Employee turnover, whether it is voluntary or involuntary, is expensive. In some instances, turnover costs can range from 93 to 200 percent of an employee’s exit salary.
The costs of employee turnover can include expenses for:
- Overtime and temporary staff hires
- Lost knowledge
- Lost productivity
- Lost business
These costs can really add up for companies that aren’t investing adequately in their human capital. A three-year study by Sirota Survey Intelligence, Predicting Pent-Up Turnover, identified how managers can encourage employee commitment and retention. The study found that management controls the drivers that affect employee turnover and engagement because employee engagement is the strongest predictor of positive organizational performance and retention. Here are 8 ways your company can improve employee engagement and retention:
Continue reading “Top 8 Ways to Improve Employee Engagement and Reduce Turnover”
MMA provides comprehensive private client services, ensuring protection from the complex liability exposures which accompany families with substantial assets. From multi-generational planning and comprehensive home and auto policies to the most exotic of coverages, MMA is your resource for all your personal insurance needs.
Our private client team will examine your personal insurance profile for gaps in coverage to identify, evaluate and determine the best method to protect your assets from the variety of risks and exposures that can lead to financial loss. Products and services include: Homeowners, Auto, Exotic Vehicles, Valuables/Collections , Umbrella, Domestic Workers Compensation, Aviation, Boats, Yachts and Watercraft, Family Office Practice, Farms, Ranches and Equine , Kidnap and Ransom, Employment Practices Liability and Non Profit D&O.
Contact MMA and learn more about our Private Client Services.
Not very long ago, most people worked in “real” jobs that paid a fixed salary every month, allowed them to take paid sick and vacation leave and became the basis of a stable financial future. Today, more and more people are choosing to make a living doing freelance or “gig” types of jobs rather than work full-time. Some people are excited about the possibilities of this “gig economy,” citing opportunities for freedom and flexibility as well as creativity and innovation. But not everyone is enamored with the concept; they fear a future of disenfranchised workers trying to scrape up their next small project.
Over the last 20 years the proportion of Americans who work in jobs that are described as “gig-based,” “freelance,” or “project-based” has increased by about 27 percent. This means that the “gig economy” is growing much faster than traditional, corporate-based employment. The change has occurred even more rapidly in certain industries, such as ground transportation like Uber and Lyft, where independent contractor jobs have increased by more than 44 percent over payroll employee jobs. What’s more, 81 percent of these new gig economy jobs have occurred in 25 metropolitan areas in the U.S. such as Austin, Texas and Nashville, Tennessee.
Continue reading “How Will the New Gig Economy Change the Future of Work in America?”
The IRS has issued the standard mileage rate for 2017, which went into effect January 1, 2017. The new reimbursement rate is 53.5 cents per mile for business miles driven, which is down from .54 cents in 2016. These rates apply to the use of a car, van, pick-up or panel truck. The mileage reimbursement rate for medical or moving purposes is 17 cents per mile, down from 19 cents per mile in 2016. The reimbursement rate for miles driven in service of a charitable organization is 14 cents. This rate is fixed by Congress and is never adjusted by inflation.
In case you’re wondering why there’s a difference between the standard business mileage reimbursement rate and the rate for medical or moving purposes, it has to do with the criteria used to calculate the different rates. The standard business rate uses an annual study of the fixed and variable costs of operating a vehicle, taking into account fixed and variable costs, such as gas, oil, insurance, tires, repairs, maintenance, and depreciation. The rate that applies to moving or medical costs is calculated using only the variable costs of gas and oil.
Continue reading “IRS Business Mileage Rates Down for 2017”
Check out our new MMA Risk Management whiteboard video! Your business will experience many planned and unplanned changes over the next few years. To navigate these changes, your business needs a world class partner at the local level to provide sound risk management advice, to mitigate risk and help your business move forward to meet your business goals.
We provide the highest level of specialized business insurance professionals who understand the ebb and flow of your industry. Our consultants will uncover emerging risk management threats before they become problematic.
If you are looking to reduce risk with proactive management you should contact MMA to schedule a complimentary consultation.
Learn to make your organization stronger. Join MMA events and learn how you can start making effective changes within your organization.
Marsh & McLennan Agency ULearn seminar series:
Trump, Consumerism, and the Future of Employee Benefits – HRCI & SHRM Credits
Join Marsh & McLennan Agency as we examine the issues that will play an important role on employee benefits now and in the future. This includes discussion on consumerism trends, tools to support employee engagement, how to leverage communication as part of your consumerism strategy, and potential compliance changes as a result of the new administration.
HR Professional Credits: This program has been submitted for 2.5 general recertification credit hours through HRCI and 2.5 professional development credit hours through SHRM.
Register below for the city of your choice:
Best in Class Fleet Safety Program
Workers are more likely to die from traffic-related motor vehicle crashes than from any other hazard on the job. New technology has made this a big concern with Uber and other Transportation Network Companies starting up. This training program focuses on general automotive and fleet safety program/ policies to help protect and control your company’s assets.
May 3, 9 – 11 a.m.
High Point, NC
Every year, hundreds of consumers and businesses lose millions of dollars due to identity thieves and scammers. Identity thieves are always looking for new ways to steal documents that may yield identifiable information. This can range from credit card information to bank accounts to e-tail logins and passwords. Anyone thinking about purging old documents and paperwork that has been stored and piled up over time, or is ready to discard an older computers (or other electronic items), should consider taking the following precautions to avoid being the victim of identity theft.
Disposing of old computers or hard drives
Always wipe your computer hard disk or backup disk clean before discarding it. Even if the computer has crashed or doesn’t boot up, your personal information may not be erased. A recent study of only 129 hard drives (many of them had been reformatted) found that more than 5,000 credit card numbers, medical correspondences, bank account information and other confidential data could be retrieved. This is why it’s important to properly wipe out your hard drive and backup drives before discarding them. Don’t confuse formatting a drive with wiping it clean. When your format a drive, the data isn’t found by the operating system, but may not be erased. Here are three ways to ensure your hard drives are wiped clean:
Continue reading “Preventing Identity Theft by Properly Destroying Old Records”
On Friday, March 24, 2017, the U.S. House of Representatives’ Speaker Paul Ryan pulled from the floor the American Health Care Act (AHCA), the proposed legislation to repeal and replace the Affordable Care Act (ACA), once it was clear that the bill was short on votes to pass. Effectively, this means the AHCA will not survive to become law and, at this time, any future efforts to repeal and replace the ACA are uncertain. This may mean, as Speaker Ryan said shortly after the announcement that the bill was withdrawn, “Obamacare is the law of the land. We’re going to be living with Obamacare for the foreseeable future.” However, as of March 28, there have been reports that the House Republican leaders and the Trump administration have started renegotiations on legislation to repeal the ACA. At this time, there are no details about what may be in any renewed repeal legislation or the timing of its release or a vote.
Continue reading “House Republicans Withdraw the AHCA Before a Planned Vote but Efforts to Repeal Continue”
Check out our new MMA Employee Benefits Whiteboard Video! The world of health care benefits has become increasingly complex. Fortunately, MMA and its local partner agencies have the expertise to navigate the changing health care landscape and offer strategic, cost-effective employee benefits programs.
Together, MMA and your local agency can review your current benefits program, and design a strategic plan that addresses your priorities, reduces risk and lowers your cost, all while considering employee morale. Our strong relationships with all of the major insurance companies allow us to deliver an extensive range of providers, networks, premium levels and plan designs.
Contact us and learn more about our innovative solutions.