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Central New York jobless rates continue to fall in March
Regional job growth was mixed in past year Unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions continued to decline in March compared to the year-ago period. The figures are part of the latest New York State Department of Labor data released April 19. On the job-growth front, the Elmira, Syracuse, […]
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Regional job growth was mixed in past year
Unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions continued to decline in March compared to the year-ago period.
The figures are part of the latest New York State Department of Labor data released April 19.
On the job-growth front, the Elmira, Syracuse, Utica–Rome, Watertown–Fort Drum, and Binghamton regions generated job increases ranging from 2.1 percent to 3.5 percent between March 2021 and this past March. Meanwhile, the Ithaca area lost jobs in the past year.
That’s according to the latest monthly employment report that the New York State Department of Labor issued on April 14.
Regional jobless rates
The unemployment rate in the Syracuse area fell to 3.9 percent in March from 6.2 percent in March 2021.
Around the region, the Utica–Rome area’s rate declined to 4.2 percent from 6.6 percent; the Watertown–Fort Drum region posted a 4.8 percent rate, down from 6.7 percent; the Binghamton area’s number declined to 4.2 percent from 6.4 percent; the Ithaca region’s rate hit 2.7 percent, down from 4.2 percent; and the jobless rate in the Elmira area was 4.2 percent in March, down from 6.5 percent in the same month a year prior.
The local-unemployment data isn’t seasonally adjusted, meaning the figures don’t reflect seasonal influences such as holiday hires. The jobless rates are calculated following procedures prescribed by the U.S. Bureau of Labor Statistics, the state Labor Department said.
March jobs data
The Syracuse region gained 6,500 jobs in the past year, an increase of 2.2 percent.
Elsewhere, the Utica–Rome metro area picked up 3,000 positions in the last 12 months, a rise of 2.5 percent; the Watertown–Fort Drum region added 1,200 jobs, an increase of 3.1 percent; the Binghamton area gained 3,300 jobs, up 3.5 percent; and the Elmira region gained 700 jobs, an increase of 2.1 percent. Conversely, the Ithaca area lost 900 jobs in the last year, a decrease of 1.5 percent.
New York state as a whole gained more than 465,000 jobs, a rise of 5.3 percent in that 12-month period.
SMALL BUSINESS SPOTLIGHT: Luminary Electrical Contractor: Serving as a beacon of inspiration
SYRACUSE — There will always be firsts as long as there is change, and Shawni Davis of Luminary Electrical Contractor, LLC is proving that by being the first Black woman, LGBT-owned, MWBE-certified, master-licensed electrical contractor in Syracuse. Luminary performs both commercial and industrial electrical work and brings 15 years of electrical experience to the field.
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SYRACUSE — There will always be firsts as long as there is change, and Shawni Davis of Luminary Electrical Contractor, LLC is proving that by being the first Black woman, LGBT-owned, MWBE-certified, master-licensed electrical contractor in Syracuse.
Luminary performs both commercial and industrial electrical work and brings 15 years of electrical experience to the field.
Luminary’s mission — posted on its website: luminarysyr.com — explains how the concept of inspiration behind the word Luminary relates to “creating a company that highlights the abilities and skill sets of people from diverse communities in this industry. We are here to be a beacon of inspiration to others, that we can succeed and excel in spaces that we are not typically represented.”
Davis goes on to describe how “Being in a white, male dominated industry motivated me to create the ultimate representation people like me need to see, and that representation is in the form of ownership.”
Shawni reached out to the Small Business Development Center (SBDC) regional office at Onondaga Community College in October 2020 for basic startup information. She was assigned to me, and I talked her through a review of startup mechanics and logistics, business planning, and developing a cash-flow budget using a provided template.
As the startup progressed, Shawni returned to speak with me about MWBE certification in January 2021. I discussed the process and provided direction, which Shawni then ran with to gain her certification. In August 2021, I continued working with Davis on developing an updated business plan, analyzing financial statements, and a basic audit review of the website as she worked to apply for line-of-credit financing.
Shawni says, “Starting a business is expensive; SBDC offering services free of charge was extremely helpful. I especially appreciate the help I received with financial projections, which assisted tremendously in Luminary obtaining a small business loan.”
With initial success comes an increased opportunity to shine Luminary’s light of inspiration. Davis recently participated on a panel discussion with other Black leaders in the Syracuse community, as part of the “From First to Next” event presented by the United Way of Central New York. Shawni joined the other panelists in reflecting on their personal journey to reach a milestone, and what it will take to help the next generation of Black leaders to continue to blaze new trails in Central New York and beyond.
