What Will 2024 Bring?
Fine-Tuning Long-Term Remote Work Policies In 2023, employers had to grapple with the employee benefits and payroll tax aspects of remote work while they figured out how to move forward post-pandemic. As many remote and hybrid policies become permanent, you will need a solid plan and robust policies in 2024 to manage payroll tax obligations and deliver top tier benefits across multiple locations. 401(k) Plan Changes and Opportunities Driven by SECURE 2.0 Beyond Roth catch-up contributions for higher earners, employers will gear up for other mandatory changes, such as an increased age for Required Minimum Distributions and eligibility for long-term part-time employees. However, employers will also explore new opportunities created by SECURE 2.0, such as emergency savings accounts, expanded withdrawal events, and matching contributions for student loan payments.
AI Focus Enhanced Benefits Administration
AI can streamline benefits administration from enrollment to management. Smart systems can personalize benefit options based on employee preferences and life changes – not to mention making individualized recommendations based on predictive analytics – ensuring optimal coverage and satisfaction to the workforce. Health Plan Analysis Employers can use AI to analyze health plan usage and costs, identifying areas where changes can lead to cost savings or improved health outcomes for employees. This includes predictive analysis for health risks and customized wellness programs. Enhanced Employee Communication and Engagement AI-fueled chatbots and virtual assistants can provide employees with immediate, personalized answers to their benefits-related questions, improving engagement while also freeing up your personnel to focus their time on more strategic work.
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