4 Trends for HR in 2018

Out with the old and in with the new! Human resources is an ever changing department that requires professionals to continuously adapt to unexpected factors like new regulations and technology in the workforce. With 2017 behind us, we dive into the 6 trends that could impact HR within your organization in 2018.

1. Using Technology to Your Advantage

New technology can be scary, but new technology in HR can increase efficiency and remove daunting, manual tasks. HR departments are using technology for things like employee enrollment and applicant data. Going paperless and taking advantage of online enrollment systems can make onboarding a breeze.

HR professionals are also taking advantage of HR resources at their fingertips . In an easy to use online portal, the latest policies and news on insurance, compliance, HR, and wellness can all be accessed.

2. Retaining Your Workforce

Low employee turnover is always a good sign of a successful HR department. Anytime someone needs to be replaced, it will take both time and money. Retention remains a critical focus in 2018, and studies have shown it costs 20% of an employee’s annual salary to replace him or her. This shows how important it is to hang onto talent.

3. Create Flexibility

Work-life balance remains atop the list of benefits to attract quality employees in 2018. Technology has made it easier to allow employees to work remotely, with quality tools for meetings and collaborative software for groups to work on projects together.

Flexibility can help increase employee morale and thus improve retention.

4. Remain Compliant

Sexual harassment claims were on the rise nearing the end of 2017. Whether it be in Hollywood or in the workplace, sexual harassment should never be tolerated. HR professionals should review and revise sexual harassment policies and establish open door policies for employees who feel harassed. Faison Group can provide you with all the communication resources you need regarding this topic.

HSA and HDHP Limits for 2018

Each year the IRS announces inflation-adjusted limits for Health Savings Accounts (HSA) and High Deductible Health Plans (HDHP).

What is an HSA?

  • Gives you more control over health care decisions
  • Allows you to shop around for care based on quality and cost
  • You contribute pre-tax dollars into an HSA and funds accumulate tax-free
  • HSAs carry over year to year and can even be saved to use after you retire
  • HSA funds are yours to keep (or invest) even if you leave the company

The IRS limits for HSA contributions and HDHP cost-sharing all increased for 2018.

According to the IRS :

  • HSA Contribution Limits: The 2018 annual HSA contribution limit for individuals with self-only HDHP coverage will be $3,450 (a $50 increase from 2017), and the 2018 limit for individuals with family HDHP coverage will be $6,900 (a $150 increase from 2017).
  • HDHP Minimum Deductibles: The 2018 minimum annual deductible for self-only HDHP coverage will be $1,350 (a $50 increase from 2017), and the 2018 minimum annual deductible for family HDHP coverage will be $2,700 (a $100 increase from 2017).
  • HDHP Out-of-Pocket Maximums: The 2018 limit on out-of-pocket expenses (including items such as deductibles, copayments, and coinsurance, but not premiums) for self-only HDHP coverage will be $6,650 (a $100 increase from 2017), and the 2018 out-of-pocket limit for family HDHP coverage will be $13,300 (a $200 increase from 2017).

If you are interested in rolling out a HSA/HDHP plan for your employees, Contact Us! We have a game plan for you to follow including preparation suggestions, sample announcements, educational materials and communication for you to use during open enrollment!