Luminary Electrical Contractor is a member of the National Electric Contractors Association, the National LGBT Chamber of Commerce, and the International Brotherhood of Electrical Workers. In December 2021, the business celebrated being awarded City of Syracuse MWBE certification and being the first woman-owned contractor to sign a contract with Home Headquarters, Inc.
SBDC advisor’s business tip: Startups don’t happen overnight, nor do they necessarily reach positive cash flow immediately upon beginning operations. Planning is a continuum, and it should start early in a startup’s vision. Reach out to an SBDC business advisor early to work out and understand the strategic plan and feasibility of your idea.
Frank Cetera is an advanced certified business advisor at the SBDC located at Onondaga Community College. Contact him at ceteraf@sunyocc.edu
Herkimer County IDA efforts bear fruit with business-park projects
HERKIMER, N.Y. — There was a time when news that a manufacturer was closing shop and selling the building would have been devastating economic news. That was not the case when Weston Foods announced it will close its Frankfort plant, which employs 200, people in May. In fact, the bustling Herkimer County Industrial Development Agency
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HERKIMER, N.Y. — There was a time when news that a manufacturer was closing shop and selling the building would have been devastating economic news.
That was not the case when Weston Foods announced it will close its Frankfort plant, which employs 200, people in May.
In fact, the bustling Herkimer County Industrial Development Agency (IDA) fielded close to a dozen calls within the first week the building was listed for sale. Canadian parent company George Weston Ltd. decided to sell off the Weston Foods division in order to focus on its Choice Properties and Loblaw grocery divisions.
“We’ll offer them all the IDA benefits, whoever purchases it,” says John J. Piseck, Jr., CEO of the Herkimer County IDA. He is also confident those workers will find new jobs with a host of new projects that will add an estimated 500 new jobs to the region while relocating another 500 from other areas.
Several of those projects are happening at the IDA’s Schuyler Business Park, where two projects are nearing completion and three other lots are sold in the 188-acre site. Piseck couldn’t disclose the names of the incoming tenants, but says one is involved in high-tech manufacturing. Another is simply know as Project Orange Crush. The businesses are a mix of local businesses either expanding or relocating and companies from out of the area.
The Herkimer County IDA has been busy getting the park ready for new tenants with a new road and cul de sac completed and water lines going in over the next several months.
“We have gas and electric there now, fiber and water,” Piseck says. Each tenant has its own septic system.
The IDA hopes to round out development at that park, which has just over 30 acres of space left, by bringing in a convenience store and gas station, similar to the ADK Food and Fuel location at its Frankfort 5S South Business Park. It’s a model that has worked well, Piseck says. “They are bringing in sales tax to the county every month,” he says.
The 5S South park is full with its largest tenant, a Tractor Supply distribution center, employing 740 people. The company only promised to employ 235 people, Piseck notes.
“They really were the catalyst that helped develop our area,” he says of Tractor Supply, which opened the distribution center in 2019.
Just across the street, the Frankfort 5S North Business Park, is reaching the same status. Work is wrapping up there on renovations to the former Hale Manufacturing building, which will now be home to an Amazon “last mile” distribution center.
The 80,000-square-foot building will serve as a hub for deliveries within a one- to two-hour radius.
“They should start hiring in June,” Piseck says, adding that Amazon expects to employ more than 800 people once things are fully operational.
On top of adding those jobs, Amazon did not take a single IDA benefit for the project, he notes. The company will pay taxes on the full assessed value and did not receive any abatements or other assistance.
The Herkimer County IDA has more plans in the works.
“We’re looking for land,” Piseck says. The IDA needs the land, he notes, because he’s traveling around the state and even outside the state promoting the area to businesses.
Currently, the IDA has 85 projects in place, ranging from grants to new businesses coming into the area.
With an unemployment rate around 5 percent, the county is in a sweet spot for development because businesses know there are plenty of quality, employable people out there, Piseck says.
State comptroller audit finds Oswego City School District made inaccurate separation payments
OSWEGO — Oswego City School District officials did not accurately calculate separation payments or benefits for half of the district employees reviewed by the Office of the New York State Comptroller in a recent audit. School-district officials made separation payments totaling $38,477 that were inconsistent with language in the employees’ collective-bargaining agreements (CBA) or employment
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OSWEGO — Oswego City School District officials did not accurately calculate separation payments or benefits for half of the district employees reviewed by the Office of the New York State Comptroller in a recent audit.
