Unlimited PTO, Employee Stats, and 401k Limitations

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The OperationsInc Navigator                               November 14, 2014

 

Unlimited Vacation Time – A Blessing or a Curse?

Virgin Group CEO Richard Branson recently made news with his decision to offer employees unlimited vacation time. While unrestricted time off may sound like a dream come true, Human Resource Executive Online (HRE) reports that there are many critics of this type of PTO policy. HRE notes that most American workers already leave a large number of vacation days unused each year, and most critics argue that employers like Branson offering employees unlimited PTO once “all their work is done” may only lead employees to take less vacation time than they already do. 

 

2015 Pension Plan Limitations & 401(k) Plans for 2015

The IRS recently announced limitation changes in pension and other retirement savings plans for 2015. The IRS stated that these alterations were made “because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment”. The contribution limit for employees who participate in 401(k), 403(b), and other plans will be increased to from $17,500 per year to $18,000, and the catch-up contribution limit for participants aged 50 and above will increase from $5,500 per year to $6,000. Employers should be aware of these changes, as well as aware of the limits that were not adjusted due to the increase in the cost-of-living index and will instead stay the same in 2015.

There’s No “I” in “Team”

Thought leaders from the Massachusetts Institute of Technology Center for Digital Business suggest that businesses start following the example of professional sports teams and measure employee impact not by an individual’s “stats”, but instead by the the team’s overall group performance. Fast Company reports that most businesses fail to consider each employee’s impact on the team, and instead focus too closely on looking at data based on employees as individuals. In sporting terms, companies should focus less on how many points are scored by an individual, and more on how many points are scored by the team when an “employee is in the game”.

 

Do Your Employees Trust You?

Creating a culture of trust between managers and employees can be difficult, but according to Inc. there are five key steps those in management roles can take to nurture relationships between themselves and their team. Inc. encourages leadership to remain transparent with their staff, acknowledge accomplishments, keep promises, and overall invest in their employees.

 

Asking Candidates Why They Left Their Last Job
Welcoming New Parents Back to Work

At the point when an employee who was otherwise on Maternity or Paternity leave returns to work, it is important for the employer to think through what to say and do. Specifically, with each accommodation and instance of offered flexibility (e.g. leaving early, coming in late, etc.) comes some potential issues. Other employees may be resentful. The returning employee may take advantage. In short while being kind, accommodating, and appreciative of some of the challenges a new parent is facing, be tactful and considerate of all resulting decisions you make.

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