changes in healthcare the country has seen. While working in athletics for ESPN and FoxSports, Jason learned the importance of hard work and branding. In his free time he enjoys adventuring with his family, reading and exploring new areas to strengthen his business acumen.

Gavel

Overtime Expansion Gets Heated as States Challenge Rule

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Twenty-one states have filed a lawsuit in an attempt to halt the Department of Labor’s overtime expansion ruling. According to the complaint, the agency’s move to increase the salary threshold at which white-collar workers are eligible for overtime is unlawful, as it renders other statutory exemption requirements “virtually irrelevant.” A similar lawsuit was filed by a group of business representatives on the same day.

Details of the lawsuit

The lawsuit, filed in the U.S. District Court for the Eastern District of Texas, criticizes the Department for overstepping its boundaries in two main areas:

  1. Determining eligibility: The Department of Labor’s rule focuses on the salary of each worker; relegating the type of work that employee performs to a “secondary consideration.” Additionally, the lawsuit claims this act essentially impacts states’ budgets because of the need to pay overtime to a larger number of employees.
  2. Automatic updates: Those involved also take issue with the new rule’s provision to update the standard salary threshold every three years based on inflation, arguing that the department does not have the power to index or automatically raise the threshold.

It appears the suit is a last-ditch effort to block the rule from going into effect, as congressional resistance likely would be met with a presidential veto.

What employers need to keep in mind

In response to the suit, U.S. Secretary of Labor Thomas Perez said, “We are confident in the legality of all aspects of our final overtime rule.” And despite the filing of this lawsuit, the new rule is on track to take effect Dec. 1. With only 70 days for employers to prepare, employers should consider:

  1. Auditing their workforce. A proper audit would entail employers determine:
    • How many exempt employees they have making less than $913 per week.
    • Whether or not these employees pass the duties test for exempt status.
    • How much overtime these employees work.
    • How much that overtime would cost with the new rules.
  2. Evaluating their plan. Seeing the costs associated with pursuing different workforce restructuring tactics for individuals and groups of employees can help employers build potential cost-based strategies and ­­­see the companywide impacts they could have. Be sure to take a second look at your options using data from your time and attendance and payroll systems, because it potentially could save your organization big in the long run.

Paycom’s FLSA toolkit to the rescue

Ultimately, every company is different and will have to figure out the best path moving forward. However, the sooner you can get a plan of action in place, the easier it will be on your HR team and all of your employees. With Paycom’s new Labor Cost Analysis tool, you can help establish the most cost-effective and least disruptive plan possible.

DISCLAIMER: The information provided in this blog is for general informational purposes only. Accordingly, Paycom and the writer of the above content do not warrant the completeness or accuracy of the above information. It does not constitute the provision of legal advice, tax advice, accounting services, or professional consulting. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other professional services.


amy.double

by Amy Double


Author Bio: Amy, a tenured professional in sales and marketing with over 10 years of experience, is dedicated to creating content focused on helping organizations achieve their business goals. As an experienced writer, Amy is committed to researching and blogging about topics that affect businesses across multiple industries, including manufacturing, hospitality and more. Outside of work, Amy enjoys reading, entertaining and spending time with family.

Job Interview

Is it Legal to Request Compensation History during Job Interviews?

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On a national scale, women working full-time earn 79 cents for every dollar earned by men. To seal the gender wage gap, states – such as California, New York and Maryland – have enacted aggressive equal pay laws. But, the boldest move comes from Massachusetts, which recently became the first state to ban employers from requesting compensation history during the job application and interview process.

On Aug. 1, 2016, Massachusetts’ Gov. Charlie Baker signed a landmark bill that takes a three-part approach to bridging the gender wage gap. The legislation also expands on the definition of comparable work and allows employees to discuss their pay with co-workers and colleagues. Here’s a closer look at this sweeping bill, which goes into effect in 2018.

Employers Banned from Requesting Pay History Prior to Making Job Offer

Massachusetts’ pay equity bill – which passed by unanimous vote on July 23, 2016 – prohibits employers in Massachusetts from requiring applicants to disclose their pay history on employment applications or during job interviews. Employers can ask such questions only after making a job offer with compensation information. Applicants voluntarily can reveal their pay history during job interviews, but employers cannot seek the information from prospective hires. Massachusetts is the first state to bar employers from requesting pay history during the job application and interview process.

Comparable Work Takes on a Broad Meaning

Under the Equal Pay Act, men and women working for the same employer should receive equal pay for equal work. Massachusetts’ new law also requires that men and women receive equal pay when the work they perform is comparable – which is defined as “work that is substantially similar in that it requires substantially similar skill, effort and responsibility and is performed under similar working conditions.”

Note that employers in Massachusetts are still allowed to consider seniority, experience, education, training and geographic location when determining salaries. In addition, the state recommends that organizations review their compensation structure to ensure employees receive fair wages based on industry standards.

No Retaliation Allowed against Employees Who Discuss Salary with Colleagues

In a 2014 study by the Institute for Women’s Policy Research, around half of respondents said that discussing wages or salary is either discouraged or forbidden at their workplace and could result in punishment. Under Massachusetts’ new law, employees can talk freely about their compensation with co-workers and colleagues, and employers are not allowed to retaliate against those who engage in such discussions. State lawmakers are aiming to increase salary transparency so women and other marginalized groups can more easily determine whether they’re receiving fair wages.

Massachusetts joins a number of states – including California, New Jersey, Illinois and Louisiana – that already allow employees to discuss compensation with each other.

Whether other states will follow Massachusetts’ lead in prohibiting employers from requesting pay history during job interviews remains to be seen. Meanwhile, employers can help close the gender wage gap by establishing compensation policies, practices and procedures that support equality between men and women.

 

DISCLAIMER: The information provided in this blog is for general informational purposes only. Accordingly, Paycom and the writer of the above content do not warrant the completeness or accuracy of the above information. It does not constitute the provision of legal advice, tax advice, accounting services, or professional consulting. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other professional services.



Author Bio: As a Human Resource Professional with over 20 years of experience, Jenny has extensive experience in management, mentoring, policy development and recruiting. Jenny's team player mentality and leadership abilities make her an elite HR Director who is always on top of the latest HR trends. She relentlessly directs associates and executives to achieve their maximum potential for both themselves and their companies.

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