School-district officials made separation payments totaling $38,477 that were inconsistent with language in the employees’ collective-bargaining agreements (CBA) or employment contract, the audit found.
For example, a teaching assistant received a credit of $18,087 to be used toward her future health-insurance coverage and a $2,908 separation payment. However, the teaching assistant did not meet the CBA requirements to receive these benefits, per the comptroller’s office. Also, the former Oswego City School District superintendent received a separation benefit that was $18,680 higher than it should have been, according to his employment contract.
The Office of the New York State Comptroller recommended that the school district establish written procedures for calculating separation payments and benefits, review language in current CBAs and employment contracts, and consult with the district’s board of directors and legal counsel, to help ensure that these documents contain the benefits the board intends.
The comptroller’s office noted in its April 1 audit report that Oswego City School District officials “generally agreed with our findings and recommendations and indicated they have taken corrective action.”
NONPROFIT MANAGEMENT: Why is Cash Management Important to your Organization?
We have all heard the age old saying, “cash is king.” When the pandemic first started, many tax-exempt organizations were concerned with cash flow and making it through what was first thought to be a month or two. Organizations were closely monitoring their cash flow, even going as far as preparing daily cash-flow projections. Then the
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We have all heard the age old saying, “cash is king.” When the pandemic first started, many tax-exempt organizations were concerned with cash flow and making it through what was first thought to be a month or two.
Organizations were closely monitoring their cash flow, even going as far as preparing daily cash-flow projections. Then the stimulus funding started rolling in. Many nonprofits became flush with cash and were no longer monitoring cash flow as closely as all of a sudden, the worry wasn’t as imminent. However, as pandemic funding dries up and costs have increased significantly, cash flow is more critical than ever. If you haven’t already started, this is the perfect time to monitor cash flow and dust off your cash-management procedures.
When looking at an organization’s financial statements we often get wrapped up in the surplus or deficit that a nonprofit has generated. While this is a critical number, a positive bottom line does not always indicate positive cash flow. An organization’s surplus may be tied up in accounts receivable or inventory and may not be available for day-to-day operations. That is why it is important to review a not-for-profit’s cash-flow statement. I have found that this statement is often overlooked as it can be difficult to understand, even for some accountants. The key line on a cash-flow statement is the cash flow from operations. Cash flow from operations indicates the amount of money an organization brings in or uses from its regular business activities. The more positive this number is, the better an organization is cash flowing. If this number is negative, it is indicating the organization is using more cash in its operations than it is generating. This could be an indicator of future financial issues.
To manage your cash flow, you must first know your current cash position. Do you know your nonprofit’s cash balance right now? You would be surprised how many organizations have operating cash accounts that are not reconciled throughout the year. Not only does this not allow an organization to make timely decisions, but it is also risky. If there was any fraudulent activity, it would not be detected in a timely manner, and the organization may lose money. The bank and insurance company will not cover those losses when you aren’t prudent. Keeping your organization’s accounts reconciled on a regular basis will also allow you to make critical decisions.
Not only should your not-for-profit know its current cash balance, but it must have cash-flow projections in order to make prudent decisions. Cash-flow projections show the expected amounts of cash that will be collected along with what will go out as expenses over a period. How far out cash-flow projections go is up to each organization. It is recommended they are at least for a 13-week period. “Why 13 weeks?” you may ask. Well, 13 weeks provides enough sight to make strategic decisions, while remaining short-term enough to be able to provide a high degree of accuracy.
Here are some tips for creating a cash-flow projection.
1. Develop your assumptions carefully based on your organization’s history and expected changes. Key assumptions are when receivables will be collected and when major expenditures will be required. When determining the timing of receivable collections, review when those receivables have historically been collected and the financial condition of your customers. For major expenditures, first detail out when regular expenditures usually occur. With payroll being most organizations’ largest expenditure, don’t forgot to anticipate those three pay-period months.
2. Compare your budget to actual results. Tax-exempt organizations spend countless hours preparing their budgets. Use those budgets to determine what cash has come in so far and what is expected in the future. Reviewing your budget can also bring to your attention any major expenditures yet to be paid and the historical timing of those expenditures. Using your budget will help determine timing and the amount of those costs.
3. Do not forget about the cash outflows that you do not see on your profit or loss statement. These cash outflows include capital purchases, loan repayments, and required prepayments for items such as required insurances.
