TRICOM’s Post

Big News for NY Staffing Agencies: Workers’ Comp Rate to Drop by 22% in 2025! New York employers are in for a welcome change starting January 1, 2025, with a 22% reduction in the workers' compensation assessment rate. Governor Kathy Hochul has announced that this cutback will lower the rate to 7.1% of the standard premium, resulting in significant savings of approximately $191 million for more than 400,000 businesses across the state. As Clarissa Rodriguez, Chair of the NYS Workers’ Compensation Board, highlights, this reduction isn’t just about numbers; it's about a stronger, more sustainable workers' comp system that offers greater benefits to workers while easing the financial burden on employers. https://lnkd.in/eFnPK-j6

Here are examples of the impact of the increase in Employers' NI and the reduction in the secondary threshold from April 2025. When discussing the changes with a few clients last week, it was not fully understood that reducing the secondary threshold increases the employer's NIC cost of £615 per employee earning over £9,100. These changes will cripple businesses, particularly service businesses that require staff. So, while Rt Hon Rachel Reeves may have dropped the price of a pint by 1p, the additional cost of pouring it in April will be much more than that saving!

WCBC's Compensation & Benefits Surveys are open for participation – don’t miss out! Get the data you need and unlock cost savings by participating today. Register now: https://lnkd.in/gEVQfSAp __________________________________________________ #compensationandbenefits #salaryincrease #humanresources #incentives #employeebenefits #paidtimeoff #retirementplanning #paytransparency

🌟 Weekly Workforce Insight: Discover how recent regulatory changes and economic trends are reshaping the U.S. labor market and beyond. 🌐 The ripples of the U.S. labor market extend beyond national borders, significantly influencing employment in regions of Mexico connected through migration, highlighting the global impact of workforce dynamics. (Read more here: https://lnkd.in/e3hKHN7V) ⏰ A pivotal move by the Biden administration now mandates overtime pay for an estimated 4 million U.S. salaried workers, enhancing compensation for extra hours and potentially transforming job structures and benefits. (Read more here: https://lnkd.in/eNhw7R2e) 💸 Despite earlier predictions, actual salary increases in the U.S. for 2024 have not met expectations, presenting challenges for employers aiming to attract and retain top talent amidst economic shifts and growing demands for higher wages. (Read more here: https://lnkd.in/evyVt4kN) 📉 Last week's unexpected drop to 207,000 in new U.S. unemployment claims reflects a still tight labor market, with firms holding onto employees to fuel consumer spending that significantly drives economic activity. (Read more here: https://lnkd.in/eYi_9DCH) 🔗 Wall Street firms are rapidly adjusting contracts and strategies in response to the U.S. FTC's ban on non-compete agreements, a change set to significantly alter competitive dynamics and employee retention practices. (Read more here: https://lnkd.in/eNnqvzim) 🚀 Stay Ahead: Understanding these shifts is crucial for navigating the challenges and opportunities in today’s evolving workplace. Keep informed and adapt to remain competitive.

💡 Attention Employers: Are You Ready to Take on The Iceberg Challenge? 💡 When it comes to hiring, what’s above the surface may seem straightforward—direct employee costs like pay rates. But below the surface, hidden costs such as employer pension contributions, national insurance, and holiday pay quickly add up, increasing the total cost of employment. At Sheridan Maine, we simplify the process. Our headline cost covers both employee pay and our recruitment services—with no hidden surprises. By partnering with us, employers can achieve up to 31% savings compared to managing direct employment costs alone. Make your hiring process more efficient and cost-effective today. Let us help you navigate the true cost of employment. 🌊 Click on this link for more info: 👉 https://zurl.co/9vk5 #TheIcebergChallenge #CostSaving #Employers #RecruitmentSolutions #SheridanMaine

Contingent workers offer organizations a range of benefits, including cost savings, flexibility, and access to skilled talent. Hiring contingent workers allows companies to reduce administrative costs linked to full-time employees, like Social Security contributions and payroll taxes. This model enables businesses to adjust their workforce based on fluctuating workloads, optimizing resource allocation effectively. Leveraging the contingent workforce not only provides cost advantages but also enhances operational efficiency and adaptability. #CostSavings #Flexibility #SkilledTalent #ContingentWorkforce

