How to Do More with Less and Retain Talented Employees
Feb 25, 2021


To say 2020 was a challenging year for everyone would be an understatement. Little did we know when everyone was ringing in the New Year on January 1, 2020 what we all would be facing just a few weeks later or that it would endure as long as it has. What everyone, individuals, and businesses, have had to deal with both personally and professionally, has been overwhelming at times and daunting to say the least. As always, we have endured and carried on, trying to make the best of a very bad situation.


For businesses, the goal has been to remain open and solvent. To do this, many have had to make heartbreaking employment management decisions. The government has eased some of that burden through the various programs that have been offered, but still there were hard decisions that had to be made in order for some businesses to remain open.


As more and more businesses are “coming back” and employment numbers begin to ramp back up, we are still a long way away from where we were before the pandemic began. In the meantime, however business must go on. So, how do businesses do that? More specifically, how do businesses do that with a smaller than usual workforce and not risk losing more employees along the way?


Employee Recognition

One simple way businesses can tackle this is through employee recognition. Not only can this be an inexpensive solution, but it can also assist in inspiring the talent that drives a business’s success. This is what drives the axiom of “doing more with less” and allows businesses to do so. When a business manages the talent they have on staff, it is so much more than simply providing that talent with a paycheck each pay period. Your goal is to have employees that are vested in what you do, are proud of what they contribute to your business, want to give their very best each and every day, and most importantly remain motivated.


One way this can be cost effective for businesses is through the methods they employ. For example, a team at a local business received an annual bid for work to be done with a request to provide new pricing to the client. The process to submit the bid was intense and required a lot of work and extra hours to complete. Once it was finished, submitted and the bid was accepted, the business was once again awarded to the company. Each person that worked tirelessly on completing the bid received a handwritten postcard in their mail at home from their production supervisor that read:


“Thank you so very much for all of your hard work and dedication spent on the recent bid. Because of your efforts, we were awarded the business again! This could not have been done without you!


Thank you!” -Your Supervisor


The cost to send that post card was minimal, but the impact it had on each of the employees that received one was immense.  Employee recognition in a “normal” environment goes a long way, but in today’s more challenging environment it can be a game changer for many businesses. And for those businesses that are struggling to make payroll each payday, an inexpensive approach such as the one described above could be just the ticket to turn the tide with troubled or anxious employees.


Employees Create Solutions

Crisis is not a time to let an employee’s innovative spirit or determination wane. It is an opportunity to build upon that spirit, to build on the things that can strengthen a business for today as well as the future, such as creating workarounds, solutions, or new ways to get things done to achieve success. Another axiom is “if you are not part of the solution, you are part of the problem.” Leaders in any business recognize their employees need to be creating the solutions to the problems they face on a daily basis. This will build commitment, and it lets each employee know they have autonomy over their contribution to the business. By doing this and then having the leaders of the business recognize that contribution along the way further cements to the employees their overall value within the business. It makes them want to stay even through lean times because they see they are making a difference.


Show Trust

This managerial process is also serving another purpose, it is helping create the leaders of tomorrow in the organization. Showing trust in the employees hired to do a task and allowing them to complete them and then recognizing them for their efforts on a consistent basis will assist in their overall development throughout their career and could lead to their rise in the ranks.


Just think, your next supervisor, manager or CEO could come from a front-line employee who was inspired by receiving a post card in the mail letting them know they performed well on a project, and all it cost you was mere pennies to send--but the end result is immeasurable when it comes to the satisfaction of your clients and the success of your business.

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Risk Mitigation Tips for Company Holiday Parties

31 Oct, 2024
The holiday season is a time for celebration, but it can also bring potential risks for employers. To ensure a safe and enjoyable experience for all employees, consider the following strategies to mitigate risks during your company’s holiday gathering. 1. Make Attendance Optional Clearly communicate that attendance at the holiday party is optional. It’s essential to create an environment where employees don’t feel pressured to attend, as this can lead to resentment or claims of discrimination. Ensure that managers understand the importance of not implying that attendance is linked to performance evaluations. 2. Keep It Non-Work Related To maintain the festive spirit, avoid any work-related activities, such as presentations or updates. Hosting the event off-site and outside of regular business hours can reinforce the idea that this gathering is a time for relaxation and fun. Allowing employees to bring a guest can also enhance the social atmosphere. 3. Set Clear Expectations Prior to the event, establish guidelines around respectful behavior and responsible drinking. Remind employees that company policies, including those regarding harassment and conduct, remain in effect during the festivities. 4. Monitor Alcohol Service Plan to manage alcohol service carefully. Ensure that no minors or visibly intoxicated individuals are served alcohol. Consider hiring professional servers or holding the event at a venue with trained staff who can refuse service to those who have had enough to drink. 5. Opt for a Cash Bar Hosting a cash bar can reduce liability, as it signals that the company is not providing alcohol directly. This approach may also limit consumption, as employees will be more mindful of their spending. 6. Limit Alcohol Intake Distributing a set number of drink tickets can help control the amount of alcohol each attendee consumes. While this tactic has limitations, it can be beneficial in promoting responsible drinking. 7. Choose Appropriate Entertainment Select entertainment and venues that foster a respectful and inclusive atmosphere. Avoid any activities that could be seen as provocative or offensive, as these settings can lead to uncomfortable situations, especially when combined with alcohol. 8. Plan for Safe Transportation Make arrangements for employees to get home safely after the event. Options may include providing ride-sharing services, public transportation vouchers, or organizing group transportation. Encouraging attendees to designate a sober driver at the beginning of the party can also be an effective strategy. 9. Offer Food and Non-Alcoholic Beverages Provide a variety of food and non-alcoholic drinks. This consideration not only helps ensure the safety of employees but also demonstrates that the company values all attendees, including those who may not wish to consume alcohol. 10. Act Responsively If an employee is visibly intoxicated and needs assistance getting home, don’t hesitate to arrange transportation. It’s crucial to prioritize employee safety over any reluctance to intervene, as taking swift action can prevent serious consequences. Conclusion By implementing these strategies, employers can create a holiday party that fosters enjoyment while prioritizing safety and respect. With thoughtful planning and proactive measures, your company’s celebration can be a memorable and positive experience for all employees. Happy holidays from Simco!

