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Employers Anticipate 3.5% Pay Raises for 2024 Amid Economic Uncertainty*
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As organizations plan for the upcoming year, a recent SHRM survey reveals employers are budgeting for an average pay raise of 3.5% in 2024. This reflects a cautious optimism despite ongoing economic uncertainties. Companies are striving to balance competitive compensation with cost management, aiming to retain top talent in a tight labor market. HR professionals are encouraged to review their compensation strategies to ensure they align with both market trends and organizational goals.
*denotes a pay wall.
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INFINITI HR’s Adventure Day: Team Building with Ziplining, Ropes and Delicious Eats
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Although our planned river rafting was canceled due to river conditions, the INFINITI HR team didn’t let that stop the fun! We switched gears and enjoyed a day filled with zip lining and ropes courses; challenging ourselves and cheering each other on through every high-flying moment. After a day of adventure, we headed to a local brewery for a well-deserved dinner, indulging in delicious pizza and crabs. It was a fantastic way to unwind, connect, and celebrate our team spirit. Here’s to making the most of every moment, on and off the water!
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The Importance of a Strong HR Team
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A strong HR team is essential for reducing costs, ensuring compliance, and enhancing employee engagement, which collectively drive business success. By effectively managing turnover, compliance, and other business issues, a dedicated HR team can significantly boost profitability and operational efficiency.
- Employee Turnover Costs: Replacing an employee can cost 6-9 months of their salary. Implementing effective retention strategies can save substantial costs.
- Compliance Penalties: Avoid OSHA fines up to $15,625 per violation by ensuring safety compliance through proactive HR management.
- Employee Engagement: Companies with highly engaged employees experience a 21% increase in profitability. A positive work environment fosters this engagement.
Does Your Employee Handbook Need Updating?
Regular updates to your employee handbook are crucial to comply with changing laws, reflect current company policies, and enhance employee understanding. This ensures legal compliance, consistent application of policies, and increased employee engagement.
Let’s Get Started: Ready to elevate your HR operations? INFINITI HR offers comprehensive solutions tailored to your needs. Contact us today to strengthen your HR team and drive business success.
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Vendor Spotlight:
Jason Ellis, Voluntary Benefits Shop
This month, we spotlight Jason Ellis from the Voluntary Benefits Shop. With more than 25 years of experience, Jason and his firm is dedicated to providing companies with tailored voluntary benefits, focusing most recently on life and long-term care insurance—a need that many businesses often overlook. In fact, Jason and his team have found that 95% of companies do not have it. Because of their position in the market, the Voluntary Benefits Shop can access special underwriting offers for guaranteed life insurance with long-term care options. And because of INFINITI HR’s partnership with the Voluntary Benefits Shop, our clients then get to participate in this rare offering – whereas a lot of individuals don’t seek these plans otherwise because they are very expensive, there are some barriers to entry, etc.
Through our partnership, we are breaking down barriers, making these crucial benefits more accessible to employees who typically struggle to secure coverage. As a full service voluntary benefits agency, Jason has a support team dedicated to benefit enrollment services and a call center to educate employees about their benefits: what exactly they are enrolling in, how it works, etc. His expertise continues to add value to our decade-long partnership and the companies we serve. Thank you, Jason, for your dedication and support.
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Boost Your Employees’ Wellness with UHC Rewards!
Did you know that UnitedHealthcare Rewards is an incentive program included in your health plan that allows your employees to earn up to $300 (or even $1,000) by reaching health goals and completing activities like biometric screenings, tracking steps, or connecting a fitness tracker? The best part? Employees can choose their own activities and how to spend their earnings!
Getting Started is Easy:
- Option 1: Download the UnitedHealthcare app (available on iOS and Android), sign in or register, and select UHC Rewards from the Menu tab.
- Option 2: Visit myuhc.com, sign in, and activate UHC Rewards.
Encourage your team to start earning rewards today by living healthier! They could even use their rewards toward an Apple Watch through the Earn It Off program.
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Meet Our Summer Intern: Kyle Bowie
Our last summer issue includes a feature on our third summer intern: Kyle Bowie. Here is more about him:
Kyle was introduced to INFINITI HR as early as 2014 by an employee of ours. And this summer, he has been a full-time intern with the IT department. In this role, he has managed PrismHR ClientSpace as well as our technology equipment, and asset inventory. He also provides support to employees with IT needs that arise on any given day. A senior at Towson University, Kyle is set to graduate in the fall of 2025 with a degree in information technology. Outside of work, he enjoys camping and beach trips. Kyle’s dedication and knowledge in the IT space have made him a valuable asset to our team, especially as we prepare for our office move in mid-September. This has required lots of forward thinking, strategy, and being intentional about the transition plan from an IT standpoint – what that means for our employees and customers.
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Did You Know?
– Companies with diverse teams are 33% more likely to outperform their competitors on profitability.
– 56% of HR professionals are now using data analytics to drive decision-making.
– Inclusive companies are 1.7 times more likely to be innovation leaders in the market.
– 92% of employers believe having a strong employer brand helps attract top talent.
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INFINITI HR Volunteers at Elizabeth House
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We recently volunteered at Elizabeth House, a nonprofit whose local mission is to help feed the homeless and working poor in the Laurel, Maryland area. We have been supporting this organization for several years, each year spending various days volunteering our time to help prepare and serve lunches to community members in need. With our help and the help of many others, their operation has scaled. Elizabeth House now serves dinner every evening to about 45 people and most will pick up a bag lunch on their way out. Thank you to everyone who participated in this rewarding experience, demonstrating our values of teamwork and commitment.
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Catch up on the latest resources, helpful articles, and practical ideas on the human resources topics that matter to you.
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INFINITI HR Client Snapshot
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Questions? Contact us today 866-552-6360
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