A critical component of cash-management procedures is having an appropriate available line of credit. Review the line-of-credit balances available to your organization. Is your current available balance sufficient in case of a significant delay in cash payments? Is your line of credit at risk of being pulled by your bank? We are often asked how much an organization should have available on a line of credit. A general rule of thumb is at least two months of expenditures.
In addition to knowing your current cash balance and cash-flow projections, your not-for-profit should monitor days cash on hand. That is a measure of how many days an organization can operate with the current cash it has available. Days cash on hand is calculated as available cash divided by daily cash operating expenses. A tax-exempt organization should have at least 30 days cash on hand, but preferably 90 days.
As organizations experience significant cost increases, it is important to understand when those costs will be payable. Having effective cash-management procedures will enable your nonprofit to face the unknown challenges head on. Cash management continues to be critical to enable organizations to thrive.
Bettina Lipphardt is a partner and the team leader in The Bonadio Group’s Healthcare/Tax-Exempt Syracuse/Utica Division. She provides consulting and auditing services for a variety of tax-exempt clients. Contact her at blipphardt@bonadio.com
DiNapoli finds Medicaid billing errors of nearly $1 billion
ALBANY, N.Y. — The New York State Department of Health (DOH) made $965 million in Medicaid payments to providers, including facilities, for services ordered, prescribed, referred, and attended by practitioners who were not enrolled in the health-care program, including those who had been barred due to misconduct. That’s according to an audit that New York State
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ALBANY, N.Y. — The New York State Department of Health (DOH) made $965 million in Medicaid payments to providers, including facilities, for services ordered, prescribed, referred, and attended by practitioners who were not enrolled in the health-care program, including those who had been barred due to misconduct.
That’s according to an audit that New York State Comptroller Thomas DiNapoli released April 19.
Two other audits issued that same day found an additional $17 million in overpayments, his office added.
“Medicaid is a critically important program, but its payment system is rife with errors,” DiNapoli said. “My auditors found the system was allowing payments on claims involving providers who were not certified to treat Medicaid patients. This not only costs taxpayers, but also allows providers who should be excluded, and may be unqualified, to treat patients. DOH must improve its efforts to fix the shortcomings with its billing system.”
The New York State Medicaid program provides a range of medical services to low-income New Yorkers or to those who have special health-care needs. For the state fiscal year that ended March 31, 2021, New York’s Medicaid program had about 7.3 million recipients and Medicaid claim costs totaled $68.1 billion.
Auditors found eMedNY — DOH’s Medicaid claims processing system — allowed improper payments for services involving ordering, prescribing, referring, and attending providers who were no longer actively enrolled in the Medicaid program at the time of the service.
The “improper” payments included $5.8 million for services involving providers who were excluded from participating in Medicaid due to past improper behavior or wrongdoing.
The audit covered the period of January 2015 to December 2019. DiNapoli noted DOH made changes to eMedNY in February 2018, which led to a “significant drop” in the number of improper payments.
However, for the period of March 2018 through December 2019, auditors still identified about $45.6 million in claim payments for 135,476 services by ineligible providers, his office said.
DiNapoli’s auditors noted that when inactive providers are included on Medicaid claims, DOH “lacks assurance” those providers can furnish such services, and it increases the risk that excluded, or otherwise unqualified, providers are treating Medicaid enrollees.
Recommendations
DiNapoli recommended DOH review the $965 million in payments for Medicaid claims involving inactive providers and determine an appropriate course of action.
He also suggested the department enhance controls to prevent improper Medicaid payments for claims that do not report an active provider and that it update guidelines to clarify billing requirements.
Department officials “generally agreed” with most of the audit recommendations and indicated that “certain actions have been and will be taken to address them,” per DiNapoli’s office.
DOH’s full response is included in the audit, which is available at the website of the New York State Comptroller’s office.
Tips to attract top talent in a tough time
Whether you call it the Great Resignation or something else, there is no denying there has been a fundamental shift in the workforce and the work environment since the start of the COVID-19 pandemic. “It’s undeniable,” says Lindsay McCutchen, president and CEO of Career Start, a Rochester–based, private, full-service employment firm. Career Start also has
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Whether you call it the Great Resignation or something else, there is no denying there has been a fundamental shift in the workforce and the work environment since the start of the COVID-19 pandemic.
“It’s undeniable,” says Lindsay McCutchen, president and CEO of Career Start, a Rochester–based, private, full-service employment firm. Career Start also has an office at 224 Harrison St. in Syracuse and another in Buffalo.
While it didn’t happen overnight, and started to some degree before the pandemic, the end result has been high turnover in a number of industries as well as a void left by people who opted to retire and leave the workforce.