🌟 Weekly Workforce Insight: Discover how recent regulatory changes and economic trends are reshaping the U.S. labor market and beyond. 🌐 The ripples of the U.S. labor market extend beyond national borders, significantly influencing employment in regions of Mexico connected through migration, highlighting the global impact of workforce dynamics. (Read more here: https://lnkd.in/eM8qN4SN) ⏰ A pivotal move by the Biden administration now mandates overtime pay for an estimated 4 million U.S. salaried workers, enhancing compensation for extra hours and potentially transforming job structures and benefits. (Read more here: https://lnkd.in/efHvbrib) 💸 Despite earlier predictions, actual salary increases in the U.S. for 2024 have not met expectations, presenting challenges for employers aiming to attract and retain top talent amidst economic shifts and growing demands for higher wages. (Read more here: https://lnkd.in/eWxuFeZ8) 📉 Last week's unexpected drop to 207,000 in new U.S. unemployment claims reflects a still tight labor market, with firms holding onto employees to fuel consumer spending that significantly drives economic activity. (Read more here: https://lnkd.in/eGMJmiUX) 🔗 Wall Street firms are rapidly adjusting contracts and strategies in response to the U.S. FTC's ban on non-compete agreements, a change set to significantly alter competitive dynamics and employee retention practices. (Read more here: https://lnkd.in/ekEq2sJJ) 🚀 Stay Ahead: Understanding these shifts is crucial for navigating the challenges and opportunities in today’s evolving workplace. Keep informed and adapt to remain competitive.

💡 HR leaders across the UK are watching the latest budget news with concern... and for good reason. With employer national insurance contributions rising to 15% and new employment rights legislation adding to HR’s administrative load, these tax hikes present serious challenges for hiring, workforce development, and retention. For many businesses, the cost pressures mean every investment in people will be scrutinised even more. HR professionals may need to get creative with strategies that support teams without overburdening budgets. Upskilling and internal mobility have never been more critical, and leaning into effective benefits communication can enhance retention without excessive cost. For those of us in recruitment, this landscape calls for a shift in how we advise clients on attracting talent. A strong benefits package and clear pay philosophy have become as important as base salary in candidates’ eyes, and that insight is crucial for competitive hiring. The silver lining here? It’s a pivotal opportunity for HR to become a strategic driver of resilience and growth. Transformative HR tech and data-driven strategies can enable companies to thrive, even in challenging times. While this budget brings tough decisions, it also reminds us of the powerful role HR can play in shaping a sustainable, future-focused workforce. We'd love to hear how others in HR are navigating these new challenges! 👇🏽 #HR #HRRecruitment #Recruitment #HRJobs #HRCareers

🌟 Weekly Workforce Insight: Discover how recent regulatory changes and economic trends are reshaping the U.S. labor market and beyond. 🌐 The ripples of the U.S. labor market extend beyond national borders, significantly influencing employment in regions of Mexico connected through migration, highlighting the global impact of workforce dynamics. (Read more here: https://lnkd.in/gxD_Ph3i) ⏰ A pivotal move by the Biden administration now mandates overtime pay for an estimated 4 million U.S. salaried workers, enhancing compensation for extra hours and potentially transforming job structures and benefits. (Read more here: https://lnkd.in/gTxQGYwb) 💸 Despite earlier predictions, actual salary increases in the U.S. for 2024 have not met expectations, presenting challenges for employers aiming to attract and retain top talent amidst economic shifts and growing demands for higher wages. (Read more here: https://lnkd.in/gsmKqbDC) 📉 Last week's unexpected drop to 207,000 in new U.S. unemployment claims reflects a still tight labor market, with firms holding onto employees to fuel consumer spending that significantly drives economic activity. (Read more here: https://lnkd.in/g7CRj8zw) 🔗 Wall Street firms are rapidly adjusting contracts and strategies in response to the U.S. FTC's ban on non-compete agreements, a change set to significantly alter competitive dynamics and employee retention practices. (Read more here: https://lnkd.in/gBb3wEU6) 🚀 Stay Ahead: Understanding these shifts is crucial for navigating the challenges and opportunities in today’s evolving workplace. Keep informed and adapt to remain competitive.

🌟 Weekly Workforce Insight: Discover how recent regulatory changes and economic trends are reshaping the U.S. labor market and beyond. 🌐 The ripples of the U.S. labor market extend beyond national borders, significantly influencing employment in regions of Mexico connected through migration, highlighting the global impact of workforce dynamics. (Read more here: https://lnkd.in/gQHCP3ku) ⏰ A pivotal move by the Biden administration now mandates overtime pay for an estimated 4 million U.S. salaried workers, enhancing compensation for extra hours and potentially transforming job structures and benefits. (Read more here: https://lnkd.in/gZRJDK3c) 💸 Despite earlier predictions, actual salary increases in the U.S. for 2024 have not met expectations, presenting challenges for employers aiming to attract and retain top talent amidst economic shifts and growing demands for higher wages. (Read more here: https://lnkd.in/gyMTEHK4) 📉 Last week's unexpected drop to 207,000 in new U.S. unemployment claims reflects a still tight labor market, with firms holding onto employees to fuel consumer spending that significantly drives economic activity. (Read more here: https://lnkd.in/gza-P_jA) 🔗 Wall Street firms are rapidly adjusting contracts and strategies in response to the U.S. FTC's ban on non-compete agreements, a change set to significantly alter competitive dynamics and employee retention practices. (Read more here: https://lnkd.in/gXFBBXFv) 🚀 Stay Ahead: Understanding these shifts is crucial for navigating the challenges and opportunities in today’s evolving workplace. Keep informed and adapt to remain competitive.