Kapnick Insurance recently held our 23rd Annual Human Capital Symposium. This all-day event, which was held at the beautiful Saint John’s Resort in Plymouth, MI, was designed to inspire and connect HR professionals.
In today’s digital age, organizations are increasingly turning to artificial intelligence (AI) to revolutionize their HR processes. Approximately 25% of companies now utilize AI for recruitment, hiring, performance evaluations, and retention determinations, according to the Society for Human Resources Management. While AI offers numerous advantages, such as improved efficiency, objectivity, and decision-making, it also brings forth challenges related to biases, transparency, and ethical concerns. This comprehensive article explores the pros and cons of incorporating AI into employment decision-making, highlights relevant laws and regulations for businesses to consider, and provides invaluable tips on mitigating AI-related risks.
We are delighted to announce the strategic acquisition of Michigan Group Benefits! This transformative transaction represents a significant milestone in our growth plans, expanding our capabilities and solidifying our position in the group benefits industry. The acquisition will also expand our geographical footprint, as we will retain Michigan Group Benefit’s East Lansing office.
HIGHLIGHTS The IRS has announced the affordability percentage that will apply under the ACA’s pay or play rules for plan years beginning in 2024. This percentage (8.39%) is a significant decrease to the affordability threshold. ALEs will need to consider this affordability percentage in developing their health plan contribution strategies for the 2024 plan year. ALEs may need to lower the amount employees have to contribute for 2024 to meet the lowered percentage. On Aug. 23, 2023, the IRS issued Revenue Procedure 2023-29 to index the contribution percentage in 2024 for determining the affordability of an employer’s plan under the…
As open enrollment season approaches, employees across the country are preparing to make important decisions about their healthcare coverage. Open enrollment is the designated period when employees can make changes to their existing medical coverage, such as changing plans, adding or dropping dependents, and even adding optional benefits. It is a crucial time for both employers and employees to ensure that they have the right coverage and understand their options.
In today’s business world, successful companies understand that employee wellness is a key driver of productivity. While physical and mental health are often prioritized, there’s another crucial aspect that deserves our attention: financial wellness. Offering financial planning assistance can have a profound positive impact on employees. With access to these resources, employees can alleviate financial stress, enhance focus at work, and boost overall productivity.
When managing a business’s health benefits plan, selecting the right third-party administrator (TPA) is essential to ensure smooth and cost-effective operations. A TPA provides administrative and operational services such as: claims processing management reporting and more. Choosing the wrong TPA can lead to:
The last three years have been increasingly challenging for the United States due to the COVID-19 pandemic. To combat the situation’s effects, two legal emergencies were put in place: the National Emergency (NE) the Public Health Emergency (PHE) Both President
Are you tired of paying exorbitant medical, dental, vision, or hearing bills with after-tax dollars? Look no further than flexible spending accounts (FSAs)! These accounts are a powerful tool that allow individuals to pay for eligible health care and dependent care expenses with pre-tax dollars. Here’s how it works: As an employee, you agree to contribute a portion of your pre-tax salary into an FSA. This money is then automatically
Unconscious bias happens when people form impressions about other people that are either positive or negative based on stereotypes or preconceived notions about things like race, gender, ethnicity, age, disability, or other characteristics. Unconscious biases are usually ones that people aren’t aware of; they result from the brain’s tendency to group things together to