According to MarketWatch, nearly 57 million Americans left jobs between January 2021 and February 2022, 25 percent higher than a similar time span before the COVID crisis.
During the same period, nearly 89 million people were hired, and there are still a record number of job openings — almost two jobs for every unemployed person in the country, according to MarketWatch.
So where does that leave employers now?
“Everybody’s trying to find a way to procure top talent,” McCutchen says.
Exactly how does a business find that new talent in an environment that has changed so much with people expecting the flexibility to work from home, or a title, compensation, or perks that in the past came with time put in on the job?
McCutchen has some answers.
Companies that are adding culture and putting employees first have an edge, she says. “Those are the ones winning the war on talent.”
Culture, as defined by Ohio data and human resources company ERC, is the “character and personality” of an organization. It is what makes a business unique and is comprised of its values, traditions, beliefs, behaviors, and more.
A positive workplace culture can help a business attract talent, makes employees more engaged, and boost overall workplace happiness, satisfaction, and performance. Everything from leadership to workplace practices impact the culture of an employer.
Things such as creating policies based on what other companies do, hiring employees that aren’t a good fit, tolerating poor management styles, lacking a clear mission, and even lackluster work environments can all contribute to poor workplace culture, according to ERC.
“As an employer, you have to be innovative and figure out what’s your hook,” McCutchen notes. Once you’ve got a good culture in place, figure out what else your company has going on that makes it a place where people want to work.
That positive environment isn’t all about pay either, McCutchen notes. “So maybe you don’t have the best pay, but you have the most flexibility,” she says.
That might mean that employees can work from home part of the time, she says. For businesses that require on-site employees — think hospitality businesses like restaurants, which continue to struggle to fill empty spots — a pathway to management training can be an attractive idea.
Businesses also need to get creative in how they search for employees. With ever-expanding remote working options, people are not limited to looking for work where they live, McCutchen notes. That means employers should be doing more than posting jobs in the local paper or job site.
First, she says, employers should know the demographic they are trying to reach. That will help determine the most-effective places to post job openings.
Second, “use your people who already work there,” McCutchen says. Getting your employees to promote job openings to their peers is a great way to find potential new employees.
Businesses can take that a step further even and use their customers, vendors, and other partners to promote job openings, she says.
Employers also might want to consider working together with other businesses to help each other. “I think there’s opportunity and room for business industries to have alliances with each other,” McCutchen says.
A group of manufacturers looking to fill similar positions could work together on a large hiring event that’s more likely to bring in a larger pool of applicants than one business advertising a job on its own, she notes.
“You’re stronger together,” says McCutchen.
She suggests employers pick one area to start in, whether its improved wages or more job flexibility, and build from there.
“Every business should now be taking inventory of themselves and what is your value proposition,” McCutchen says.
VIEWPOINT: Benefit-Plan Administration Impact of Extension of National Emergency Period
President Joe Biden once again continued the “National Emergency Concerning the COVID-19 Pandemic (National Emergency)” on Feb. 18. The National Emergency had been set to expire on March 1. Pursuant to the notice issued by President Biden, the National Emergency that was initially declared on March 13, 2020 (beginning March 1, 2020), must continue in effect
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President Joe Biden once again continued the “National Emergency Concerning the COVID-19 Pandemic (National Emergency)” on Feb. 18. The National Emergency had been set to expire on March 1. Pursuant to the notice issued by President Biden, the National Emergency that was initially declared on March 13, 2020 (beginning March 1, 2020), must continue in effect beyond March 1, 2022.
The continuation of the National Emergency impacts certain employee-benefit plan deadlines. As described in a previous client alert, a final rule issued jointly by the U.S. Department of Labor and U.S. Department of Treasury requires that the period from March 1, 2020, until 60 days after the announced end of the National Emergency (Outbreak Period) be disregarded for purposes of certain employee-benefit plan deadlines. Such deadlines include, for example, the 60-day election period for COBRA continuation coverage, and the due date for making COBRA premium payments. The U.S. Department of Health and Human Services has similarly advised that it will exercise enforcement discretion to adopt a temporary policy of measured enforcement. That will extend similar timeframes otherwise applicable to non-federal governmental group health plans and insurance issuers offering coverage under the Public Health Services Act.
As the National Emergency is still ongoing, the Outbreak Period will continue to be disregarded on such employee-benefit plan deadlines.