New DOL Overtime Rule Effective January 1, 2025: What Employers Need to Know

31 Oct, 2024
In April 2024, we shared the U.S. Department of Labor’s (DOL) announcement of a new overtime rule under the Fair Labor Standards Act (FLSA), setting higher salary thresholds for white-collar exemptions, which first took effect on July 1, 2024. Now, as the second increase approaches, employers should prepare for the final phase of the rule, effective January 1, 2025, when salary levels will again rise for executive, administrative, and professional employees, as well as highly compensated employees. What Are the New Salary Thresholds? Starting January 1, 2025, employers will need to ensure that salaries meet the new DOL requirements to maintain overtime exemptions: Executive, Administrative, and Professional (EAP) Employees: To qualify for the overtime exemption, EAP employees must now earn a minimum salary of $58,656 per year (or $1,128 per week). Highly Compensated Employees (HCE): HCEs must earn at least $151,164 annually to maintain their exempt status under the new guidelines. These changes aim to ensure fair compensation and proper classification for employees, helping prevent wage and hour violations. Action Steps for Employers While there may be challenges ahead, employers must take proactive steps to get ready for the rule’s implementation as scheduled. Here are some recommended actions: Evaluate Your Workforce and Classifications: Review exempt roles, including job responsibilities and salary levels, to determine how upcoming changes will affect your organization and identify any necessary adjustments. Seek Legal Guidance: Collaborate with your legal team to understand the new rule's implications and ensure compliance with state laws. Prepare for Changes: Develop strategies for potential reclassifications, including necessary training and clear communication plans to inform affected employees about changes to their status and compensation. Final Thoughts As you prepare for the upcoming changes in the DOL's overtime rule, take this opportunity to review and optimize your compensation practices. Ensuring that employee classifications and salaries align with the new thresholds will help safeguard your organization against compliance issues and promote a fair work environment for all employees. If you need assistance or have questions, contact Simco !

Your Medicare Plan Is Discontinued: What’s Next?

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If you recently received a notification that your Medicare plan is being discontinued for 2025, you're not alone. According to Healthpilot, a digital Medicare broker, some insurers are exiting unprofitable markets, leading to approximately 1.5 million Medicare Advantage enrollees losing their plans. Whether your plan is being discontinued or not, it’s important to take action quickly to ensure continuous coverage and get the best fit for your healthcare needs. Why Are Medicare Plans Being Discontinued? Many Medicare Advantage plans are being discontinued due to rising costs and changes within the industry. Insurers are facing increasing medical expenses as members require more care, compounded by the effects of the Inflation Reduction Act. Additionally, as the healthcare landscape evolves, insurers are grappling with how to remain profitable while still offering competitive health plans. This combination of factors has led to many plans being discontinued, prompting members to seek new coverage options. My Plan is Being Discontinued – What Now? Act Quickly: With your current plan expiring, you need to enroll in a new one. The standard Annual Enrollment Period (AEP) runs from October 15 to December 7, but if your plan is discontinued, you have until December 31 to select a new one. Just be aware that waiting past December 7 may leave you with a gap in coverage. Review Your Notice: Unlike the standard Annual Notice of Change (ANOC), the notification you received is a crucial signal to start your search for new coverage. Take a moment to read through it carefully, as it contains important details about your current plan’s discontinuation and next steps. Research Your Options: Don’t wait until the last minute. Start evaluating different Medicare plans that align with your healthcare needs and financial situation. Consider factors such as coverage specifics, provider networks, and costs. Our licensed insurance agents are available to assist you in comparing your options and finding a plan that works best for you. Avoid Coverage Gaps: To avoid any interruptions in your healthcare services starting January 1, make it a priority to enroll in a new plan by December 31. Double-check that your new plan starts on January 1 to maintain continuous coverage. My Plan Isn’t Being Discontinued – Should I Still Act? Even if your plan will continue next year, you might still want to consider making a change. Medicare plan benefits, premiums, and coverage can change annually. Whether it's finding better coverage, more competitive premiums, or improved benefits, it’s worth exploring your options. You can still schedule a meeting with one of our licensed insurance agents to review your current plan and discuss potential alternatives. We’re Here to Help At Simco, we understand how overwhelming it can be to navigate Medicare, especially during enrollment periods. That’s why our licensed insurance agents are here to provide personalized support and help you make the best decision for your needs. Whether your plan is being discontinued or you’re just looking for better options, don’t hesitate to reach out. Contact us today to schedule a 1-on-1 meeting or for more information on Medicare options. We’ll help you find the right plan to keep you covered in 2025!

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