However, as also discussed in our previous client alert, subsequent guidance clarified that the disregarded period for certain employee-benefit plan deadlines applies on an individual basis. This subsequent guidance stated that the disregarded period will end on the earlier of: (a) one year from the date the affected individual was first eligible for relief from meeting an applicable deadline, or (b) 60 days after the announced end of the National Emergency.
The continuation of the National Emergency and the associated continuation of the disregarded period for certain employee-benefit plan deadlines will remain a challenge for plan sponsors to ensure affected participants and beneficiaries are afforded the benefit of the extended deadlines. For example, plan sponsors must continue to address any administrative challenges associated with the disregarded period on the deadlines for participants to request special enrollment under a group health plan, make the election for COBRA continuation coverage, and/or make required COBRA premium payments. Plan sponsors should coordinate with their insurers and third-party administrators to ensure that their plans are being administered consistent with these extended deadlines.
Daniel J. Nugent is an associate attorney in the Syracuse office of Bond, Schoeneck & King PLLC. He works in the firm’s employee benefits and executive compensation practice area. Contact him at dnugent@bsk.com. This viewpoint article is drawn from an April 13 article posted on the law firm’s website.
American Senior Benefits leases space in Syracuse
SYRACUSE — American Senior Benefits recently leased 1,000 square feet of office space on the second floor of the building at 807 N. Salina St. in Syracuse. Peter Catalano and Elaina Pirro of Cushman & Wakefield/Pyramid Brokerage Company helped arrange the transaction, representing the landlord and tenant. The real-estate firm said 950 square feet of
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SYRACUSE — American Senior Benefits recently leased 1,000 square feet of office space on the second floor of the building at 807 N. Salina St. in Syracuse.
Peter Catalano and Elaina Pirro of Cushman & Wakefield/Pyramid Brokerage Company helped arrange the transaction, representing the landlord and tenant. The real-estate firm said 950 square feet of updated office space on the first floor is still available in the building. The property owner is listed as 807-13 N Salina LLC, according to City of Syracuse online real-estate records.
American Senior Benefits and its affiliated insurance agents offer life insurance, Medicare Part D plans, long-term care insurance, annuities, specialized health insurance, and retirement-planning services, according to its website. It offers products from more than 150 insurance carriers.
Robert Half: Firms address worker pay gaps in hot market
More than half of C-suite executives surveyed (56 percent) said they have observed salary discrepancies between new hires and more- tenured staff in the past year. Of those, 62 percent are regularly reviewing compensation plans and increasing salaries for existing employees, when appropriate, to align with current, rising market rates. That’s according to new research from
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More than half of C-suite executives surveyed (56 percent) said they have observed salary discrepancies between new hires and more- tenured staff in the past year.
Of those, 62 percent are regularly reviewing compensation plans and increasing salaries for existing employees, when appropriate, to align with current, rising market rates.
That’s according to new research from Robert Half, a Menlo Park, California–based talent services and business consulting firm.
“Market conditions have shifted dramatically, and savvy employers are stepping up to address salary gaps and ensure all employees are being paid fairly,” Paul McDonald, senior executive director at Robert Half, said in a release. “They know that taking a cautious ‘wait-and-see’ approach on compensation is risky and can lead to the loss of great talent.”
Workers expect a raise
Employees’ expectations are among several factors that are at play when it comes to wage growth, Robert Half said.
In a separate survey of more than 1,000 U.S. workers, one-third of respondents (34 percent) said they have not had a raise in 12 months and another 16 percent received one but were disappointed with the amount.
In addition, nearly two-thirds (62 percent) plan to ask for a raise this year. The top reasons cited include to adjust for the higher cost of living (30 percent), to reflect current market rates (23 percent), and to account for additional job responsibilities (22 percent).
If workers don’t get a raise, that separate survey found 31 percent will ask to revisit the salary conversation in a few months, 27 percent will look for a new job with higher pay, and 23 percent will ask for more perks.
“In addition to setting competitive salaries, companies must consider the entire employee experience and deliver programs that satisfy their professional and personal needs,” McDonald noted. “Career advancement and remote options are two big priorities for workers today.”
Robert Half developed the online surveys, which independent research firms conducted. They include responses from 376 C-suite executives across a “diverse range” of industries that were collected between Feb. 25 and March 8 of this year. In addition, more than 1,000 workers 18 years of age or older in the U.S. responded to the separate survey, and those responses were collected from March 3-11.
Robert Half (NYSE: RHI) offers contract, temporary, and permanent-placement options and is the parent company of Protiviti, a global consulting firm.
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